In the last few years, the pressure to act on climate change has increased thanks to the manifestation of various events, including wildfires and floods.
The signs are occurring at an alarming rate. Stakeholders are compelled to act faster if the world is to meet its climate-change goals in time.
Companies need to anticipate the ways that climate change may directly affect their businesses. From supply-chain breakdowns, through employee migrations, to increased diseases and pandemics, or impact on reputation. These events await the business world if measures are not put in place now.
According to the UN, to stay below 1.5°C, the speed at which we reduce emissions needs to accelerate five times. In other words, total emissions must halve between 2020–30, halve again between 2030–40, and hit net zero by 2050.
To keep the condition in check, everyone must play their role as the world shifts towards more sustainable practices. There are many things that businesses can do to reduce their environmental impact. This is where decarbonisation comes in.
Decarbonisation refers to the cutting or elimination of carbon dioxide from energy generating systems. According to the World Economic Forum (WEF), full decarbonisation of energy sources is the only solution to climate stabilisation.
That said, decarbonising your business will require a smart blend of strategies and technologies. It involves a 3-fold approach to either avoid, minimise, or mitigate carbon emissions.
This is how,
Ways to Decarbonise your Business
Adopt less carbon-intensive products and practices — Prevention is better than cure. Actively seeking ways to avoid carbon emissions goes a long way in saving the world and your business from the effects of climate change.
Simple practices like using multi-tenant architecture — a single instance of a software program to serve multiple clients, work. The program is up to 50 times more energy and carbon-efficient than on-premise programs. Also, the significance of designing energy-efficient buildings and data centres can’t be overemphasised.
Reduce Carbon footprint — If omissions are unavoidable, you can look for ways to reduce your company’s carbon footprint. There’re several ways to achieve this, including investing in green office spaces or retrofitting existing buildings to be more energy-efficient.
Implementing eco-friendly workplace policies (such as turning off lights when not in use, and telecommuting) to help improve your energy efficiency. Besides, choose an energy supplier who can give you renewable power.
Mitigating climate change effects — If you can’t avoid or reduce it, outsource it. As a business, there are many ways to participate in global decarbonisation indirectly. We have discussed carbon offsetting before. It involves compensating for your emissions by funding an equivalent carbon saving project elsewhere. Simply put, you purchase carbon credits equivalent to your carbon impact. Premium carbon credits are a great way to undertake immediate action and sponsor a significant reduction of global greenhouse gas emissions.
By obtaining access to industry-specific data, comprehensive research, and long-term forecasting models, companies can develop decarbonisation strategies that help ensure avoidance, reduction, or mitigation of global warming effects while staying ahead of the shift into renewable energy, increase profitability, and avoid potential risks.
Efforts around decarbonisation have gone another level in the current decade. The gear is expected to shift post-COVID19 pandemic. More effort and resources will be directed toward climate actions.
Now is the time to explore, adjust, and build your business resilience. These adjustments will have a great impact on your business continuity and budget. Achieving goals for a carbon-neutral future not only mitigates global warming effects but can also attract investors while driving more business. This is already happening in companies that are perceived as being more concerned about their emissions.
From production to distribution, a time has come for companies to understand their industry landscape and align their decision-making process with the potential impacts of global warming. Indeed, strategic reinvestment in line with your company’s mission, and climate goals has never been so close.
Take preventive, proactive measures to decarbonise now. Don’t wait to react when the consequences are costly.