COP27 saw politicians, business leaders, and environmental activists join together in Egypt to try and push forward global action on climate change.
And when a conference starts with the Secretary General of the UN saying 'We're on the road to hell' the importance of the negotiations that followed was clear.
The stark reality is that we need to keep global warming down to 1.5 degrees to avoid seeing more catastrophic events like floods and extreme heat. If we continue producing Carbon Dioxide at the current global rates, we have just 11 years till we reach 1.5 degrees.
But it doesn’t have to be doom and despair. No matter the size of your business we can use some takeaways from COP27 to kickstart your role in saving the planet.
1. We need collective action
Probably the biggest single success of COP27 was the 'climate justice' agreement to set up a fund to provide pay-outs to developing countries that suffer through climate-driven storms, floods, droughts, and wildfires. It's only through shared responsibility and collective action that we will make a real impact.
This goes beyond the global agendas and frameworks. To make the transition to better practices businesses needs to share ideas and initiatives and come together on programmes and solutions too.
And when it comes to developing your sustainability strategy, invite your team into the process. Explore new ways of working that will benefit your business and the planet and you’ll get better outcomes and a more engaged team.
2. Net zero is still the key
The time for 'phasing out' has gone, every business needs to be committed to cutting emissions to net zero. But the great thing is that sustainable growth and economic success go hand in hand. So rather than just focusing on your emissions think of your net zero strategy as shifting priorities to make your business stronger and more economically viable. If you want to find out more about how cutting emissions can save your business money, give you a competitive advantage, and future proof your operations, the business climate hub is a great place to start.
3. Detail matters
Empty gestures and vague promises are out – actionable data is in. Discussions at COP27 saw leaders further look at standardisation and how it could be implemented. At the conference the International Organization for Standardization (ISO) launched its Net Zero Guidelines. Developed with the UN Race to Zero, and the UNFCCC’s Global Innovation Hub, and Oxford Net Zero, in an attempt to provide a common set of standards for global efforts towards net zero.
Even in sectors where reporting isn't mandatory it's increasingly important to start tracking and reporting your corporate carbon footprint. It will ensure you are compliant, give you the data you need to apply for accreditation like B Corp, and help you to be If you're looking to track your footprint, the Carbon Trust calculator is a great place to start.
4. People want to invest in green
The future has to be green and it's where investors are looking to deploy capital. Whether it's in new green challengers, investments in new climate tech or sustainable supply chains, if you're good for the planet, you're good for growth.
If you're a business that can lead the charge through new innovations and creative tech, the opportunities are huge. But regardless of the services or products that you offer, if can get your environmental, social and governance (ESG) strategy right you're in a much better position to attract investment too.
Look at every touch point of your business through a sustainability and climate change lens. Your processes, manufacturing, supply chain, and see where you can transition to greener ways of working.
Further reading
Read more on COP27: https://unfccc.int/cop27
Find out more about the B Corp movement: https://bcorporation.net/
Explore the Carbon Trust: https://www.carbontrust.com/