Norvergence Foundation INC 一 Transformative action for net-zero targets

Norvergence: Recent reports from the Intergovernmental Panel on climate change or IPCC, a body of the United Nations, has released a report that highlights the much-needed shift from all involved towards achieving net-zero targets. 

It is predicted that the earth will be reaching 1.5 degrees in global warming a full decade earlier than previously predicted. 

Climate change is not just for preserving the earth for future generations it has immediate implications that demand action.  

Wildfires, floods, hurricanes, and other disasters have been ringing the alarm bells for the world. The need of the hour is transformative action. 

Norvergence: Along with the catastrophic wrath of nature, there is an ongoing shift in the environment due to climate change that is resulting in species extinction, lack of crop yields, droughts, and other consequences that will impact near-term life.

Considering the consequences, there is a need for a transformative shift from businesses. Recognizing the need more than 2500 businesses have already pledged to net-zero. These have been grouped under the UN’s Race to Zero campaign. 

Although the initiative taken by these businesses is commendable and will lead the way forward for other businesses to follow, there are some considerations before the initiative can be termed as model examples.

These considerations are listed below: 

  1. Although these initiatives chart out a future course of action, climate change needs to be addressed in present times as well. So immediate requirements of emission reduction should be factored in as well. Additionally, investments from these companies in the direction of reduction of methane emissions, vis-a-vis immediate climate concerns, should also be considered. 
  2. The net-zero commitment from companies can be more in the case of developed countries, especially ones that account for a larger share in emissions. 
  3. All business operations by a company should be factored into the equation while determining net-zero goals. A complete transformation, throughout operations, is the real need of the hour. 
  4. We are in this together, collaborative action is in urgent need. Climate Finance facilitates the availability of resources to the countries or organizations that are unable to procure them on their own. The businesses that pledge to net-zero can be mandated to provide funds to climate finance and other related activities. 

These considerations point towards a more holistic view at net-zero objectives. The following should also be part of companies’ net-zero objectives.

  1. The immediate impact of business practices on the environment. 
  2. Stricter measures if the company is part of a developed country, especially the ones that account for a larger share of emissions. 
  3. Implementing transformative change throughout business practices. 
  4. Contribute more towards lessening the balance between countries with resources and the ones without.

To sum it up

Norvergence Foundation: Climate change has long-term implications but the immediate scenario is equally distressing. Companies must focus on transformative change within with a collaborative effort with all stakeholders. 

Additionally, increased responsibility, ownership of the issue, and participation are required from companies with business holdings inside developed countries. 

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