The Reality of Surpassing 1.5°C
The aspiration to limit global warming to 1.5°C above pre-industrial levels has been a cornerstone of international climate agreements. However, recent analyses indicate that this threshold is likely to be exceeded, ushering in more severe climate impacts. This development underscores the urgent need for businesses to intensify their climate action efforts.
Why Net Zero and 1.5°C Are More Crucial Than Ever
Surpassing the 1.5°C threshold signifies more than a numerical milestone; it marks the onset of irreversible climate impacts, including intensified extreme weather events, sea-level rise, and biodiversity loss. The Intergovernmental Panel on Climate Change (IPCC) warns that exceeding this limit could lead to catastrophic consequences for ecosystems and human societies. Furthermore, a recent Nature study warned of the irreversible changes that even a temporary overshoot of 1.5°C could trigger. Simultaneously, global carbon emissions hit their record high this year, climbing to 37.4 billion tonnes, driven by increasing use of coal, oil, and gas (Carbon Brief, 2024.)
January 2024 was the planet’s hottest on record. Also, for the first time, the average temperature over 12 consecutive months was more than 1.5 degrees Celsius higher than preindustrial times (NRDC, 2024)
A report published by the IPCC in 2018 found that limiting warming to 1.5 degrees versus 2 degrees could save up to 420 million people from frequent exposures to extreme heat waves and up to 10.4 million from the impacts of sea level rise (UN, 2024)
Achieving net-zero emissions is essential to halt further warming and stabilise the climate. For businesses, this underscores the urgency to adopt sustainable practices, not only to mitigate environmental risks but also to ensure long-term economic resilience in a rapidly changing world.
The Imperative for Business Action
Despite the critical role businesses play in combating climate change, recent analyses reveal a concerning trend: only 16% of the world's largest companies are on track to achieve net-zero emissions by 2050, while nearly half have seen their emissions increase. This data underscores a significant gap between corporate climate commitments and actual progress. The time for incremental change has passed; businesses must now leverage their capacity for innovation, resource allocation, and supply chain influence to implement sustainable practices. By doing so, they can not only mitigate climate risks but also seize emerging opportunities within the green economy.
Key Actions for Businesses:
- Set Science-Based Targets: Align emission reduction goals with the latest climate science to ensure meaningful impact.
- Enhance Energy Efficiency: Implement measures to reduce energy consumption, thereby lowering operational costs and emissions.
- Invest in Renewable Energy: Transition to renewable energy sources to decrease reliance on fossil fuels.
- Engage Stakeholders: Collaborate with employees, customers, and suppliers to foster a culture of sustainability.
The Role of Policy and Regulation in Climate Action
Effective climate action necessitates collaboration between the private sector and government entities. Governments are instrumental in setting ambitious climate targets, enacting supportive policies, and providing incentives for sustainable practices. In the UK, the government's commitment to achieving net-zero emissions by 2050 is exemplified through initiatives like the Net Zero Strategy, which outlines policies for decarbonising all sectors of the economy.
Additionally, the UK has set a target to reduce carbon emissions by 68% by 2030 compared to 1990 levels, demonstrating a strong policy direction for businesses to align with. Notably, the UK has already achieved a 53% reduction in emissions from 1990 levels by 2023, underscoring the effectiveness of its climate policies and providing a robust framework for businesses to integrate sustainability into their operations.
By working in tandem, businesses and governments can create a synergistic effect, accelerating the transition to a sustainable and resilient future.
Insights from Industry Leaders
To provide a comprehensive perspective, we sought insights from key figures within Net Zero Now and the broader climate action community. Their experiences and expertise offer valuable guidance for businesses striving to enhance their climate initiatives.
Simon Heppner, Founder of Net Zero Now, shares his perspective:
Looking back over 2 decades of corporate climate action, it’s clear that much progress has been made, but that even more remains to be done. Limiting global warming to 1.5c, or as little in excess of this as possible, remains the goal, and business must play in leading role in providing and the innovation, drive and agility to make it happen. Setting their own reduction targets, provides the framework within which this can be realised.
Despite the evidence of an increase in extreme weather events and disruption to the global food system, our voracious appetite for fossil fuels means that on current trajectories, the goal of limiting warming to +1.5c limit will not be achieved. Indeed, the 2024 UN Emissions Gap report points to warming of +3c by the end of the century without urgent universal action.
Emily Tradd, Head of Partnerships and Customer Success at Net Zero Now, offers her insights:
Although we will surpass the 1.5 degree warming threshold, it is imperative that businesses continue aiming for this target and maintain their commitment to net zero, now more than ever. Our collective progress towards net zero will determine the level of warming, the associated costs; environmentally, socially, and financially.
The Path Forward
While the challenge is formidable, the business community has the capacity to lead the transition to a sustainable future. By embracing proactive climate strategies, companies can not only mitigate risks but also unlock new avenues for growth and innovation.
The time for action is now. Businesses must rise to the occasion, demonstrating leadership and commitment to a sustainable and resilient future.
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