Why 2018 is the year for business to step up climate action

Big numbers can drive change, so here’s a huge one: 800,000. That’s how many years it’s been since Earth’s atmosphere was as loaded with carbon dioxide as it is now. The steep rise in this heat-trapping gas underlines the need for a globally sustainable economy if we want to avoid the costliest impacts of climate change this century.

New policies and market trends show that a low-carbon transition, as envisioned in the 2015 Paris Agreement, is accelerating around the world – but not fast enough. National climate commitments made by countries under the Paris pact will only get us about a third of the way to the emissions reductions needed to keep the global temperature rise below 2 degrees Celsius, compared to pre-industrial levels. To get the rest of the way, accelerated short-term action and enhanced longer-term national ambition will be required, according to the UN’s 2017 Emissions Gap report.

Business has a critical role to play in achieving the scale of decarbonization needed. In fact, some large companies with global supply chains account for greenhouse gas emissions equivalent to those of entire countries: Mars, Incorporated has a carbon footprint similar in scale to Panama’s. With this scale comes responsibility. By being more innovative and efficient, and working with suppliers and local economies, companies are finding ways to cut carbon and costs.

Between now and 2030, the world will spend $90 trillion on infrastructure. How those investments are directed will make all the difference. These expenditures can make cities, energy, agriculture and other sectors more sustainable, or they can lock in backward-looking technologies that add even more carbon to the atmosphere and drive the global temperature even higher. Now is the time for industry to transform its role in creating a more sustainable world. Companies that prioritize clean technology, like renewables, and avoid investing in high-carbon infrastructure are not only being environmentally responsible, they are also future-proofing their growth by factoring in long-term risk and positioning themselves as winners of the low-carbon economy. Read more…