488 companies have set their own emissions reduction targets
Companies representing around one eighth of total global market capitalisation are now using climate science to define their future direction of travel. Over 130 new corporates have made science-based emissions reduction commitments since start of 2018. That is a 39 per cent increase from the previous year, bringing the total to 488 companies taking science-based action on climate change.
A sixth – 17 per cent – of Fortune Global 500 companies have now committed to set science-based emissions reduction targets. 50 new American companies have joined Science Based Targets initiative since President Trump announced withdrawal from Paris Agreement.
» Science Based Targets – 13 September 2018:
Surge in global business embracing climate science to navigate low-carbon transition
.@Microsoft_Green is a leader for corporate climate action & is one of the two carbon neutral companies in the #Dow30. 50% of Dow 30 companies have set @sciencetargets and 87% are currently using #renewableenergy. https://t.co/frSUIVnu6x @DowJones #WeAreStillIn
— We Are Still In (@wearestillin) October 1, 2018
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CNN Business: “Important to bottom lines”
“Corporations are realizing that shifting to more efficient, environmentally friendly renewable energy can be important to bottom lines.”
“Here’s how businesses can tackle climate change head-on:
• Make it a part of the business
• Support a carbon tax
• Turn to renewable energy…”
» CNN Business – 15 November 2018:
3 things businesses can do to win the climate change fight
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» FastCompany – 9 September 2018:
Lyft: “We are now a fully carbon-neutral company”
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» State of Green – 7 September 2018:
Green trend: Corporations buy renewable energy
“Large companies around the world are lining up to secure their electricity from renewable sources. The Danish companies Novo Nordisk and Novozymes recently entered into a major agreement with Swedish energy company Vattenfall.”
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» FastCompany – 28 August 2018:
Facebook will power itself with 100% renewable energy by 2020
“The social network is buying wind and solar power from sources all over the world–and helping grids get more clean energy for everyone in the process.”
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» Energy Post – 2 October 2018:
Bill Gates, Shell, the World Bank, BlackRock, IKEA: billions poured into energy gamechangers
“Four groups of mega investors are betting big on alternative energies.”
How businesses drive positive change
“Now is the time for business leaders to lead the charge in building a carbon-neutral world. Here are four steps to get started:
• STEP 1: Acknowledge your company’s environmental impact
• STEP 2: Create a North Star – and a viable roadmap to get there
• STEP 3: Embed the strategy company-wide
• STEP 4: Collaborate with others
Climate change poses an increasingly urgent threat to us all – every individual, company, city, and nation. Bold action is needed to get us there, and becoming a net-zero company is a concrete way to take action.”
~ Suzanne DiBianca, chief philanthropy officer and executive vice president of corporate relations at Salesforce
» Fast Company – 26 October 2018:
4 steps to prepare your business for a carbon-neutral future
Building the new carbon economy
1. Make the story of a new carbon economy accessible and inspiring
2. Enable investors to see climate opportunity as well as climate risk
3. Close the gap between economic and environmental policy
4. Equip companies to monitor and manage progress toward “climate positivity”
5. Evolve disclosure standards and practices
6. Forge closer links between companies and the academic R&D community
~ Richard Roberts, project breakthrough lead at Volans and coauthor of the white paper, ‘Our Carbon Future’.
» Fast Company – 9 October 2018:
A 6-point plan for building a new carbon economy
“We must build a new carbon economy that sequesters more carbon than it emits. And we must do it fast.”
Carbon economy white paper
“Around the world, governments, businesses and citizens face a twin challenge: how to reverse global warming and, simultaneously, deliver economic prosperity for a rapidly expanding global population.
Addressing this twin challenge requires a radical shift in the way we use carbon to create economic value. We must transition from an economy powered by fossil fuels to one powered by clean energy and carbon drawn down from the atmosphere — and do so quickly.
This white paper is principally about how we can do this. It explores the mindset shifts required around carbon, arguing that we must learn to see it not only as a source of existential risk, but also as a source of immense opportunity. It reviews the status of relevant R&D, as well as corporate action across three key value nexuses: cities, materials and food.
Our conclusions: many elements of a new carbon economy are already in place; pathways to scale are emergent; the opportunities for those who move fast — and in the right direction — are huge; and, crucially, the moment for courageous leadership is now.
This paper builds on work published by the Carbon Productivity Consortium in 2017 (for more, see www.carbonproductivity.com) in addition to dozens of conversations with senior business executives, and experts on carbon and climate change.”
~ Lorraine Smith and Richard Roberts, September 2018
» Download the white paper ‘Our Carbon Future’