Large companies are realising their carbon footprint reaches across everything they do and the time to act is now, says UN Special Climate Envoy Mark Carney.
The net-zero transition is a global imperative and an enormous commercial opportunity, says the United Nation’s Special Climate Envoy, Mark Carney.
For example, he cited the UK, the European Union’s and Canada’s planned moratorium on the manufacture of internal combustion engines by 2030 or 2035 as a sector game changer as it “drives big investment in the auto industry in big enough markets”.Another area ripe for clearer policy certainty is the energy sector and he said the response of governments around the world to the current energy crisis would be “quite decisive”.
Moreover, Carney says the clearer countries are about their climate policies, not just day-to-day but where they’re heading, the more certainty there is for investment and that encourages companies to put money to work, fund innovation and accelerate the transition. The reason was the danger of seeing the transition to net zero as a binary choice between clean energy and fossil fuels — it was a lot more nuanced. For example, at a climate discussion held at the World Economic Forum in Davos last month, Carney warned against an excessive focus on divesting fossil fuel assets as well.
“This will be one of the determinants of competiveness for a company, so the commercial opportunity is to get ahead of competitors.Furthermore, that plan means working right across the value chain. Carney said right now financial institutions might be focused on companies at the big end of town, but large companies must realise their carbon footprint reached across everything they did and every relationship.
“We value a partnership-led approach and we’re fortunate to be working with innovative and forward-thinking clients who are really engaging with this.”A session, says some early challenges for clients can involve data and the metrics around tracking climate impacts — especially the indirect scope 3 emissions for customers and suppliers right across the value chain.
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