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But carbon is also moving constantly through the globaleconomy, which historically has been powered by burning fossil fuels for energy. According to an analysis of CDP data , just seven industries account for 85 percent of direct Scope 1 emissions. Carbon is everywhere.
Restrictions, Brexit regulations, a ship stuck in the Suez Canal, extreme weather events and energy shortages impacted supply chains and prevented firms to meet their demand. As a result, 90% of the globaleconomy and a third of the 2,000 largest companies have net-zero pledges. ESG trends in 2022: Net-Zero ambition.
CDP found that these financed emissions are on average approximately 700 times higher than the organisation's operational emissions. times higher than the UK's own greenhouse gas emissions (excluding aviation and shipping). While the process is complex, the pay-offs are considerable. trillion USD in fossil fuels.
When we discuss scale, we cannot afford to ignore the millions of small and medium sized businesses – or SMEs – that drive globaleconomies and create the fabric of local communities. It’s essential that these solutions are scaled and rapidly.
Ahead of COP26, the Mission Possible Partnership released industry-backed roadmaps for steel, shipping and aviation, demonstrating it is technically and economically feasible for hard-to-abate sectors to develop pathways to net zero across their value chains this decade. Achieving the commitment could reduce overall global warming by 0.2°C
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