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Net-zero pledges have become commonplace among corporations, financial institutions and cities, but questions abound as to whether those companies and governments have real plans in place to achieve them. In many cases, corporations or local governments don’t yet know how they will achieve net-zero status by 2050.
The AccountAbility 7 Sustainability Trends 2023 – Highlights The NetZero Landscape: Against an unprecedented volume of netzero commitments, what are the risks for those that fail to act, and the opportunities for businesses to lead?
Spotlight blog by members of SDSN USA Normal 0 false false false EN-US X-NONE X-NONE The corporate world has shown tremendous enthusiasm in pledging to achieve net-zero emissions. With a new major company joining the list almost daily, net-zero has become a new benchmark for corporate climate leadership.
The UAE is already proving a petro -state can transition toward netzero, says Luma Saqqaf, CEO of Ajyal Sustainability Consulting, but tough challenges remain. In March 2023, the UAE confirmed its netzero target as a domestic policy objective by signing the ‘ UAE Governments NetZero 2050 Charter ’.
Planned guidance for wider engagement themes and tweaks to the NetZero Company Benchmark, but inconsistent voting records limiting intended impact. When the initiative launched at the end of 2017, just five of the focus companies had set netzero commitments.
SB 253 and SB 261 provide a foundation for meaningful climate action, which is why Grove Collaborative proudly supports these critical steps towards corporate decarbonization, required to meet our netzero emissions by 2030 goal." Corporate support for the legislation has been growing this year.
Speaking at COP27 in Egypt last year, UN Secretary General António Guterres was clear: “the criteria and benchmarks for… netzero commitments have varying levels of rigor, and loopholes wide enough to drive a diesel truck through. We must have zero tolerance for netzero greenwashing.”
C-aligned paths and policies compared with business as usual, as well as the risks and opportunities for different scenarios, according to Carney, also Co-chair for the Glasgow Finance Alliance for NetZero (GFANZ). Climate-related scenario analysis includes how firms perform and behave under 1.5°C-aligned
While advanced economies are nearing the levels needed to shift trajectories toward netzero, emerging and developing economies face narrowing fiscal options as the pandemic wears on.
“The current lack of [standardisation] poses a significant cost to asset owners and limits their ability to incorporate these issues into investment decision-making,” says the UN-convened NetZero Asset Owner Alliance (NZAOA), a group of 74 institutional investors with US$10.6 trillion in assets. .
Governments are being called on to put some regulatory muscle behind corporatenet-zero pledges to ensure they don’t amount to mere greenwashing. . We must have zero tolerance for net-zero greenwashing. -UN UN Secretary-General Ant ó nio Guterres. Former environment minister Catherine McKenna.
Intertwined risks creating opportunities The operational, social and financial risks driven by climate change are already materialising and only likely to increase, harming corporates, financial institutions and people. Challenges do need to be addressed realistically though.
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