Norvergence: 2015 saw the Paris Agreements being set forth to achieve the goal of keeping global warming to 1.5o, it was being perceived as achievable yet ambitious goals. But the urgency of the situation demands such decisive action.
Since then the transformative machinery has been set in motion by bringing forth a series of steps to battle climate change. Companies have come forward to embrace the pledge for net-zero.
For instance, the initiative taken by Wipro. The company has led a wide range of sustainability efforts. This includes joining the transform to net-zero commitment.
Norvergence: The urgency of the situation can’t be understated. According to research, if the global greenhouse gas emissions are not halved, in order to limit global warming below 1.5°C, as agreed in the Paris Agreement, the world as we know it might change, threatening the very nature of our existence.
Similarly, the SBTi or the Science Based Targets Initiative has laid down a series of transformative steps that are based on science, giving tangible guidelines for companies to follow to achieve the goal of net-zero.
So far, over a thousand companies have taken the pledge by aligning themselves to the guideline set forth by the SBTi.
Norvergence: Commendable as these efforts are, these are few and far-fetched. Moreover, if these efforts collide with the revenue-machinery of these businesses, slowly and steadily these will be confined to model initiatives that no company will be ready to adopt. Consequently, these will fade away into irrelevance. Governments too will be reluctant to push for stricter measures.
The need of the hour is indeed tangible action to battle climate change, considering both immediate and long-term goals in sight.
An initiative worth mentioning is the Net-Zero Asset Owner Alliance, which comprises a group of investors. This group has structured its portfolios to comply with net-zero emissions. They have also set forth a definitive path to reach Zero Coalition by deploying deep-sea zero-emission shipping vessels by 2030 which will also be commercially viable to the businesses.
Norvergence: A future path to sustainability lies through a collaborative effort from the companies. Only together can we make this ambitious goal a success. A notable mention is of the Transform to Net-Zero. It is a group of leaders from multiple industries that have joined hands to deliver action against climate change. They aim to achieve it by metamorphosing their operations through a 360-degree shift made possible with the aid of technology and an overhaul of their systems.
Norvergence: Efforts from companies around the globe have started to acknowledge the urgency of needed action against climate change and the shared responsibility and the required commitment on an individual and business level.
These efforts are commendable but further initiatives are needed as ruling governments will respond in kind with a shift in sensibilities.