The shift to clean zero is a catchphrase that has captured the attention of the corporate world. Many businesses believe it is impossible to do so while preserving profit margins. It would be advantageous for businesses to begin working on emission reduction today. Climate change has the ability to dramatically alter habitats, which serve as living beings’ natural homes.
According to Weforum.org’s “getting real” study, businesses are successful when they dare to address this issue with the more ambitious goal of reducing emissions throughout the whole spectrum of activities required to supply their product or service. Therefore, these are the crucial steps to becoming a net-zero business.
- Begin calculating and evaluating emissions
The first step in becoming a net zero business is to quantify and identify emissions from your whole business value chain, including operations, supply chain, and investment portfolio, in order to establish a baseline for planning and setting emission reduction objectives. The GHG Protocol divides a company’s emissions into three scopes: Scopes 1, 2, and 3. For some businesses, “scope 3” is the main source of emissions. Companies must take prompt action to minimize scope 3 emissions. Based on an analysis of your company’s emissions, you may then target short- and long-term science-based zero-zero and net-zero initiatives.
- Set a net zero target
In October 2021, the Science Based Objectives (SBTi) initiative launched a new Net-Zero Standard to help businesses set verifiable, scientifically sound net-zero targets to guide net-zero strategy. To achieve net zero, a long-term goal of 90-95% reduction in emissions by 2050 is required, with the remaining 5-10% of emissions that cannot be eliminated being offset by carbon sequestration. Meanwhile, short-term aims include lowering emissions over the next 5-10 years or halving emissions by 2030. These short-term targets assist businesses in attaining their net zero emission targets without the use of carbon offsets or other forms of carbon credits. This action can immediately lead to significant reductions in emissions, leading to a future with zero emissions.
- Reduce your carbon footprint
Reduced emissions are critical to achieving net zero business. You may accomplish these emission reductions across your business’s value chain by improving energy efficiency, increasing stakeholder engagement, using renewable energy, and investing in business transformation. Businesses can minimize their carbon footprints in a number of ways, from basic activities like recycling.
- Offsetting residual emissions
To achieve net-zero emissions, we must reduce emissions by 90-95%; the remaining 5-10% must be gradually offset with carbon-removal activities. Discover which projects you can support as new carbon sinks and begin offsetting alongside emission reductions. These initiatives help not just the environment but also co-benefits such as biodiversity preservation and community support, both of which are part of the UN Sustainable Development Goals. One carbon credit is equal to one tCO2e saved or absorbed, which may lead to one tCO2e of emissions.