Stepping Stones to Net Zero

What is the suggested approach for achieving net zero by 2050 as outlined in the 2018 IPCC report?

The report indicated that we have a remaining budget of 570 gigatons of carbon dioxide equivalent (GtCO2e) to emit globally by 2050, and without significant reductions, we are on track to emit double this budget. However, with significant decarbonisation efforts, we can reduce our annual output to below 10Gt, and by combining this with mitigation through carbon removal technology, we might even meet the science-based targets for net zero. The suggestion is to aim for a 5% year-on-year emission reduction through stepping-stone targets starting from calculating the annual carbon footprint, and progress can be made through offsetting and renewable energy solutions.

What is the benefit of setting interim targets for decarbonisation and why do some companies hesitate to take action towards net zero?

The benefit of setting interim targets for decarbonisation is that it can help companies to direct their efforts towards starting with the lowest-hanging fruit and moving towards harder-to-abate areas of their operations as legislation and standards become clearer. This approach can be more strategic than just appointing a 50% reduction target by 2030 and 90% reduction by 2050.

Some companies hesitate to take action towards net zero due to fear of investing in the wrong technologies, a resistance to operational change, or a simple lack of time or financial resources. Additionally, some companies may wait to see how legislation will affect them before taking action.

What are the four categories to achieve the targets?

• Footprinting
• Reduction
• Mitigation
• Net Zero

What is greenwashing and why is it harmful to the reputation of companies and the voluntary carbon market?

Greenwashing is a term used to describe the practice of using green initiatives to hide unsavoury practices and divert attention from carbon-intensive activities. It is harmful to the reputation of companies because it can lead to a loss of trust among customers and stakeholders who may view the company's claims as insincere or misleading. It is also harmful to the voluntary carbon market because it can undermine confidence in the legitimacy of carbon credit projects. If companies use offsetting as a way to avoid addressing decarbonisation, it can lead to a negative impact on the reputation of carbon credit projects. This can lead to a lack of transparency and an inability to share best practices, challenges, success stories, and ultimately slow down decarbonisation efforts.