Carbon reduction goes mainstream

What’s happening?

The imperative for action on carbon is growing – the political and economic climate continues to reflect this. In 2022, the number of companies setting goals to reach net-zero emissions by 2050 grew rapidly. Unfortunately, these commitments have often lacked interim emission reduction targets or plans that incorporate Scope 3.

In 2023, we believe that pressure from shareholders and other stakeholders will compel businesses to develop concrete, near-term plans and begin to act to address emissions across the full value chain. To help reach net-zero, we predict that carbon reduction will become ‘business as usual’ for an increased number of organisations – who will look to new business models, set stretching targets and report more robustly.

At Simply Sustainable, we have many years of experience in working with businesses to decarbonise. Building clear strategic plans to eradicate carbon from business operations, whilst ensuring these pathways are strategic and comprehensive to implement. Jane Cumisky Managing Consultant, UK

What it means for businesses

The TPT recommends that any emissions reduction target should consider Scope 1, 2 and 3 emissions and should prioritise decarbonisation through direct abatement over purchasing carbon credits.

The TPT recommends that a good practice transition plan should cover:

  • High-level ambitions to mitigate, manage and respond to the changing climate and to leverage opportunities of the transition to a climate resilient economy. This includes a net-zero commitment.
  • Short, medium and long-term actions the organisation plans to take to achieve its strategic ambition, alongside details on how those steps will be financed.
  • Governance and accountability mechanisms that support delivery of the plan and robust periodic reporting; and measures to address material risks and leverage opportunities.
  • Measures to address material risks and leverage opportunities.

Carbon reduction goes mainstream.

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