With a clear business case for decarbonization in mind, hundreds of major global companies have already committed to reach net-zero emissions between 2030 and 2050. WEC brought together 53 senior executives from 10 countries joined the conversation, including 43 representatives from 27 global companies.
The Key Points from the Roundtable were:
- 2020 should be the year when global CO2-emissions reach their peak, but being realistic, 2025 must be the year.
- Several times a clear and encouraging message was repeated: Decarbonizing all sectors entirely seems to be possible now.
- In practice companies find it realistic to fully decarbonize their own operations (Scope 1 and 2 emissions) before 2050. The real challenge is to decarbonize Scope 3 emissions.
- Controversy if offsetting emissions on large scales is a viable solution as companies have concerns about the economics and sustainability of offsets, including in the land-use sector. At the same time, “natural climate solutions,” e.g. forest conservation & restoration, regenerative agriculture, etc. can be immediate and cost-effective. This is an important area for Scope 3 reductions and high-quality offsets.
- Financial markets are effectively making clear to industries that are heavily dependent on fossil fuels that the financial risk is growing.
- When it comes to climate change WINNING SLOWLY IS THE SAME AS LOOSING, as Anthony Hobley (World Economic Forum) shared.
You can read the full summary of the event here.
