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What is the News?
A report titled ‘Decarbonisation and the evolving role of corporate boards’ has been released by KPMG, a global network of professional firms.
What are the key observations made by the report?
The COP26 Summit or the UN Climate Change Conference of the Parties in Glasgow, UK has kept alive the goal of keeping global warming within 1.5 degrees Celsius.
But to achieve the goal, countries and the private sector need to urgently put forth ambitious new climate programmes and policies, including technological advances.
Currently, companies are taking mitigation measures by reporting on emissions alone. Now, they need to move beyond mitigation to adaptation. For instance, how to make supply chains resilient.
Must Read: Basic IPCC terms: Mitigation, Adaptation, tipping point, etc.
However, to adopt adaptation measures companies need to set goals backed by viable actions and stay away from Greenwashing.
Note: Greenwashing is the process of conveying a false impression or providing misleading information about how a company’s products are more environmentally sound.
Initiative Related to Climate Action measures by Companies
Science-Based Targets initiative(SBTi)
SBTi is a partnership between United Nations Global Compact, World Resources Institute (WRI), World Wide Fund for Nature (WWF) and CDP, a non-profit organisation.
Aim: To drive ambitious climate action in the private sector by enabling companies to set science-based emissions reduction targets.
Note: Science-based targets provide a clearly-defined pathway for companies to reduce greenhouse gas (GHG) emissions, helping prevent the worst impacts of climate change and future-proof business growth.
Source: This post is based on the article “Adapt on climate, not mitigate: Study ” published in TOI on 7th December 2021.