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Friday, June 14, 2024

Carbon Responsible calls for clearer carbon measurement regulations at COP28

With consensus growing that the Paris Agreement target to limit global warming to no more than 1.5oC above pre-Industrial levels has already been reached, it’s clear that climate-related goals are dangerously off-target. This is hardly surprising, says leading decarbonisation strategy firm Carbon Responsible (CR), given that only a tiny fraction of the biggest polluters – business – is doing anything about measuring and reducing their carbon dioxide emissions.  Currently less than 1% of companies in the UK do any sort of carbon dioxide measurement or monitoring. “COP28 will be a stark reminder that wishful thinking and superficial measures are no longer sufficient. The carrot isn’t working – it’s time for a stick to be employed, and businesses compelled to get on with audit-quality carbon measurement and reporting,” said Matt Paver, COO of Carbon Responsible.

While COP27 witnessed an unsuccessful attempt to legally mandate the phasing out of coal, COP28 renews hope in this direction. CR strongly supports these initiatives, considering them essential steps toward a sustainable future. “The movement towards eliminating fossil fuels is not just necessary; it’s inevitable. Companies must prepare for this transition, and with the support of expert advisors, businesses can adapt to this new reality,” added Paver.

With the increasing demand for companies to be more responsible and environmentally friendly, it’s evident that organisations are navigating a critical phase in handling their environmental, social, and governance (ESG) duties. As discussions around tougher measures heat up before COP28, it’s crucial to emphasise that just depending on certain tech tools, like SaaS platforms, without carefully checking data or using incomplete information will no longer suffice.

In recognising the complexity of ‘hard to reduce’ sectors, CR advocates for tailored approaches. For example, the steel industry, grappling with emissions from high-temperature processes, and the aviation sector, challenged by technical limitations in reducing its carbon footprint, illustrate the necessity of specialised strategies. Achieving sustainability in these areas may involve sector-specific research and development, innovative technologies, and collaborations to find effective emission reduction solutions.

What gets measured gets managed 

As the climate crisis deepens, CR highlights the importance of precise emission tracking and effective reduction strategies at the corporate level. “The future of our planet hinges on our ability to make informed, data-driven decisions,. COP28 needs to be more than yet another talking shop,” concludes Paver. “In order to stop the world warming further COP28 needs to raise the temperature on industry and make getting their carbon emissions under control compulsory.”

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