COP27: Combatting slow movers and greenwashing
Over the last 2 weeks, the COP27 climate conference took place in Sharm el-Sheikh, Egypt. Another Tomorrow has put together some of the main takeaways from this year’s Conference of the Parties so let’s have a look at it.
The most notable achievement has been the decision to create a loss and damage fund, which has been described by the head of the EU executive Ursula von der Leyen as a “small step towards climate justice”. Despite this step forward, much more is needed for the planet, and she noted that COP27 has not fulfilled the commitment to cut down on fossil fuels.
“We urgently need every business, investor, city, state and region to walk the talk on their net zero promises. We cannot afford slow movers, fake movers or any form of greenwashing.” - António Guterres, UN Secretary General
What else?
Ending corporate greenwashing
During the conference, a report from the UN’s High-Level Expert Group was also released. Centred around the net-zero commitments of non-state actors, (eg. businesses, cities, regions etc) the report called for them to fulfil standardised requirements to achieve net zero. With this report, companies are likely to face greater scrutiny from the climate community over their tracking and reporting of advancements.
The report also highlights that organisations cannot claim to be net zero if they remain to build or invest in new fossil fuel supply. As coal, oil and gas account for over 75% of global greenhouse gas emissions, net zero is entirely incompatible with continued investment in fossil fuels. In the same vein, organisations which participate in deforestation and other environmentally destructive activities are disqualified as being net zero. Companies that commit to net-zero goals should also not be linked to groups such as trade associations that lobby to undermine climate policies.
What this means for organisations
With the definition of net zero spelled out more clearly by the UN, organisations will have to ensure that they are not merely partaking in greenwashing, as concerns around greenwashing by environmentalists, investors and consumers grow. Organisations will now have to move towards regulated disclosure of their efforts to achieve net-zero targets.
“We cannot afford slow movers, fake movers or any form of greenwashing.”
Launching TransitionView
Over the past year, we’ve been working towards helping companies move from climate commitment to action. Finally, we’ve recently launched TransitionView, a tool for diagnosing the underlying causes of inaction and identifying key areas where targeted action can unlock substantial results and progress towards the net-zero transition. With this tool, you can quickly understand your current capabilities and motivation level, while identifying what key areas to focus on.
We’re currently offering access to a more comprehensive dashboard for your organisation for free for a limited time. Reach out to us to unlock this special deal.
“Our findings from TransitionView on net-zero integrity mirror the UN report – the high willingness to move towards net zero as reported by many organisations is unmatched by their readiness to do so.”
TransitionView maps organisations’ transition capability by looking at three areas: Willingness, Readiness and Openness
2. A call for greater transparency and accountability
Despite the indecision surrounding the 1.5°C goal, the voices of the business community echoed loudly at COP27. Companies called for governments to improve on regulations and standards to enable the transition of the private sector. There has also been an increase in the number of companies setting science-based targets, with the number doubling since COP26. As of COP27, 1800 have approved targets and 4000 have pledged to put targets in place. Another recommendation by the report was for organisations to avoid buying cheap carbon credits that involve dishonesty, and instead prioritise reducing emissions across their full value chain (scopes 1, 2 and 3).
“Our findings from TransitionView on net-zero integrity mirror the UN report – the high willingness to move towards net zero as reported by many organisations is unmatched by their readiness to do so. Furthermore, organisations testify that there is room for significantly higher degrees of openness around their progress.”
– Michael Bohlin, Business & Sustainability Analyst
Opportunities for your organisation
It has become more urgent for organisations to analyse their carbon footprint and net-zero ambitions, and begin to chart their journey to net zero. At Another Tomorrow, we fully support the move towards a green economy and have dedicated our efforts for the past year to understanding the inertia faced by companies to start on their net-zero journey.
Is your organisation feeling stuck or lost on how to begin your net-zero journey? Let’s start your journey together.