WHAT IS NET ZEROWHAT
Net zero refers to a state in which the greenhouse gases going into the atmosphere are balanced by removal out of the atmosphere. Once the balance is achieved, it is expected that global warming would stop. Under Net Zero scenario, we stop adding new greenhouse gases into the atmosphere. Even when the emissions are released, but these will be balanced by absorbing an equivalent amount through various methods.
The term Net Zero has now become a global call to countries and businesses to take all the steps necessary to successfully address the climate change impacts.
There is found to be a conclusive evidence based on science that to prevent the disastrous consequences of climate change (draughts, cyclones and hurricanes, sea level rise etc) greenhouse gas emissions need to be reduced, reaching to net zero by middle of this century. Unless we aim for Zero we cannot stop warming of the planet and avoid the worst effects of climate change.
The Paris Agreement signed in 2015 by all the countries emphasized the need for net zero, requiring states to ‘achieve a balance between anthropogenic emissions by sources and removals by sinks of greenhouse gases in the second half of this century’. Net zero is the internationally agreed upon goal for mitigating global warming in the second half of the century, and the IPCC concluded the need for net zero CO2 by 2050 to remain consistent with 1.5C –
WHY NET ZERO and impact on Businesswhy
We need to reach net zero emissions in order to prevent the global warming. The more the plant warms, it becomes difficult for humans to survive. Hence it is necessary to achieve the ambition of the Paris Agreement, which is to hold global average temperature increase to “well below 2°C above pre industrial levels and pursuing efforts to limit the temperature increase to 1.5°C”.
While the Paris Agreement sets a global objective, action to achieve that objective is driven at the national level – each country is responsible for setting their own pIn particular to business, UNs ILO reported that over 80 million jobs would be at risk if rising temperature predictions materialize with productivity impacted by unliveable working environments. The impact of climate change on business are classified under physical (flooding, hurricanes, drought, wild fires etc) transitional (change of policy, regulation, technologies, consumer trends etc) and liability (failure to mitigate, adopt to, disclose or comply with changing regulatory or legal expectations) risks. (Zurich.com) olicies to achieve the common goal. The delivery of these policies will take place at the local level. All countries, cities and businesses need to develop plans as to how they intend to achieve net zero.
While the Paris Agreement sets a global objective, action to achieve that objective is driven at the national level – each country is responsible for setting their own policies to achieve the common goal. The delivery of these policies will take place at the local level. All countries, cities and businesses need to develop plans as to how they intend to achieve net zero.
Several Governments and companies have initiated efforts to reach the goal of Net Zero undertaking science based targets over a specified time periods. Many of the European companies proposed net Zero by 2050 where India has taken the net zero goal to 2070. Setting the goals for net Zero enables a company to review its emissions and identify ways and means to reduce the same involving energy composition and usage and many time would also be cost cutting opportunity. It increase the image of the company before its employees as well as vendors. Hence it is win- win for the business to take up net zero ambition. (anthesisgroup.com)
PATH TO REACH NETZEROpath
An accounting of emissions from all sources within the boundary of the business will be made following GHG protocol
Road map is prepared for achieving the Net Zero
The roadmap will present an indicative emission reduction pathways to reach net-zero by a given target year. These could include EE, RE etc. These are called internal decarbonization measures.
As achieving net-zero involves not only internal decarbonization but as well the neutralization of remaining emissions, options for purchasing carbon removal credits are to be assessed. Multiple technical solutions are available that generate carbon removal credits, differing primarily in the durability of the effect and the maturity of the technology (natural climate sinks such as forestry).
WHAT ZE CAN DO TO REACH NETZEROwhat
ZE with over two decades of experience in climate action services, can provide end to end solutions to the business or an institution in achieving the goal of Net Zero by following steps:-