Discussions continue in Paris this week at the 21st Conference of Parties (COP) as politicians from all over the world begin their final push to reach a new global accord for action on climate change. Negotiations are due to conclude on Friday but could roll on in to the weekend with some sleepless nights as many key disagreements are yet to be settled.
Though major steps forward have been made, it is becoming clear that the agreement in Paris will only form part of the solution and also, how businesses will be one of the most influential actors on climate change. Just this week there has been calls from many sectors for businesses to aim carbon neutrality by 2050 and limit global warming to 1.5°C.
Now, with the new international agreement on the horizon and wide calls for global price on carbon, businesses are beginning to see value-at-stake from action on climate change. Changing public perceptions, increased energy costs and changing weather patterns, all represent risks to businesses and should be treated as such. By measuring carbon footprints and investing both internally in energy efficiency and externally in climate change mitigation to offset carbon emissions that cannot be reduced, there are multiple benefits to be realised.
Last week ICROA, of which CO2balance are members, launched a series of videos from just a few businesses that have recognised the benefits of offsetting as part of broader carbon management strategy, setting out the clear business case. Endorsed by Christiana Figueres, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), it will feature at this year’s COP to highlight offsetting as a vital part of the solution set to meet global emission reduction goals.
By supporting carbon-offset projects, businesses are investing in the local environment, communities and benefits that extend far beyond the carbon reductions. We now look forward to the conclusion of this week’s negotiations and hope for a strong, binding agreement that sets a clear path to a low carbon future.