Turbo-charging the Race to Zero
With fifteen months to go until next year’s COP26 in Glasgow, the UK has an excellent timebound opportunity to be able to stand on the world stage and say that we have set the example.
Since countries around the world made their nationally determined contributions under the landmark Paris Agreement, it is now businesses turn to do the same. The UNFCCC has launched the Race to Zero campaign, a platform for companies to make declarations of reducing emissions in line with limiting global warming to 1.5°C.
The government is already supporting the Race to Zero and is calling on businesses to get engaged.
We propose a campaign and policy recommendation called “NET ZERO LEADERS” to turbo-charge this initiative so that we can set the example to the world and unleash the power of business to help tackle climate change.
We hope to get the maximum number of UK businesses committed to becoming Net Zero by 2050, and to be a global role model. We suggest that the way to do this is for a concerted marketing campaign from the government around the concept of leadership and a set of incentives, including preference in procurement and use of a certification mark, to encourage businesses to get on board.
At the time of writing, 955 companies have signed up to the Race to Zero worldwide, 11% of which are from the UK. While it is great that the UK has the second most declarations worldwide, overall, the numbers are low.
The UNFCCC say that the companies signed up already account for 25% of global emissions and 50% of GDP. Again, this is a really encouraging start but there is so much scope for more to achieve.
While companies are in recovery mode from Covid-19, they also cannot be complacent about climate change and returning to business as usual is not an option. Therefore, we propose some policy incentives to encourage businesses big and small to get on board. We need engagement from those that can shift the needle as well as the long tail.
Because the cost of emissions measurement can be significant, we have made suggestions to lower the barrier to entry for businesses. Maintaining a level-playing field is also important, which is why it is so crucial that all businesses get involved.
When companies like Rolls Royce, Microsoft and Apple make the bold declarations about setting earlier target deadlines and helping to reduce emissions in supply chains and other sectors of the economy, it is really encouraging and inspirational. Well done!
Our policy and campaign recommendation is designed to help the UK Government and business to lead the way with ensuring businesses are playing their full part towards reaching Net Zero by 2050.
We hope that through the Race to Zero, everyone will be a winner. That consumers can support companies that are taking an active role in tackling a global issue, that investors can have more complete and consistent emissions information to allow for greater visibility and comparability, that parliament are less polarised and have something they can unite around and that businesses feel that there is a level playing field and their products are not only competitive but also making a positive impact.
FOR MORE INFORMATION
The UNFCCC Race to Zero
Science Based Targets
Race to Zero partners
Companies that have signed up:
