Net Zero leaders

Climate change

14 Sep

The report advocates for the implementation of a comprehensive "Net Zero Leaders" policy and campaign, building upon the UNFCCC's "Race to Zero" initiative. It suggests a government-led campaign, incentives for businesses, and complementary policies to accelerate the commitment of UK companies to achieve Net Zero by 2050, emphasizing the global impact and leadership role of businesses in tackling climate change.

Here we underscore the urgent need for the UK to take a leadership role in addressing climate change, particularly in the context of the upcoming COP26 meeting. We emphasize the slow but accelerating impacts of climate change, and stress the importance of businesses as crucial agents of change.

We propose "Net Zero Leaders" - a comprehensive policy and campaign that seeks to turbo-charge the existing "Race to Zero" initiative by introducing incentives such as tax benefits, procurement preferences, and a revamped certification mark for businesses committing to achieving Net Zero by 2050.

The proposal includes a government-led campaign aiming to increase awareness about the imperative for businesses to embrace Net Zero and highlights the potential for certification. By showcasing leaders and using a revamped certification mark, the initiative could inspire a cultural norm around corporate responsibility for climate change.

Complementary policies are also recommended to strengthen progress monitoring and reporting. This includes mandatory reporting of Climate-related Financial Disclosures for businesses above a certain size and integrating Scope 1 and Scope 2 emissions reporting into major accounting software interfaces. These initiatives aim to create a level playing field for reporting, enhance transparency, and attract investment to businesses committed to achieving Net Zero.

Overall, the report envisions a holistic strategy that leverages government intervention, incentives, and enhanced reporting to mobilise businesses in the UK and globally towards Net Zero goals.

Lead author(s): Harry Brown