Net Zero Company

The “loss and damage” discussions at the COP27 make it clear that climate inaction has been an extremely expensive mistake. Now we should avoid making that same mistake again and take action to reduce net greenhouse gas emissions rapidly over the next 5-10 years.

The “African COP” has elevated the important social justice issue of “loss and damages”. How do the countries which benefited the most from adding greenhouse gases to the atmosphere in the past compensate those countries which suffer the most from the consequences today?”

The early indication from COP27 is that one area where countries can agree on is the importance of carbon dioxide removals (CDRs). The members of the Art. 6.4 Supervisory Body were able to agree on draft guidance for CDRs:  unfccc.int/sites/default/fil….

Countries and companies need to step up from the mode of making promises for the future to the mode of implementing processes today which ensure that these promises are kept. Everyone needs to start getting on track with complying with the commitments they have made.

For the companies and countries alike COP27 is the signal to start treating their “net zero pledges” as serious commitments. Companies with net zero commitments need to start lowering their annual net emissions and get on track to achieving their net zero targets.

The Paris Agreement and the COP26 were about setting targets. COP27 in Sharm El-Sheik is about taking action. Countries as well as companies need to start the hard work of complying with the commitments they have made.