The Importance of Climate Action: Decreasing Heat Waves, Generating Jobs, and Lowering Expenses

Title: Businesses’ Transition to Decarbonization Presents Opportunities for Environmental and Financial Benefits

Introduction:
Last week, the UN Secretary-General’s alarming pronouncement on the state of the environment has prompted a renewed focus on climate change. While debates continue about the extent of the threat posed by climate change, it is crucial to recognize that taking action against it not only addresses the risks but also offers opportunities. Businesses that swiftly reduce their carbon footprint can benefit financially while contributing to environmental sustainability.

Addressing Climate Change Risks:
Extreme heat waves, wildfires, and other climate-related disasters pose substantial risks to families, communities, and businesses worldwide. For instance, Texas is experiencing record-breaking temperatures, resulting in heat-related illnesses among outdoor workers. Additionally, such extreme weather conditions lead to higher energy bills, adding financial strain to families. Urgent action is needed to mitigate these risks, provide relief, and adapt to unpredictable weather patterns.

Opportunities for Economic Growth:
The Inflation Reduction Act (IRA) has demonstrated the potential for economic growth through climate action. In the first six months since its passage, the IRA reportedly created 100,000 new clean energy jobs. Investing in clean energy globally could generate 24 million additional jobs over the next 20 years. Moreover, focusing on reducing deforestation and protecting forests can create eight million full-time jobs, benefiting frontline communities. Governments must allocate resources to support these investments, which will not only save the planet but also have economic dividends.

Businesses’ Role in Decarbonization:
Businesses that proactively reduce their carbon footprint throughout their supply chains are poised to reap significant benefits. Sustain.Life, a consultancy founded by former Walmart executives, offers tools to help companies identify ways to accelerate decarbonization and achieve cost savings. The software initiative developed by Sustain.Life enables their clients, including those without extensive sustainability departments or resources, to understand the benefits of reducing their carbon footprint.

Focusing on Scope 3 Emissions:
Scope 3 emissions, which account for 80-90% of a company’s carbon footprint, are a crucial aspect of decarbonization. Sustain.Life helps clients and their suppliers identify strategies to reduce these emissions. As more businesses and large customers, including the US Government, commit to sourcing supplies from companies with legitimate emission reduction targets, the pressure to address scope 3 emissions will intensify. Tools like those offered by Sustain.Life will be invaluable in enabling suppliers to embark on their sustainability journey.

Actions for Decarbonization:
Sustain.Life recommends various decarbonization actions tailored to each business’s core characteristics. These actions can include increasing product reuse, transitioning to onsite renewables, and implementing sustainable travel strategies. By adopting these measures, businesses not only contribute to environmental goals but also save money in the long run.

Conclusion:
As the impacts of climate change become increasingly evident, businesses must prioritize decarbonization efforts. Companies like Sustain.Life are offering assistance to organizations seeking to achieve their net-zero targets while emphasizing the economic benefits of environmental sustainability. Furthermore, impending climate disclosure regulations set to be introduced by the SEC in October provide further incentive for businesses to act. By reducing their emissions, businesses not only help the environment but also save on costs, making decarbonization a win-win situation.

Original Story at www.forbes.com – 2023-08-01 02:32:21