Companies play a critical role in climate action. Many (not yet all) wake up to this reality and set targets towards net-zero.
To get to net-zero companies need to follow these three steps:
- Calculate their carbon footprint
- Set emission reduction targets
- Compensate residual emissions
Compensation is where the net of net-zero comes into play.
Even when every company on this planet reaches all their carbon reduction targets by 2050, we still need to collectively take 10 gigatons of CO2 out of the atmosphere every year to limit climate change. We need to ‘net-out’ those left-over emissions by funding climate action.🌍
OK, but 2050 is quite far away right? Can’t we just see about that then?
We need to build the technology, the industry and the methodologies to take 10 gigatons of CO2 out of the atmosphere every year. They won’t magically appear out of thin air on the 1st of January 2050.
The coming decade is crucial when it comes to staying below 1.5 or even 2 degrees of global warming. We just don't have time to wait another decade. Investing in climate projects now is critical.
Reduction and compensation; it’s not an either/or dilemma. Companies should both reduce emissions and fund carbon removal projects.
We can’t rely on miracles to happen.