The 2022 world is watching enough heat waves (reaching 40 degrees in Europe), excessive rains in China, and floods in Pakistan. It’s all the gift of climate change. Yet, we are still engaged in negotiations on who must do it first, be it the US and Europe or rising economies like China and India.
First world or third worlds- nature does not recognize this. So it’s time for all of us to step forward from Paris 2015 and set out our own targets, the reasonable and attainable ones. This opens up the occasion of talks on science based targets initiative.
- So what are science-based targets?
The article will discuss all of these, shedding light on important elements in the discussion.
What Are Science-Based Esg Targets?
Let’s talk about some stats here. According to one study, the Industry contributes to 24% of the aggregate Greenhouse emission. The contribution of transportation, electric power, commercial residence, and agriculture constitutes 27%, 25%, 13%, and 11%, respectively. This is the picture of the Superpower! Others are not lagging behind.
The Intergovernmental Panel on Climate Change (IPCC) warned the world that the temperatures must not exceed 1.5-degree centigrade beyond the pre-industry levels.
The states and the industries need to come up with robust plans to curtail emissions.
But the question is how to understand and set industry-based targets. Not everyone knows this. Science-based ESG targets will show the business entities how much or how quickly the business needs to reduce greenhouse gas substantially and within set timelines.
The science-based targets will help companies set new and achievable targets so that they can boost competitiveness and take strides towards a net-zero economy.
It’s high time that companies, irrespective of their size, must come up with their own ambitious and achievable targets. Science-based ESG targets are nothing but initiatives that will help set the targets.
Science-Based Target Initiatives
Science-based targets have some initiatives, and it helps companies take their own initiatives. Now let’s try to study the initiatives to get a better understanding.
Science-based target initiatives promote the best practices in emissions. Therefore, companies need to adhere to the practices so that they achieve net-zero targets that sync with global climate change initiatives.
The initiative has certain methods and guidelines that help companies set their own ESG targets. These guidelines and methodologies are set according to that of the latest climate science.
A team of experts will guide the companies independently, assessing and validating their own climate change targets. This is important from the point of view of tracking and monitoring.
Benefits Of Adopting Science-Based Targets
Adopting a science based target for tackling climate change has its own benefits. So let us try to understand what kind of benefits the companies can get if they comply with the science based ESG targets initiatives.
1. Boost Profitability
If the companies adhere to targets and take bold steps, they can make tough decisions and bring in technology to bring in policy changes. This will definitely boost profitability in the long run. In addition, companies can take technological initiatives to reduce waste and increase the life of perishable goods. Again, this will go on to increase profitability in the long run.
2. Investor Confidence
It is also found out that investors bank on the companies that seriously undertake emission reduction initiatives to go towards net zero. If companies take these bold steps, they will invite investors. Investors, afterall, look for a sustainable economy so that their hard-earned money remains safe and secure.
3. Driving Innovation
Science-based ESG targets can also push companies towards adopting green innovations internal to their companies. This is important from the perspective of taking future strides.
In The Long Run…
Science-based ESG targets effectively oversee the critical aspects of emissions for each company. In addition, the initiatives create awareness in individuals and organizations toward taking carbon emission reduction initiatives. So it’s high time, and one can take the famous American Quote (though said on some other subject), DO MORE.