What is decarbonisation? – part IV.

The reality is that greenhouse gases are already accumulating dangerously and affecting our planet's climate for decades. Humanity must strive to achieve zero net emissions.

Net zero is an effort to reduce greenhouse gas emissions as low as possible to zero, with any remaining emissions having to be reabsorbed from the atmosphere by, for example, oceans and forests. This goal is achieved when a business removes all the emissions it can and offsets those that cannot be reduced in other ways. The process of achieving zero emissions begins with a basic calculation of emissions in scopes 1, 2 and 3, setting science-based targets and creating plans for decarbonisation by 2030. It then moves towards the long-term capture, storage and sequestration of emissions that cannot be reduced.

To understand decarbonization and the concept of net zero, it's helpful to imagine an overflowing bathtub. Decarbonization allows us to turn off the tap and stop the flow of new carbon into the atmosphere. We will reach net zero when we "drain the tub" and use carbon removal techniques to eliminate excess carbon from the atmosphere and store it safely. Not all carbon removal methods are equally effective. For example, although tree planting is commonly proposed as a way to offset greenhouse gas emissions, it may not have an immediate effect, as trees may take years to decades to reach their maximum carbon sequestration potential. Additionally, trees are vulnerable to fires, which release carbon back into the atmosphere and impair the effectiveness of their function as carbon sinks.

On the other hand, exciting innovations are emerging in the field of carbon removal. New technologies offer promising prospects, although they require investment and expansion of their reach. Direct capture from the air is still in its development phase and there are significant doubts about its ability to reach the necessary volumes to effectively affect global carbon levels.

Furthermore, currently existing carbon capture technologies are only able to absorb 2 billion tons of CO2 per year, which is not enough to meet the limits needed to limit global warming. A report published in the journal Nature warns that an additional 0.96 billion tonnes of CO2 per year need to be removed from the atmosphere to meet climate targets, showing a gaping gap between current capacities and needs to achieve true decarbonisation.

In essence, while innovations in carbon sequestration are proving necessary, they are only one part of the larger picture of global decarbonization efforts. The path to a sustainable and low-carbon future requires a comprehensive strategy that combines carbon sequestration with fundamental emission reductions, the expansion of renewable energy sources and fundamental changes in policy and behaviour.

Scientists, governments, business leaders, policy makers and individuals now recognize the need to transform our systems towards a decarbonised economy and resource efficiency in order to mitigate and adapt to climate change. Decarbonisation is a signal for a climate-resilient future.

Although many companies have announced that they will achieve zero emissions by 2050, recent estimates suggest that we are not on track to meet the Paris Agreement targets – we need to do more and faster. In addition, many corporate commitments do not take into account scope 3 emissions, with up to 90 % of business emissions falling into this category, indicating that there is still much work to be done to decarbonise our economies.

Decarbonisation is not an easy task and will require billions of investments, but with the active involvement of global companies we can get closer to this goal.

The benefits of decarbonisation for businesses are:

– Lower financial risk

– Protection against rising carbon prices

– Avoiding accusations of greenwashing

– Compliance with the rapidly changing regulatory framework

How can businesses achieve decarbonisation and net zero?

Companies can achieve real decarbonisation through the following steps:

1. Data collection

2. Accounting for emissions in all relevant areas

3. Reporting emissions and ESG — either as a base year or otherwise

4. Setting a goal (ideally scientifically based)

5. Review of potential decarbonisation tools and their costs

6. Implementation of selected tools (within the value chain and beyond)

7. Development of a strategy to achieve net zero emissions

8. Annual settlement of emissions and reporting

9. Neutralization of excessive emissions on an annual basis

10. Creation of a plan to achieve zero emissions after the implementation of the planned decarbonization goals

By taking consistent steps, businesses can move from high-carbon activities to sustainability leaders, exemplifying a responsible business approach to climate change mitigation. The path to decarbonisation is not only about compliance, but also a strategic step towards greater resilience, innovation and long-term value creation in a dynamic world. (Co2AI)