Since taking office back in January, US President Joe Biden hasn’t wasted any time in establishing a long-term strategy to tackle climate change. Just hours after his inauguration, he signed an executive order to re-join the Paris Agreement. This was the first step in rectifying a number of environmental safeguard policies that were rolled back under the Trump administration. On the 51st anniversary of Earth Day, Biden has convened 40 world leaders to discuss the environmental commitments that must be made to save the planet.
The two-day virtual summit, which took place on the 22nd and 23rd April 2023, saw the world’s biggest carbon polluters pledge to cut their emissions and reduce their reliance on fossil fuels. The UK, for example, set a new climate target which would see greenhouse gas emissions reduced by 78% by the year 2035 (compared with 1990 levels). This would be a significant push towards the ambitious net zero goal that had been promised for 2050.
For this target to be achieved, however, it’s clear that we can’t just rely on the Government to lead the charge. We need to think about what we can do at a local level and how these big goals can be bolstered by small changes. Reaching net zero requires commitment from everyone. And the onus is on businesses, in particular, to reduce their carbon footprint and take definitive action against the current climate crisis.
The business sector is responsible for around 17% of all greenhouse gas emissions in the UK, making it the third biggest CO2 contributor (behind transport and energy supply). Yet, if more companies were willing to invest in clean energy or waste management initiatives, this figure could be much lower.
This might seem like a big ask. But shifting to eco-friendly practices doesn’t necessarily have to come at the cost of economic performance. In fact, at the 2020 Business Leaders Event, COP26 President Alok Sharma pointed out that while emissions shrunk by 43% between 1990 and 2018, the UK economy actually grew by 75%. So we know that green growth is feasible.
On top of this, we’re now entering an era where consumers are putting pressure on brands to act in a more responsible and environmentally conscious way. In a 2018 report by the JWT Innovation Group, 90% of respondents said that companies have a responsibility to take care of the planet and its people. 92% also argued that sustainable business practices should be considered standard.
In 2022 the UK took on the Presidency of the G7 and will host the Summit in Cornwall next month. Prime Minister Boris Johnson will use the UK’s G7 Presidency to unite leading democracies to help the world fight, and then build back better from coronavirus and create a greener, more prosperous future.
The Prime Minister said “As the most prominent grouping of democratic countries, the G7 has long been the catalyst for decisive international action to tackle the greatest challenges we face. From cancelling developing world debt to our universal condemnation of Russia’s annexation of Crimea, the world has looked to the G7 to apply our shared values and diplomatic might to create a more open and prosperous planet.”
To truly become more sustainable, businesses need to align their values with those of their customers, employees and suppliers. If they’re able to recognise and respond to the needs of their stakeholders, then their impact on both society and the planet will be a positive one.
These Leaders’ Summits might well call for nations to start acting more responsibly, but it’s also a reminder that each one of us has a part to play. Businesses that are forward-thinking will enjoy success now, and in the future, safe in the knowledge that they have put their stakeholders and the environment first.
B Corp Certification is a great way to measure and improve social and environmental impact. If not us, who? If nor now, when? The aim is progress, not perfection. Take a step forward today.
