In the latest Douglas Magazine Green Business Issue, Jill Doucette, Founder and CEO of Synergy Enterprises, highlighted the path to decarbonization and how businesses may establish a decarbonization strategy to reduce emissions and strive toward a net negative future.
The latest reports on the state of the climate from the Intergovernmental Panel on Climate Change (IPCC) paints a stark picture of planetary impacts of global warming if we continue on the current trajectory. To meet our national targets for emissions reduction, governments are looking at stronger regulations. At the same time, institutional purchasers, investors, consumers and employees are demanding more transparency and action from the business community.
Building climate action into your operations and investment plans is not only a shared responsibility but a prudent business strategy, as low-carbon operations will become a new business imperative.
The decarbonization pathway starts with:
Assessing Key Emissions Sources
Scope 1: Direct emissions controlled by the company (i.e. company-owned vehicles, natural gas, propane, and other fuels)
Scope 2: Purchased electricity
Scope 3: Indirect emissions from other sources the business does not directly control or own (i.e. landfill waste, flights, hotel stays, staff commuting, shipping and supplier deliveries)
Reducing Your Emissions
Once you understand your emissions profile, the second (and most important) step is to map your opportunities for reducing emissions. In a decarbonization strategy, we usually aim to reduce emissions by 30-70 percent over a five to 10 year period.
Achieving Net Negative
There are two ways to achieve this:
Invest more in carbon offsets than you produce on an annual basis.
Look at optimizing carbon sinks - a long-term mechanism for storing carbon.
The year 2022 will mark a new economic era. We have an opportunity to rethink our businesses and build back better. Consider starting your decarbonization strategy and identifying your short-term and long-term solutions. Engage your team in the process to bring in different perspectives and start a climate action team within your organization.
Interested in creating your own decarbonization strategy or finding ways to become net negative before 2030? Contact us at info@synergyenterprises.ca.
To read the complete Douglas Magazine Green Business Issue (Dec 2021/Jan 2022), please visit: https://www.douglasmagazine.com/find-a-copy/