As the world transitions to a low-carbon economy, businesses are increasingly setting net zero targets to reduce their greenhouse gas emissions and contribute to global climate goals. Here’s guidance on setting science-based net zero targets and developing a roadmap, along with examples of businesses that have successfully implemented net zero strategies.
Setting Net Zero Targets
- Science-based targets: Set targets that are aligned with the latest climate science and are consistent with the goals of the Paris Agreement.
- Scope 1, 2, and 3 emissions: Consider all scopes of emissions, including direct emissions (Scope 1), indirect emissions from energy use (Scope 2), and other indirect emissions (Scope 3).
- Target year: Set a specific target year for achieving net zero emissions, such as 2050 or earlier.
Developing a Roadmap
- Emissions reduction plan: Develop a plan to reduce emissions across all scopes, including strategies for energy efficiency, renewable energy, and sustainable land use.
- Carbon offsetting: Consider investing in carbon offset projects to compensate for emissions that cannot be reduced.
- Stakeholder engagement: Engage with stakeholders, including employees, customers, and suppliers, to build support for net zero initiatives.
Best Practices
- Microsoft’s net zero strategy: Microsoft has set a target to be carbon negative by 2030 and remove more CO2 than it emits by 2050. The company is investing in renewable energy, energy efficiency, and carbon capture and storage technologies.
- Unilever’s sustainable living plan: Unilever has set a target to achieve net zero emissions from its operations by 2030. The company is investing in renewable energy, energy efficiency, and sustainable agriculture practices.
African Companies with Net Zero Targets
Africa is making significant strides towards a net-zero future, driven by its largest publicly listed companies and industry leaders in renewable energy. Here’s a breakdown of the progress:
Companies with Emission Targets
- Half of Africa’s 250 largest publicly listed companies have emission targets, with 51 having net zero targets. Many more are expected to set targets in the next few years, indicating a growing trend towards sustainability.
- These companies are likely to focus on reducing emissions through investments in renewables, energy efficiency, and voluntary carbon credits ¹.
Potential for Zimbabwe
Zimbabwe, like other African countries, has opportunities for renewable energy growth, particularly in solar and wind power. The country’s energy sector could benefit from investments in clean energy technologies and sustainable practices2.
Benefits of Net Zero
- Reduced greenhouse gas emissions: Achieving net zero emissions can significantly reduce greenhouse gas emissions and contribute to global climate goals.
- Cost savings: Implementing energy-efficient practices and investing in renewable energy can reduce energy costs and improve business efficiency.
- Reputation and brand value: Achieving net zero emissions can enhance a company’s reputation and brand value, demonstrating its commitment to sustainability and climate action.
By setting science-based net zero targets and developing a roadmap, businesses can reduce their greenhouse gas emissions, contribute to global climate goals, and reap the benefits of a low-carbon economy.
Sources:
- https://www.allianz.com/en/mediacenter/news/commitment/environment/221116_Allianz-Africas-journey-to-net-zero-USD-7-trillion-just-for-energy.html
- https://journals.sagepub.com/doi/full/10.1177/27533735241276201
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