The International Energy Agency states that emissions must fall by 45% relative to 2010 levels by 2030 to meet internationally agreed net-zero goals.
Our success depends upon our use of cleaner energy sources, reducing emissions from appliances, retrofitting buildings, and taking responsibility for our actions – both as individuals and as businesses.
In 2018, the UK’s commercial sector was responsible for 18% of the country’s CO2 emissions – only slightly behind homes.
In its 2019 progress report, the UK committee on climate change said: “It will be businesses that primarily deliver the net-zero target and provide the vast majority of the required investment”, adding that it was necessary for policy to give “clear and stable direction”.
At the opening of the COP26 private finance agenda in February, president Alok Sharma, who is also the UK business secretary, highlighted the need for a shift in funding. He stated, “only decarbonized economies will be able to grow through the worst impacts of climate change”.
If businesses fail to work towards net-zero of their own accord, it’s likely that regulation will be put in place to improve efforts. This could be extremely costly for those without sustainability initiatives.
The UN-backed Principles for Responsible Investment forecasts that “abrupt, forceful and disorderly policy change will come by 2025”. It’s predicted that change in policy, particularly relevant to carbon pricing, could wipe up to $2.3trillion in value from some of the worlds largest businesses.
Whilst some organisations still feel that the transition to more environmentally practices is an unnecessary expense, they need only look to their consumers to consider otherwise. 54% of millennials, those now in their 20’s and early 30’s, state that they now choose to buy from sustainable businesses.
By implementing sustainable initiatives in your business now, you’re likely to experience a wealth of benefits. Mark Carney, the UN special envoy for climate action and finance, called the transition to net-zero the “greatest commercial opportunity of our age”.
Technology is enabling businesses to not only reduce their carbon emissions, but their costs. By implementing smart, IoT sensors businesses are able to capture data remotely.
Be it reducing visits to site by monitoring water temperatures online for legionella prevention, building a picture of energy usage across buildings or using vibration monitoring to prevent critical asset failure, the Internet of Things is delivering both direct and indirect savings.
Whether your organisation is well on its way to building a solid sustainability offering, or you’re looking to get started following COP26, smart sensors could provide you with a simple, easy to implement solution.
Find out more on how smart technology can help your business to achieve net-zero by speaking with our IoT experts.