Race to Zero – A climate-neutral economy is the only way
Climate change is not a phenomenon of the future: we are already increasingly experiencing its effects in the form of heat waves and droughts, torrential rain, and even severe windstorms. Global average temperatures are already 1.2°C above the pre-industrial level.
A substantial acceleration of ambition and action is needed to meet the Paris Agreement targets. Current national commitments remain insufficient to meet the latter climate targets and would lead to a temperature rise of at least 3°C by the end of the century. The net zero emission targets recently announced by the individual countries could reduce this by only about 0.5°C, provided that short-term national commitments and accompanying policies are aligned with net zero targets.
The greenhouse gas emissions over the past century have made it a foregone conclusion that the planet will face significant warming, regardless of successes at mitigation. Thus, in addition to mitigation and prevention, it is just as important to focus on and invest in adaptation. Investing in early warning systems, resilient infrastructure, and risk-sharing through financial markets, as well as enhancing social safety nets, can limit the impact of weather-related shocks and help the economy recover faster.
This year is the year of action. Countries must commit to net zero emissions by 2050. Ahead of the COP26 in Glasgow, governments will have to submit much more ambitious national climate plans, targeting a combined 45% reduction in global emissions by 2030 compared to 2010 levels, which will still fall short of the 55% reduction target by 2030 set out in the EU Green Deal.
Companies must do the same if they want to protect people, themselves, and the economy from the catastrophic consequences of climate change. No longer can ‘low-carbon’ be the sole objective: climate neutrality must be achieved urgently through with new technological solutions and rapid changes in consumption patterns at all levels.
Committed leaders and changemakers are vital to making sustainable economic activity more strategic, putting climate-change-related risks and opportunities into focus, setting targets for reducing carbon emissions, taking concrete action and steps to achieve them, and continuously measuring and monitoring achievements.
The BCSDH aims to generate changes in models and business solutions in Hungary that have a real impact on climate change and can generate real responses to domestic challenges due to their take up by other companies.
The mission of BCSDH is to support its member companies to be active agents in shaping the necessary changes.