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March 2, 2024
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At the intersection between climate change and economic development, an increasingly clear link can be seen. The recent World Economic Forum report reiterates this connection, noting that five of the top ten long-term economic risks are related to social and environmental challenges.
Take the case of the United States as an example: currently, 239 Fortune 500 companies have made climate commitments. Of these, 39 percent are committed to achieving carbon neutrality before 2050.
This trend is not unique to the United States; it is a global phenomenon motivated by various pressures faced by organizations. These pressures include the need to anticipate increasing regulations, strengthen relationships with consumers, consolidate the image as an employer of choice and meet the expectations of customers and shareholders.
Measuring the carbon footprint is a fundamental step because it provides a solid base on which to act. Without this information, any effort to reduce or offset our emissions would be purely speculative.
Measurement allows us to identify the main sources of impact, making it easier to prioritize and implement a reduction plan to develop a low-carbon business strategy in the medium or long term. Carbon strategies are the backbone of any environmental strategy.
The carbon footprint can be divided into three main scopes:
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Focusing only on direct emissions (Scope 1) and indirect emissions associated with energy consumption (Scope 2) may be insufficient. For many companies, Scope 3 emissions can constitute more than 80% of their total carbon footprint, making measurement crucial for decision-making.
This involves covering the indirect emissions that occur in the organization's value chain, both upstream and downstream, such as impacts on the production of purchased goods, contracted services, the transport and distribution of products not controlled by the organization, as well as emissions from the use and end of life of the products sold.
Measuring is the first step. The real challenge is to use that information to make significant changes. This can include the optimization of processes, the transition to renewable energy sources and/or the redesign of products or services to minimize their environmental impact.
Measurement points the way, which must then be followed by the development of a comprehensive strategy adapted to the organization. It's not just about measuring emissions, but about incorporating sustainability into every key area of the business.
Addressing complex challenges requires a combination of hard environmental knowledge, soft skills and a deep understanding of the business. Working with a systemic vision, through informed and collaborative action, is essential to transform these challenges into opportunities.
Leading organizations will be those that manage to integrate environmental variables into their business models.
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