4th December 2023    |    Insights

Seizing the Opportunity: COP28, Net Zero and a Renewed Focus

With the world and its leaders having converged on COP28, the urgency of addressing climate change has never been more palpable. Amidst the geopolitical complexities, and the focus on the Middle East’s oil-rich nations, there still remains a golden opportunity for global leaders to unite in a purposeful commitment to achieve net zero. This momentous occasion transcends regional interests and instead beckons leaders to collaboratively pave the way for a sustainable future.

Business and Tech Innovations Leading the Way:

Already, businesses and technological innovations are spearheading the charge towards a greener tomorrow. Sunamp and Agilico, two exemplary clients, have clear commitments to net zero. With the former, an innovative new product enables water to be heated through renewable technology. The product is smaller than an average boiler and installations are being rolled out through the UK. In the case of the latter, Agilico has an impressive track record on refurbishing and repurposing multifunctional print devices (MFDs), achieving approximately 57% emissions savings and over 667 tonnes of CO2 through remanufactured technology. Therefore, either through technological innovation, or more through processes and systems, both are forging ahead with net zero commitments – making tangible inroads into carbon reduction that will have a positive impact on the Government’s 2050 net zero commitment.

It is imperative we do not stifle business ingenuity but actively encourage and fund its scaling. The symbiotic relationship between entrepreneurship and environmental stewardship holds the key to unlocking unprecedented solutions that will have a transformational impact on reducing our carbon footprint.

Scaling Climate Technology Deployment:

To achieve net zero, there must be a substantial increase in climate technology deployment. According to a McKinsey report, climate tech investments need to grow by approximately 10 percent each year, reaching $2 trillion by 2030, equivalent to 1-2 percent of global GDP. This underscores the necessity for sustained commitment and collaboration among nations, businesses, and investors.

Job Creation as a Cornerstone:

Key to this transformative journey is the creation of employment opportunities. Initiatives must be woven into educational and training programmes, providing a seamless transition for young people into a green economy. This is a sector that will only grow. Jobs will range from a variety of purposes, from data, to tech innovation, HR, Operations, geographical exploration and much, much more.

Apprenticeships and inclusive policies are integral components of this strategy. Recent research led by McKinsey’s Munya Muvezwa, Daniel Stephens, Shelley Stewart, and Alexis Trittipo underscores that climate change is a pivotal factor influencing the prospects of socioeconomic development. As such, a commitment to inclusive job creation becomes not only an environmental imperative but a social one as well.

Conclusion:

The COP28 imperative is clear: seize the golden opportunity to forge a united front towards net zero.

The time is ticking, and the urgency is real. Let us not be swayed by the noise surrounding geopolitical complexities or location, but instead focus on the purpose at hand. Encouraging business ingenuity, scaling climate technology, and creating jobs are the pillars upon which this transformative journey rests. As we navigate the path ahead, let’s hope COP28 is not remembered merely as a conference but as a turning point in history where collective wisdom and purposeful action paved the way for a sustainable and inclusive future.