From emissions to ambitions: The future of net zero

Climate change has emerged as one of the biggest challenges of our time. Many factors have prompted countries around the world to commit to switching to low carbon economies. It’s estimated that warming above 2°C will expose nearly 3 billion people to severe climate risk. If warming can be cut to 1.5°C, this figure could be cut by half.

Carbon dioxide is the primary greenhouse gas emitted through human activities. In 2021, US greenhouse gas emissions totaled 6,340 million metric tons of carbon dioxide equivalent. To understand better, one billion metric tons is similar to 10,000 fully loaded US aircraft carriers. Other GHGs include methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons, sulfur hexafluoride, and nitrogen trifluoride, but CO2 accounted for 79 percent of US greenhouse gas emissions from humans. Actions to cut carbon emissions, reduce carbon footprints, and use low carbon substitutions will help minimize the rate and impact of climate change.

Society is pressuring companies to reduce its emissions. Many organizations have pledged to become net zero but not always soon enough or with a clear direction of how to get there. The US Securities and Exchange Commission (SEC) has proposed a new rule that will require publicly traded companies to report on emissions, climate-related risks, and net zero transition plans.

With this ruling, ISO and other voluntary standards can help companies make sense of it all and provide a framework in achieving that. Standards can assist organizations be more efficient, obtain recognition for environmental responsibility, achieve stakeholder trust, and gain a competitive advantage.

ISOs to consider

1. ISO 14001 — The most widely adopted environmental management system in the world and integrates environmental management into operations for sustainable outcomes, effectively fast-tracking the journey to net zero emissions

2. ISO 14064 — This specifies principles and requirements for quantification and reporting of greenhouse gas emissions and removals. It includes requirements for the design, development, management, reporting, and verification of an organization's GHG inventory.

3. PAS 2060 — This standard specifies a four-stage process to demonstrate carbon neutrality and involves assessment, reduction, offsetting, documentation, and verification.

4. ISO 50001 — This is used to manage and reduce energy use and costs, it’s an excellent framework to help implement an energy management system while it also curbs consumption and emissions.

5. ISO 20121 — This international standard has been developed to relieve the strain on local infrastructure and utilities, reducing the potential for conflict in communities where events are hosted. It’s been designed to address the management of improved sustainability throughout the entire event management cycle.

To reach net zero emissions by 2050, annual clean energy investment globally will need to more than triple by 2030 to around $4 trillion. This is a big task but adopting the right standards and frameworks, sooner rather than later, is a crucial step. Through the clarity of standards and shared industry best practices, your company will be able to focus on carbon reduction and successfully respond to the challenge of climate change.

Driving change in the way we address our economic, social, and environmental challenges is high on everyone’s agenda; from achieving net zero, pollution reduction, climate change, and environmental regeneration.

Net Zero Barometer Report, BSI, bsigroup.com, 2023

• 73 percent of consumers pay more to companies with a commitment to net zero

• 93 percent of Gen Z are likely to be loyal to a climate-friendly brand.

• 82 percent of business leaders said sustainability and net zero are important to its business.

How BSI can help

The new Net Zero Pathway from BSI uses standards to position its clients on their carbon journey to ensure companies remain aligned with science-based targets for net zero while following best practice guidelines to get there. The Net Zero Pathway allows for changes along the way as businesses evolve and the cost of reduction initiatives change. It even accounts for the indirect social costs of inadequate targets and achievement while delivering transparency in both commitment and performance to help organizations achieve net zero and prevent greenwashing accusations.

Credibility is increasingly crucial and there’s growing acknowledgment that a commitment to net zero can offer a competitive edge to businesses. BSI works with clients and companies to promote best practices, highlight sustainability, and strengthen organizational resilience.

Contact us today to discuss how we can support your net zero journey.