ARTICLE 4 The Power of Consumers

ARTICLE 4

Accelerate and Align Industry Roadmaps

Article 4 – Accelerate and Align Industry Roadmaps calls upon industry leaders and the private sector to agree on global metrics and roadmaps, including net-zero targets, industry frameworks, and commitments to global pledges.

A 2022 study shows that businesses taking the boldest steps within sustainability are 2.4 times more likely to report significantly higher financial value than expected and have achieved a larger reduction in emissions to date.

Global Picture

The last decade has seen a dramatic increase in climate-related disclosures from the private and public sector, but there is still a long way to go in terms of alignment and roadmaps. A 2022 study of 506 Chief Sustainability Officers found that only a third of their businesses have a climate change commitment for 2030, and less than half have plans in place to reduce emissions by 45% or more.^lii

Projects

SMI companies are setting targets to become net zero

In 2022, SMI businesses with a combined revenue of over $1.25 trillion had made commitments to become net zero across their full value chain, incorporating Scopes 1, 2 and 3 by 2050 or sooner. Of these businesses, 41% have received or have applied to receive verification of their targets by SBTi.

The SMI Energy Transition Task Force released a paper on Accelerating the Pace of Renewable Energy Deployment

The report aims to address barriers in the feasibility and development phase of offshore wind, onshore wind, and solar.

Their recommendations identified a set of 11 guiding principles, and address questions around critical pace-limiting factors, regulatory best practices, and grid efficiencies enhancement.

To read the Energy Transition Task Force’s full report and see the full list of companies involved, click here.

International governments have adopted the 2050 Net Zero Carbon Goal for Air Transport

The global aviation industry committed to Net Zero carbon aviation by 2050 in 2021.

The SMI Aviation Task Force in collaboration with the World Economic Forum Clean Skies for Tomorrow initiative, has supported building knowledge and momentum among the aviation industry and other relevant stakeholders for the International Civil Aviation Organisation (ICAO) to agree on a net zero carbon goal by 2050, aligned with the Paris Agreement.

Spotlight on: AECOM

Exploring new sources of renewable energy to accelerate the transition to net zero, AECOM is contributing to upgrading Italy’s historic Apennine diesel railway with hydrogen trains.

To read AECOM’s press release, click here.

Spotlight on: Octopus Energy

Octopus Energy has entered into a world-first strategic partnership with ilke Homes to deliver the UK’s largest zero-carbon housing development in Essex, UK, in which residents will be guaranteed zero energy bills.

To read the associated press release, click here.