At COP30, the struggle between hope and reality was evident. While many businesses and governments made promising commitments towards decarbonization, the influence of fossil fuel interests loomed large. Yet, the efforts of various organizations bring a flicker of optimism, even if the pace of change is concerning.
Numerous companies at COP30 pledged to reduce emissions and support clean energy. Interestingly, about 70% of a company’s emissions can come from its supply chain. The World Economic Forum (WEF) found that just eight global supply chains contribute over 50% of global emissions.
A significant commitment came from the Utilities for Net Zero Alliance (UNEZA), which plans to invest $148 billion annually to boost clean energy. This includes substantial funding for renewable infrastructure, aiming to drive $1 trillion in energy transition investments by 2030. Major companies involved are Adani Energy Solutions and BSES.
In the steel industry, ResponsibleSteel partnered with Europe’s Low Emission Steel Standard and China’s Low-carbon Emission Steel Standard. These collaborations cover over half of the world’s steel production and aim to enhance low-carbon practices, addressing an industry responsible for about 9% of global emissions.
In the USA, the Alliance to Save Energy and the Business Council for Sustainable Energy came together to double energy efficiency by 2030. The International Energy Agency estimates that achieving this could cut energy bills by one-third in wealthier nations and create 4.5 million new jobs, while also achieving significant emission reductions necessary to meet the Paris Agreement goals.
Despite the lack of high-level US representation at the conference, over 130 organizations urged governments to phase out fossil fuels. This letter was backed by more than 100,000 companies and represented $50 trillion in assets.
Small businesses are also stepping up. The South-South Collective for Climate aims to support over 5,000 climate start-ups to avoid one billion tonnes of emissions. They seek to raise $220 million to assist 600 of these start-ups by 2027.
Moreover, the Climate-Proofing SMEs Campaign involves about 250 companies, including IKEA and Schneider Electric. These businesses are mentoring small and medium enterprises to reduce emissions and include measures like carbon assessments and financial incentives.
While these commitments are encouraging, they represent just a part of the puzzle. Research from InfluenceMap reveals that only 39 fossil fuel companies contribute half of all global emissions. As we face a world where the 1.5°C temperature rise threshold was breached, future actions will determine if hope can outpace expectation.
Ultimately, the path ahead is challenging. But every positive step taken, no matter how small, brings us closer to a sustainable future.
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Environment blog, Rajiv Tikoo blog, Development Chaupal blog
