How technology can bridge the gap between climate talk and action

-After setting climate targets, countries and companies will need to quantify, reduce and monitor their emissions.

-This process can be complex, time-consuming and prone to errors, especially for novices.

-The right technology can simplify this process and make it more efficient, transparent and effective.

-Here are three ways technology – particularly AIoT – can help.

As society pressures leaders for a more environmentally-friendly agenda, governments responsible for 63% of world emissions have committed to net zero with corporate net-zero commitments covering 12% of the global economy (representing $9.81 trillion in revenue).

However, it is not uncommon to see large disconnects between targets and actual emissions – when the talk and the walk must go hand-in-hand in terms of effective emission-reduction progress. In June 2021, when the G7 decided to make climate risk disclosure mandatory, seven of the most influential global economies indicated that carbon reporting and disclosures would play a vital role in ensuring that emission reduction targets are in fact met.

Setting a target is just the first step; the second is to understand and quantify the real emission baseline into measurable units. Next, a clear definition of the emissions reduction strategy must be built. Finally, near real-time monitoring of targets vs actual progress should be in place. Ultimately, if countries and companies are to achieve net zero, they need to monitor, reduce and, in some cases, offset the emissions they generate.

The journey can be complex for beginners; it can be time-consuming, very manual, and prone to errors. That should not prevent companies from joining the decarbonization wave. After all, beyond satisfying consumers and political leaderships, committing to net zero might also prove economical, as access to capital will prove increasingly difficult for those not embracing the energy transition. As “carbon tax” or “cap-and-trade” schemes become the most likely path forward, and as and access to capital is reduced for those who fail to embrace the energy transition, early net-zero movers will have a competitive financial edge over laggards.

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