Coal still remains the largest emitter of CO2 in energy production, making up 29% of total emissions.Â
Industries contribute 23% of energy related CO2 production. Transport also contributes the same.
Buildings release 10% of total emissions. Gas power 9% and oil 2%.
If you add the numbers, you will still see that we are still dependent on fossil fuels. Take India for example. Given the severity of heat waves, the country was forced to rely on fossil fuel for sufficient energy production.
At this point, you might be nodding your head in agreement. When the going gets tough, it’s not possible to shift to green tech overnight, balancing power production with climate change.
Agreed. That’s why we recommend you to seriously consider decarbonization.
What is Decarbonization and Why Should You Care?
Now, you see the relevance of the numbers we have put out.
Also, consider this. To tackle global warming, we have to limit temperature increase to within 1.5℃. That means we have to cut down on global emissions by 7% every year till 2030 at least.Â
However, even today emissions are rising by 1.5% according to the World Economic Forum.
Contrast this with decarbonization. The goal of decarbonization is to mitigate climate change by transitioning to a low-carbon economy. This is where a business like yours can play a pivotal role.
Let us show you how simple acts can make a difference.
Innovative Strategies to Achieve Carbon Neutrality
1. Adopt Renewable Energy Sources
Transitioning to renewable energy sources such as solar, wind, and hydropower can significantly reduce a company’s carbon footprint. Installing on-site renewable energy systems or purchasing green energy from suppliers can provide a sustainable and often cost-effective energy solution.
2. Energy Efficiency Improvements
Implementing advanced energy management systems, upgrading to energy-efficient equipment, and optimizing operational processes can lead to substantial energy savings. Smart meters, automated lighting, and heating systems, including energy-efficient appliances are just a few examples of how businesses can reduce their energy consumption.
If you need help with energy management, reach out to CarbonMinus. Our advanced energy management software aligns with sustainable business practices, helping you stay compliant and profitable at the same time.
3. Carbon Offsetting
Invest in carbon offset projects, such as reforestation, renewable energy projects, or methane capture initiatives. This allows companies to compensate for their remaining emissions. By purchasing carbon credits, businesses can support global efforts to reduce greenhouse gasses.
4. Sustainable Supply Chain Management
Engaging with suppliers to ensure they adhere to sustainable practices can significantly impact a company’s overall carbon footprint. You have to encourage suppliers to
- Adopt advanced tools for carbon footprint reductionÂ
- Use low-carbon technologiesÂ
- Tie up with local suppliers to reduce transportation emissionsÂ
- Audit supply chain emissions
5. Circular Economy Practices
Adopting circular economy principles can reduce waste and emissions. This involves designing products for longevity, recyclability, and reusability. Businesses can implement take-back programs, refurbish products, and use recycled materials in manufacturing.
6. Carbon Capture and Storage (CCS)
Investing in carbon capture and storage technologies can help businesses capture and store carbon emissions from industrial processes. This technology can be particularly effective for sectors where emissions are hard to eliminate, such as manufacturing and energy production.
The Importance of Decarbonising Organizational Processes
We know what you’re thinking. The global average carbon price stands at $32 per ton of CO2.
To achieve climate targets by 2023, the price should increase by $18.Â
In short, you don’t get adequately incentivized perhaps to cut emissions. So, why do it?
1. Regulatory Compliance
Governments and international bodies are increasingly implementing stringent regulations aimed at reducing carbon emissions. Organizations that fail to comply with these regulations risk facing substantial fines, legal action, and reputational damage. By proactively decarbonising, businesses can stay ahead of regulatory requirements and avoid these risks.
2. Economic Benefits
Decarbonising processes can lead to considerable cost savings in the long run. Energy efficiency measures, for instance, can reduce operational costs. Additionally, companies that invest in renewable energy sources may benefit from lower energy prices and incentives such as tax credits and subsidies.
3. Market Competitiveness
As consumers become more environmentally conscious, they are increasingly demanding sustainable products and services. Companies that demonstrate a commitment to decarbonisation can differentiate themselves in the market, attract eco-conscious customers, and enhance their brand reputation.
4. Investor Appeal
Investors are increasingly considering environmental, social, and governance (ESG) factors when making investment decisions. Companies that prioritize sustainable growth strategies, like decarbonization, are more likely to attract investment from ESG-focused funds. It can result in better financial performance and increased shareholder value.
5. Risk Mitigation
Climate change poses significant risks to businesses, including supply chain disruptions, resource scarcity, and damage to physical assets from extreme weather events. Decarbonising organizational processes can help mitigate these risks by making operations more resilient and sustainable.
6. Innovation and Growth
The push towards decarbonisation drives innovation, as companies develop new technologies and processes to reduce emissions. This innovation can open up new business opportunities, leading to growth and increased market share in emerging green industries.
7. Employee Engagement and Retention
Employees are increasingly looking to work for companies that align with their values, including environmental sustainability. By committing to decarbonisation, organizations can attract and retain top talent who are motivated by a shared sense of purpose.
How Can You Use Carbon Reduction Technologies?
To get you completely on board with decarbonization, we suggest partnerships with decarbonization platforms. By using the latest tech, you can achieve your business and sustainability goals faster, becoming a leader in your industry.Â
1. Optimizing Industrial Processes
Industry 4.0 technologies, including IoT, AI, and machine learning, enable businesses to optimize their manufacturing processes. Predictive maintenance, real-time monitoring, and process automation can
- Reduce energy consumptionÂ
- Improve operational efficiencyÂ
- Minimize wasteÂ
All of this leads to lower emissions.
2. Adopting Waste-to-Energy Technologies
Businesses can invest in waste-to-energy technologies to convert waste materials into energy. It reduces landfill waste and provides a renewable energy source. Companies can manage waste sustainably while generating electricity and heat from otherwise discarded materials.
3. Using Blockchain for Carbon Trading
Blockchain technology can help businesses participate in carbon trading by providing a transparent and secure platform for tracking and verifying carbon credits. You get greater accountability and efficiency, leading to greater motivation in,investing in emission reduction projects.
What is Walmart Doing?
The Next Obvious Step: Carbon Neutrality
Explore Carbon Minus’s advanced tools for carbon management and resource optimization. Contact us to know how you can achieve carbon neutrality with business benefits for environmental impact reduction.
Reach out at www.carbonminus.com.
FAQ
Q. How can carbon neutrality be achieved?
Carbon neutrality can be achieved by reducing emissions through sustainable practices and carbon reduction technologies, and offsetting remaining emissions with carbon credits.
Q. What are the requirements for carbon neutrality?
Requirements include measuring your carbon footprint, implementing strategies to reduce emissions, and offsetting any remaining emissions through certified carbon credits.
Q. Is carbon neutral the same as net zero?
No, carbon neutral refers to balancing emitted carbon with offsets, while net zero means reducing all greenhouse gasses to as close to zero as possible, with any remaining emissions balanced by offsets.
Q. What is the target to become carbon neutral?
The overall target is to achieve a balance between emitted carbon and offsets, aiming for zero net emissions. Different countries have set various targets:
- European Union: Net zero emissions by 2050
- United States: Net zero emissions by 2050
- China: Peak emissions by 2030 and carbon neutrality by 2060
- India: Net zero emissions by 2070
