2023 marks a significant moment in history, as it will be the first year in the 21st century when none of the G7 nations will hold a general or presidential election. This presents a unique opportunity to prioritize tackling one of the biggest challenges of our time - climate change - and make a significant turning point towards addressing this critical issue.
With some good fortune, 2023 could be a crucial year for acting in the face of this global crisis.
It appears that this year there are increasing indications that the government will finally take meaningful steps towards addressing climate change and achieving net-zero emissions, which has been lacking thus far.
It's been almost five years since the UN report revealed that carbon dioxide emissions must decrease by almost 50% by 2030 and achieve #net-zero by approximately #2050 to meet the Paris Agreement objective of limiting global warming to 1.5C
The European Union has announced a "green deal industrial plan" to incentivize and fast-track clean energy projects in the bloc, including a "net-zero industry act". This initiative has led to transatlantic trade tensions, but could greatly benefit industries striving to meet their climate goals. Regulatory measures, such as new EU directives and climate disclosure rules by the US Securities and Exchange Commission, will tighten the way companies adopt and report on climate transition plans. The International Financial Reporting Standards Foundation will also publish global climate reporting standards in June. Regulators are increasingly cracking down on corporate greenwashing due to growing demand from investors and green campaigners.
The UN has called for businesses with a 2050 net-zero pledge to have a transition plan in place by September, containing ambitious targets for 2025 and 2030 that meet UN expert group standards. The International Organization for Standardization has also issued guidelines to help organizations set net-zero targets and prevent misleading claims about green products. While progress has been made in defining what good looks like, more action is needed to achieve climate goals. However, 2023 is expected to be a year of progress in climate action and regulations that cannot be overlooked.
So, what are your next steps? Are you ready for the coming changes?
