The public sector produces twenty-five percent of the world’s gross domestic product. However, this industry is responsible for around 28% of greenhouse gas emissions.Therefore, partnerships built on communication and action are essential for industry stakeholders to successfully handle the difficulties and possibilities of a clean energy transition.
Global climate action may be accelerated via a multi-stakeholder platform that allows for these interactions and collaborations. The main strategy for addressing climate change is decarbonization in the public sector, and the main objective is to reduce carbon dioxide emissions globally as quickly as feasible. This process necessitates both radical transformation and gradual increments, moving from one business or area to another. The attention should also be on other businesses, such as cement, steel, agriculture, and many others, even if the energy sector is the one that receives the most scrutiny due to the lower cost of renewable energies.
Although decarbonization is a difficult path that will require billions of dollars in investments, we might succeed with the active participation of multinational corporations.
Decarbonization is the process of eliminating or significantly lowering all human-caused carbon emissions with the aim of getting to net-zero emissions. Decarbonization, as defined by the Oxford Dictionary, is the process of substituting fossil fuels with cleaner energy sources. In that sense, deploying low-carbon technology and energy sources results in carbon reduction.
Decarbonization came into the picture after the 2015 Paris Climate Agreement, which aims to keep global warming well below 2°C above pre-industrial levels and pursue efforts to reduce it to 1.5°C. Countries must drastically reduce GHG emissions in order to achieve carbon neutrality by 2030 and net-zero emissions by 2050 in order to meet this lofty objective.
Why is Decarbonation Important in the Public Sector?
Decarbonization in the public sector plays an important role because of its critical role in limiting the worst consequences of climate change. Decarbonization is a global necessity for governments, corporations, and society. Despite the fact that many businesses have stated their intention to become carbon-neutral by 2050, the latest projections indicate we are not on track to fulfill the Paris objectives. More must be done and more quickly.
For businesses, decarbonization refers to the total reduction of carbon emissions across all carbon emission spectrums. Each organization is required to develop a decarbonization plan that is appropriate for its sector. The quantity of emissions that a firm is ultimately accountable for as a result of its business activities must be assessed, and methods for lowering those emissions must be determined.
Decarbonization in the public sector will also necessitate the adoption of alternative energy sources based on green energy and green chemicals, which will result in a fundamentally new energy system. As previously noted, businesses are racing to reduce their carbon footprints. The International Energy Agency’s Intergovernmental Group forecasts that new patents for important technologies, such as batteries, hydrogen, intelligent grids, and carbon capture, will much surpass those for other technologies, such as fossil fuels.
Pathways for Decarbonization in the Public Sector
Decarbonizing businesses must be viewed as a business opportunity; by funding this remedy, your company will benefit in every way. Innovation is made possible by rethinking how businesses operate, from utilizing carbon as an output for products to using fewer raw resources and coming up with substitutes for current consumption patterns.
The next step is to comprehend your company’s carbon footprint (CCF). Only 55% of greenhouse gas emissions may be reduced by switching to renewable energy; the other 45% are caused by how we make and consume items and how we grow food.Companies may determine their biggest sources of energy consumption, production intensity, transportation requirements, and waste created across operations by examining them.
Companies might find sources and chances for carbon reduction by analyzing their carbon footprints. Companies will discover a sea of options there once they realize that scope 3 (indirect sources) makes up the majority of their carbon footprint.
Consider how you may establish accountability, particularly with regard to emissions and science-based goals, by including carbon removal into your product strategy, supplier networks, and operations across your whole value chain. By switching to renewable energy, electrifying systems, and increasing efficiency, a sizable portion of carbon emissions may be removed. In terms of energy sources, hydrogen may be utilized to decarbonize a variety of sectors, including steel, shipping, transportation, and coal.
Once you are aware of your carbon footprint and have put measures in place, the problem is figuring out how to achieve your objectives. You’ll need to come up with a strategy that enables large-scale effect while creating maximum value using the variety of digital, new material, and decarbonation technologies at your disposal.
It’s time to assess your plan and the amount of carbon you have already cut. Utilize the appropriate measurements to improve your decision-making and advance the decarbonization process continually. Accurate carbon statistics are needed to support sustainable decision-making during the arduous process of decarbonization.