New 1.5°C Business Playbook will help businesses take exponential climate action
Posted on 21 January 2020DAVOS, Switzerland (21 January, 2020) - The first Business Playbook for exponential action on climate emergency is being launched at the World Economic Forum in Davos. It supports the worldwide call to action for all companies to set sharp climate targets now and establish a strategy throughout their value chain, business proposition and beyond, which is aligned with the ambition to limit global warming to 1.5°C.
The Playbook, produced by leading experts and business stakeholders, provides a framework for all companies to reach net-zero emissions rapidly through the adoption of an exponential trajectory of at least halving their greenhouse gas emissions every decade to approach net zero by 2050, and integrating climate action in their business strategy.
The initiative is supported by the International Chamber of Commerce (ICC) - the institutional representative of more than 45 million companies, the World Business Council for Sustainable Development (WBCSD), Ericsson, IKEA, Scania, Telia Company, WWF, Skanska, the Potsdam Institute for Climate Research and many additional partners and contributors.
“The science makes clear that we need a fundamental reshaping of business and finance. Every board and every company must show a credible strategy to align with 1.5°C. This Playbook is an excellent guide for the necessary journey to net zero emissions, to prepare business for the fastest economic transition in history and help them drive it. It’s a guide for preserving a more liveable planet for future generations,” Christiana Figueres, Former head of the United Nations Framework Convention on Climate Change, Convenor of Mission 2020.
“We designed the 1.5°C Business Playbook to make it easy for businesses to set sharp targets and meet them through clear action. In fact, many companies can halve their emissions much faster than every decade,” says Johan Falk, Exponential Roadmap project, Senior Innovation Fellow, Stockholm Resilience Centre.
“This Playbook is aligned with the target to limit global warming to just 1.5°C. The only pathway left is massive emissions reductions across all business sectors in the next decade. We show that this is achievable,” says Johan Rockström, Director of Potsdam Institute for Climate Impact Research (PIK).
"Many businesses accept that we are now in the fourth quarter of this climate change epic, and now we urgently need to use all the tools in our toolkit to achieve a sustainable path," says Mark Griffiths, Global Leader of WWF's Climate Business Hub. "Together with the Science Based Targets initiative, this Playbook provides the guidance and encouragement for all businesses to accelerate their transformation."
According to the most recent science from the Intergovernmental Panel on Climate Change (IPCC), the world has 10 years to halve global greenhouse gas emissions in order to avoid the most dangerous effects of climate change and irreversible tipping points.
The 1.5°C Playbook is a spin-off from the world-leading Exponential Roadmap initiative. It guides companies and organisations of all sizes to exponential climate action, and helps them align with the 1.5°C ambition. It is a concrete tool to facilitate the first step of halving emissions, which is grounded in the latest science. Focused on simplicity and speed, the Playbook is aimed at helping the global economy to achieve the goals of the Paris Agreement.
The climate crisis is already harming societies and the global economy, and extreme weather events alone cost the world more than US$100bn in 2019. A range of extreme weather events and natural disasters – including the recent devastating fires in Australia – have demonstrated the impacts that would become more common without significant emissions cuts. 2019 was the second hottest year on record.
The Playbook is based on four pillars: first, to reduce the company’s own emissions and then to reduce the company’s value chain emissions. The third pillar, and perhaps the most important, is to transform the company’s products, services and projects to generate low or zero emissions or even remove carbon from the atmosphere. The fourth pillar is to work with other actors in society to accelerate climate action.
The 1.5°C Business Playbook is complementary to existing standards and key initiatives such as the Greenhouse Gas Protocol (GHG), the Science Based Targets initiative (SBTi), CDP, RE100, Mission Innovation’s 1.5°C compatible solutions framework and the ICC Chambers Climate Coalition.
For more info:
The 1.5°C Business Playbook: www.exponentialbusiness.org
The Exponential Roadmap Initiative: www.exponentialroadmap.org
Contact Karen Richards (KRichards@wwfint.org)