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Net zero describes the balance between emissions produced and emissions taken out of the atmosphere. Over the last few years, companies have set net zero goals that aim to reduce their carbon emissions so that they are no longer contributing to global warming.
Now, though, companies are wrestling with how to actually achieve those goals. To do that, companies can pursue a combination of decarbonization projects. Some are obvious choices, such as investing in onsite alternative energy sources like solar or wind or making their facilities more energy efficient. These initiatives are relatively easy to execute and may lead to cost savings now. But those tactics will only get companies so far down the path to net zero.
CEOs have greater confidence that decarbonization efforts are leading to strategic opportunities
Decarbonization strategies: Moving from ambition to action
While ambition is high, many organizations are struggling to capture full value from their decarbonization efforts. Some have yet to do the math to fully understand how their organization will achieve that commitment over time and what it may cost along the way. For others, they are struggling with effectively managing and executing against a portfolio of complex decarbonization projects in addition to all the other priorities at hand.
Realizing their ambitions will require companies to tackle emissions across their value chains (i.e., scope 3 emissions). That means evaluating each process and every step of how products are designed and engineered; where materials are sourced; and how products are manufactured, sold and ultimately used by consumers.
It’s essential that company leaders bring the same long-term thinking that went into setting initial net zero goals to the execution of decarbonization strategies. Some of these initiatives will allow companies to immediately capture a positive return. But leaders will also need to prepare their organizations for sustainability initiatives to be complex and costly — and for returns that will likely materialize over years, not months. Those who take bold action now can set up future CEOs for success and enable their organizations to remain relevant today, tomorrow and well into the future.
How LMC can help
LMC has defined the building blocks of effective ESG framework and our experienced teams are ready to help you deliver on your net zero and decarbonization goals:
- Baseline, strategy and roadmap: Where do you stand? Where can you prioritize?
- Operationalize and implement: Where do you need to change? How can you implement it operationally? How do you engage your supply chain?
- Report and communicate: How do you measure? How do you communicate?
No matter where you are on your decarbonization journey, we can help you step forward.
Read the collection: Full-value decarbonization
Is your company ready to tackle decarbonization? LMC is here to help your company stand the test of time with this series of key insights on how to integrate sustainability into the supply chain, reduce the carbon intensity of your products — and explore paying for it all with tax incentives and credits.
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Where do emissions come from?
Tracking greenhouse gas (GHG) emissions across an organization can be challenging because they come from so many sources, both direct and indirect. Whether a company is working toward a net zero or carbon reduction commitment, understanding the difference between Scope 1, 2, and 3 emissions is important.
Legal Matters Consul’s net zero commitment
Driven by our purpose, we feel a deep obligation and commitment to help address the root causes of climate change and reduce the environmental footprint of our own operations. In 2020, we announced our global science-based commitment to reach net zero emissions by 2030, building on our 2018 global environmental commitment. We have been recognized in a number of benchmarks and standards relating to responsible business, environmental performance, supply chain management and circular economy.
We will use our experience to help you deliver on your ESG strategy, building organizational purpose into the focus.
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