Post COP27: An Urgent Call to Action for Businesses

Post COP27: An Urgent Call to Action for Businesses - A Roadmap Outlined

The United Nations Climate Change Conference (COP27) has come to a close, leaving behind a pressing call to action for corporations to address their delay, inaction, and greenwashing in the face of the climate crisis.

A new report from the New Climate Institute reveals that many major companies have little concrete evidence to support their net-zero emissions targets. This lack of action is concerning, especially considering the presence of over 600 fossil fuel lobbyists and petrostate diplomats at COP27 in Egypt.

Corporations must sever ties with these lobbyists who are hindering progress and instead advocate for robust climate policy that aligns with their stated climate commitments. The failure to do so could result in a continued delay in the phasing out of fossil fuels, a commitment that was not made at COP27.

Many corporations fund initiatives that are against climate action through their trade associations and affiliated Political Action Committees (PACs). It is crucial for these businesses to figure out how to best harness their skills, resources, networks, and dollars towards transformational climate action.

Patagonia has set a groundbreaking example by making Earth its only shareholder and directing all profits towards climate solutions and environmental protection. The question now is who will follow Patagonia's lead.

United Nations Secretary General António Guterres has spoken out about the role of corporations and their net-zero commitments. He emphasised the need for corporations, and the banks that fund them, to decarbonize and divest from fossil fuels.

Currently, there is no specific information available about companies that are planning to cut ties with lobbyists hindering climate progress and instead support robust climate policies. However, many companies are increasingly focusing on sustainability and climate action, aligning with broader global initiatives like the European Green Deal.

Wealthy companies can make a virtue out of their ability to do big things at scale, creating markets for solutions. They can use their market influence to drive a dramatic decline in emissions by forming buyers' clubs that commit to supporting regenerative organic agriculture, using only zero emissions shipping, or purchasing low-carbon building materials.

However, many corporations are still awash in a sea of green profits, with greenwashing of their climate actions. This practice is not only misleading but also hinders the necessary progress towards a sustainable future.

The climate crisis is a race to implement solutions, and governments cannot do it alone. Ayana Elizabeth Johnson, a policy advisor, emphasises that any company can start charging ahead on all three fronts right now, leading by example and bringing their sectors along with them.

The stakes are high, and the time for action is now. The COP27 conclusion serves as a clarion call for corporations to step up and play their part in addressing the climate crisis. The world is watching, and the future depends on it.