Now COP26 has concluded the pressure increases for businesses to understand their carbon emissions.
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The United Nations Climate Change Conference (COP26) in Glasgow concluded Friday 12th November, 2021. The COP26 summit brought together heads of state, climate experts, and campaigners to accelerate action toward the Paris Agreement and the goals of the UN Framework Convention on Climate Change.
Key Takeaways From COP26
The summit covered an ambitious pledge by more than 100 world leaders to halt and reverse deforestation by 2030, as well as pledges by more than 100 countries, including EU nations, to reduce methane emissions by 30% by 2030.
For the UK, Chancellor Rishi Sunak announced that all financial institutions and listed companies will be mandated to publish their strategy for how they will transition to Net-Zero. These plans will need to be made publicly available by 2023. The strategies must include targets for reducing greenhouse gas emissions from scope 1, 2 and 3 emissions, as well as including the detailed steps that companies intend to take to achieve those targets.
This will mean the UK’s biggest organisations paying much closer attention to the emissions within their supply chains, which could be a headache for those organisations which aren’t captured by the mandatory reporting requirement, but are captured within the supply chain of organisations that are.
Photo by ComposedPix | Shutterstock
Chancellor Rishi Sunak
“Today I am announcing the UK will go further and become the first ever net zero aligned financial centre.
“This means we are going to move towards making it mandatory for firms to publish a clear, deliverable plan setting out how they will decarbonise and transition to net zero with an independent task force.”
What does this mean for medium and large businesses?
Chances are, as a manufacturing business, you are a part of a supply chain. And if not now, from 2023, you will be required to share your Scope 1 and Scope 2 emissions with the people who buy your products – so they can report on their Scope 3 emissions. If this isn’t already on your radar it can be a challenge knowing where to begin.
This means being able to understand the carbon intensity of each of the products your business manufactures. In order to get here, you will need to be able to identify the exact energy used to power the processes required to make your finished goods. How? The best way to understand your carbon emissions is through energy monitoring.
Monitoring your energy consumption will give you a complete picture of how your business is using energy, even right down to the energy used by an individual machine or production line. Having this data and turning it into clear reports will give you actionable insight, and something you can share with your supply partners as proof of emissions.
As a manufacturing business, you should look to implement an end-to-end energy management solution that can take control of these requirements in one intelligent offering.
Energy Management as-a-Service™ (EMaaS) is already helping businesses take control of their energy consumption, carbon and costs. Get in touch today to take the next step in taking control of your energy and emissions.
Author: Paul Scarborough, CMO
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