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The Science Based Targets initiative (<keyword id="21298134" type="General" weightage="20" keywordseo="SBTi" source="keywords">SBTi</keyword>), revered for its role in setting rigorous <keyword id="20927500" type="General" weightage="20" keywordseo="climate-targets" source="keywords">climate targets</keyword> for corporations, has now found itself at the centre of a storm, with dozens of its own staff demanding the resignation of the organisation’s board members. For those not in the know-how, the SBTi is a climate body that has aided over 5,000 companies set ‘science-based targets’ to help themselves achieve <keyword id="19907217" type="General" weightage="20" keywordseo="carbon-neutrality" source="keywords">carbon neutrality</keyword> and join the fight against climate change. Backed by a coalition of many important non-profit groups, including key institutions such as the World Resources Institute and the World Wide Fund for Nature (WWF), the organisation also helps verify if companies have actually made discernible progress in their respective green transitions. Despite being in such a noble field, SBTi made headlines recently when it declared that companies could utilise <keyword id="21298135" type="General" weightage="100" keywordseo="carbon-offsets" source="keywords">carbon offsets</keyword> on a large scale to fulfill their climate commitments. Many experts, and even SBTi members, fear that this move could provide a loophole for major polluters to sidestep genuine <keyword id="21324067" type="General" weightage="20" keywordseo="emissions-reductions" source="keywords">emissions reductions</keyword>. <cmsannotation type="cmsannotation" annotationid="What even is a carbon offset?" comment="subhead" text="What even is a carbon offset?">What even is a carbon offset?</cmsannotation> A carbon offset refers to a way by which organisations or individuals can cut down on their carbon dioxide emissions from the atmosphere. These reductions are typically achieved through projects that either capture and store carbon or prevent emissions from occurring in the first place, such as through renewable energy projects, reforestation initiatives, and methane capture from landfills. Companies or individuals purchase carbon offsets to compensate for their own carbon emissions, thereby “offsetting” their environmental impact and contributing to climate change mitigation efforts. Think of it as planting an equal tree for every tree you cut, so that your impact on the environment remains negligible. <cmsannotation type="cmsannotation" annotationid="Isn't offsetting carbon a good thing, then?" comment="subhead" text="Isn't offsetting carbon a good thing, then?">Isn't offsetting carbon a good thing, then?</cmsannotation> Well, no. The problem is that emitters have now taken to purchasing carbon offsets instead of slashing their own emissions, which could fundamentally undermine the very essence of climate action. The credits are often tied to projects like tree-planting, which, as studies are now beginning to show, aren’t really that effective at permanently removing carbon from the atmosphere. The new SBTi offsets ruling could hence greenlight major polluters to use their mountains of gold to just buy more <keyword id="20778033" type="General" weightage="20" keywordseo="carbon-credits" source="keywords">carbon credits</keyword> instead of turning their processes green, and inadvertently greenwash the public in the process. Further, the involvement of the Bezos Earth Fund, a major financial supporter of SBTi, has added fuel to the fire. The fund's staunch advocacy for scaling up voluntary carbon markets, coupled with its influence in discussions surrounding the use of offsets, has raised eyebrows and questions about potential conflicts of interest. And yes, if the name sounds familiar, the fund has been set up by <keyword id="20054707" type="General" weightage="20" keywordseo="Jeff-Bezos" source="keywords">Jeff Bezos</keyword> himself — the founder of Amazon, a company that has become notorious for emitting more carbon than even some countries, such as Norway, Ireland and Denmark. Despite the backlash, industry groups like the We Mean Business Coalition have welcomed SBTi's decision, arguing that it could facilitate the validation of more corporate <keyword id="21205780" type="General" weightage="20" keywordseo="net-zero-targets" source="keywords">net zero targets</keyword>. Banks, oil giants, and chemical companies are poised to submit their long-term emission reduction goals for approval, with carbon offsets likely playing a significant role. However, dissenting voices within and outside SBTi continue to warn of the dangers posed by legitimising carbon offsets. Financial Times reported that Stephan Singer, a senior SBTi's advisor, resigned from the institution following their controversial decision. Singer, along with other critics, sees carbon credits as a dubious solution that could ultimately bolster the <keyword id="20997868" type="General" weightage="20" keywordseo="fossil-fuel-industry" source="keywords">fossil fuel industry</keyword> rather than combat climate change effectively. As the debate rages on, the future trajectory of corporate climate action hangs in the balance. Will the adoption of carbon offsets mark a pragmatic step forward or a reckless retreat from genuine emissions reductions? The stakes are high, and the verdict on SBTi's controversial decision remains to be seen.

A leading carbon target arbiter has come into fire after ruling to allow carbon offsets — what's the big deal?

A record number of companies are committing to and setting science-based climate targets, according to a new research by the <keyword id="12941653" type="General" weightage="20" keywordseo="science-based-targets-initiative" source="Orion">Science-Based Targets Initiative</keyword> (SBTi), the global body enabling businesses to set emissions reduction targets in line with science. The SBTi has launched its third annual assessment of the initiative's impact since its launch in 2015. The 2021 Progress Report 'Scaling Urgent Corporate Climate Action Worldwide' reveals that the SBTi has entered a period of exponential growth with SBTi companies now representing over a third of global market capitalization, worth $38 trillion, up from 20 per cent in 2020. In 2021, the number of SBTi companies doubled to 2,253, including 1,082 companies with approved targets and 1,171 that committed to set science-based targets. These companies cover 70 countries and 15 industries, with the growth rate averaging at 110 new companies per month in 2021, compared to 31 in 2020. These figures include 117 financial institutions, which have committed to set science-based targets since 2015. Between January and March 2022, almost 500 companies have set or committed to set science-based targets. <keyword id="2412005" type="General" weightage="80" keywordseo="luiz-fernando" source="Orion">Luiz Fernando</keyword> do Amaral, CEO of the SBTi, said: "The world today is faced with many challenges, there's the devastating Russian war in Ukraine, the ongoing pandemic and the increasingly urgent climate crisis. At this critical time, we cannot let ourselves be divided. "In the face of these existential crises, the SBTi will continue to work with governments, companies and NGOs, through strong collaboration, healthy debate and scientific research to reinforce 1.5 degrees Celsius corporate climate action as the new normal. "The science is clear, we are already experiencing the impacts of climate change, and continuing on the current trajectory equals catastrophe. This report shows that the value the SBTi brings to society is more needed now than ever before, we must continue to drive the exponential growth of science-based targets and make them abusiness as usual' for companies and financial institutions worldwide." As the first assessment of the SBTi's progress since the COP26 climate summit in <keyword id="69738" type="General" weightage="20" keywordseo="glasgow" source="Orion">Glasgow</keyword>, the report's findings evidence a growing wave of international momentum towards science-based targets. The necessity of this momentum is reflected in the latest UN Intergovernmental Panel on Climate Change (IPCC) WGIII report, which concluded that peak global emissions along with rapid and urgent reductions is required before 2025 to keep global heating under 1.5 degrees Celsius. In October 2021, the SBTi launched the <keyword id="13030192" type="General" weightage="20" keywordseo="net-zero-standard" source="Orion">Net-Zero Standard</keyword>, the world's first framework for corporate net-zero target setting in line with climate science. It includes the guidance, criteria, and recommendations companies need to set science-based net-zero targets consistent with limiting global temperature rise to 1.5 degrees. The Net-Zero Standard has accelerated the shift towards 1.5 degrees aligned targets as the new normal for corporates. The report indicates almost 80 per cent of 587 new targets approved in 2021 were aligned with a 1.5 degrees trajectory. In April 2022, the initiative celebrated a round of new, net-zero approved targets with the total number of companies committed to the Net-Zero Standard surpassing 1,000. The SBTi's 'ambition update' also announced that the global initiative will only accept target submissions aligned with 1.5 degrees from July 2022, driving companies to go further and faster with their emissions reductions. <keyword id="13919044" type="General" weightage="80" keywordseo="lila-karbassi" source="Orion">Lila Karbassi</keyword>, Chair of the SBTi board and Senior Programme Officer at the <keyword id="696429" type="General" weightage="50" keywordseo="un-global-compact" source="Orion">UN Global Compact</keyword>, said: "The global economy must halve emissions before 2030 to reach the Paris goal of 1.5 degrees Celsius, and it is currently not on track to do so. "This goal is reflected in the most recent IPCC report, which poses a clear message, we must implement rapid and urgent emissions reductions or face planetary catastrophe. The climate action we're seeing from companies is grounds for optimism, but we must all go further and faster to close the emissions gap." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/power-crisis-and-fertilizer-costs-to-make-food-pricier-in-the-coming-months/articleshow/91533619.cms">Power crisis and fertilizer costs to make food pricier in the coming months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-is-reporting-the-most-covid-cases-but-81-of-them-are-not-being-reported-at-all-says-survey/articleshow/91533108.cms">Delhi is reporting the most Covid cases but 81% of them are not being reported at all, says survey</a>

Companies committed to cut emissions represent $38 trillion economy, says SBTi report

Adani Transmission Ltd (<keyword id="447291" type="General" weightage="80" keywordseo="atl" source="Orion">ATL</keyword>), India's largest private power distribution company and the transmission arm of the diversified <keyword id="6367820" type="General" weightage="50" keywordseo="adani-group" source="Orion">Adani Group</keyword>, has submitted its Green House Gases (GHG) emission reduction plans, focussing on Science Based Targets initiative (SBTi), an international drive for containing global warming. ATL has submitted its detailed plan and targets for GHG emission reduction to SBTi within one year towards its commitment to contribute to contain global warming. As a part of its continued focus on sustainable growth and its net zero journey, ATL committed for the SBTi in October 2021. ATL will act in alignment with the much-needed climate action and devise a strategy to restrict global warming to 1.5 degree Celsius. To meet these targets associated with the SBTi commitment, ATL has rolled out definite strategies. In a first-of-its-kind initiative in the country, ATL's subsidiary AEML (Adani Electricity Mumbai Ltd) has introduced green tariffs, which enables AEML consumers to opt for green energy and receive a Green Power Certificate every month. This initiative is popular with consumers who wish to reduce their carbon footprint. "We take seriously all initiatives focused on contributing to India's climate commitment through resolute climate action," said <keyword id="175186" type="General" weightage="50" keywordseo="anil-sardana" source="Orion">Anil Sardana</keyword>, MD &amp; CEO, Adani Transmission Ltd. "Submitting targets for the SBTi reiterates our commitment to devising sustainable ways of doing business. It also reinforces India's efforts to reduce climate risk through individual and collective action. A culmination of several smaller actions such as energy efficiency initiatives at sub-stations, de-linking of substations from the grid for auxiliary power while connecting them with solar energy, and introduction of efficient transmission lines aimed at reducing losses, combined with wider actions such as introduction of green tariff at AEML, will significantly contribute towards achieving positive climate action." Signing up for the SBTi is an important step in the context of India's commitments to the Paris Climate Agreement. ATL became a signatory of UN Energy Compact at COP26 held in Glasgow in 2021. Through SBTi, companies are setting science-based emissions reduction targets - across their entire value chain - that are consistent with keeping global warming at 1.5 degree Celsius above pre-industrial levels. SBTi committed companies get 24 months to submit their targets. ATL, after committing to SBTi in Oct 2021, is one of the few companies to submit the emission reduction targets within one year. SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (<keyword id="1044129" type="General" weightage="50" keywordseo="wri" source="Orion">WRI</keyword>) and the <keyword id="62483" type="General" weightage="50" keywordseo="world-wide-fund-for-nature" source="Orion">World Wide Fund for Nature</keyword> (<keyword id="18630" type="General" weightage="50" keywordseo="wwf" source="Orion">WWF</keyword>). It defines and promotes best practices in science-based target setting and independently assesses companies' targets. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rec-gets-maharatna-company-status/articleshow/94368132.cms">REC gets 'Maharatna' company status</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rupee-slumps-51-paise-to-all-time-low-of-80-47-against-us-dollar/articleshow/94367387.cms">Rupee slumps 51 paise to all-time low of 80.47 against US dollar</a>

Adani Transmission to become net-zero by 2050

<a href="https://www.businessinsider.com/financing-a-sustainable-future-2022"></a><div type="image" title="Alberto Carrillo Pineda is SBTi’s cofounder and chief technical officer." height="2092" width="2790" msid="92443005" hostid="261" sizebytes="504570"></div><ul class="summary-list"><li>Science Based Targets Initiative, or SBTi, helps large companies identify <keyword id="11896309" type="UNKNOWN" weightage="100" keywordseo="sustainability" source="Orion">sustainability</keyword> targets.</li><li>SBTi's cofounder said organizations are signing on due to growing expectations from investors.</li><li>Here's how SBTi is helping companies set science-based greenhouse-gas emission-reduction targets.</li></ul>Achieving sustainability doesn't happen overnight. It requires setting the right targets — clear short- and long-term goals for reducing greenhouse-gas emissions across all stages of a business. <a href="https://sciencebasedtargets.org/">Science Based Targets initiative</a>, or SBTi, is a nonprofit that works with some of the world's largest companies — from <a href="https://sciencebasedtargets.org/companies-taking-action/case-studies/net-zero-case-study-astrazeneca">AstraZeneca and </a><a href="https://sciencebasedtargets.org/companies-taking-action/case-studies/sony">Sony to </a><a href="https://sciencebasedtargets.org/companies-taking-action/case-studies/procter-gamble">Procter &amp; Gamble</a> — to identify and hit those targets. SBTi boasts being the first framework for helping corporations set net-zero targets based on the latest climate science and the <a href="https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement">2015 Paris Agreement</a>, a treaty on climate change. Since its founding in 2015, companies with approved targets have seen 29% reductions. The scale is growing, too, with partner companies representing 35% of global market capitalization. Alberto Carrillo Pineda, SBTi's cofounder and chief technical officer, said more organizations are interested in the company's services due to growing expectations from investors and regulators that companies address emissions and environmental, social, and governance (ESG) factors across their supply chains.In 2019, the UK passed a <a href="https://www.gov.uk/government/news/uk-becomes-first-major-economy-to-pass-net-zero-emissions-law">law to achieve net-zero emissions</a> by 2050. This March, the <a href="https://www.sec.gov/news/press-release/2022-46">US Securities and Exchange Commission issued a proposed rule</a> that would require registrants to include climate-related disclosures in reports. SBTi is a key vendor in the sustainability revolution, enabling companies to demonstrate to investors and other stakeholders that they're working toward emission reductions, filling in the gaps left by standard ESG disclosures. "More and more investors are looking at the climate targets of companies in their portfolios, and they're engaging with companies that don't have targets in place yet to incentivize them to set targets," Pineda told Insider. Here's a look at how the process to set science-based targets works and how businesses benefit. <h2>Offering industry-specific technical assistance helps companies set realistic emissions targets</h2>Setting climate-based targets alone can be difficult for businesses because many don't know where to start, Pineda said. That's where SBTi can help. SBTi works with companies by offering clear industry-specific guidance on how to set emissions goals to achieve net-zero. The organization provides worksheets, how-to guides, and online tools, then evaluates a business' targets based on the latest climate science, Pineda said. "The transition to a net-zero economy requires a transformation of every aspect of the economy — transportation, energy production, the food system, the industrial system, and the land-use system," he said, adding that the path to achieving net-zero often varies by industry. Pineda said SBTi helps "translate" the transition to net-zero based on the specifics of a company or sector, such as using carbon credits and guidelines for different types of passenger, freight, and commercial vehicles in the <a href="https://sciencebasedtargets.org/sectors/transport">transportation sector</a>, so they can set more realistic targets. Companies in the <a href="https://sciencebasedtargets.org/sectors/oil-and-gas#what-is-the-sb-tis-policy-on-fossil-fuel-companies">oil and gas sector</a> aren't yet able to set targets with SBTi, but the organization is developing guidance for that industry. SBTi <a href="https://sciencebasedtargets.org/about-us/funders">receives funding</a> from companies across industries, governments, and foundations. In November, the organization<a href="https://sciencebasedtargets.org/news/sbti-secures-37m-usd-to-scale-up-exponential-growth"> raised $37 million</a> from Bezos Earth Fund, IKEA Foundation, and Laudes Foundation to help support its growth.<h2>SBTi helps hold companies accountable for sustainability goals</h2>SBTi charges companies $9,500 to set and validate their targets, which starts with organizations registering <a href="https://docs.google.com/forms/d/e/1FAIpQLSfib_cuqxfiixppglIOCIG-N6Hxq-FUQzJRUVOrobFD-lkPYA/viewform">on the SBTi website</a> and submitting a <a href="https://sciencebasedtargets.org/resources/files/SBT-Commitment-Letter.pdf">commitment letter</a>. Companies have 24 months to set and submit targets, which Pineda said may involve collecting data or conducting energy modeling. SBTi provides <a href="https://sciencebasedtargets.org/resources/legacy/2019/03/SBTi-criteria.pdf">recommendations</a> and <a href="https://sciencebasedtargets.org/sectors">industry-specific guidance</a> to assist organizations in developing targets. After a company submits its targets, SBTi analyzes them to ensure they cover most direct and indirect emission sources, that the target is ambitious — companies are required to pledge to reduce their emissions by at least 4.2% a year — and whether a company is setting short-term emission-reduction targets or long-term net-zero targets. Pineda said SBTi requires companies to have short-term goals for approval so that they're driving action to reach net-zero.Once SBTi approves a target, it publishes a <a href="https://sciencebasedtargets.org/companies-taking-action/">list of companies taking action</a> on its website and encourages organizations to share details about their targets with stakeholders. SBTi expects companies to report progress every year and recalculate targets every five years to ensure they remain valid and align with the latest science, Pineda said. SBTi had approved nearly 1,100 targets by the end of 2021 and saw over 1,100 commitments.The organization is working on a new <a href="https://sciencebasedtargets.org/measurement-reporting-and-verification-mrv">measurement, reporting, and verification</a> (MRV) system, which will launch in 2023, to standardize how companies report progress on targets, which Pineda said will increase transparency and accountability. <h2>Setting targets boosts a company's credibility with investors </h2>The benefits for companies that set emission-reduction and net-zero targets include increased profits, improved investor confidence, heightened innovation, decreased regulatory uncertainty, and stronger brand reputation, according to SBTi. For example, setting science-based targets led <a href="https://sciencebasedtargets.org/companies-taking-action/case-studies/sony">Sony to develop a new type of plastic</a> made of 99% recycled materials that saves 80% carbon emissions when the company manufactures it. More than a third of companies say setting targets is <a href="https://sciencebasedtargets.org/blog/six-business-benefits-of-setting-science-based-targets">helping their business become more resilient </a>to future regulations. Working with SBTi brings a sense of credibility to these goals, Pineda said, and it helps companies communicate their sustainability initiatives and the progress they're making. It also helps fill in gaps for investors and financial institutions seeking information about a company's ESG disclosures. "More transparency on environmental and climate action makes it easier for investors to understand if companies are transitioning to net-zero or not," he said.

How to design sustainability targets the right way, according to a nonprofit working with Sony and Procter & Gamble

Global green capital presents a multi-billion-dollar opportunity for Indian power sector giants such as <keyword id="45179" type="General" weightage="80" keywordseo="ntpc" source="Orion">NTPC</keyword> and <keyword id="45008" type="General" weightage="100" keywordseo="tata-power" source="Orion">Tata Power</keyword> to fund their clean energy transitions. A new report by the Institute for Energy Economics and Financial Analysis (IEEFA) on Wednesday said robust decarbonisation plans that align with climate science-based net zero targets would be critical to mobilising this rising tide of sustainable finance. IEEFA's report compares the clean energy deployment and greenhouse gas emissions reduction pathways of NTPC and Tata Power with those of Italian energy company Enel, which, as a pioneer of sustainability-linked financial structures, has raised billions of dollars to fund its decarbonisation. "As India's leading power companies, NTPC and Tata Power are role models for charting successful pathways to transforming their business models and attracting foreign private capital," says the report's co-author <keyword id="4905087" type="General" weightage="50" keywordseo="saurabh-trivedi" source="Orion">Saurabh Trivedi</keyword>, Research Analyst at IEEFA. "However, successfully engaging serious green investors would depend on the companies' ambition and the transparency of their transition plans." The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>) has recommended that financial institutions voluntarily mitigate the potential climate risk in their portfolios. Such a move would require their clients in the emissions-intensive industries to set sustainable energy transition strategies. The RBI's recent consultation paper also recommended that financial institutions start factoring in climate risk while investing in or lending to energy transition-vulnerable sectors. IEEFA's report notes that NTPC and Tata Power may be able to meet their capital requirements through traditional financing. However, if the RBI's recommendations are implemented, the companies are likely to face rising financing costs. "Global investors are increasingly concerned about climate risk," said Trivedi and co-author Christina Ng, Research and Stakeholder Engagement Leader, Debt Markets, at IEEFA. "To access new financing instruments in foreign capital markets, such as sustainability-linked bonds and loans, Indian fossil fuel-based companies must convince foreign investors, especially environmental, social and governance (ESG) investors, that they are taking big steps to become clean energy companies. "This involves explaining how they plan to adapt their business models, establishing ambitious targets and outlining financing strategies to achieve their targets." The report notes that NTPC and Tata Power have commendable clean energy deployment plans that will require significant capital expenditure. However, their plans to reduce emissions intensity by 17 per cent and 20 per cent, respectively, by 2030 fall short of the Intergovernmental Panel on Climate Change's (IPCC) proposed pathway -- a key consideration for global ESG investors. Tata Power is expected to publish revised emissions reduction targets, which are currently in the validation stage with the Science-Based Targets initiative (SBTi). "Adopting more ambitious emissions reduction targets alongside formal outcome-based finance frameworks, known as sustainability-linked finance frameworks, to raise capital to achieve these targets would send the right signals to ESG investors. It would unlock new avenues of capital," says Trivedi. To follow the IPCC's proposed emissions reduction pathway or the SBTias recommendations to keep global warming below 1.5 degrees Celsius, NTPC would have to accelerate the decommissioning of coal mines and existing coal-fired power plants and stop constructing new ones, while Tata Power would have to disclose and set out a plan to divest from stakes in Indonesian coal as well as accelerate decommissioning of its coal-fired power plants. The UN-backed Race to Zero campaign and the SBTi recommend that power companies committed to achieving net zero across Scope 1, 2 and 3 emissions by 2040 or earlier. IEEFA's report comes at a time when decarbonisation plans of countries and companies are coming under increased scrutiny. Assessments such as the NewClimate Institute's recent report help governments and corporations find gaps and address them. Credible steps by NTPC and Tata Power to transform into clean energy companies will help India deliver on its international climate commitments, says Trivedi. "Increasing non-fossil energy capacity to 500 gigawatts and the reduction of projected carbon emissions by one billion tonnes by 2030 were not included in India's updated Nationally Determined Contribution (NDC)," he says. "Yet renewable capacity additions will have to expand at a far faster rate for India to be on a pathway towards limiting global warming to 1.5 degrees Celsius. This requires fossil fuel companies to redouble their efforts to transition to a clean energy future."

More emissions reduction targets will help Indian fossil fuel giants, IEEFA reports

<ul class="summary-list"><li>Thousands of companies with climate goals use confusing jargon like "carbon neutral" and "net zero."</li><li>Corporate climate advisors told Insider what makes a pledge credible or misleading. </li></ul>The amount of jargon thrown around in climate circles can feel dizzying.Corporate climate pledges are rife with terms like "carbon neutral," "net zero," and "carbon negative," leading to confusion among consumers and investors, among others, about what it all means.It's little surprise so many of us are perplexed. There's no standard definition of these claims, nor are there many institutions policing whether a company is using them to mislead the public about its climate record.UN Secretary General António Guterres <a href="https://www.youtube.com/watch?v=RMACBZzdcTQ" target="_blank" rel="noopener">put it this way in November</a> during the annual climate conference: "The problem is that the criteria and benchmarks for net-zero commitments have varying levels of rigor and loopholes wide enough to drive a diesel truck through."That said, there are global efforts underway to rid the market of greenwashing and help companies trying to slash their greenhouse-gas emissions do it with integrity and transparency. Regulators are also ramping up scrutiny of the sustainable-finance markets.Insider spoke to several experts about how they assess whether a company's climate claims are legit. Here's their advice:<h2>Unpacking 'net zero'</h2>If a company sets a net-zero goal, that generally implies it plans to reduce greenhouse-gas emissions across its entire value chain as much as possible by 2050, said Simon Fischweicher, the head of corporations and supply chains for CDP North America, a nonprofit that runs the world's largest environmental-disclosure program. The goal should cover emissions from a company's own operations, such as office buildings, manufacturing plants, and energy consumption, as well as from its suppliers and customers. These are known as Scope 1, 2, and 3 emissions. A credible net-zero goal also includes near-term targets, because absent short-term goals it appears as though corporate leadership isn't serious, said Mike Wallace, the chief decarbonization officer at Persefoni, a software company that helps companies disclose their climate footprint."When a CEO signs off on these targets now, but they are far enough away that the CEO will most likely be dead, are they really committed?" Wallace said.A good indication that a company's net-zero pledge is solid is sign-off by the <a href="https://sciencebasedtargets.org/companies-taking-action" target="_blank" rel="noopener">Science Based Targets initiative</a>, which has a partnership with CDP, the UN Global Compact, World Resources Institute, and World Wildlife Fund.The initiative has strict criteria for net-zero goals, including requiring that companies reduce emissions as much as possible before purchasing carbon offsets to meet the goal. SBTi also ensures that a company's climate strategy is aligned with limiting global warming to 1.5 degrees Celsius above preindustrial levels. This is a threshold scientists say could avert the most catastrophic impacts of the climate crisis, such as massive drought, habitat loss, and famine in some parts of the world. Holding warming to 1.5 degrees is the overarching goal of the Paris Climate agreement.<h2>When 'net zero' may be greenwashing </h2>The UN in November <a href="https://www.un.org/sites/un2.un.org/files/high-level_expert_group_n7b.pdf" target="_blank" rel="noopener">identified when a net-zero claim might be greenwashing,</a> such as with banks and oil companies that continue to invest in and build fossil-fuel infrastructure.Some companies, including ExxonMobil, also have net-zero goals that only cover direct operations."That means there aren't goals to reduce emissions associated with the use of oil and gas, which is the largest source when looking at the fossil-fuel sector," Fischweicher said, pointing to all the fuel used to power cars, trucks, and buildings.The UN also said companies might use their lobbying power to undermine government climate policies or have a weak governance structure that doesn't tie executive compensation to reaching environmental and social goals. "It's really good if the board is involved somehow," Wallace said. Another red flag: companies that buy "cheap" carbon credits that lack integrity instead of immediately cutting their own emissions, according to the UN. <h2>Why 'carbon neutral' can be misleading</h2>The UN's concerns about carbon offsets are why claims of an organization or product being "carbon neutral" can also be worrisome. This assertion typically indicates that the company is buying offsets to compensate for emissions it hasn't reduced on its own. A carbon offset represents one ton of carbon that was prevented or removed from the atmosphere because of a project elsewhere in the world, such as protecting forests or building renewable-energy plants.But climate experts don't want companies to solely rely on offsets instead of slashing their own carbon footprint, in part because there are concerns about the quality of some offsets and whether they are truly reducing emissions. "I think there is rightfully some skepticism around climate neutral," Fischweicher said.<h2>'Carbon negative'</h2>There's fewer definitions of what it means to be "carbon negative," Fischweicher said. But in general, it indicates that a company is going to achieve zero emissions and then go even further by removing its historical contributions to the climate crisis.Microsoft <a href="https://blogs.microsoft.com/blog/2020/01/16/microsoft-will-be-carbon-negative-by-2030/" target="_blank" rel="noopener">made a splash in 2020 when it announced</a> that it aimed to be carbon negative by 2030. Achieving that goal requires the development of carbon-removal technologies, which remain nascent and expensive. Reforestation is, for now, Microsoft's main method of zapping carbon from the atmosphere. "Some companies are starting to think about targets that go beyond neutralizing their own impact and taking back carbon from the atmosphere," Fischweicher said.

A guide to climate buzzwords and what they say about corporate promises

<ul><li>Estimates suggest that one-third of global greenhouse gas emissions caused by humans are linked to food.</li><li>A recent study has found that the carbon footprint of a dish could influence diners’ orders if greenhouse gas emission is listed on the menu.</li><li>The study suggests that restaurant operators could use carbon labels and low-emission as default options to lower their business’s carbon footprint.</li></ul>Estimates suggest that one-third of global greenhouse gas emissions caused by humans are linked to food. While better and more efficient food production, processing and storage technologies are the need of the hour, consumer behaviour also plays a crucial role. Thankfully, more and more people are becoming environmentally conscious and care about the food miles and emissions of what’s on their plate. Now, a new study has found that a dish's carbon footprint could influence diners’ orders if greenhouse gas emissions are listed on the menu. According to the study carried out by a team of German scientists, climate-friendly default options and labels indicating the carbon footprint of each dish may influence diners’ dish selections and the resulting environmental benefits. “If we want more climate-friendly restaurant visits, highlighting dish components on a menu can really be an important parameter because it communicates what is normal and recommended. It may also be one of the easiest things restaurant owners can do," the authors of the study said. Even previous research has shown that an individual’s food choices substantially affect their personal carbon footprint. However, most of these studies, which examine factors that influence environmentally appropriate food choices, have focused majorly on purchasing habits in terms of groceries eaten at home and not food ordered outside in restaurants. In this study, Ann-Katrin Betz and colleagues tested two design approaches: i) menus with carbon labels indicating the amount of greenhouse gas emissions associated with each dish; ii) menus showcasing dishes with components that could be modified to use ingredients with low or high emissions. The team then created nine hypothetical menus to test these hypotheses, which varied in cuisine, presence of modifiable dishes, climate friendliness of default options, and presence of carbon labels, with 256 volunteers. Statistical analysis of the results showed that participants selected more climate-friendly dishes when carbon labels were present. The diners also went with low-emission options rather than high emission options, even when they could modify the order. One example of such a dish was a salad that could be ordered with beef that has high emission, shawarma which has medium emission level, or falafel with low emission. The study’s findings suggest that restaurant operators could employ both carbon labels and low-emission as default options in an effort to lower their business’s carbon footprint. The study was published in the journal PLOS Climate this week and can be accessed <a href="https://journals.plos.org/climate/article?id=10.1371/journal.pclm.0000028">here</a>. SEE ALSO <a href="https://www.businessinsider.in/sustainability/article/worlds-richest-cricket-board-and-league-are-trying-to-be-sustainable-and-carbon-neutral-in-a-cricket-crazy-nation-heres-how-they-plan-to-achieve-it/articleshow/91490848.cms" data-type="tilCustomLink">World’s richest cricket board and league are trying to be sustainable and carbon-neutral in a cricket-crazy nation! Here’s how they plan to achieve it</a> <h2 style="margin-bottom: 8px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-weight: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.5; font-family: LabGrotesque-Black, Helvetica, Arial, sans-serif; vertical-align: baseline; order: 3; color: rgb(17, 17, 17); background-color: rgb(255, 255, 255);"><a class="list-title-link" href="https://www.businessinsider.in/sustainability/news/companies-committed-to-cut-emissions-represent-38-trillion-economy-says-sbti-report/articleshow/91534570.cms">Companies committed to cut emissions represent $38 trillion economy, says SBTi report</a></h2><h2 style="margin-bottom: 8px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-weight: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.5; font-family: LabGrotesque-Black, Helvetica, Arial, sans-serif; vertical-align: baseline; order: 3; color: rgb(17, 17, 17); background-color: rgb(255, 255, 255);"><a class="list-title-link" href="https://www.businessinsider.in/sustainability/article/british-companies-are-choosing-profits-over-sustainability-contrary-to-public-expectations-study/articleshow/91466749.cms">British companies are choosing profits over sustainability, contrary to public expectations: Study</a></h2>

Dish’s carbon emission data on the menu can promote climate-friendly choices among diners: Study

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> seeks to boost its economy to $5 trillion over the next few years, and it continues to climb the ladder as one of the world's largest economies. Meanwhile, the country has also promised to reduce its emission intensity by 45% by 2030 compared to the 2005 levels in pursuit of achieving net zero emissions by 2070. As a result, decarbonising our economy is a top priority for India, and its leadership position in technology will be the key to enabling this transition. From efficient <keyword id="77363" type="General" weightage="80" keywordseo="esg" source="Orion">ESG</keyword> management to net-zero carbon emissions, Indian tech companies are gradually raising the bar for corporate sustainability. With numerous emerging green technologies, they are aiding sustainability transitions for other sectors as well. Technology has benefited all businesses in their efforts to innovate, compete, and gain customers as they work toward a better tomorrow. However, technology companies have delegation beyond purely financial growth to succeed over the long term, to be sustainable on all fronts. In terms of sustainability, Indian tech companies have led the way by using their resources and platforms to mitigate the effects of climate change. In 2020, Infosys became one of the first companies to go carbon neutral three decades before the average global timeline of 2050. Blockchain, AI, machine learning, and quantum computing are some emerging technologies aiding sustainability transitions and ESG disclosures across the globe. And the Indian tech sector is at the forefront of deploying these revolutionary technologies for a better tomorrow. In light of this, Business Insider India's Sustainability Insider held an editorial roundtable with senior India's tech leaders on the sector's journey towards sustainability in collaboration with NASSCOM, an Indian non-governmental trade association and advocacy group, focused mainly on the technology industry of India. The conversation was part of our year-long awareness campaign on the theme "Only One Earth: Sustaining People, Planet and Prosperity". Catch the full interview here: <a href="https://www.youtube.com/watch?v=6wx99LRZVS4">https://www.youtube.com/watch?v=6wx99LRZVS4</a> The discussion encapsulates how the tech sector is enabling sustainability transitions in India as the country prepares for rapid economic growth and development. Panellists explained how sustainability had formed a core priority for most tech companies in India not only to attract customers but also to retain talent, save cost, develop efficient technologies, and comply with global regulations. Here’re some excerpts from the panel discussion. Jagdish Mitra, Chief Strategy Officer and Head of Growth at Tech Mahindra, says, "Sustainability transitions are driven by a variety of factors. One of them is the fact that the workforce within the IT industry, which is a very resource-intensive, knowledgeable workforce, is demanding it. They choose what kind of company they want to work with and what they do to the ecosystem. The talent pool that we work with is highly aware and extremely concerned about sustainability.” <keyword id="15044054" type="General" weightage="50" keywordseo="seema-ghanekar" source="Orion">Seema Ghanekar</keyword>, Chief Delivery Officer – Industrial Products and Head Sustainability, L&amp;T Technology Services, says, "The awareness of our employee base actually makes it a bit easier for us as an organisation to drive the ESG agenda. The social and governance elements have always been there as a industry, and the environmental part is where we are now emphasizing more on how we can comply with the expectations of the customers." <keyword id="2241454" type="General" weightage="50" keywordseo="srikanth-karra" source="Orion">Srikanth Karra</keyword>, CHRO, <keyword id="46598" type="General" weightage="50" keywordseo="mphasis" source="Orion">Mphasis</keyword>, says, “Newer generation is not necessarily seeking instant gratification of money and hierarchy. They want to learn and want to have a sense of purpose where they are working. Therefore, a company, even a startup, must have a larger purpose towards which they work. It can be a social purpose or ESG, but it's a good idea to differentiate yourself in terms of sustainability. Quantum computing, we believe, is the next big thing that will happen, and further research into it will be a big advantage to ESG”. Sangeeta <keyword id="6356160" type="General" weightage="50" keywordseo="gupta" source="Orion">Gupta</keyword>, Senior VP and Chief Strategy Officer, NASSCOM, says, "The advantage of the tech industry is that we are starting from a position of strength. By nature, we are not an industry that is known for high pollution. For a very young startup fighting for survival, I think ESG may look overwhelming. We can start small; if it is mainly about the environment, just measure your carbon footprint.” Today, a majority of 64 Indian companies that pledged to reduce greenhouse gas (GHG) emissions under the Science-Based Target Initiative (SBTi) — a global corporate coalition to promote science-based target setting for climate change mitigation — are from the tech sector. As the sector continues to remain competitive in sustainability aspects, it does impart a few lessons for other sectors to step up and demonstrate their commitment to sustainability. This panel discussion and article are part of an editorial collaboration of Business Insider with NASSCOM, as part of a year-long (2022-23) campaign on the theme “Only One Earth: Sustaining People, Planet and Prosperity” by Business Insider India’s <a href="https://www.businessinsider.in/sustainability">Sustainability Insider</a>. Catch the full interview here: <div type="Video" msid="94244725" hostid="261" title="Sustainability forum: How the tech sector is enabling sustainability transitions in India" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=94244725"></div><h4> </h4><h4>Recommended stories</h4> <div type="Article" hostid="261" msid="94248881" title="Sustainability forum: Shifting gears — ‘EV’aluating the road to sustainable mobility" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div> <div type="Article" hostid="261" msid="94098938" title="World EV Day: In conversation with actor, entrepreneur Gul Panag on India’s transition to electric mobility" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div> <div type="QUIZ" hostid="261" msid="94051791" title="Sustainability Quiz : Climate Change" mstype="1" mssubtype="2"><payload><![CDATA[sustainability-quiz]]></payload></div>

Sustainability forum: How the tech sector continues to enable sustainability transitions in India

<a href="https://www.businessinsider.com/financing-a-sustainable-future-2022"></a><div type="image" title="a woman working in the MAS Holdings building" height="4000" width="5333" msid="91109056" hostid="261"></div><ul class="summary-list"><li>MAS Holdings is an <keyword id="11899424" type="UNKNOWN" weightage="60" keywordseo="apparel" source="Orion">apparel</keyword> manufacturer for brands like <keyword id="12062051" type="UNKNOWN" weightage="60" keywordseo="lululemon" source="Orion">Lululemon</keyword> and New Balance in <keyword id="11916313" type="UNKNOWN" weightage="60" keywordseo="sri-lanka" source="Orion">Sri Lanka</keyword>.</li><li>The company committed to reducing greenhouse gas emissions by 25.2% and is already making strides.</li><li>Initiatives so far include generating renewable energy, eliminating waste, and reducing water usage.</li></ul>While the fashion industry emits some <a href="https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/fashion%20on%20climate/fashion-on-climate-full-report.pdf" target="_blank" rel="nofollow noopener sponsored">2 billion metric tons</a> of greenhouse gasses a year, Sri Lanka-based <a href="https://www.masholdings.com/" target="_blank" rel="nofollow noopener sponsored">MAS Holdings</a> is taking action.A manufacturer for big brands like Lululemon, New Balance, and Thinx, the athleisure and intimate apparel purveyor has made major public commitments, like reducing greenhouse gas emissions by 25.2% by 2025. <div type="image" title="headshot of Sid Amalean" height="1462" width="1950" msid="91109057" hostid="261"></div>"We're trying to buck the trend and really be the difference and the change in the industry," Sid Amalean, the head of sustainable business at MAS Holdings, told Insider. In January, the organization launched <a href="https://www.masholdings.com/plan-for-change/" target="_blank" rel="nofollow noopener sponsored">MAS Plan for Change,</a> which outlines goals for improving operations by 2025 in three focus areas: products, lives, and the planet. MAS also signed onto the <a href="https://sciencebasedtargets.org/" target="_blank" rel="nofollow noopener sponsored">Science Based Targets initiative</a> (SBTi), a multi-organization partnership that helps private-sector companies set emissions targets, track progress, and see how they compare to others in their industry.Founded in 1987 and currently employing more than 100,000 people, the manufacturer has facilities in 15 countries, including Kenya and Mexico, and brought in $2 billion in 2018.<div type="image" title="people working in a factory" height="675" width="900" msid="91109058" hostid="261"></div>Amalean said the company is financing the climate-action work through debt, general revenue, and an independent nonprofit, <a href="https://www.masholdings.in/the-foundation/" target="_blank" rel="nofollow noopener sponsored">MAS Foundation for Change</a>, that the company set up in 2022 to fund long-term, large-scale projects with no return on investment, like building a water reservoir at its headquarters. Under its master plan, MAS has also committed to having 85% of its suppliers and all of its joint-venture investments adopt science-based targets. The investment is worthwhile and will build brand equity, resonate with consumers, and help the planet, Amalean added. "Just setting aside the obvious social and environmental reasons to be doing this, even if you're just a 100% business-minded and profit-minded, it still makes sense."Other manufacturers like South Korea-based <a href="https://www.hansoll.com/_ENG/html/csr.html" target="_blank" rel="nofollow noopener sponsored">Hansoll Textile</a> have also pledged to reduce carbon emissions and create more sustainable products by 2030, and more than 130 brands <a href="https://unfccc.int/news/fashion-industry-steps-up-climate-ambition-with-renewed-charter" target="_blank" rel="nofollow noopener sponsored">signed the Fashion Industry Charter for Climate Action</a> to achieve net-zero emissions by 2050.<h2>Making progress on <keyword id="11896309" type="UNKNOWN" weightage="100" keywordseo="sustainability" source="Orion">sustainability</keyword> through inclusivity, renewable energy, and waste management</h2><div type="image" title="two women holding a baby between them" height="800" width="1066" msid="91109059" hostid="261"></div>Even before launching the Plan for Change, MAS was dedicated to social and environmental causes, Amalean said. In 2003, they launched <a href="https://www.masholdings.com/plan-for-change/lives-changed-for-good/" target="_blank" rel="nofollow noopener sponsored">Women Go Beyond</a> to address skills gaps for female workers in Sri Lanka and create gender equality in the business. Now 22% of management positions at the company are held by women. Initiatives like these or biodiversity restoration, where there's absolutely no clear revenue source, are considered operational expenditures or a cost of doing business.The company also aims to promote inclusivity, fair wages, and safe workplaces and offers childcare at 20 of its 50 facilities. Generating more renewable energy than it consumes is a central part of its sustainability initiative, and as of December 2021, 57% of the company was running on renewable energy sources.MAS recently completed the first phase of project <a href="https://www.masfabricpark.com/mas-photon.html" target="_blank" rel="nofollow noopener sponsored">Photon</a>, the largest multisite solar rooftop installation in Sri Lanka. It features 48,000 <keyword id="11957104" type="UNKNOWN" weightage="60" keywordseo="solar-panels" source="Orion">solar panels</keyword> spanning one million square feet and generates enough electricity to power 14,000 homes. Amalean said it was funded using 70% debt and 30% private equity investment, totaling about $12 million for 16 megawatts. More phases are in the works, he added.For initiatives like solar projects that have a positive net present value (NPV), it's relatively easy to find financing options, Amalean said. Banks are more willing to lend when there's a clear recurring revenue and associated payback period.<div type="image" title="a man installing solar panels" height="5499" width="7332" msid="91109060" hostid="261"></div>Eliminating waste is another goal. Amalean said MAS monitors and tracks waste at its facilities and strives to divert most of it from landfills. More than 40% of nontoxic, nonhazardous waste materials are recycled, reused, or turned into new resources.MAS has also reduced water usage in <keyword id="6362048" type="UNKNOWN" weightage="60" keywordseo="manufacturing" source="Orion">manufacturing</keyword> by 39% through rainwater harvesting, water-free dying processes, and reverse osmosis water filtration to reuse wastewater, Amalean added.<h2>Promoting accountability in the supply chain and measuring success</h2>In 2021, MAS generated 21% of its revenue from sustainable projects — the goal is 50% by 2025. Amalean said the company is also focused on sourcing recycled, organic, natural, and responsibly-sourced raw materials, making its design and manufacturing processes more efficient, and using post-consumer waste to create new products. Additionally, MAS is requiring suppliers to comply with the <a href="https://www.roadmaptozero.com/about?locale=en" target="_blank" rel="nofollow noopener sponsored">Zero Discharge of Hazardous Chemicals</a> program, a fashion industry initiative to eliminate harmful chemicals from the supply chain. Suppliers are "strongly encouraged" to sign up for the <a href="https://apparelcoalition.org/the-higg-index/" target="_blank" rel="nofollow noopener sponsored">Higg Facility Environmental Module</a> assessment, Amalean said, and MAS tracks suppliers' progress using FEM and other tools, including <a href="https://www.cleanchain.com/about-us/" target="_blank" rel="nofollow noopener sponsored">CleanChain</a> and <a href="https://www.scivera.com/" target="_blank" rel="nofollow noopener sponsored">Scivera</a>. MAS's sustainable business team of about 15 works companywide to ensure its own planet-focused progress, Amalean said, and uses a customized calibration tool to track how each facility is meeting environmental targets. Different facilities are at different stages, he added.While Amalean's team leads the company's climate-action initiatives, everyone in every department has sustainability goals. "Everybody's thinking about it and motivated to be sustainable," he said. "Otherwise, we get into silos and it's like, 'Oh, the sustainability team over there, they want us to do things.' There's no they and him and her. Everybody's doing this together."

How a Sri Lanka-based apparel manufacturer for brands like Lululemon is incorporating and funding sustainability initiatives

By Yoshita Singh United Nations, May 19 () Four Indian corporations are among over 150 global companies that have signed a statement urging governments around the world to align their COVID-19 economic aid and recovery efforts with the latest climate science that prioritises a faster and fairer transition from a grey to a green economy.Dalmia Cement (Bharat) Chief Executive Officer Mahendra Singhi, Polygenta Technologies Chief Marketing Officer Makarand Kulkarni, Tech Mahindra Chief Executive Officer C P Gurnani and Wipro's Chief Executive Officer Abidali Neemuchwala are the signatories to the statement, along with top executives hailing from 34 sectors across 33 countries.The other signatories include global pharma giant Novartis headed by Vas Narasimhan and Adobe, led by Shantanu Narayen, AstraZeneca, Burberry, Capgemini, Colgate Palmolive, Hewlett Packard Enterprise, Nestlé, Sanofi and Unilever. The statement is the largest ever UN-backed CEO-led climate advocacy effort and has signatories from 155 companies with a combined market capitalisation of over USD 2.4 trillion and representing over five million employees."As countries work on economic aid and recovery packages in response to COVID-19, and as they prepare to submit enhanced national climate plans under the Paris Agreement, we are calling on Governments to reimagine a better future grounded in bold climate action," the joint statement said.Noting that the corporations remain committed to do their part to achieve a resilient, zero carbon economy, the top executives urged governments "to prioritise a faster and fairer transition from a grey to a green economy by aligning policies and recovery plans with the latest climate science.""We must move beyond business-as-usual and work together in solidarity to deliver the greatest impact for people, prosperity and the planet," they said adding that in order to recover better from COVID-19, the corporations will continue to demonstrate that the best decisions and actions are grounded in science, invest in recovery and resilience for a systemic socio-economic transformation and work with governments and scale up the movement."If we work together, these efforts will help reduce vulnerability to future shocks and disasters, and build community resilience. A systemic shift to a zero-carbon and resilient economy is within our reach - our only future depends on making this vision a reality," the statement said.UN Secretary-General António Guterres welcomed the ambitious, science-based actions from leading companies who are demonstrating to policy-makers that green growth remains the best growth strategy."Saving lives and livelihoods, and building a prosperous, inclusive and sustainable future, are at the heart of our efforts to recover from COVID-19. We can beat the virus, address climate change and create new jobs through actions that move us from the grey to green economy.Many companies are showing us that it is indeed possible and profitable, to adopt sustainable, emission-reducing plans even during difficult times like this."The statement comes as governments around the world are preparing trillions of dollars worth of stimulus packages to help economies recover from the impacts of the coronavirus pandemic, and as they prepare to submit enhanced national climate plans under the Paris Agreement.In the coming weeks, several major economies will take key decisions in their recovery efforts, including the European Union Recovery Plan, new stimulus packages from the United States of America and India, and the G7 Heads of State summit in June.The business voices are convened by the Science Based Targets initiative (SBTi) and its Business Ambition for 1.5°C campaign partners, the UN Global Compact and the We Mean Business coalition.The SBTi, which is a collaboration between CDP, the UN Global Compact, World Resources Institute and WWF, independently assesses and validates corporate climate targets against the latest climate science.A joint press release by the Science Based Targets initiative, the UN Global Compact, and the We Mean Business coalition said the 155 companies have already set, or committed to set, science-based emissions reduction targets.By signing the statement, they are reaffirming that their own decisions and actions remain grounded in science, while calling on governments to "prioritise a faster and fairer transition from a grey to a green economy." Policy and spending that incorporates climate targets will reduce vulnerability to future shocks and disasters, create good jobs, reduce emissions and ensure clean air, according to a study from Oxford University. YAS RUP

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