5 climate must reads for the weekend

We keep our ear to the ground for the interesting stats, insights and discussion points you need to feel in the know.

1. Can’t the wonderkid of 2023, AI, solve climate change?

With the right human operation, AI is certainly a tool that can help us to fight climate change. In fact, there are four ways AI can help businesses to achieve their sustainability goals, according to EY Sustainability leaders Gerard Gallagher and Dr. Rouzbeh Amini. Firstly, AI has multiple real-world applications; like for example the mobility sector, which is already using AI to optimize routes and reduce carbon footprints. On top of that, AI can also help when it comes to decision making. Modern executives must integrate a plethora of ESG factors into their decisions (gone are the days when business decisions were solely about growth and profits). AI can help the process by analyzing vast amounts of sustainability data, turning an overwhelming task into actionable insights. The adoption of AI is akin to the shift from horse-drawn carriages to aircraft. And this read is a good start...

Four ways AI can help businesses in their sustainability journey

2. Don’t let perfectionism give way to paralysis

Less than 20% of top companies have 1.5°C science-based targets and less than 10% have comprehensive public transition plans, according to WEF analysis. And those who have set ambitious targets, according to the recent EY Sustainable Value Study, are extending them; the median target year has shifted from 2036 to 2050 in the last 12 months. Fearing missed goals or broken pledges, some companies opt out entirely. But leaders cannot let a desire for perfection, give way to paralysis. Rather than delay and debate the complexity of the perfect plan, companies need to show they are acting, despite increased complexity. This means sustaining focus on the core issue: cutting emissions. So while COP28 is an opportunity to convene, discuss and learn, the attention will be on those who act. And private sector finance, has got to be part of the answer...

EY CEO: ‘This is the COP to show, not tell, what climate action looks like’

3. Plastics accounting

The United Nations estimates that 75% of all plastic produced since 1950 has become waste. And alarmingly this is set to increase, according to the OECD. Between 2000 and 2019, plastic production doubled to reach 460 million tons (Mt). This figure is expected to grow to 1,200 Mt by 2060. The resulting plastic waste is also projected to grow from 353 Mt in 2019 to 1,014 Mt by 2060. To stem this relentless growth, we must find effective ways to effectively track, reduce and manage plastic waste.  Currently, there are no uniform plastics disclosure metrics enforced by any industry or country. This lack of standardized frameworks for plastics accounting presents a serious challenge for companies that want to track their plastic usage and waste. But the UN’s ongoing discussions on a plastics treaty represent a key moment for all industries... 

Plastics accounting: the missing piece to the plastic pollution puzzle

4. Millions of new green jobs

Transitioning away from fossil fuels will bring with it a fundamental shift in the employment landscape - creating millions of new green jobs and ending the millions tied to fossil fuel production. But this transition is about more than changing jobs; it requires a fundamental restructuring of the labor market to ensure a sustainable and equitable transition. The job market already is being transformed from the bottom up according to Unily: 65% of employees are more likely to work for companies with environmental policies in line with their own values. Similarly, two-thirds of workers are expressing a desire to learn green skills to become more valuable in the workplace of the future. New roles will involve engineering, digital, problem-solving, monitoring, management and critical thinking skills. But while postings for green jobs increased by 8% per year over the last five years, the proportion of green talent in the global workforce has increased by just 6% per year over the same year according to LinkedIn‘s Global Green Skills Report. We believe that governments and policymakers need to focus on four areas...

How can workers find their place in the green economy?

5. It’s time to stop putting off the complex

New EY research suggests that the period of early climate wins is coming to an end. A survey of 520 chief sustainability officers (or equivalent roles) and in-depth interviews shows business progress is slowing at a time when climate action needs to accelerate - if we are to meet the 1.5°C goal set out in the Paris Agreement. "Doing enough" at this stage requires being more ambitious, than simply staying the course - moving beyond early wins to tackle complex implementation issues and scope 3 emissions. The good news is that a broad set of benefits await companies that embrace this approach. Our research shows that companies taking the most action to address climate change create significant value for their businesses, society, and the planet. In fact, companies taking the most action to address climate change are 1.8 times more likely to report higher-than-expected financial value from their climate initiatives, compared to those taking the least action. Here’s how companies can accelerate their progress...

As global headwinds slow momentum, how can we accelerate climate action?

If you do one thing: 

Take one small action, to make your lifestyle less carbon intensive.

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