Riyadh Urges Global Industries to Halve Emissions by 2030
In a new analysis released, global industries are being called upon to cut emissions by half by the end of this decade in order to reach the 2050 net-zero targets. The report stresses the importance of increased spending on clean energy infrastructure to achieve these goals.
Preserving the Planet for Future Generations
The urgency of preserving clean water, stopping deforestation, and protecting nearly 1 million threatened species to safeguard the planet was emphasized in the latest report compiled by Oliver Wyman in association with BAE Systems. The UN has set ambitious climate targets, and governments are urged to enhance their Nationally Determined Contributions to curb emissions.
The Challenge of Climate Change
The report highlights the monumental challenge of cutting global emissions in half, halting nature loss, and achieving climate resilience by the end of this decade. The reallocation of capital from brown to green, transformation of assets and supply chains, and protection of ecosystems on a global scale are essential to combat climate change.
Supply Chain Resilience and Sustainability
Climate-related supply chain disruptions are on the rise globally, yet most companies lack the tools to manage these risks effectively. The report emphasizes the need for companies to evaluate risks beyond their first-tier suppliers and address vulnerabilities in their supply chains.
Prioritizing Sustainable Financing
Companies are encouraged to categorize their supply chain activities into sustainable and unsustainable operations to better understand their environmental impact. This approach will enable capital providers to target sustainable finance toward climate-resilient projects. Transitioning to a net-zero, climate-resilient future presents both a necessity and an opportunity to reshape the global economy.
The Road to Net-Zero Emissions
Last year’s report from Wood Mackenzie highlighted the need for global annual investments of $2.7 trillion to achieve net-zero emissions by 2050. Renewable energy sources such as wind and solar power must become the primary sources of electricity to support the transition. Additionally, scaling up battery production is crucial to meet climate and energy security objectives set during the UN COP28 summit.