UN Climate Change Conference COP26
What businesses need to know about COP26 and Climate Change. Photo By: William Gibson on Unsplash
Our guide to what businesses need to know about COP26
It's five years since the Paris Accord was signed at COP 21, and the upcoming summit will address what has - and hasn't - been achieved since then. It will also focus on setting concrete plans to reach the Paris Agreement targets. In essence, the conference will work as a stock-take on how close countries around the world are limiting global warming to 1.5 degrees; the goal set back in 2015.
Why is COP26 important?
This is mainly because governments aren’t near reaching those targets, and time is running out. So far, one hundred ten countries have uploaded their details to the UN’s Climate Action Tracker (scroll down for more information on that). Clearly, we’re still a long way from where we need to be.
“Expect to see greater scrutiny of the private sector and significant demand for greater engagement on climate change issues. There will be pressure on companies to take action, and questions being asked about what large corporations are doing to reach Net Zero.”
Key themes of Cop26
The failure of governments
The message experts at COP will deliver: “It’s too late to avoid climate change; now we need to focus on minimising the damage.”
We can expect to hear a lot about acceleration and accountability over the next few weeks, about the need to go a lot further, be faster about it, and identify who is to blame. Public anger at the failure of Governments to reach the targets they set themselves in 2015 is likely to result in some uncomfortable finger-pointing. One thing that makes stories like the one about Australia’s prime minister not attending so newsworthy. It will also be the first COP since the U.S. left the Paris Agreement (under Trump) and rejoined (under Biden), so there will be extra focus on the activities of the U.S.
The message experts at COP will deliver: “It’s too late to avoid climate change; now we need to focus on minimising the damage.”
Demand for increased engagement by the Private Sector
The other reason this COP is important is that it will be the first time the focus falls on Non-State Actors and more traditional representatives such as Heads of Government, politicians, and policymakers.
With governments and politicians keen to deflect blame for their failure to reach 2015 targets or ‘Work Together to Deliver”. A key aim of the conference is the spotlight the role that corporations and businesses can play in helping reach global targets. As Alison Taylor pointed out in last month’s Q&A, government failure has led to greater expectations of big business, especially in the eyes of the general public.
“Businesses need to act”
Expect greater scrutiny of the private sector and significant demand for greater engagement on climate change issues. As a result, there will be pressure on companies to take action, and questions being asked about what large corporations are doing to reach Net Zero.
Race to Zero
‘‘Race to Zero” is the UN-backed global campaign rallying large companies, cities, regions, financial, educational, and healthcare institutions to take rigorous and immediate action to halve global emissions by 2030 in order to deliver a healthier, fairer, and zero carbon world in time.
The campaign aims to mobilise actors outside of national governments to join the Climate Ambition Alliance and “build momentum around the shift to a decarbonised economy ahead of COP26, sending governments a resounding signal that business, cities, regions and investors are united in meeting the Paris goals and creating a more inclusive and resilient economy.”
All members are committed to reducing emissions across the board swiftly and fairly, in line with the Paris Agreement; this means transparent action plans and robust near-term targets. However, at the time of writing, only 4,400 companies had pledged - hardly indicative of the private sector sending a ‘robust message’.
View who has signed up here.
A quick look at the list shows that many household names are noticeably absent. Media outlets will need ample climate change-related stories to fill their pages throughout the conference, so the relatively low number of signatories is likely to attract comment, and the private sector (especially very large corporations) should expect scrutiny. Corporate communications teams should be bracing themselves for questions from media, staff, investors, boards and other key stakeholders.
The Climate Action Tracker
The Climate Action Tracker is a tool that monitors the action being taken by individual countries, measuring the impact that their activity will have on our ability to reach the targets set by the Paris Agreement. You can use the Climate Action Tracker here. We also recommend watching this excellent video from TED which explains what the climate tracker is, how it works, and what the results look like – brace yourself, though; it’s not pretty viewing.
What can businesses do?
At Samtaler, our work focuses on helping private sector organisations find ways they can make money without harming society. We don’t believe we should leave it to policymakers and politicians alone to create the kind of world we want to live in, but we also know that businesses need help to identify where they’re going wrong and what they can do about it.
The U.K. government has signed up for some of the West’s most ambitious carbon reduction targets, committing itself to reaching Net Zero by 2050.
But, of course, it can’t do that without businesses’ help. We write lots of social value bid submissions for clients, and one of the things we know is coming is an increasing priority and focus on climate change. For example, suppose you’re a supplier to the public sector. In that case, you’ll soon be expected to prove that you’re taking action to mitigate the impact of your activities on the environment.
Where to begin?
1. Talk to us at Samtaler.
2. Sign the Business Ambition for 1.5 pledge, which commits to a 1.5°C-compliant business model. It's for large companies with over 500 employees, and more information can be found here.
3. Put a Carbon Reduction Plan in place. This one isn’t optional if you regularly bid for large public sector contracts. From 1st October 2021, every bid you submit will need to include a Carbon Reduction Plan detailing your emissions and how you plan to reduce them. There’s a template to help you do this here.
4. Visit the UK Business Climate Hub to make a similar, small business-friendly commitment to reaching net-zero emissions.
5. Check out the AMAZING tool on the SME Climate Hub’s website, which is FULL of practical steps and ideas for ways businesses in sectors as diverse as food, transport and agriculture can become more sustainable.
6. Book a free Google Garage session to get ideas for improving your sustainability here.
Useful Resources
Chatham House is a policy and think tank which helps people, societies, and governments understand and adapt to seismic change, providing thought leadership on critical issues for over 100 years. In the 21st Century, its mission is to continue to offer solutions to global challenges and actively seek to empower the next generation to change their world.
Throughout 2020 and 2021, Chatham House has been organising monthly briefings to discuss the most pressing climate issues with the U.K. and international government officials and experts. These briefings have covered various pertinent topics, including climate finance, adaptation and resilience, the energy transition, and the shifting politics of the U.N. climate negotiations. They have also produced a podcast – the Climate Briefing – which follows the themes of the diplomatic briefings for people who aren’t diplomats!
Explore the COP26 University Network briefing material
Tune in to their latest podcast series, which brings together the best minds preparing for COP26. Each podcast further explores the topics in our COP26 Universities Network briefing papers. This network comprises a group of more than 55 UK Universities, coordinated by The Grantham Institute, working together to support ambitious outcomes for climate action at COP26 and beyond.
How we can help
At Samtaler, we understand the importance of your social value commitment. You’re here because you care about the impact your business has on society and want to be better. We want you to succeed, and we know from experience that achieving social value requires skill, strategy, and support.
To find out how we can help send an email to hello@samtaler.co.uk
Sign up to The Social Value Files for inspiration and practical ideas to create social value for your business.
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