Last month, Permutable attended the Times Earth Business Summit supported by KMPG and Natwest Group. It was a stark reminder to all businesses of every size that now is the time to environmental concerns and commitments into action – because there is no tomorrow.
Here we share some of the key environmental concerns raised at the summit which need to be addressed by each and every business:
Biodiversity loss
The Earth’s wildlife population has plummeted by an average of 69% in just under 50 years. Biodiversity loss is a major threat to our planet. Humans are companies are causing habitat loss, pollution, and climate change that are seriously impacting the health of plants, animals, and humans. Global biodiversity loss has already caused significant changes to ecosystems and the distribution of plants and animals across the planet. Loss of species diversity can cause problems such as loss of habitat for plant and animal life, decrease in food sources, and impact on human health. Other threats include invasive species, overfishing, and pollution.
To help prevent biodiversity loss, companies must take meaningful and authentic action to reduce pollution and conserve land. We also need to protect endangered habitats and continue research efforts into how to preserve biodiversity.
Clean energy
Over the past four decades, the global community has made significant progress in the fight against climate change by investing billions of dollars in clean energy solutions. However there is much more work to be done, and quickly. We need better and more wide-spread access to renewable energy sources which don’t emit greenhouse gases responsible for climate change and air pollution.
The most important thing companies can do right now is to transition away from dirty fossil fuels like oil and coal toward cleaner renewables like wind and solar power. This transition will require many years and much effort, but it is within our reach if we keep up the momentum. The sooner companies stop using oil, coal and other dirty fuels, the sooner we can start making progress toward a cleaner future.
Net zero and decarbonisation
The transition to a low-carbon economy is a complex and dynamic process, requiring the engagement of multiple stakeholders to ensure success. The key role of governments is to provide stable policy frameworks and incentives for the deployment of clean technologies, while ensuring the security of energy supplies.
In addition, businesses have a critical role to play in accelerating the transition by investing in new technology and adopting energy-efficient practices. The private sector can also play a vital role by mobilising its resources to accelerate deployment of new clean technologies and financing improvements in energy efficiency.
By working together to address these environmental concerns, we can achieve zero-carbon goals. But achieving these goals will require sustained commitment, effort and action from all stakeholders – individuals, businesses, governments and communities. And it will require everyone to be involved – from small businesses to large corporations, utilities and governments – at every stage of the process.
Sustainable finance
There’s a lot of talk these days about sustainable finance. It’s no longer enough to just make money — we need to be investing it in ways that will benefit society and the planet as a whole. There are a number of different approaches to sustainable finance, but they all have one thing in common: they’re designed to help people and the planet thrive. This means investing in ways that are good for people and the planet — like renewable energy, local businesses, and low-impact investing — rather than fossil fuel companies and other things that may damage the environment.
But how does this work in practice? What does sustainable finance look like and how can it address environmental concerns? And what role can banks play? The answer is complicated, but it starts with changing the way we think about investing. The world’s biggest banks have traditionally been defined by profit. But these days, they’re also thinking about how they can make money while also helping people and the planet grow.
By building a relationship with customers where they can understand their financial goals and needs, a bank can create an environment that encourages good financial decisions like paying down debt or saving for retirement. These are both good for people and the planet, so banks should be taking those goals into account when making investments.
You can find the recording of the event here and see here for KPMG’s key takeaways and reflections