By Claire Coulson, Environmental Sustainability Manager
The 2022 United Nations Climate Change Conference (COP27) aims to implement the Paris Agreement carbon reduction targets. This November, the high-level event hosted critical negotiations and press conferences with more than 100 Heads of State, governments and over 35,000 participants showcasing climate action worldwide.
After complex negotiations, a decision was made to move forward by establishing the “Loss and Damage” fund. The fund will support nations most vulnerable to the climate crisis, particularly developing countries that experience climate-related disasters. Whilst the fund is a historical agreement towards climate justice, it isn’t a preventative action but a corrective one. It’s now up to businesses and individuals to take measures to mitigate climate catastrophes.
Despite a significant step forward with the “Loss and Damage” fund, COP27 didn’t expand upon the 1.5°C goals and its guidance for industries to transition away from fossil fuels. However, leaders reinforced the need for businesses to have credible net-zero plans, emphasising that transitioning to alternative energies must occur across all industries to ensure the 1.5°C goal remains realistic.
What does this mean for Colt?
The growing number of businesses setting net-zero targets shows that large parts of the private sector recognise the urgency and benefits of tackling climate change.
This also shows that sustainable business is at the forefront of many organisations’ agendas, including Colt and our partners. Our 2022 Cloud Report found that 74% of the IT leaders we surveyed said that they considered sustainability to be important or very important for the future of their business.
Despite the lack of a commitment to alternative energies at COP27 being resolved, the importance of setting goals demonstrates determination from industries and that this is at the forefront of key decision-makers’ minds.
We will continue with our sustainability agenda and work towards our near-term targets. We are doing so by
- addressing 93% of our supply chain GHG emissions, ensuring our top suppliers align to a 1.5°C science-based target by 2025 across Scopes 1 and 2;
- reducing our direct emissions (-47% of Scope 1 and 2 emissions by 2030) and our electricity consumption emissions (procure 75% renewably sourced electricity by 2023);
- decarbonising our in-house fleet (75% electric vehicles by 2030)
To build on our near-term Science-based target, Colt has committed to aligning with the Science-Based Target initiative (SBTi) net-zero standard and is setting long-term targets that will be announced shortly.
You can read more about what we’re doing to deliver our promises in our 2021 Sustainability Report.
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