The founders of Net0 were honored to have attended the World Economic Forum at Davos this year to be able to participate and connect with amazing leaders from around the world. The conversations at Davos encouraged and inspired businesses to translate their net zero pledges into actions. It takes individuals, businesses, and governments to act in order to deliver on net zero promises and turn them into a reality, but it can be done when the effort is made, especially through utilizing technology and this was a hot topic at Davos.
The IPCC reports that if warming rises 2C then ice-free summers will happen in the Arctic every 10 years instead of once every 100 years. Decarbonizing technologies must be implemented immediately to divert that devastating outcome. If you want to know more about the climate action talks in Davos, then this article is for you. We'll cover how decarbonizing technologies are being put in place to meet the demands of the planet and other ways carbon reduction planning were discussed. We'll also share with you some of the highlights of our attendance.
50 companies have joined the First Movers Coalition, focusing on 7 industries that are hard to abate carbon from and are the cause of 30% of greenhouse gas emissions: aluminum, aviation, chemicals, concrete, shipping, steel, and trucking. They have stressed advancing to clean technologies by 2030. Members of the First Movers Coalition include Alphabet, Microsoft, and Salesforce, who together have committed to contributing $500 million to carbon dioxide removal. All of them have already reached net zero. Clean technologies in the supply chain are necessary right now for faster decarbonization, especially in regards to switching to renewable energy. Corporations are going to play a large role in leading a decarbonized society, especially throughout the supply chain including scope 3 emissions, which was one of the main focuses of the talks in Davos.
“The coalition has achieved scale across the world’s leading companies and support from committed governments around the world to tackle the hardest challenge of the climate crisis: reducing the emissions from the sectors where we don’t yet have the toolkit to replace unabated fossil fuels and swiftly reach net-zero emissions.” - US Special Presidential Envoy for Climate John Kerry
The graph below provided by the Mission Possible Partnership, describes what the climate devastation will look like if these 7 sectors don't start moving on carbon reductions now:
For this to happen, companies are requesting simple, affordable, scalable, and robust solutions and there is a large space to meet that demand. There has been a lot of talk about taking action but now sustainable businesses are ready to act. Although some of the alternatives necessary to transition have not been competitive so far, sustainability has proven to be an opportunity rather than a cost. It gives a space to create new technologies and will put us into a different era as a civilization. It is already providing jobs for green talent which is important amongst those afraid that they will lose jobs. It's an opportunity to transition to something new and positive for everyone's quality of life.
The WEF reports how we can meet the demands of these 7 industries: "The coalition will also connect supply and demand players and leverage the networks of companies and investors working with the Mission Possible Partnership and other related initiatives. These stakeholders will include suppliers capable of demonstrating and scaling the technologies needed for coalition members to meet their purchase commitments, as well as investors that bring the capability to invest in demonstration projects and new facilities."
The WEF states, "There is no green without digital. It is the ultimate enabling process. As well as getting greener itself – studies suggest that 5G networks are up to 90% more energy efficient per traffic unit than legacy 4G networks, for example – digitalization also unlocks huge environmental gains in other sectors."
Moreover, we are on track for a 7.5% GHG emission decrease commitment globally by 2030 but that isn't enough. A 55% reduction is what is necessary by 2030 to meet the standards of The Paris Agreement. We're on a path to net zero but we aren't on track. The commitments that have been made are not fast or efficient enough. Digital technologies can help decrease emissions by 20%.
Two examples the WEF gives about how digitalization will help energy distribution are:
AI-managed renewable energy systems will be able to use digitalization to carry energy to those who need it and when at the best cost.
The WEF reports that by using satellites and drones, "Digitalizing 15%-25% of global agriculture in this way could increase global production by 300 million metric tonnes by 2030 and reduce water consumption by up to 150 billion cubic metres every year.'' The problem is that they are finding a reluctance in the farming industry to share data. However, we can mobilize the industry as much as possible while striving to build trust with data through technology.
US and Chinese Special Envoys John Kerry and Xie Zhenhua, attended the World Economic Forum and spoke with its president Børge Brende for a discussion on climate action at Davos.
Investing in 100% renewable energy was an important part of the discussions at Davos to take climate action so many topics covered revolved around how to fund such a mission. Private and corporate investments are needed to meet the demand. Relying on clean technologies will be the only way to keep the planet under a 1.5C temperature rise. Of course, renewables were not the only focus of the talks. There are many things that will have to happen to get to net zero and we will have to do our parts together to get there in any industry and way that we can.
If you would like to expand your knowledge further please refer to our following content:
• Article: COP26: How It Will Affect Businesses
• Article: Top Countries in the Race to Net Zero Emissions
Our founders were thrilled to participate on behalf of the company and be part of the conversation. We learned a lot listening to speakers from all over the world discussing their challenges and we made connections with executives and government representatives to inspire them to take climate action because the solutions are available and the time is now.
Between the two co-founders, Net0 was represented at more than 25 events in 3 days. We conversed a lot about carbon reduction technology in the areas of carbon capture, renewable energy and renewable energy storage at one of the main conversations organized by Salesforce. We also discussed how consumers formulate the drive to carbon neutrality, have shifted their mindsets to focus on sustainability, and how this affects the strategies of businesses across the value chain. There was also a lot of talk around the role of carbon management tools for businesses across all scopes, as well as in the other various supply chain conversations we were involved in.
Here are just some of the highlights from a few of the events we attended:
We started off the week in Davos with “The Role of Swiss Boards in Driving Sustainability” event by House of Switzerland. We were inspired by the CEOs, board members and government representatives attending this event because they have the power to and show the desire to drive change by taking climate action. Switzerland’s 2030 Sustainable Development Strategy emphasizes how board members must be directly involved for it to be attainable and successful, especially in the areas of carbon reduction and climate change. We at Net0 are delighted to be working with the Swiss government and Swiss businesses that are passionate about taking action now.
At “Geneva Day” hosted by the House of Switzerland, the panel focused on the role of technological innovation in helping humanity address current and future challenges. Technology is already accelerating the transition to a net zero future by providing clean energy solutions, carbon sequestration mechanisms and ecosystems' monitoring tools.
We are in agreement with the speakers on the panel who emphasized that technology and digitalization are playing important roles in decarbonization across the globe and we are excited to collaborate with governments and businesses to be a leader in driving such change.
We attended the “How Can We Achieve Resilient and Net-Zero Global Value Chains?” panel hosted by Kearney, which focused on the disruptions that global value chains face as production systems and global distribution networks are radically reshaping. The discussion centered on how circular value chains are the best for the environment and the economy and that linear supply chains are outdated and the transition between the two offers a lot of opportunity. This necessary transition to circularity will create an intrinsically linked "value circle" and "value network" as discussed by Magdi Batato and Dr Jagjit Singh Srai respectively, amongst the other remarkable speakers featured.
One of the most impressive events we attended was, “The Polar Alarm Bells Are Ringing: Will the World Listen?” hosted by Arctic Basecamp. This informative panel focused on sea levels rising and how it affects the Arctic region. Since Net0 is a Monaco based company and proud to represent a world-leader in preserving blue carbon ecosystems and climate action, it was an honor to be in the company of H.S.H. Prince Albert II while he shared his passion for the ocean, and Olivier Wenden discussing the Fondation Prince Albert II de Monaco's incredible projects and initiatives.
Net0 is an emissions management platform that enables organizations to measure, reduce, offset, and report on emissions, and get carbon neutral certified. Our passion to empower organizations to deliver on their net zero promises has only been encouraged by our amazing experience at the World Economic Forum.
Book a demo with Net0 and speak with an expert to experience how the platform can change your organization for the better by streamlining your emissions management all in one place. We are eager to continue the mission to use technology to guide the journey to net zero.