With Glasgow returning to normal after the cavalcade of politicians, world leaders, journalists and police have left the city, COP26 has ended but what was gained from the event?
Will the outcomes really make a difference to climate change and what will businesses, in particular financial companies, need to do now to reflect these outcomes?
What was agreed?
The main outcome of COP26 was the ‘Glasgow Climate Pact’. This was written and highlights the findings from The Intergovernmental Panel on Climate Change (IPCC) special report which states that to limit global warming to 1.5C “rapid, deep and sustained” emission cuts need to be made.
The text also sees IPCC resolving to “pursue efforts” that CO2 emissions will need to fall 45% below 2010 levels by the year 2030 and to net-zero within mid-century.
Whether Cop26 has been a success is yet to be seen, but the commitment to doubling adaption finance and the request to countries to show higher ambition on climate pledges next year is a step in the right direction. As were the newly or updated “nationally determined contributions” (NDCs) from the Paris Agreement climate actions submitted by 151 countries to the United Nations before COP26 started.
UK finance emission plans
Alongside this, the Chancellor and HM Treasury have laid plans to make the UK the world’s first net-zero financial hub. This will include mandatory sustainability disclosures, better and consistent climate data, climate risk surveillance, and stronger global reporting standards.
Those finance companies that are listed on the London Stock Exchange will need to produce net-zero transition plans in 2023. Not only showing their CO2 emission reports but also actively showing targets to reduce them.
Finance companies must now consider these facts when looking at the future of their business. Questions need to be asked about what they can do to help reduce their carbon footprints and how they can show the governing bodies the data that change is occurring.
Regulatory ‘Gold standards’ will need to be used to ensure finance companies are not just “greenwashing”, a term coined from deceptively marketing a company as environmentally friendly.
How can we help?
This is where the use of digital technology comes into its own. The Mail Metrics software can help a company reduce its carbon footprint by increasing its digital communication. By looking at how a business communicates with its customers, we can potentially reduce physical mail by up to 70% within the first 12 months.
With this reduction, emissions from the initial production, chemical processes and freight of raw materials are cut. This then continues to the printing and delivery of mail, cutting carbon emissions within physical direct mail.
Our company has also been accredited and works within the guidelines of the global environmental management standard of ISO:14001. This means we are committed to using efficient and environmentally friendly processes, limiting our energy consumption, and reducing our own carbon footprint.
By operationally looking at communication and how to reduce your carbon footprint, our software can aid in the process of reducing CO2 emissions and put your company on the right track of net-zero.
Contact us if you wish to see a demonstration of our software and speak to one of our experts on how we can help transform your communications.