Introduction to Net Zero

Introduction to Net Zero

Oliver Bolton

ClimateTech entrepreneur

In this video, Oliver Bolton explains why all businesses should be making plans to transition to net zero. However, stakeholders must also understand what transitioning to net zero means and how it can be achieved. He also outlines guidelines and milestones that businesses will need to hit to reach net zero by 2050.

In this video, Oliver Bolton explains why all businesses should be making plans to transition to net zero. However, stakeholders must also understand what transitioning to net zero means and how it can be achieved. He also outlines guidelines and milestones that businesses will need to hit to reach net zero by 2050.

Speak to an expert

Speak to an expert today to access this and all of the content on our platform.

Introduction to Net Zero

6 mins 32 secs

Key learning objectives:

  • Define and understand net zero

  • Understand why targets are necessary for businesses to reach net zero

  • Comprehend the role of offsetting in a transitioning net zero economy

Overview:

Companies aiming to reach net zero are becoming the norm, and soon companies that are not on a transition path to net zero will be the exception, not the rule. Whatever part of the transition journey companies are currently on, reporting and setting targets should be a core part of the process. Offsetting will also play a crucial role in the net zero trajectory as they provide the opportunity to neutralise residual emissions while investing in nature. Script adapted from the thought leadership article written by Earthly Scientific Advisor Rosie Dunscombe.

Speak to an expert

Speak to an expert today to access this and all of the content on our platform.

Summary

What is net zero and how can it be achieved?

Net zero is a commitment made by global nations as well as over a 5th of the world’s largest companies to halve carbon emissions by 50% by 2030, and reach a net-balance between the amount of greenhouse gases (GHGs) emitted and greenhouse gases removed, i.e. net zero, by 2050. 

For corporations, greenhouse gas emission happens via three routes

1. Direct scope 1 emissions from business operations
2. Scope 2 emissions accrued from energy consumption
3. Scope 3 emissions released in the supply chain of its product. 

Companies will have to take ambitious steps to neutralise these emissions through reduction. In cases when emissions are unavoidable, businesses can neutralise their emissions through investment in emissions avoidance and carbon removal projects that ensure that company’s activities result in no net impact on the environment.

Why is setting targets important for companies to successfully reach net zero?

The most effective way for companies to reach net zero is by setting a plan with tangible targets. The Science-based Targets (SBTi) net zero standard is a helpful guide. The guide details ways in which companies can reduce their emissions, increase their resilience by managing transition risks, and support emission reductions and removal elsewhere. 

The standard lays out four principles: 

1. Take rapid and ambitious action to reduce emissions first.

2. Set interim targets (every 5-10 years) to ensure you are consistent with keeping global warming below 1.5 and net zero by 2050.

3. Remove residual emissions before making net zero claims, as some sectors may only be able to cut 90-95% of their emissions by 2050. 

4. Go beyond the value chain. 

Why is offsetting an important part of transitioning to a net zero economy?

Offsetting will have a crucial role to play in our net zero trajectory supporting much needed adaptation, reduction & mitigation initiatives. Carbon offsets can include buying carbon credits from projects that avoid and reduce emissions, as well as from those that remove emissions from the atmosphere. 

Offsets can provide the opportunity to neutralise residual emissions and invest in nature. We can’t get to net zero without offsetting, however it is critical to first follow the mitigation hierarchy and then invest in high integrity offsets based on the best scientific evidence available. 

 

Speak to an expert

Speak to an expert today to access this and all of the content on our platform.

Oliver Bolton

Oliver Bolton

Oliver Bolton is a ClimateTech entrepreneur with 12 years experience in the consumer product and health sectors. He founded his first drinks brand, Alibi in 2007. In 2015, his soft drinks company Waterbomb Ltd. became a founding UK B Corp and one of the first European soft drinks brands to become B Corp accredited. In 2014, Oliver co-founded the vitamin brand VITL.com. VITL became the largest subscription and nutrition platform and combined AI, DNA & bloods analysis. Oliver was a recipient of Sir Richard Branson's Virgin COOM award in 2017, which came with a £3 million prize support package. Oliver also mentors students who have grown up in some of the UK's most deprived communities through the Prince's Trust. In 2018, Oliver pivoted from the consumer product and health sectors into climate technology. He is the founder and CEO of Earthly, a marketplace that connects businesses with high-integrity nature-based solutions.

There are no available Videos from "Oliver Bolton"