Yahoo Finance Beyond COP28: A sustainability roadmap emerges
Here is a five-step roadmap for businesses seeking to drive meaningful progress towards environmental sustainability.
In the wake of COP28's conclusion on 12 December, the United Nation (UN)'s first-ever five-yearly "Global Stocktake" unveiled a disconcerting truth. The report confirmed what many feared—that the world is veering far off track from the critical 1.5°C target needed to avert catastrophic climate impacts.
With the clock ticking louder as the world grapples with a shorter deadline, one pressing question arises: Can we collaboratively bridge the gap between rhetoric and action to ensure a sustainable future? Or are we hurtling towards irreversible climate catastrophe?
Transitioning from pledges to progress
COP28, the biggest accountability moment for climate action in history, marked a monumental shift from mere promises to actionable solutions. This year's pivot from rhetoric to implementation serves as a beacon of hope, signalling a critical transition towards tangible progress in our fight against climate change.
At its heart, the Breakthrough Agenda emerges as a catalyst. This transformative roadmap highlights clean energy transitions, industry decarbonisation, green hydrogen scaling, and sustainable agriculture. It stands as a cornerstone poised to reshape our environmental trajectory, uniting us in our collective endeavour to forge a sustainable future.
Yet, this moment is not an endpoint. Instead, it is a clarion call for greater action. It positions businesses at the forefront, entrusted with the responsibility to spearhead sustainability efforts.
So how can businesses step up to lead this transformative charge?
Positioning businesses as catalysts for change
The call to action demands action, not mere discussions. It's about rolling up our sleeves, embracing innovative technologies, and fostering collaborative efforts to pave the way for actionable solutions. At Hitachi, our commitment to action is embedded in our strategy for green transformation, rooted in the core pillars of "Green", "Digital", and "Innovation".
The cornerstone for change needs to be “Sustainable Sustainability”, delivering the desired outcome in a fiscally sustainable way, and this can be done by pursuing new and innovative business models, and partnerships.
Here is a five-step roadmap for businesses seeking to drive meaningful progress towards environmental sustainability:
Understand that sustainability and profit is not a zero-sum game
In today's business landscape, sustainability and profitability aren't trade-offs but strategic imperatives. Understanding this delicate balance isn't just about doing good—it is about doing smart business. Integrating sustainability into operations can inspire innovation, cut costs, unearth new opportunities, and tap into new markets.Decarbonise across entire value chains
Sustainability needs to be considered across the entire value chain – from product design, manufacturing, to how the end-product is being used. In fact, Hitachi has set ambitious targets to achieve carbon neutrality across its operations by 2030, and extend this vision to the entire value chain by 2050. Businesses need to consider investing in energy-saving and renewable energy generation projects and reducing CO2 emissions through efficiency gains in areas like value-chain management, product design and engagement with customers. Additionally, strive to make product portfolios greener and more efficient, innovating on new technologies to reduce and avoid contributing emissions further.Offer practical solutions through digital innovation
Digital advancements serve as catalysts for positive environmental and societal change. Consider the Philippines where 52% of the population lack access to a properly managed water source, while 39% lack adequate household sanitation facilities. To tackle this, we teamed up with Filinvest City and FDC Water Utilities Inc. to advance sustainable urban water management in the Alabang business district. Through digital solutions, the joint efforts aim to create a cutting-edge water recycling facility, revolutionising wastewater processing for a more sustainable future.Collaborate for change
Governments and businesses need synergy. While the public sector brings vision, the private sector contributes technology and operational expertise. Aligning towards shared objectives (e.g. achieving carbon neutrality) can be a potent force for environmental change. For instance, our recent letter of intent between Hitachi Energy and the Ministry of Energy & Mineral Resources of the Republic of Indonesia marks a stride towards developing green energy technology. This initiative aims to accelerate the energy transition and broaden electricity access across the archipelago.Champion personal commitment and advocacy
Integrate personal passion for environmental conservation into professional advocacy. Cultivate a sustainability-focused culture by highlighting individual responsibility and fostering environmental awareness. Sustainability needs to be integrated into the core of every business, and everyone in the organisation has a part to play as a climate change innovator.
Charting a positive trajectory
As we navigate beyond COP28, remember that the journey to a sustainable future isn't an individual quest; it is a collective journey. We are all in this together. So let's focus not on the enormity of challenges, but on the potency of solutions. It takes one spark, one committed action, to ignite a transformative journey. Together, let's steer towards a future where sustainability isn't just a goal but a way of life.
Theo Scherman is the chief strategy officer at Hitachi Asia
See Also:
Click here to stay updated with the Latest Business & Investment News in Singapore
Competitiveness and profitability driving APJ firms' investments in sustainability
Get in-depth insights from our expert contributors, and dive into financial and economic trends
