During COP26, a range of commitments were announced aimed at reducing global emissions and protecting ecosystems upon which human life is dependent. However, action is currently lagging behind what is required to limit average global warming to 1.5°C and protect those most vulnerable to climate change. In the lead up to COP27, businesses must recognise how they will meet the expectations and demands of key stakeholders to reach net zero by 2050.

Urgent emissions reductions are required to meet climate targets. However, a climate strategy that focuses solely on reducing emissions is not enough and will likely fail to realise opportunities to incorporate ongoing reporting requirements, realise efficiency and cost savings, and demonstrate holistic climate leadership.