In the recent UN Climate Change Conference, while great focus was on the government attendance, the entire business community proved to have a bigger presence than before says Brian Colombana. It was a favorable thing. The engagement and participation are critical as the international and government standard bodies work to develop policies that address the crisis of climate change.
Placing the climate policies to practice impacts both businesses and depends on them. The companies and the overall industry need to change operations, and in certain places, their entire focus as such changes generate knock-on implications all through the supply chains. For instance, auto organizations are investing highly in manufacturing and developing electrical vehicles and are incentivizedfor doing so by the government policy. According to Brian Colombana, for this to yield complete environmental advantages, there’s a need for energy utilities and companies to move from fossil fuel to renewable energy sources. It is also essential for such programs to get evaluated and coordinated in tandem and consistently.
Develop the foundation now
Even though there’s some time for the ISSB standards to be released, the businesses should prepare. The more advanced companies have a huge head start, as they are collecting data around the sustainability in the operations. When the standards get released, they will require to model the reporting and databases accordingly. However, they also need to have an essential groundwork as well.
Several other organizations have a higher task in the days to come. They might not possess technologies in place for collecting the ESG data required. Doing so will involve extracting data manually from various disparate systems, sorting via the multiple data models, and consolidating the data, usually on spreadsheets. Chances are it’s highly episodic, tedious, slow, and not precise. Hence, businesses need to concentrate on preparing their data ecosystem for the new demands ahead of time.
Since, the global standards will blend in multiple ESG standards, the protocols that presently exist offer a logical starting place. The key is to have the correct flexible technology. And those who can adapt and move quickly will always benefit from it. Additionally, the ones that can best use the insights gained by the data can successfully navigate and explore the scopes developed by the shifting regulatory and environmental landscape.
Water and climate change
According to Brian Colombana, several people in the COP26 came with the objective to bring sanitation and water to the world. They came with views that has resonated with many global leaders. It is estimate that we are all set to witness climate change via water problems, like droughts and floods.
Water is a canary in the coal mine. It’s because a small percentage of climate change can result in a vast quantity of water impact. A small quantity of water impact can result in a huge effect. In the agriculture arena and the people who depend on it. It can also trigger mass movements of the population.
Hence, it is essential to understand that climate change is not always about the planet burning up. Instead, it is about setting fire to the national and political systems.