Although we at ASCM know that climate action is vital at all times, it’s of special focus this week, as international leaders of the United Nations meet in Dubai for COP28. They are engaging in discussions around methods for cutting emissions, increasing renewable energy and protecting our planet from climate catastrophe. Specifically, the meeting focuses on four major topics:
- The future of fossil fuels and how countries will phase them out
- Climate financing for poorer countries, which are disproportionately affected by the consequences of climate change, especially natural disaster
- The establishment of a fund to pay for climate damage, as some communities are unable to adapt or rebuild after extreme or repeated disasters
- A report on how well governments have adopted the agreements laid out in the Paris Agreement.
“The International Monetary Fund says developing countries need $2 trillion a year starting in 2030 to respond to climate change, with much of that coming from wealthy nations,” reports Matthew Dalton at The Wall Street Journal. Unfortunately, the temperature goals of the Paris climate accord are far from being met. Yes, some progress has been made since the landmark 2015 agreement, but governments have a long way to go to achieve the temperature target of less than 2 degrees Celsius over preindustrial levels by 2030, Dalton writes.
Today, ASCM Executive Vice President of Corporate and Strategic Alliances Douglas Kent took part in a COP28 roundtable on decarbonizing global value chains. The session, composed of multinational companies and their suppliers, explored the private sector’s fundamental role in contributing to carbon neutrality. Current efforts are primarily focused on reducing direct (scope 1) and energy-related emissions (scope 2). However, it’s the indirect emissions (scope 3), linked to both upstream and downstream value chains, that represent up to 90% of a company's total footprint. And this is, of course, where supply chains have a critical role to play, with Kent describing all-tier supplier transparency as a “must-do.”
Roundtable participants also investigated methods for prioritizing international collaboration in the pursuit of decarbonization, tapping into emerging technologies, and the value of standardized metrics and reporting frameworks for clear communication of sustainability efforts. Kent highlighted the essential role of digitization and industry-wide benchmarks, including the SCOR Digital Standard, the Digital Capabilities Model and more of ASCM’s pacesetting sustainability resources.
Take action for a sustainable future at ASCM CONNECT 2024: Europe
As supply chain professionals, you have the power to make a significant, sustainable difference. Begin by staying in contact and in conversation with your global supply chain peers at ASCM CONNECT 2024: Europe. Registration has just opened for the conference, which will be held in Brussels, June 4-5. Sustainability, circularity and climate will all be key topics on the agenda, as well as their relationship to supply chain resilience, talent retention and digital transformation.
Just like at COP28, by coming together to share our goals and solutions, we have a unique opportunity to use the power of supply chains to step up for climate change in a truly inspiring way. Register today and make your commitment to safeguarding our communities, environment and collective futures.
