A new Business Pact is urging companies to sign up to drive action on decarbonisation and biodiversity loss.
Accelerate, The Business Pact on Climate and Nature, is being launched by Business in the Community Ireland (BITCI) today.
Companies who sign up are asked to set an ambitious net-zero target by 2050, if not earlier, approved by the Science Based Targets Incentive Initiative.
They will also have to develop a Climate Transition Plan to guide and track implementation.
The new collective action campaign, which is designed to address the interconnected climate and nature crises, follows the success of BITCI's Low Carbon Pledge that began in 2018 and ends this year.
An annual report by PwC to monitor progress on the pledge found that 62 large companies across multiple sectors completed it and of these 81% have now fully set science-based targets.
Three in Five Irish Consumers More Likely to Support Businesses Committed to Climate and Nature – BITCI
As part of the launch of Accelerate, BITCI also conducted a survey which found that 61% of consumers are more likely to support businesses committed to climate and nature - demonstrating the business case for companies to sign up to the Pact.
BICTI CEO Tomás Sercovich said they are pleased the 2018-2024 Low Carbon Pledge demonstrated the power of collective action and raised the ambition to lower emissions.
"Businesses are evolving and it is no surprise consumers demand more action and transparency," he said.
"The impact of climate change and loss of biodiversity is stark. 2023 was the hottest year on record and likely to be surpassed again this year. It is clear time is running out, and decisive action is needed".
"Accelerate, The Business Pact for Climate and Nature is novel by driving forward a new phase of change through a holistic approach across business operations and ensuring a company's targets are achieved through detailed and specific Climate Transition Plans."
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Ireland's Climate Action and Low Carbon Development (Amendment) Act of 2021 set a legally binding target of a 51% reduction in emissions by 2030, based on 2018 levels, and a net-zero target by 2050.
The new pact will focus on action in nine key areas; Nature, Scope 3, Just Transition, Decarbonisation, Targets, Finance, Advocacy, Risk and Governance.
Companies who sign up will benefit from access to world class guidance on developing
robust climate transition plans.
An annually co-created insights paper will also serve to address national blockages to decarbonisation.
"The systems change needed requires working collaboratively if we are serious about decarbonisation that will leave no-one behind in our society," Mr Sercovich said.
According to BITCI, being accountable and open about their progress to net zero as well as regularly reviewing their plan will improve their effectiveness and efficacy in achieving their targets.
