According to NASA, the effects of human-caused global warming are already happening, are irreparable on the timescale of people alive today, and will continue worsening in the decades to come. Global climate change has already had observable effects on the environment. Thankfully, countries like Singapore are starting to utilize and benefit from a carbon credit trading platform. The climate change crisis is expected to have a greater effect on company and organization operations and policies for the foreseeable future. Here’s how experts think that will happen.
Carbon Credit Trading
Climate Impact X (CIX), a global carbon exchange and marketplace, recently launched Project Marketplace, a new, Singapore-based digital carbon credit trading platform. The platform provides guaranteed carbon credits through projects worldwide, initially emphasizing nature-based solutions like forest conservation and tree planting. Other technologies that absorb CO2 from the environment will also be included later this year.
Increased Accountability
With buildings contributing to around 40% of global carbon emissions, more businesses will be held accountable for their physical spaces’ carbon footprint. They will either start doing this to lower their harmful effects on the environment, appeal to the increasing number of sustainability-conscious consumers, or lower their energy costs.
More Technology Reliance
To achieve better sustainability, business owners will look to technology, which includes real-time energy management tools to proactively monitor energy usage, clean generation such as solar photovoltaics, space heating without fossil fuels, and heat pumps for water to reduce negative environmental impacts
Improved Transparency
2022 may be the year of radical transparency when technology actually catches up to the promises. $17 billion private capital was poured into climate tech in 2020; in 2021, that number was projected to surpass $40 billion, and even more, is expected for 2022. This investment is ignited data for mapping, monitoring, and mitigating.
Advice For Business Leaders
Adapt Better Environmental Practices. Companies that refuse to adopt better environmental practices or consider climate change as they develop their product roadmaps may begin experiencing consumer drop-off, distancing themselves gradually from these companies.
Avoid Symbolic Gestures. Consumers experience first-hand exposure to the impacts of climate change. They will no longer be amused by weak or far-off climate initiatives with symbolic names like “Zero Waste 2030”. People need to see action now.
Adapt Climate-Related Targets. If you haven’t already, 2022 can be the best time to adopt or scale-up climate-related targets, including accomplishing carbon neutrality, renewable energy use, energy conservation, and carbon offset programs. These internal policies will help prepare your company for future regulation by investing in sustainability practices now. Setting climate-related targets can also protect and enhance your standing with customers and investors.
The current economic and political landscape requires a cohesive strategy to integrate sustainability practices for businesses. Companies must consider playing the long game. A well-executed plan will provide immediate benefits and save a business from regulatory or legislative constraints in the future. More and more consumers and employees are concerned about the environment, so developing a vision within the company will be a great differentiator.
You can earn more about sustainability-targeted practices and new technologies like carbon exchange by researching government, tech, business websites, and user forums.
