ESG and sustainability—decarbonisation and net zero
Produced in partnership with Nature Positive
Practice notesESG and sustainability—decarbonisation and net zero
Produced in partnership with Nature Positive
Practice notes
Climate Change and the global need for Net Zero
A changing climate poses many risks. The world is already 1°C warmer than pre-industrial levels, and we are experiencing extreme and unpredictable weather events attributed to this changing climate. A warming of 2°C compared to pre-industrial levels would significantly increase the risk of floods, drought, extreme heat and poverty for hundreds of millions of people, alongside decreased Biodiversity and species extinctions within the natural world.
The Paris Agreement set out a global framework to limit global warming to below 2°C above pre-industrial levels and pursuing efforts to limit it to 1.5°C. Numerous climate scenarios investigate differing socio-economic pathways to achieve this goal. The most cited all require the reduction of greenhouse gas (GHG) emissions, coupled with GHG removal strategies, to achieve overall net zero GHG emissions at least by the end of this century, if not by 2050.
The UK, through its section 1 of the Climate Change Act 2008 and the EU, through the Climate Neutrality Regulation (EU) 2021/1119, have committed to achieving net zero emissions by 2050,
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Net Zero definition
What does Net Zero mean?
[means a state of balance by [2050/insert other date] between all [of a party’s OR the company’s/Parties’] sources and sinks of emissions of Greenhouse Gases (GHGs) [in each calendar year] achieved by both an overall reduction and a removal of emissions of GHGs to achieve [the goals of the paris agreement OR Paris Agreement Goals]]. OR means a state of balance by [2050/insert other date] between sources and sinks of Greenhouse Gas (GHG) Emissions [in each calendar year] [and for each subsequent year thereafter] achieved by both reducing GHG Emissions overall and removing GHG Emissions to achieve [the goals of the Paris Agreement OR Paris Agreement Goals]]. OR means the time when the Company [and its Affiliates] [has OR have], according to an Independent Expert appointed by [x]: (a) reduce its Scope 1, 2 and 3 Greenhouse Gas (GHG) Emissions to a level consistent with the goals of the Paris Agreement/Paris Agreement Goals; (b) fully offset its Residual Emissions by permanently removing an equivalent amount of GHGs through the use of Climate Change Mitigation Measures; and (c) adhered to the UNFCCC requirements for just transition.]
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