Key Takeaways from the Climate Innovation Forum

Ending it on a high – that’s what Climate Innovation Forum was in last week’s line up at London Climate Action Week. And it was also a  momentous date as it marks the 5th year of UK passing the Net Zero emissions law (1st major economy to do so).

 

Back at Guildhall, though this year we didn’t have King Charles surprising us, apparently the Emperor of Japan was just hours ago being hosted in the very same hall.

 

What Did Leaders Have to Say?

With a lineup of high calibre speakers, a few key signals were flagged (no surprises again, but interesting to note the focus of the day). Former U.S Secretary of States John Kerry addressed the forum, highlighting the need for speed and scale. This is aligned to our mission at NovAzure but I would add there is also the 3rd ‘S’ – simplicity. In the path of Net Zero, it often feels like a jungle of complexity (terminology, policies, regulations, solutions). We need to cut through all these to make it palatable so we can onboard more people.

 

 

The Net Zero transition is a huge opportunity – and it is a mandate! Risks & opportunities should be evaluated at the same time and not in isolation. And that’s exactly the type of conversation we at NovAzure are having with our customers and partners for a while now. See our Net Zero Academy offer here.

 

That means, business models need to change. It’s not enough to treat it like a continuous improvement initiative or organic growth… It’s a full-fledged business transformation. E.g. embedding circularity with a path to profitability, not reduced revenue.

How Can Businesses Lead the Charge for a Greener Future?

It has to be an equitable transition. A lot of emphasis on developing markets. Not a surprise since the estimation is that 85% of the world population will be in emerging markets by 2050. There won’t be a just transition if we still have 1.5B people with no access to energy. And as Scope 3 comes to fore-front focus, the full supply chain can be seen concentrated in these markets (e.g. South East Asia) and there’s where actions are needed. This propels me to reflect how I can help drive the transition back in my home country. Feels like the right time (if not a bit late even).

 

Alas, though the current picture may not be all that rosy (World Economic Forum highlighted that overall energy transition is slowing down), the other side of the coin doesn’t seem too bad. We know that clean tech investment has increased steadily in the last 4 years. It is crucial to keep the demand attractive to ensure green investments are not losing traction (large renewables producers like Statkraft are scaling back on renewables projects due to lower price and higher costs).

 

Photos credits: Images used are courtesy of Climate Innovation Forum and the respective speakers featured in the visuals.

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