They provide independent and deep expertise to make significant strides toward urgent climate goals.
October 20, 2023
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Nearly half of CEOs view climate change as affecting their companies now or within the coming decade, but there is also a wide gap between what CEOs say is progress on tackling climate change and what many of their investors believe are effective actions. Companies need to adopt strategies to become more resilient to climate change and identify ways to reduce emissions. The author, faculty chair of Harvard Business School’s Business and Environment Initiative and host of the HBS Climate Rising podcast, suggests five ways companies can engage with ENGOs to work on their climate change efforts, as well as some pitfalls to avoid.
In 2015, 196 global parties signed the Paris Agreement which agreed to limit the global temperature rise to well below 2ºC, but a recent UN report indicates that more aggressive measures are required to meet this goal. In 2022, Earth’s greenhouse gas concentration reached an all time high, approximately 50% higher than pre-industrial levels. Preventing global warming from exceeding 1.5ºC and reaching net zero emissions by 2050 will require nearly $4 trillion of annual investments in clean energy and infrastucture starting in 2030, according to the International Energy Agency (IEA).
Michael W. Toffel is the Senator John Heinz Professor of Environmental Management at Harvard Business School. He is the faculty chair of the school’s Business and Environment Initiative.
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