The G7, informally known as the ‘’Climate Club’’, is a political forum tasked with bringing together international governments to combat the climate emergency. Current members are Germany, France, Italy, Canada, the UK, Japan, US – and now Australia.
The admission into the group signals the intensifying energy agenda in international political dialogue, with countries vying for effective collaboration.
This week we will also see the third G20 meeting take place. The host nation, India, has made clear they will continue advocating for a Green Development Pact at the summit, with a draft declaration reported to already be in motion.
The pact will be a “blueprint of strong actions for the next decade powering green development all over the world,” said India’s Foreign Minister, Subrahmanyam Jaishankar.
What can we expect to see as a result at ground level?
A byproduct of the amplified focus on green energy and mandated climate targets, is increased accountability. At ground level, this will take shape in legislation.
For example, along with joining the G7, we have also seen Australia roll out new legislation targeting major polluters this month (a revamped Safeguard Mechanism).
Australia has committed to reaching net zero by 2035. The G7 itself has set a target of reaching net zero emissions by 2050. Moves to strengthen global collaboration by leaders will only increase, as it is now clear that co-operation will be essential for a realistic chance of achieving the targets.
How will businesses need to adapt?
Increased accountability and new legislation will equate to increased transparency and reporting expectations for businesses.
In the UK and the EU we have already seen a rapidly involving shift in compliance requirements.
The key to staying ahead of the curve, will be taking proactive action. Scrambling to demonstrate emissions reductions efforts and providing vague information on outputs will no longer be acceptable, with damaging consequences. Investors and suppliers are increasingly only willing to engage with businesses who can demonstrate detailed and accurate data.
Business can avoid this pitfall by taking action now. Investing in green technologies that align with the direction of the G20 initiatives will unlock new opportunities, and bolster longevity.
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