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Ready or Not the Race to Net Zero

Climate Action Navigator

Oliver Wyman Forum has released a Climate Action Navigator tool identifying 17 impactful actions businesses can take to accelerate the shift from intent to action in the race to Net Zero.

Over one-fifth of the world’s largest corporations have pledged to reach net-zero carbon emissions by 2050. More companies are expected to commit ahead of the November COP26 climate summit in Glasgow. Those that don’t will miss billions in new investments and won’t be ready for increased regulation, competition from rivals already working on solutions, and disgruntled investors, consumers, and employees eager for results. But is that enough?

Deadly climate events — floods, relentless wildfires, and record-breaking heatwaves — have become routine. Global greenhouse gas emissions are set to increase by 16% in the next decade, yet to get on track toward the net-zero goal, they need to decline by 56% by 2030. However, while most businesses have good aspirations, many lack tangible plans, without which revenues and jobs will be put at risk.

To support change, the Oliver Wyman Forum is launching the Climate Action Navigator — a freely available, interactive, web-based tool — to accelerate the shift from intent to action. The navigator identifies 17 impactful actions — like scaling low-carbon power generation or reducing transport emissions — that regions and sectors can take. It gives business and government leaders specific mitigation guidance on which areas need immediate focus to reach the 2030 climate goals.

To ensure the guidance is practical and successful, Oliver Wyman and the Climate Group are releasing a report based on interviews with almost 30 companies across industries that are pursuing a climate agenda while building a profitable bottom line. Their approaches share many similarities despite differences in company size, location, and sector, from setting ambitious goals, providing training, and offering financial incentives to encouraging experimentation and a cultural shift. And most importantly, they focus beyond their own operations to ensure that suppliers and customers also are decreasing carbon emissions.

We hope that sharing the Climate Action Navigator and these successful strategies will raise the tempo of the race to net zero.

The race to net zero is gruelling in many industries. It requires commitment, endurance, and enormous mobilization, but first-movers already are seeing results – lower emissions, economic opportunities, and supportive employees, customers, and investors. It’s now time to quicken the pace.