{"id":3287,"date":"2021-12-02T14:25:09","date_gmt":"2021-12-02T14:25:09","guid":{"rendered":"https:\/\/news.sap.com\/india\/?p=3287"},"modified":"2023-08-14T18:10:34","modified_gmt":"2023-08-14T18:10:34","slug":"ready-for-climate-change","status":"publish","type":"post","link":"https:\/\/news.sap.com\/india\/2021\/12\/ready-for-climate-change\/","title":{"rendered":"How to make your firm ready for climate change"},"content":{"rendered":"

Do you know that Climate change is mainly a resource management problem and businesses need to come forward to do their bit for society and stakeholders?<\/span><\/em><\/strong><\/p>\n

The world’s population is predicted to reach over 9 billion people by 2030. This not only adds on to Planet Earth’s carrying capacity but increases the demand for the already exhausting resources.\u00a0<\/span>The take-make-waste linear approach is inherently unsustainable. There\u2019s an urgent need for a comprehensive solution and how we approach the manufacture-to-consumption chain. As per the\u00a0<\/span>United States Environmental Protection Agency<\/a><\/span>,<\/span>\u00a0only 9% of materials are reused or recycled.\u00a0One way to make better use of resources is to create a loop of reuse, thus eliminating waste. This is referred to as a circular economy. The economy, markets, and sectors have the potential to be re-energized by circular\u00a0firms.<\/span><\/p>\n

An immediate impact of adopting circular economy and sustainable practices is its ability to reduce the spiraling effect of climate change.\u00a0<\/span>We are likely to go past the threshold for dangerous global warming, i.e. +1.50 Celsius between 2027 and 2042, according to research\u00a0published in\u00a0<\/span>climate dynamics<\/a><\/span>.\u00a0<\/span>The\u00a0<\/span>United Nations Secretary-General<\/a><\/span>\u00a0recently referred to the climate situation as a \u201cCode red for humanity.\u201d<\/span><\/p>\n

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Asia more at risk, time to step up<\/span><\/strong><\/p>\n

Asia is more exposed to climate risk due to the absence of adaptation and mitigation.\u00a0<\/span>By 2050, parts of Asia will witness a rise in temperatures, heat waves, extreme precipitation, hurricanes, and shortages in water supply. The only way out is sustainable resource management and pivoting on technology to make this practical.<\/span><\/p>\n

Businesses in the Asia-Pacific regions need to step up their environmental efforts to use the available resources rationally to preserve them for future generations and for the sustainability of ecosystems. Sustainability is no longer seen as a separate corporate responsibility initiative. You can remanufacture the existing items to create new ones, to shift the focus on having a circular economy. Technology can also assist companies in increasing circularity by linking the organizations that collect recyclable materials with those that can process them.\u00a0<\/span><\/p>\n

The World Economic Forum’s Sustainability Report suggests strategies for companies to become more environmentally friendly. It provides a collection of best practices that businesses may use to boost their sustainability efforts & be profitable at the same time.<\/span>\u00a0Here are some real-life examples of successful sustainable practices that have helped these companies cut their footprint.<\/span><\/p>\n

Case 1<\/span><\/u>.\u00a0<\/span>Eastman Chemical Co, a specialty materials company that produces a broad range of products for daily use, from building and construction materials to textiles,<\/span>\u00a0<\/span><\/em>has strengthened its focus on sustainable innovation. They have successfully reduced their\u00a0greenhouse\u00a0gas (GHG) emissions by 10% and have begun the production of new items through\u00a0molecular recycling. They have established targets of\u00a0recycling plastic waste annually of up to 500 million pounds by 2030.\u00a0<\/span><\/p>\n

Case 2.<\/span><\/u>\u00a0<\/span>Foodstuffs NZ\u00a0adopted the practice of using photovoltaic panels for their distribution centers along with carbon dioxide refrigeration gases. They have reduced refrigerant gas-related emissions by 99%. Along with that, the reduction of waste to landfills is by 45%, most of which is diverted to other uses to optimize zero food waste. A “food in the nude” program has encouraged the suppliers to reduce plastic production yearly by 3.4 tons.\u00a0<\/span>The company also redesigned its transport operations, for instance, by improving truck utilization, optimizing routes, and reducing the number of empty trucks on the road. Transport in New Zealand accounts for around 18% of total GHG emissions, and Foodstuff NZ took this as an opportunity to address emissions from its transport fleets.<\/span><\/p>\n

It’s possible to put lofty sustainable goals into practice by revisiting how businesses run, from their operational processes to innovation.\u00a0<\/span>Here are some strategies that you can adopt to reduce the carbon footprint:\u00a0<\/span><\/p>\n