Editor's note: GreenBiz Group's Jan. 14 webcast (Business in the Age of Climate Change) featured speakers (Ford's John Viera, WWF's Matt Banks and author Andrew Winston) who discussed the business risks associated with the closing climate change window. Read about what was discussed during the webcast here.
The window companies have to address climate change is rapidly closing, putting their operations increasingly at risk.
Despite Hurricane Sandy, a prolonged drought in the U.S., and several reports highlighting the need for urgent carbon cuts, companies are still failing to take action, Matthew Banks, senior program officer at WWF U.S. told the audience at the annual North American International Auto Show conference in Detroit.
Speaking at an event hosted by Ford and titled "Business in the Age of Climate Change," Banks said the U.S. private sector accounts for around 66 percent of the country's emissions, and would need to reduce emissions by around three percent each year to 2020 in order to align with the global goal of an 80 percent cut on 1990 levels by 2050.
He added that many pioneering firms, such as the the 30 companies that make up WWF's Climate Savers initiative, including Nike, Coca-Cola and Volvo, are delivering deep emissions cuts -- and have avoided 100 million metric tons of emissions since the program began in 1999.
However, Banks warned most businesses are failing to set emissions targets or make sufficient investments in energy efficiency and renewable energy, despite "a significant amount of savings to be realized." This is likely to result in businesses facing greater costs in the future as they are forced to deliver deeper emissions cuts and adapt to severe climate impacts.
Next page: Cuts and innovation needed