Many businesses have the best of intentions when it comes to climate change. More than a third of the largest global companies have committed to net zero carbon emissions by 2050, according to a report from Accenture and the World Economic Forum.
Yet two-thirds of those companies don't have a plan in place to reach their climate goals, according to research from British firm Net Zero Tracker.
Worse yet, nearly all the companies that committed to net zero will fail to achieve their goals if they don't double the pace of their emissions reduction by the year 2030, according to the Accenture/World Economic Forum report.
But, there are two pieces of good news.
First, many companies have the tools they need to accelerate decarbonization and other environmental, social, and governance (ESG) initiatives.
Second, about half of organizations are already adapting their business models to reduce carbon emissions, conserve natural resources, and minimize waste, according to a recent survey from ThoughtLab and ServiceNow, which polled global executives on their ESG progress.
According to these findings, companies should use digital systems and processes to track, measure, and reduce carbon emissions. Only then can they bridge the gap between real emission reductions and good intentions.