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Putting What Works into Action: Bloomberg’s NetZero Pathfinders

In 2021, the Bloomberg New Economy Climate Council focused on mobilizing cross-sector actors and informing successful climate policies as the private sector perspective contributing to the creation of NetZero Pathfinders, a one-stop shop and public resource for policy makers that simplifies the search for climate solutions, providing real-world case studies to help governments find their path to net zero.

The interlocking complexities of solving the climate challenge often lead to confusion and stasis, even as greater progress is urged by business, science and society. Misalignment across different layers of government and stakeholders in industry, finance, and civil society make change even harder. The NetZero Pathfinders tools finds order in the chaos by identifying four key pillars in any net zero strategy:

  1. Accelerate deployment of mature climate solutions
  2. Support the development of new climate solutions
  3. Manage the transition or phase-out of carbon intensive activities
  4. Create appropriate climate transition governance structures

Though regulation tends to lag behind private sector initiative, the fight against climate change requires that we turn that dynamic on its head. It is clear policy must take the lead or face the consequences of a disorderly green transition.

What value is there in a tool like NetZero Pathfinders? Our Climate Council members weighed in:

Enrique De Las Morenas Moneo, Head, Competitive Intelligence, Market Studies and Strategic Analysis, Enel Global Power Generation

Social changes and awareness have made governments and corporates react alike to accelerate the decarbonization. Despite a general alignment of political intentions and strategies, their deployment lacks the speed to accomplish the net zero transition. Meanwhile, the financial and corporate world have shown the capacity to embrace the necessary changes at the required speed. Notwithstanding this, there are clear laggards that are being favored by complacent politics, evidenced by the fact that fossil fuel subsidies around the world continue to be very significant.

NetZero Pathfinders may prove key to confront decarbonization strategies around the world, helping governments take the right decisions. Decarbonization initiatives from governments and the corporate world are frequently misaligned and do not reinforce one another.

Bob Litterman, Chairman, Risk Committee & Founding Partner, Kepos Capital:

“Climate change is a tough challenge because it requires a globally coordinated governmental response in order to rapidly transform all economies to the netzero path that is required. The first and most important step is for national governments to create the strong globally harmonized incentives required to reduce emissions. Only then can the market forces guide appropriate economic decisions. Meanwhile local governments must focus on hardening infrastructure and insuring against the growing physical risks created by increasingly hazardous extreme weather, sea level rise, droughts, wildfires, and so on. The Netzero Pathfinders tool cover all bases.”

T V Narendran, CEO & Managing Director, Tata Steel:

“Greenhouse gas emissions are embedded in every aspect of our daily lives—power, transportation, buildings, agriculture, manufacturing, supply chains, consumer products etc. Individual/local efforts will be crucial, but ultimately, a broader transformation of society is warranted, as this is fundamentally a “system-of-systems” issue. Advancement in availability and affordability of near zero technologies and conducive government policies are the two single largest factors which will determine how soon we reach carbon neutrality. The current state of national developmental ambitions across geographies, climate change mitigation and adaptation R&D, and financial mobilization, still necessitates alignment across the board to make meaningful progress. Wildfires in California, floods in China, cyclones in India have disrupted businesses across the globe and have provided ample evidence that the time to act on physical manifestations of climate change is right now. Humanity cannot procrastinate this action any further. This is where a platform like Bloomberg NetZero Pathfinders provides a unique single point interface for policy makers, businesses, financial institutions and civil society to gain insights on best practices and actionable solutions.’’

Josephine Wapakabulo, Founder and Managing Director, TIG Africa; CEO, Downforce Technologies:

“COP26 has determined that the private sector and governments need to work together to achieve mitigation and adaptation solutions. In addition to that Nature-based solutions, driven by land stewardship, are critical and need to go hand-in-hand with technology to achieve mitigation and adaptation. The value of NetZero Pathfinders is having a central resource that allows pragmatic and solution-orientated policies and best practices to be easily accessed in one place. The addition of more case study success stories will only enrich the information already available.”

 

 

 

 

 

 

 

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