According to the US National Center for Environmental Forecasting, last Monday, July 3rd, was the hottest day in world history. On that day, the global temperature reached 17.01 degrees Celsius for the first time, beating the record set in August 2016 when it was 16.92 degrees. Just one day later, on Tuesday, July 4th, this record was broken again: the temperature rose by another 0.17 degrees.
The heatwaves that have ravaged various parts of the world have left their mark of pain and economic loss: more than 100 people have died in Mexico, where temperatures have reached 45 degrees Celsius. The UK experienced the hottest June on record and people in Asia, Spain and other places are also suffering from extreme weather conditions.
Humanity is currently facing an unprecedented climate crisis. The scientific community has warned of the dangers of global boiling, a term used by the United Nations to describe the Earth’s rapid and dangerous warming. Faced with this reality, companies play a crucial role in the fight against climate change and in the quest for environmental sustainability. They justify the importance of adapting production and business operations to mitigate and adapt to the deterioration of climate change, taking into account ASG (environmental, social and governmental) criteria. Basic tools to manage this transition to a more sustainable future, or face the consequences.
Companies need to understand the environmental impact of their operations and products, and what it means to measure and disclose their greenhouse gas emissions and other relevant environmental indicators, to name just a few. Transparency is essential to build consumer and investor trust, leading to greater acceptance and support for sustainable initiatives.
It is imperative to promote an internal company culture geared towards reducing the carbon footprint, not as a fad, but as a strategic measure with the aim of sustainability and even company survival. This includes adopting more efficient practices in energy use, promoting sustainable transport and introducing clean technologies into production processes. Energy efficiency and the use of renewable energy sources are decisive steps that even mean significant savings for the organization in the medium term.
Businesses need to adopt a circular economy approach to ensure their products and materials are used more efficiently and waste is reduced. In addition, there is a need to take responsibility for the product’s life cycle, from the responsible extraction of raw materials to the end of its useful life, including opportunities for recycling and reuse.
Innovation plays a key role in adapting to climate change. Today, more than ever, there is a need to invest in research and development of more sustainable technologies and practices. In this way, they not only benefit themselves, but also society as a whole.
Non-financial criteria (ESG) are essential and companies must integrate them into their decision-making and operations to ensure their practices are ethical, responsible and aligned with sustainable development goals. This is the most important and fundamental pillar to protect our planet and therefore our lives.
The global recovery is a call for companies to take a more responsible and sustainable approach to their production and operations. Adaptation to climate change is an imperative and companies play a key role in this transformation. By measuring and reducing their carbon footprint, using the circular economy, investing in research and development and taking ESG criteria into account, they can lead the way to a more sustainable future and make a significant contribution to the fight against climate change. Corporate responsibility is not only a moral obligation, but also an opportunity to create long-term value for its shareholders, employees and society as a whole.
