COP25, held in Madrid in December 2019, failed to define the rules to implement the Paris Accord. With the United States and Brazil withdrawing from the Paris Agreement and others increasing coal-fired generation, the 2015 political consensus underlying the Paris according is shattering. Still, some argue that environmental activism seen in municipalities and non-federal entities around the world—and the focus on sustainability emerging in the financial sector—represent a thousand points of light. How can industry, the financial sector, and environmental activists most effectively support a sustainability agenda that is itself sustainable?
Thousands of companies, universities, and cities have announced “Paris-compliant” emissions targets. Oil and gas companies used to concentrate on operational emissions (Scope 1) and resist setting goals for emissions relating to the use of their products (Scope 3). But this is changing. How do you define net-zero? Can Scope 3 emissions be meaningfully measured and managed? Whose responsibility are these emissions anyway?