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Decarbonization: Definition and Scope for Industries

In layperson terms, decarbonization is the process through which the carbon intensity is reduced. It is a process of reducing the overall greenhouse effect that is wreaking havoc throughout the planet by increasing the planet’s average temperature resulting in the melting of polar ice caps and climate changes all over the world.

What is the end goal and definition of decarbonization?  In simple words, it is to achieve the net-zero figure, which could potentially stop and reverse the effects of greenhouse gases on the planet and ensure a secure future for the generations to come. 

Problems Caused by increased Release of Greenhouse Gases

Greenhouse gases have a devastating effect on the planet’s ecosystem. By increasing the overall temperature, it has created a dangerous domino effect that can alter the course of the future for the worse unless addressed immediately. 

Here’s how it impacts the planet:

  • The melting of polar ice caps are increasing the sea levels, which can put millions at risk of being displaced in the future
  • The resulting increase in temperature is creating problems such as increased floods and droughts in many parts of the globe
  • The rise in sea levels would erase many coastal cities around the globe in the future
  • The greenhouse effect as a result of increased carbon activity is wreaking havoc on the planet’s ecology

What can the industry do as a Whole?

Industries all over the globe can do much about the issue if they start investing in innovative technologies and sustainable business models that are capable of hitting higher growth numbers without damaging the planet. 

To achieve this, businesses would need to rope in investors and stakeholders and garner their support to implement the necessary changes to make their businesses more environmentally friendly. 

On the other hand, governments need to help businesses make these changes by implementing policies that incentivize the effort towards achieving lower carbon emissions. 

This would ensure that businesses have the necessary support of investors and stakeholders who often put pressure on these businesses to keep hitting higher growth numbers without much care for the planet. 

Here are a few steps that need to be put in effect: 

  1. Switching to cleaner energy sources: companies need to invest in cleaner energy sources that don’t cause damage to the planet’s atmosphere. Moreover, fossil fuels aren’t a sustainable energy source for the longer run, as sooner or later we are sure to run out of it, but not before they cause irreversible changes due to their carbon footprint, which is a cause for worry. 
  1. Investing in Innovation: Technologies such as digitization and artificial intelligence can help companies reduce their overall carbon footprint. Businesses need to invest in more of such technologies that are promising in nature and have the potential to keep a business profitable by reducing the costs; moreover, they can help turn the tables when it comes to tackling the issue of decarbonization. 
  1. Developing the Right Partnerships: It is crucial for companies to develop relationships with reputed partners, such as a reputed electrical brand, for e.g. This would help implement better technologies in place that are more geared towards sustainability. 

Decarbonization and achieving the net-zero figure are critical to the future of the planet. Not addressing this issue or tackling it as soon as possible is not going to help anyone. As governments all over the world implement policies to ensure that they move towards sustainable development goals, it is equally important for industries to join the fray and move towards business models that not only care about the growth trajectory but also the environment

Therefore, it’s time for an overhaul in the way the industry operates, so that future generations can breathe continue to live on a planet that loves them back! 

Red Note: 30 September 2022

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