Violeta Gevorkjan, Decarbonisation and Sustainability Expert at HeavyFinance, looks at the role of quantifying and measuring climate actions in the transition to clean energy.
With rising temperatures impacting cities worldwide, and most prominently, the world powerlessly watching the fires in Rhodes unfold, the fight against climate change has reached a critical juncture.
As the urgency to combat global warming grows, the concept of carbon credits has also gained momentum as businesses globally are increasing their response to public concerns, client demands, and the need to embrace sustainability. They are now taking matters into their own hands by reducing their own carbon footprint.
Reliable metrics and comprehensive data surrounding climate change are proving crucial as they not only help track progress, but also shape effective policies, mobilise investment, and encourage collaboration among stakeholders.
Therefore, the role of quantifying and measuring climate actions cannot be overlooked in the global transition to a low-carbon economy.
Accountability and transparency
Establishing clear and standardised metrics for measuring climate actions is vital to hold governments, businesses, and individuals accountable for their commitments. Transparent reporting mechanisms foster trust among stakeholders and encourage greater participation, as well as facilitate international co-operation.
With measurable data, the effectiveness of various climate actions and initiatives can be assessed, allowing for informed decisions on where improvements are needed to be made.
Evidence-based decision-making
Accurate measurement provides various decision-makers with essential data to design and implement effective climate policies. Understanding the emissions footprint and the impact of different climate actions enables policymakers to prioritise investments, set ambitious targets, and strategically allocate resources.
Furthermore, with a robust measurement framework in place, successful strategies can be identified, facilitating the replication and scaling up of any impactful initiatives.
Keeping observations can also help with a variety of predictions, such as the amount of rainfall expected next summer or how far sea levels will increase due to warmer temperatures. Following Rhodes, measurements can be used to pick up when or where else fires could occur.
Measuring climate actions such as carbon sequestration is too important in revealing how such efforts are benefitting the wider planet.
Investor confidence and market transformation
Funding and investors play an important role in helping drive the transition to a low-carbon economy. By providing investors with accurate and reliable metrics, their ability to assess risks and opportunities is enhanced.
The UK Government has also recently launched a £50m Research Ventures Catalyst fund, which has combined efforts from the government and private and philanthropic investors, to bolster cutting-edge research in tech and science. Such funding will encourage innovators to explore and take new approaches to R&D in the fight against climate change with confidence.
Robust measurement frameworks can also build investor confidence, encouraging sustainable investments and redirecting capital away from high-carbon activities. In consequence, this unlocks the potential for market transformation, fostering the development of innovative technologies, and sustainable business models.
Global collaboration and ambition
Achieving net-zero emissions requires unprecedented collaboration on a global scale. Measuring and quantifying climate actions provide a common language and shared understanding across nations, facilitating co-operation and knowledge-pooling.
Consistent metrics enable benchmarking and comparison, fostering healthy competition among countries and encouraging them to raise their ambitions. A collective commitment to comprehensive measurement frameworks can also play a key step in maximising the potential of international climate agreements such as the Paris Agreement.
Providing high-quality carbon credits
Prioritising the accuracy, verification, and high value of carbon credits is thus essential.
Implementing practices and monitoring systems to ensure credibility, such as regular soil sampling and personalised advice for farmers to enhance soil health and carbon sequestration, is crucial to both the confidence of investors and battling global warming.
A scientific approach to soil management and carbon measurement not only builds trust in the quality of generated carbon credits, but also reinforces transparency, accountability, and continuous process improvement along the pipeline.
Measuring climate actions offers critical benefits
The battle to achieve net-zero emissions and combat climate change requires a combined global and data-driven approach. Measuring and quantifying climate actions offer several critical benefits, ranging from accountability and transparency to investor confidence and global collaboration.
By relying on reliable metrics and comprehensive data, decision-makers can design effective policies, businesses can demonstrate their commitment to sustainability, and nations can work together to accelerate the transition to a low-carbon economy.
The importance of measurement cannot be overstated, as it lays the foundation for a sustainable future and ensures a shared responsibility in safeguarding our planet for generations to come.