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Going Net Zero—Case Studies of How Firms Are Managing the Challenge of Ambitious Emissions Reduction Aspirations

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A special issue of Sustainability (ISSN 2071-1050).

Deadline for manuscript submissions: closed (1 May 2022) | Viewed by 20208

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Special Issue Editors

Dr. Paul Dargusch

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Guest Editor

School of Earth and Environmental Sciences, University of Queensland, St Lucia, QLD 4072, Australia
Interests: carbon trading; agriculture; climate change; drought; diversification
Special Issues, Collections and Topics in MDPI journals

Dr. Genia Hill

E-Mail Website
Guest Editor

The Carbon Hub, Brisbane 4072, Australia
Interests: climate change mitigation and adaptation

Dr. Arief Rahman

E-Mail Website
Guest Editor

School of Earth and Environmental Sciences University of Queensland, St Lucia, QLD 4072, Australia
Interests: climate change mitigation and adaptation

Special Issue Information

Dear Colleagues,

We invite you to submit high-quality research manuscripts for this Special Issue of Sustainability on “Going Net Zero: Case Studies Analysing Firms’ Strategies for Managing the Challenge of Emissions Reduction Aspirations”.

There are increasing drivers for organisations to pursue emissions reduction measures and eventually reach Net Zero emissions. In the aftermath of COP26 in Glasglow, and after numerous declarations of corporate emissions reductions, a rigourous assessment of these efforts is both timely and necessary.

Topics of interest for this Special Issue include:

Corporate Net Zero Strategies and Frameworks;
Net Zero Methodologies;
Corporate Carbon Abatement Strategies;
Carbon Trading Innovation;
“Corporate Carbon” Lessons Learned and Best Practices;
Policy Analysis for Net Zero;
Net Zero Innovation, etc.

The case study model has scarcely been employed to assess emissions reduction measures, and so this Special Issue aims to improve the scholarship on practical Net Zero progress and build a strong foundation from which to assess corporate carbon reductions. Firms (particularly those in the private sector) are key to progressing global-scale climate change mitigation. As they increasingly begin to stride towards Net Zero emissions, we aim to build a rigorous foundation to support this vital progress and establish best practices and critical analysis to optimize firm pathways to Net Zero.

Please join me in this key climate mitigation effort.

Sincerely,

Dr. Paul Dargusch
Dr. Genia Hill
Dr. Arief Rahman
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

net zero
corporate sustainability
climate change mitigation
carbon trading

Published Papers (5 papers)

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Research

22 pages, 1442 KiB

Open AccessArticle

What Can Machine Learning Teach Us about Australian Climate Risk Disclosures?

by Callan Harker, Maureen Hassall, Paul Lant, Nikodem Rybak and Paul Dargusch

Sustainability 2022, 14(16), 10000; https://doi.org/10.3390/su141610000 - 12 Aug 2022

Cited by 3 | Viewed by 1840

Abstract

There seems to be no agreed taxonomy for climate-related risks. The information in firms’ climate risk disclosures represents a new resource for identifying the priorities and strategies of Australian companies’ management of climate risk. This research surveys 839 companies listed on the Australian Stock Exchange for the presence of climate risk disclosures, identifying 201 disclosures on climate risk. The types of climate risks and the risk management strategies were extracted and evaluated using machine learning. The analysis revealed that Australian firms are focused on acute physical climate risks, followed by market and regulatory risks. The predominant management strategy for these risks was to use a risk reduction approach, rather than avoiding or transferring risk. The analysis showed that key Australian industry sectors, such as materials, banking, insurance, and energy are focusing on different mixtures of risk types, but they are all primarily managing risks through risk-reduction strategies. An underlying driver of climate risk disclosure was composed of the financial implications of climate risk, particularly with respect to acute physical risks. The research showed that emission reductions represent a primary consideration for Australian firms in their disclosures identifying how they are responding to climate risk. Further research using machine learning to evaluate climate risk disclosure should focus on analysing entire climate risk reports for key topics and trends over time. Full article

(This article belongs to the Special Issue Going Net Zero—Case Studies of How Firms Are Managing the Challenge of Ambitious Emissions Reduction Aspirations)

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10 pages, 1199 KiB

Open AccessArticle

How Meaningful Are Modest Carbon Emissions Reductions Targets? The Case of Sumitomo Electrical Group’s Short-Term Targets towards Longer-Term Net Zero

by Natalie Warzywoda, Paul Dargusch and Genia Hill

Sustainability 2022, 14(7), 4287; https://doi.org/10.3390/su14074287 - 04 Apr 2022

Viewed by 1642

Abstract

Japan is one of 196 parties who adopted the Paris Agreement and is committed to reducing greenhouse gas emissions to achieve net zero by 2050. Greenhouse gas emissions are predicted to increase global temperatures by +3.8° in 2100 under RCP8.5. In response to the Paris Agreement, Sumitomo Electrical Industries Ltd. (Osaka, Japan, 107-8468) (a Japanese manufacturing company) has committed itself to being net zero by 2050. The aim of this research was to determine the overall GHG reductions of SEI to evaluate whether they have met their sustainability development goals and emissions reductions target. Evaluation of the GHG targets pledged by SEI was performed using secondary data analysis from their most recent company sustainability report. They estimated 1,372,000 tons of CO₂-eq emissions in 2019 for the company globally. This accounted for scope 1 and 2 emissions estimates. They implemented a conservative target of a 0% change in emissions between 2017–2019, but recorded a reduction of 13%. Summitomo Electrical Industries Ltd. implemented transport changes, energy savings, and developed ‘ECO’ products to meet their sustainability and carbon management goals. SEI have demonstrated that modest targets can lead to meaningful carbon emissions reductions through potentially low-cost, easily implemented, and accessible options. Addressing the target of net zero, however, will only be addressed in large-scale emissions reductions practices which will be the determining factor for SEI’s ambitions of net zero by 2050. Their conservative approach shows that there is room for more ambitious carbon management within Summitomo Electrical Industries. Moving forward, several carbon emissions management actions can be implemented to further reduce emissions including carbon capture and storage, purchasing offsets, and investment in renewable energies. There are limitations to this desktop study including data reliability. However, this is a useful first step for investigating carbon management performance. Full article

(This article belongs to the Special Issue Going Net Zero—Case Studies of How Firms Are Managing the Challenge of Ambitious Emissions Reduction Aspirations)

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10 pages, 1366 KiB

Open AccessArticle

Analysis of How Energy Companies Pledge and Attempt to Reduce Their Greenhouse Gas Emissions in Line with National Targets on Climate Change: A Case Study of the Petroleum Authority of Thailand (PTT)

by Edoardo Sperone, Paul Dargusch and Genia Hill

Sustainability 2022, 14(6), 3600; https://doi.org/10.3390/su14063600 - 18 Mar 2022

Viewed by 1920

Abstract

While climate change is increasingly more present in political agendas, companies are called to restructure their businesses to meet national targets by reducing their greenhouse gas (GHG) emissions. Thus, carbon management practices are nowadays critical for most firms, especially those working in the energy sector. PTT represents a peculiar case in this field because it is a state-owned company that in the last few years accounted for 157.83 MtCO₂e per year, though it has not yet taken significant action to reduce its emissions. As Thailand pledged to abate 20% of its GHG emissions within 2030, PTT set out its Climate Change Management plan, yet this still does not contain specific measures or projects that the company intends to undertake to meet the target. This paper thus provides estimations regarding the alternatives available to PTT by applying current academic literature and knowledge on PTT’s reduction plan, and by integrating it and verifying it with data retrieved from PTT’s competitors’ reduction plans. It was found that PTT could cover 6–10 MtCO₂e per year at the cost of USD 5–10 per tCO₂e by continuing to fund REDD+ projects. Moreover, investing in renewable energy leads to a reduction of 21.7 MtCO₂e per year at the cost of USD 2.85 billion. Lastly, it was shown that PTT could obtain a reduction of 3 MtCO₂e per year by implementing CCUS technologies, potentially at a lower cost compared with the current USD 20–25 per tCO₂e abated. This paper also discusses the long-term market implications of each of these alternatives. Full article

(This article belongs to the Special Issue Going Net Zero—Case Studies of How Firms Are Managing the Challenge of Ambitious Emissions Reduction Aspirations)

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10 pages, 1364 KiB

Open AccessArticle

Assessing How Big Insurance Firms Report and Manage Carbon Emissions: A Case Study of Allianz

by Chloe Dawson, Paul Dargusch and Genia Hill

Sustainability 2022, 14(4), 2476; https://doi.org/10.3390/su14042476 - 21 Feb 2022

Cited by 13 | Viewed by 4769

Abstract

Carbon management is an important topic for investigation to ensure the accountability of firms in meeting Paris Agreement targets. Transparency and rigorous scrutiny are needed to keep industries on track to accomplish a reduction in greenhouse gas emissions. To maintain a healthy environment, and promote human and ecosystem health, it will be vital to limit global warming to below 2 °C. Allianz presents a good example of carbon management as they are a leading insurance firm that utilises the Global Reporting Initiative (GRI) standards to report their greenhouse gas emissions. Allianz has promoted important initiatives such as the Net-Zero Climate Alliance and made an array of pledges that promote net-zero business operations by 2050. In 2020, Allianz reported greenhouse gas emissions equivalent to 384,178 tCO₂, a 31% reduction in their emissions compared to 2019 figures. Procuring carbon credits is the main mechanism that Allianz has used to reduce their reportable emissions, as well as making investments into renewable energies—wind and solar. This study is limited by the information provided by Allianz and the accuracy in which they have reported their greenhouse gas emissions and emissions reductions. In the last reporting year, Allianz produced the greatest carbon emissions in the EU/USA insurance sector, producing 189,061 tCO₂e more than their closest competitor. To achieve net-zero emissions, Allianz will need to increase their investment into carbon offsets and transition to 100% renewable energy use, while concurrently reducing their investment into coal and gas mining industries. This research gives an insight into the greenhouse gas emissions being produced by insurance/investment firms while also detailing the emissions reduction methods that are being employed. This study synthesises scientific literature with business reports to present a detailed account of industry carbon emissions, emissions reductions, and overall progress towards meeting net-zero pledges, in line with Paris Agreement targets. The recommendations made in this study are based on the information provided by Allianz and are designed to be within the scope of what would be possible for this firm. The aim of this study was to determine the actions and issues in the process of carbon management with a specific focus on Allianz. Key objectives of this research are: 1. To determine the net-zero pledges made by Allianz; 2. To determine the carbon emissions and emissions reductions made by Allianz compared to other firms in the sector; and 3. To determine how these emissions reductions have been achieved. Full article

(This article belongs to the Special Issue Going Net Zero—Case Studies of How Firms Are Managing the Challenge of Ambitious Emissions Reduction Aspirations)

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12 pages, 826 KiB

Open AccessArticle

Carbon Management behind the Ambitious Pledge of Net Zero Carbon Emission—A Case Study of PepsiCo

by Duan Qian, Paul Dargusch and Genia Hill

Sustainability 2022, 14(4), 2171; https://doi.org/10.3390/su14042171 - 14 Feb 2022

Cited by 5 | Viewed by 8924

Abstract

Since the industrial revolution, greenhouse gas emissions caused by human activities have posed an unprecedented global challenge to social development and impact on the natural environment. With the growing awareness of environmental protection and the promotion of international cooperation mechanisms, there is a global consensus to control greenhouse gases. In order to avoid irreversible and catastrophic climate change, there is an urgent need for more companies to take action and make credible commitments to combat climate change and carbon reduction goals aligned with the Paris Agreement and the UN Sustainable Development Goals. As one of the largest and most influential international food and beverage companies with a range of well-known brands, PepsiCo has made ambitious commitments to science-based climate goals, including reducing GHG emissions from its direct operations by 75% against the 2015 baseline and reducing GHG emissions across its indirect value chain by 40% by 2030, as well as setting an ambitious new target to achieve net-zero emissions by 2040. PepsiCo has incorporated carbon reduction and climate strategies in all focus areas across its value chain, accelerating its work on broadening the scale of sustainable agriculture and regenerative farming practice; reducing plastic use and increasing the use of recycle and renewable materials as well as adopting low-carbon alternatives; developing efficient and alternative solutions in transportation and distribution; shifting to renewable electricity and fuels in manufacturing and fleet. Up to 2021, PepsiCo has achieved a 23% of the absolute emissions target of reducing Scope 1 and Scope 2 emissions and 7.9% of the absolute emissions target of reducing Scope 3 emissions. This research aims to evaluate the performance of PepsiCo on achieving their carbon reduction targets based on the analysis of the reported carbon estimates and reduction strategies, and also provides future strategic suggestions and guidance by adopting case study analysis. Although PepsiCo has reported great progress in reducing carbon emissions, further efforts are needed to achieve these goals. Full article

(This article belongs to the Special Issue Going Net Zero—Case Studies of How Firms Are Managing the Challenge of Ambitious Emissions Reduction Aspirations)

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