Sustainability myths based on misunderstanding can serve as excuses not to do more or ask more questions, when now is the time for action and invention.When it comes to sustainability, environmental restoration and social justice, myths can be harmful. Myths based on misunderstanding can serve as excuses not to do more or ask more questions, when now is the time for action and invention.
We shouldn’t view this spending as a cost—in many ways, it's actually an investment, it creates opportunities for growth and avoids the build up of physical risk and reduces the odds of initiating the most catastrophic effects of climate change. It's also important to remember, the world may actually be able to afford this. We've seen from other research that we've done that the balance sheet of the world has substantially tripled over the last 20 years.
What are the actions business leaders can take now to ensure their businesses can sustain and thrive in the transition? The first thing that companies should consider doing is to do a robust full potential assessment. Based on those assessments, [they can] develop plans for both decarbonization, but also navigating these risks and opportunities. Depending on the nature of business, the focus may be on their Scope one emissions, or on their Scope three emissions. It may not be about their own emissions at all, but rather about their very business models and the nature of their products.
So one of the questions that companies need to ask themselves is, for each function in the organization, do they understand how that function would evolve if climate considerations were taken into account? Our hope is that through putting out this kind of fact-base [report], it can drive, inspire greater and more thoughtful, more decisive action. We need that action for two reasons. One is, of course, the avoidance of physical risks.
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