Is business ready to take responsibility for climate change?

As we approach the new decade of 2020, the conversation around climate change has never been more critical. The urgency to address the risks and challenges posed by climate change requires immediate action and collaboration from governments, businesses, and the civil society. Tim Palmer, a Royal Society Research Professor of Climate Physics at the University of Oxford, and Rachael Akosua Antwi, a Climate Change and Sustainability Advisor at KOA Capital, recently shared their insights on this pressing issue during a live interview on CNBC Africa. The rate of damaging climate change is accelerating at a pace that may not be immediately apparent to most individuals. According to Tim Palmer, the changes are occurring over timescales that may seem slow in comparison to our day-to-day experiences but are significant when viewed over larger periods. The impact of climate change is manifesting in various ways, such as deadly heatwaves with extreme temperatures and humidity levels that pose existential risks to human life. One of the concerning examples highlighted by Palmer is the potential disappearance of the Amazon forest in the coming decades. The fundamental change in climate conditions and the severity of heatwaves are clear indicators of the urgent need for action to mitigate the impact of climate change. The increasing frequency of these extreme weather events underscores the critical importance of addressing climate change promptly and effectively. Rachael Akosua Antwi emphasized the role of businesses in taking responsibility for their contributions to emissions and environmental damage that fuel climate change. While businesses may have previously shifted the responsibility to governments, the scientific evidence is now unequivocal in linking corporate actions to environmental harm. Antwi stressed that companies must be held accountable for the damage they cause, and investing in sustainable practices is essential for long-term viability and profitability. The cost of addressing environmental damage and transitioning to sustainable business practices is a significant concern for many companies, especially amid economic challenges. However, Antwi pointed out that the consequences of inaction far outweigh the costs of implementing responsible environmental strategies. The shift towards sustainable practices not only benefits the environment but also contributes to improved business resilience and profitability. The discussion also touched upon the distribution of responsibilities between states and businesses in addressing climate change. Both Tim Palmer and Rachael Akosua Antwi agreed that companies emitting CO2 into the atmosphere bear a substantial burden of responsibility. Fossil fuel companies and major polluters must invest in technologies that mitigate their environmental impact, such as carbon capture and renewable energy sources. Looking ahead, the need for collaboration between governments and businesses becomes increasingly crucial in combating climate change. Tim Palmer outlined a compelling example of how countries like Australia could leverage their abundant solar energy resources to produce renewable fuels like synthetic kerosene. By incentivizing the use of renewable energy sources through policies and taxation, governments can encourage businesses to transition to sustainable practices. In regions like Southern Africa, where coal-fired power stations dominate the energy landscape, there is a growing imperative to shift towards renewable energy sources like solar and wind power. The decreasing costs of renewable energy technologies make a strong case for transitioning away from fossil fuels and reducing carbon emissions to combat climate change effectively. As the world grapples with the devastating impact of climate change, there is a call for hope and collective action. The current environmental crises, such as the Australian bushfires, underscore the urgent need for industries to focus on clean energy solutions and environmental remediation. Rachael Akosua Antwi emphasized the importance of raising awareness and consciousness about the human-induced nature of climate change to drive meaningful and sustainable solutions. The interview with Tim Palmer and Rachael Akosua Antwi highlights the critical role of businesses in addressing climate change and the necessity for immediate and collaborative action to mitigate its catastrophic effects. As we stand at the dawn of a new decade, the urgency to confront climate change has never been more pressing, and the responsibility lies with governments, businesses, and society as a whole to act decisively.