By BOB ISAKSEN //
The urgency around global warming and climate change is increasing worldwide – and especially so here on Long Island, where rising sea levels, severe weather events and changing ocean temperatures threaten homes and livelihoods.
According to the recent UN Climate Change Report, limiting human impact on global warming requires reaching at least net-zero carbon dioxide emissions. Public and private entities are feeling pressure to reduce their carbon footprints, leading many companies to commit to net zero.
Long Island businesses can help lead the way, driving innovation and sustainable growth while combatting climate change. Once a company balances its emissions with offsets, it has achieved carbon neutrality – the next step, net zero, happens when the company becomes carbon-neutral across its entire supply chain.
There are financial benefits, too – new research by the NYU Stern Center for Sustainable Business and others shows that sustainability initiatives drive better financial performance.
While these goals seem lofty, companies can start by making small, incremental changes. There are several initiatives companies can consider when creating their net-zero plans.
The first involves improving facility and fleet functionality. Changes such as reducing facility square footage, making facilities LEED-certified and reducing water and paper usage go a long way toward reducing climate impact. Ongoing advancements in electric-vehicle technology are enabling businesses to electrify their fleets, further lowering energy costs and dramatically reducing carbon emissions.
Bob Isaksen: Emission mission.
Making operational changes can also help. Installing geothermal heat pumps and purchasing renewable electricity are relatively simple operational offsets; making the switch to solar or wind power can also have a significant effect and prove cost-efficient in the long run.
Companies can also support grid decarbonization. Some companies have benefited from installing clean-energy technology to power their facilities, and then selling the excess capacity to other companies that wish to purchase offsets for their emissions.
Here on Long Island, companies are also supporting growth in renewable energy by investing in workforce development and training initiatives, such as the United Way of Long Island’s Power Up Wind, Solar & Renewables program.
There are many concrete steps businesses can take to demonstrate leadership in climate action and contribute to a low-carbon economy. To get started, executives should look across operations and their entire supply chain to identify potential carbon-reduction opportunities.
An audit is a great way to determine what a company can do on its own and what might require additional financing, such as purchasing renewable energy. As Long Island’s renewable-energy economy grows, more businesses will be able to take this important step.
Executives should consider offsets as an easily attainable pathway to decarbonization. Companies unable to eliminate carbon emissions can offset them; simple steps include buying excess solar power capacity from producers, reducing waste sent to landfills by purchasing 100 percent recycled products and selecting vendors that have reduced their carbon outputs.
If it’s not possible to become carbon-neutral across its entire supply chain, a company can still be part of the solution by investing in projects like refurbishing forests and supporting conservation of our marine ecosystems, which can also boost carbon with the help of robust algae and phytoplankton populations.
Long Island businesses can also support environmental efforts by encouraging employees to volunteer their time to organizations such as the Riverhead-based New York Marine Rescue Center. The center was recently named a Bank of America Neighborhood Builder, receiving funding and leadership-development opportunities to bolster its ecological-conservation and animal-rehabilitation efforts.
By implementing initiatives like these, companies can have a positive impact on the planet – and themselves – now and in the future.
Bob Isaksen is a business banking market executive at Bank of America.
