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Reaching Net Zero by 2050

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Reaching Net Zero by 2050

  1. 1. Reaching NetZero by2050 European businesses can—and must—accelerate their efforts
  2. 2. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 2 The European business community is ready to race to net zero The European business community agrees it’s time to speed up efforts to reduce greenhouse gas emissions. Thecall toaction isclear—but the journeytonet zeroisnot. Our research shows that European companies are making a commitment to achieve net zero. But despite these ambitions, most are falling short. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 2
  3. 3. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 3 Motivation is high There are some signs of progress. Evenwithout regulatoryrequirements inplace, corporate commitments to net zeroemissions are accelerating. A growing number of European companies are setting a goal of net zero carbon emissions by 2050—the deadline called for in the 2015 Paris Climate Agreement. Almost one-third of the 1,000+ largest listed European companies aim to reach net zero by 2050. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 3
  4. 4. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 4 Average years to net zero target by industry 16 17 18 19 20 22 23 23 23 24 27 27 2030 2035 2040 2045 2050 % of companies with net zero target Av. net zero target year (scope 1, 2, 3) Information & communications 29% 2037 Professional services 15% 2038 Real estate 33% 2039 Retail & consumer services 22% 2040 Oil, gas & chemicals 35% 2041 Finance 38% 2043 Manufacturing 24% 2044 Construction 24% 2044 Utilities 48% 2044 Transportation & storage 36% 2045 Mining, metals & minerals 37% 2048 Automotive 42% 2048 High carbon- intensity Medium carbon- intensity Low carbon- intensity 2044 2045 2040 Average net zero target year Based on sample of 1,022 companies listed on European stock exchanges: 269 on the FTSE, 228 on the Deutsche Börse, 237 on la Bourse de Paris (Euronext Paris) and 288 on other Euronext exchanges; with a total of 303 companies that had set a net zero target. Many carbon-intensive companies have net zero targets close to 2050, while many in services sectors aim for 2035-2040.
  5. 5. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 5 The stakes are high, too Thecompaniessettingnetzerotargets createmorethantwo-thirdsofgreenhouse gasesemittedbythe1,000+ largestlisted companiesinEurope. Copyright © 2021 Accenture All rights reserved 5 Theyarethebiggest emitterswithsome ofthebiggestchanges tomake. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 5
  6. 6. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 6 Business as usual hasn’t cut emissions Just9%ofthecompaniesinoursurvey areontracktoreachnetzerointheir operationsby2050ifthepaceoftheir emissionsreductionremainsthesame asithasoverthepast decade. That small group includes mostly services industries—financial, real estate and hospitality. But it also includes companies in energy- intensive industries such as utilities. Analysis based on a sample of 289 companies with a net zero target listed and at least five years of reported emissions data in the period 2010-2019 on the FTSE, Deutsche Börse, la Bourse de Paris and Euronext. The projections cover scope 1 & 2 emissions, excluding scope 3 to avoid double counting.. Net zero target year and gap between target and projected net zero year Emissions scope 1 & 2, Consensus pathways scenario Bubble size depicts absolute scope 1 & 2 emissions Automotive Construction Finance Oil, gas & chemicals Professional services Real estate Manufacturing Information & communications Utilities Mining, metals and minerals processing Retail & consumer services Transportation and storage -25 -20 -15 -10 -5 0 5 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 Net zero target year set by companies Gap to target years Before company targets After company targets
  7. 7. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 7 Regulators and investors are watching Governmentsareactively incentivizingnetzerobusiness practices,aswellasdraftingmore punitiveregulationsforemitters. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 7 6% 20% 12% 47% 2025 2026 2027 2028 2030 2035 2039 2040 2045 2050 Investors are increasingly looking for companies to set clear net zero strategies. The topic is discussed in 50% of the earnings calls of Europe’s top public companies.
  8. 8. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 8 The opportunities and challenges are different for every industry Sevenindustriesareontrackfornetzero intheiroperationsby2050iftheydouble thepaceofemissionsreductioninthe nextdecade,and thenaccelerateanother 50%to70% inthefollowing10years. Radical acceleration is needed in the automotive; construction; manufacturing; oil, gas and chemicals; and transportation and storage sectors to reach net zero by 2050. These five industries represent 42% of emissions. Technology & innovation In some industries the solution set is relatively clear and available; in others existing technologies will not be sufficient to deliver net zero. New technologies (digital or otherwise) will need to be invented and/or scaled, and processes and business models will need to be reshaped. Collaboration & convergence Collaboration both within and across industry boundaries will be needed. Industry convergence will bind technologies and processes from previously distinct players, and collaborative ecosystems will create platforms for their accelerated application. Regulation & stakeholder pressure Governments of countries representing two-thirds of the global economy have signed up to net zero before 2050. They are following with policies and regulation for shifting economic activity to zero-carbon practices, combining incentives and regulatory measures.
  9. 9. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 9 It’s time to double- down on emissions reduction Ourresearchshowsthatscience-based targetsdowork.Companieswithnet zerotargetsreducedemissionsintheir ownoperationsbetween2010and 2019, whilethosewithouttargetsincreased theiremissions. Copyright © 2021 Accenture All rights reserved 9 Companieswithmodestemissions reductionssince2010canachieve netzerooperationsbefore2050if theydoublethepaceofemissions reductionby2030andtripleitby 2040;otherswillneedtodoeven more. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 9
  10. 10. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 10 Win the race to net zero with bold action and no delay Immediateaction,guidedbycarbon intelligenceand scaledthroughvalue chaincollaborationand convergence, willenabletheEuropeanbusiness communitytorealizenetzeroby2050. Commit to a science-based target. Targets work: Companies in our sample with a net zero target reduced their scope 1 & 2 emissions by 10% between 2010 and 2019, while those without targets increased emissions. Embed carbon intelligence to manage your carbon budget. Like any budget, this needs to be managed, in step and with the same rigor as financial budgets. Understanding and contextualizing data is essential for companies to take command of their digital manufacturing transformations, to make progress toward net zero. Leverage your influence to mobilize your industry and value chain. Large companies can drive greenhouse gas emissions reductions far greater than their own footprint through concerted action on their scope 3 emissions—engaging suppliers, making changes in product design and adopting circular business models. REACHING NET ZERO BY 2050 Copyright © 2021 Accenture All rights reserved 10
  11. 11. AboutAccenture Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 624,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com Follow us @Accenture Connectwith us Accenture Follow us @accenture Follow with us accenture Copyright © 2021 Accenture All rights reserved. Accenture, its logo, and New Applied Now are trademarks of Accenture. DISCLAIMER: This document is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals. This article makes descriptive reference to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Accenture and is not intended to represent or imply the existence of an association between Accenture and the lawful owners of such trademarks. COUNTDOWN TO ZERO Copyright © 2021 Accenture All rights reserved 11

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