By Ilario D'Amato

This article was originally published on The Climate Group and is republished with permission.

LONDON: While plans are “in motion” to achieve sustainable business in line with the Paris Agreement, companies still require an “enabling environment” to make meaningful investments, says Elizabeth Press,Director of Planning and Programme Support, International Renewable Energy Agency, in an exclusive Climate TV interview.

In particular, RE100, a program convened by The Climate Group and CDP to support businesses in their journey to be powered by 100% renewable energy, is one of the most striking examples of how industry can play a crucial role in shaping a sustainable future, Elizabeth Press explains.

“RE100 is an incredibly important initiative, and there are three reasons for it. One, they’re creating demand, so the market is growing and getting bigger. The second is that by making renewable energy their energy of choice, they are sending a strong message that you can grow your business sustainably and effectively through renewable energy.

“But what I find very interesting is that many of the companies that are part of RE100 actually are household names. Having these companies choosing renewables is a very important educational tool as well […] going out in public at large is helping all of us to pursue sustainability and energy choices.”

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Another important point about the RE100 campaign is that it is composed of businesses that are neither energy companies nor energy producers. “When a company that has no stake in this other than being having a good economic case on that,” says Elizabeth Press, “when they talk about this, when they say ‘this is good for us’, it is a very different message”.

LONG-TERM DECISIONS

The Paris Agreement changed the business and political landscape, and in particular is affecting the energy sector – which emits the most greenhouse gases globally. “We have a new framework for international cooperation that has very different goals to what we had a year before,” says Elizabeth Press, “we have sustainable development, we have a climate agreement. These are game-changing decisions.”

However, while it will take a little while for governments to catch up and to develop their policies through frameworks that will accommodate this economic growth in a sustainable way, business must choose and act much more quickly.

Companies “have to look at the business models,” continues Elizabeth Press, “and they have to decide today where they are going to be in 10 or 15 years. Their choices today will determine whether they’re going to be competitive 10 years down the road.”

VALUE OF COLLABORATION

To achieve the bold goals indicated in the Paris Agreement, cooperation is necessary between different actors that can innovate and pave the way for a sustainable, prosperous world for all. “Everybody understands they cannot move at this sort of change on their own,” concludes Elizabeth Press. “The private sector is ready to invest, because there is a lot of positive attitude and positive plans being in motion, but they need an enabling environment to put investment in sustainable areas. We need everybody to work together.”