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Adapting to climate change:
Three experts share their points of view
[Off Screen: Alex Liftman]
You could argue climate change is one of the biggest issues that we are facing as a society
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How important is climate change
to business and society?
[On Screen: Alex Liftman]
But the reality is we have really delayed action on climate.
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Alex Liftman
Global Environmental Executive
Bank of America
The science tells us we have about 30 years to essentially eliminate emissions unless we want to see sort of irreversible impacts to our environment.
[Off Screen: Mary Obasi]
The voluntary is now moving into mandatory regulated spaces.
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Capitol in Washington DC
[On Screen: Mary Obasi]
It really is a world transformation of the underpinnings of our economies.
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Mary Obasi
Global Policy Advisory Executive
Bank of America
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Investors and companies are already using what's being voluntarily disclosed to make decisions about where they want to invest, who they want to do business with. Essentially, how we're managing climate risks, how we're looking at emissions is starting to converge in the mind of our investors and maybe our consumers and policymakers. What it ultimately means for the financial health of a company, for the sustainability of a company.
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What are the opportunities for
sustainability and business now?
[Off Screen: Karen Fang]
It's an exciting time being sustainable finance and frankly, for all the companies…
[On Screen: Karen Fang]
that are thinking about sustainability and potentially supplying to companies that have made net zero commitments.
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Karen Fang
Global Sustainable Finance Executive
Bank of America
The inflation reduction bill, together with the bipartisan infrastructure bill, as well as the CHIPS Act, is the trifecta that the US could leverage to provide massive amounts of investments into low carbon technologies that will help accomplish net zero.
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Inflation Reduction Act $369 billion
Bipartisan Infrastructure Law $220 billion
CHIPS and Sciences Act $200 billion
$789 billion in low-carbon investment and incentives
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And largely speaking, the biggest opportunities that we are working on right now in the live pipeline are new technologies that inflation reduction bill is providing tax incentives for. That is green hydrogen, that is biofuels, with a focus on sustainable aviation fuel. That is the focus on carbon capture and sequestration.
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[Off Screen: Mary Obasi]
If you think about 90% of the world GDP covered by a net zero goal, that's now our operating environment. We are going to transition to a net zero economy.
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90% of the world GDP covered by a net-zero goal – that's now our operating environment.
[On Screen: Mary Obasi]
And so what are the various risks from policies, new technologies to traditional businesses that we might see and has implication obviously for us in terms of being able to support our clients who might be in those industries and spaces.
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What can business do to adjust to the new landscape
[On Screen: Alex Liftman]
The three big things I would emphasize would be giving somebody responsibility for this space. Put somebody in charge, …
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do a greenhouse gas audit so you really understand where your emissions are coming from and which emissions are most material. And then talk to competitors. Many industry sectors have launched sustainability forums in which peers talk about the challenges and you can get a lot of great information.
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Sources: Inflation Reduction Act One Page Summary (senate.gov)
Fact Sheet: The Bipartisan Infrastructure Deal | The White House
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What Would you like the power to do?
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