COP26: Turning words into action

When global leaders come together at international conferences, it is often the largest nations that take center stage. Not so at this month's United Nations Climate Change Conference UK 2021 (COP26) in Glasgow. At COP meetings, representatives from every nation have a chance to present their take on the climate crisis.

That means a prominent politician like US President Joe Biden shares the same stage with Prime Minister Mia Mottley of Barbados. At COP26, President Biden spoke of "standing at an inflection point in world history" and creating "an environment that raises the standard of living around the world." Prime Minister Mottley asked: "Can there be peace and prosperity if one-third of the world lives in prosperity and two-thirds live underseas and face calamitous threats to our wellbeing?" Her island country in the Caribbean is one of those facing an existential crisis due to rising sea levels; Biden's America is one of the wealthiest nations in the world.

But for all the powerful statements and heartfelt appeals issued by political leaders and climate change activists in Glasgow, it’s now time to turn those words into action. The science is clear, and we can’t wait any longer. But this task falls to everyone, including business leaders and the companies they represent.

"From attitude to action"

While many of the agreements and commitments from world leaders tout the urgent need for dramatic political action to address climate change, the truth is that governments and the international community are, collectively, a slow-moving apparatus. The efforts of individuals, from devoted climate activists on down, are essential and laudable but aren’t enough to make a significant global impact. Private sector initiatives can hasten the uptake of climate-friendly technology and promising solutions, but they are less effective in an environment that doesn’t incentivize going green. We need an actionable framework paired with the right infrastructure that supports companies willing to decarbonize.

On the business side, the problem is that many leaders want to make their companies climate neutral, but they are not taking decisive action to do so. A recent study entitled “From Attitude to Action: How Germany’s CEOs Drive Sustainability” found that nine out of ten top executives consider sustainability and digitalization to be equally crucial to success. But the results also show that most leaders still see a trade-off between sustainability and profitability.

We believe that sustainability and profitability are two sides of the same coin. What’s more, we believe sustainability can drive profitability. Companies that move fast on sustainable transition can create a competitive advantage, which can boost the bottom line. Demand for zero emission logistics solutions already outperforms supply due to limited availability of climate friendly technologies. 

Investing in climate friendly innovation

At COP26, we were proud to announce becoming founding members of the First Movers Coalition, joining a host of leading, like-minded companies that send a demand signal to make emerging clean technologies accessible and scalable. The Coalition is a public-private partnership between the US State Department (through Special Presidential Envoy for Climate John Kerry) and the World Economic Forum. It is a platform for companies to make purchasing commitments that foster supply of solutions, which are critical in the fight against climate change.

The First Movers Coalition signal demand for sustainable solutions across eight sectors, including three that are key to our business: shipping, aviation, and trucking. We will leverage our membership in the First Movers Coalition with our commitment to invest in climate friendly innovation and help suppliers develop and scale their latest green technologies.