Acceleration and Challenges of Global Climate Action: The Role of Businesses in Achieving the 1.5°C Target 

The role of companies in accelerating and challenging global climate action in achieving the 1.5°C target includes the Science Based Targets initiative (SBTi) push for companies to set stricter climate targets, and the significance and impact of these changes on global decarbonization efforts. This not only highlights the progress of climate science but also highlights the important role and challenges faced by companies in global carbon reduction efforts. 

1. The urgency of warming and cooling 

Global climate change is one of the most pressing global issues at present, affecting every corner of the earth and all living things. The scientific consensus points out that to avoid the catastrophic consequences of climate change, the global average temperature increase must be kept within 1.5°C. This goal comes from the Paris Agreement, signed by 196 countries in 2015 to strengthen the global response to climate change. 

To achieve this goal, global carbon emissions must be significantly reduced, which requires not only the active participation of governments, but also the full efforts of the private sector, especially large enterprises. In this context, the Science Based Targets initiative (SBTi) plays a key role. The SBTi encourages companies to set and achieve science-based carbon reduction targets that align with the global need to control temperature rise to 1.5°C. However, setting goals is one thing, and actually achieving them is more complex. Companies face numerous challenges in implementing their climate commitments, including barriers in technology, funding, policy environment, and market dynamics. Therefore, explore the role of companies in this global action, the challenges they face, and how they can overcome them through innovation and strategic shifts. 

2. The role and development of the Science Based Targets initiative (SBTi) 

The Science Based Targets initiative (SBTi) is a key global organization led by CDP, the UN Global Compact, the World Resources Institute (World Resources Institute, WRI) and the World Wide Fund for Nature (WWF). Its core mission is to drive companies to set carbon reduction targets based on the latest climate science to ensure global warming does not exceed 1.5°C. In recent years, as the global climate crisis intensifies, the SBTi has continuously raised its standards and requirements. The shift from initially allowing companies to set targets of "well below 2°C" to having to meet "1.5°C" marks higher demands and a more rigorous scientific basis for corporate actions. This move not only enhances corporate climate action ambitions but also strengthens market expectations for climate responsibility. 

In addition, the SBTi has launched several initiatives and tools, such as the "Net-Zero Standard", which aims to guide companies in setting long-term targets to achieve net-zero emissions. These tools and frameworks provide businesses with clear roadmaps and practical guidelines to help them plan and implement their climate strategies based on science-based approaches. As more and more companies commit to complying with SBTi's standards, we can see the gradual expansion and deepening of global decarbonization efforts at the enterprise level. This not only demonstrates corporate responsibility for climate action but also reflects the gradual transformation of global business operations to meet the needs of a low-carbon future. 

3. Raising the 1.5°C Warming Limit and Audit 

With the development of global climate science, the Science Based Targets initiative (SBTi) has raised the temperature standard to 1.5°C to meet stricter international climate goals. This shift means that the SBTi will no longer accept carbon reduction targets of "well below 2°C", but will require companies to set targets that match the control of global warming within 1.5°C. This requires companies to reevaluate their climate action plans and conduct more rigorous audits and adjustments to existing emission reduction strategies. The SBTi standard has been raised to establish a more rigorous review process to ensure the authenticity and transparency of corporate climate goals and reporting. Through the implementation of these policies and measures, the global business community can be promoted to respond more positively to climate change and form a more sustainable and low-carbon economic environment on a global scale. 

3.1 Why is it required to increase to 1.5°C ? 

With the growing scientific understanding of climate change, the Science Based Targets initiative (SBTi) raises the temperature standard to 1.5°C based on the consensus of international climate scientists to avoid the most severe impacts of climate change and prevent irreversible climate extremes and large-scale loss of life and property. This target underscores the importance of controlling greenhouse gas concentrations to avoid global temperatures rising by more than 1.5°C relative to pre-industrial periods. According to the IPCC report, limiting warming to less than 1.5°C compared to 2°C can significantly reduce the risk of extreme weather events and ecosystem damage. Therefore, the SBTi pushes companies to adjust their carbon reduction targets to align with stricter scientific standards to reduce global climate risks. 

3.2 Relationship between the 1.5°C Limit and Greenhouse Gas Concentrations 

Green gases, especially carbon dioxide, are the main drivers of global warming. Scientific research shows that limiting global warming to 1.5°C requires significant reductions in existing emissions, which involves rapid and deep reductions in global carbon emissions. Companies need to reassess and strengthen their climate strategies to meet the increased 1.5°C target. This may include accelerating the transition to renewable energy, improving energy efficiency, investing in carbon capture and storage technologies, and strengthening the climate resilience of supply chains. For enterprises, this is not only the need to combat climate change but also the key to their long-term sustainability and market competitiveness. 

3.3 Alignment with the Global Warming Limit to 1.5°C Target 

When the Science Based Targets initiative (SBTi) raises the temperature standard to 1.5°C, it means that the company's emission reduction target needs to be consistent with the scientifically defined limit to global warming to 1.5°C. This standard is based on the latest research and models in international climate science, such as data provided by the Intergovernmental Panel on Climate Change (IPCC). Measuring these targets often involves determining the contribution of corporate activities to global greenhouse gas concentrations and how effectively these reductions can be effectively countered by projected global temperature increases. Ensuring that companies meet or exceed these standards requires strict supervision and audit through regular performance evaluations and updated target strategies. This includes using carbon footprint assessment tools and regularly updating their carbon reduction strategies, as well as objective third-party verification to ensure transparency and precision in achieving goals. 

4. Challenges and Opportunities Faced by Enterprises 

In the pursuit of science-based carbon reduction goals, companies not only face many challenges but also face unprecedented opportunities. These challenges include technology innovation and application, fundraising, market and policy uncertainties, and acceptance of change within organizations. 

4.1 Technological Innovation and Application 

To achieve stricter emission reduction targets, companies need to seek the development and application of new technologies. This involves not only innovations in green energy technologies, such as solar and wind power, but also advancements in efficiency enhancement technologies and waste management technologies. Technological innovation requires huge R&D investment and time, which is a big burden for many companies. 

4.2 Funding Implementation of climate action plans requires significant financial support.

 Many companies face difficulties in finding suitable funding sources (such as green bonds, climate funds, etc.) and investment return models. In addition, financial institutions and investors are becoming more stringent in their risk assessments of investments, requiring clearer climate risk disclosure and management plans. 

4.3 Market and policy uncertainty 

Changes in market demand and the instability of the policy environment are another important challenge that enterprises must deal with. Changes in climate policies may directly impact the legitimacy and profitability models of business operations. Businesses need to continuously adapt their business strategies to adapt to these external changes. 

4.4 Acceptance of change within the organization

 Achieving climate goals requires deep integration of corporate culture and internal operations. This may involve reshaping the company's mission, values, and ways of working. Acceptance and adaptation of these changes within organizations is key to the successful implementation of climate strategies. However, these challenges also bring opportunities. By leading climate action, companies can not only enhance their brand image but also gain a competitive advantage in the emerging green market. Additionally, active climate action can help attract sustainability-conscious consumers and talents, further driving long-term business growth. 

5. Global and Regional Case Studies 

In this chapter, we will explore a series of corporate climate action cases from different regions, demonstrating how companies have successfully implemented science-based carbon reduction strategies and how these strategies have an impact in their respective markets and social environments. 

5.1 Europe's Green Transition 

In Europe, many companies have begun to implement extensive climate action plans. For example, a major energy company has successfully reduced its carbon footprint by investing in renewable energy projects, such as wind and solar. Additionally, these companies are further reducing emissions through carbon capture and storage technologies, which play a key role in achieving long-term climate goals.

 5.2 Innovative practices in North America

 In North America, innovation is particularly prominent, with many technology companies introducing new technologies and solutions for carbon reduction. A prominent technology company has set the industry standard by using 100% renewable energy through its data centers. This not only shows the possibility of technological innovation but also raises the environmental standards of other companies.

 5.3 Strategic Adjustments in Asia

 Asian companies demonstrated examples of strategic adjustments and market adaptation. Some manufacturing giants have significantly reduced carbon emissions during production processes by improving production line efficiency and increasing green supply chain management. The actions of these companies not only improve their climate impact but also enhance their competitiveness in the global market. These cases demonstrate that while companies in different regions may choose different strategies and technologies in the face of the global climate crisis, they share a common goal of achieving more sustainable business models and enhancing social responsibility. 

6. Policy framework and future direction 

At a global scale, policy frameworks have a decisive impact on driving companies to implement effective climate actions. Government policy formulation and regulatory updates can not only guide corporate carbon reduction actions but also create incentives to accelerate this process. 

6.1 Support and Restrictions of Current Policies 

Many countries have implemented carbon pricing and carbon trading systems, which aim to internalize the cost of carbon reduction and encourage companies to find economically viable ways to reduce carbon emissions. However, the effectiveness of these policies is affected by implementation efforts and regional differences, sometimes lacking adequate regulation and international coordination. 

6.2 Future policy development trends 

As global understanding of climate change deepens, future policies are expected to be more stringent and comprehensive. For example, more and more countries are considering introducing legal requirements to mandate corporate climate risk disclosures, which will increase corporate transparency and accountability for climate change. In addition, support policies for green technologies and renewable energy will be further strengthened to promote the commercialization and large-scale application of these technologies. 

6.3 Recommendations to policymakers 

In order to effectively promote corporate climate action, policymakers are advised to consider the following points: first, improve policy coherence and foresight to reduce market uncertainty; second, to strengthen international cooperation and ensure fair competition in the global market; The third is to provide economic incentives, such as tax breaks and financial support, to encourage companies to invest in climate action. 

7. Conclusion and recommendations 

In the framework of global climate action, the role of businesses is becoming increasingly important. As the Science Based Targets initiative (SBTi) raises the temperature standard to 1.5°C, the challenges and opportunities for businesses increase simultaneously. This requires companies to not only reevaluate their carbon emissions and carbon reduction strategies, but also implement innovative solutions internally and in the supply chain to address this more stringent goal. 

7.1 Recommendations for Enterprises 

7.1.1 Strengthen Internal Carbon Management: Enterprises should strengthen their internal carbon management systems to ensure that all business units are responsible for greenhouse gas emissions. 

7.1.2 Invest in green technology: Long-term investment in green technology and renewable energy will be key to reducing your carbon footprint.

 7.1.3 Collaboration and Shared Practices: Collaborating with other companies and sharing best practices can accelerate the decarbonization process across the industry.

 8. Suggest to corporate governance institutions 

8.1 Formulate incentives: The government should formulate incentives to encourage enterprises to invest in green and innovate. 

8.2 Establish mandatory climate risk disclosure: For example, by formulating and implementing internal carbon pricing, companies are required to disclose climate risks and opportunities to improve market transparency. 

8.3 Increase international cooperation: At the international level, governments should support policy coherence and coordination to promote the effectiveness of global climate action. 

Through the implementation of these recommendations, we can help companies and governments work together to achieve global climate goals while also promoting sustainable economic development.