With the recent global stocktake (GST) outcomes published during the UN Climate Change Conference (COP28), leaders within various industries are increasingly immersing themselves in the exploration of corporate climate strategies and high-impact solutions for the reduction of global greenhouse gas emissions. This “Delivering the ‘Net’ in Net-Zero: Discourse & Workshop Series” conceptualizes bridging existing knowledge gaps of carbon removal concepts and strategies as businesses embark on their net-zero transition.
Conducted collaboratively by the Business Councils for Sustainable Development (BCSD) Malaysiaand the World Business Councils for Sustainable Development (WBCSD), the discourse series aims to explore topics central to carbon removal strategies. This includes carbon dioxide removal (CDR), carbon capture, utilization, and storage (CCUS). To provide further context, CDR refers to approaches that remove carbon dioxide from the atmosphere using a wide array of approaches. This includes direct air capture (DAC) coupled with durable storage, soil carbon sequestration, biomass carbon removal and storage, enhanced mineralization, ocean-based CDR, and afforestation/reforestation.
The session commenced with insightful opening remarks by Joe Phelan (WBCSD), emphasizing the critical importance of deep emissions reductions, carbon removals, and adaptation in combating global warming. Phelan underscored the necessity for carbon removals to complement decarbonization efforts, stressing the urgency of local leadership to effect global change, limit temperature rise, and ensure a sustainable future for all.
Structured into two distinct sections, the event delved into pivotal topics surrounding the transition to net-zero and carbon offset strategies.
Session 1: Understanding Net-zero Transition
The first session meticulously examined the key terms, relevant targets as well as the various methodologies recognized by IPCC, IEA, and other key research organizations in achieving the climate goals in the Paris Agreement. Speakers Roberto Benetello (BCSD Malaysia) and Neal Gray-Wannell (WBCSD) elucidated these concepts, leading to a dynamic panel discussion moderated by Celine Ng (BCSD Malaysia).
Session 2: Net Zero Transition in Malaysia: Trends, Challenges, Opportunities
The second session further explored the industry’s decarbonization strategies that aligned with net-zero commitments, where our invited speakers provided insights into carbon removal at sector-specific cases for added depth, including foresight studies in the Malaysian context. The speakers are, Wan Muqtadir (BSI Malaysia), Diego Hopkins (PETRONAS Malaysia), and Ts. Mohamad Azreen Firdaus Bin Abd Aziz (MIGHT). The panel session was moderated by Emily Oi (BCSD Malaysia).
Closing Remarks: Informed Intuitions for Carbon Removal Transition
Capping off the event, Celine Ng emphasized the importance of informed decision-making at both individual and corporate levels. She urged companies and financial institutions to take proactive steps towards achieving a nature-positive planet by 2030. Ng encouraged readiness for an impending robust carbon market, ensuring preparedness and strategic positioning for future endeavors.
As we reflect on the insights shared during the discourse, it’s crucial to recognize the collective responsibility we hold in addressing climate change. The key takeaway from this event is the imperative for decisive action toward carbon emissions reductions, carbon removals, and adaptation measures. We must embrace a holistic approach, combining decarbonization efforts with targeted strategies for carbon removal, all while fostering local leadership to drive global impact. By understanding and implementing these principles, we can pave the way towards a sustainable future, where every individual, corporation, and institution plays a vital role in preserving our planet for generations to come.
