Ahead of the COP26 meeting in Glasgow, which kicks off on 31 October, Lucy Bellotti, retail analyst at IGD, explains why the meeting is an important one for retailers and suppliers.
COP26 will be attended by countries that signed the United Nations Framework Convention on Climate Change (UNFCCC), a treaty agreed in 1994. The 2021 conference will be the 26th meeting, hence its name COP26. The UK will host the conference, in Glasgow, between 31 October and 12 November 2021.
For nearly three decades, the United Nations (UN) has been bringing together almost every country in the world for global climate summits, called COPs. The COP26 summit will bring parties together to accelerate action towards the goals of the 2015 Paris Agreement and the UN Framework Convention on Climate Change.
Under the Paris Agreement, countries committed to bring forward national plans have set out how much they would reduce their greenhouse gas emissions, known as Nationally Determined Contributions (NDCs). They agreed that every five years they would come back with an updated plan that would reflect their highest possible ambition at that time.
COP26’s Four Targets
Source: IGD Research, UN Climate Change Conference UK COP26
Why Is This Important To Retailers And Suppliers?
- Understanding and recognising regulations allows retailers and suppliers to create climate change targets and align with national strategies
- Doing good is good business: as the world moves away from fossil fuels to cleaner renewable energy, retailers and suppliers will need to move with standard practices
- Being resilient and evolving to face the challenges of climate change will remain a top priority. Retailers and suppliers should continue to create innovation with products, logistical approaches, and in-store sustainability initiatives to future proof their business
- Shopper expectations will remain focused on retailers to offer affordable and sustainable alternatives
How Do Businesses Achieve Net Zero?
For many businesses, it’s not always clear where to start the journey. As part of IGDs commitment to drive change that makes a tangible difference to society, business and individuals, we have spoken with many leaders and decision-makers.
Businesses of all sizes, across our industry’s supply chain, are keen to innovate and lead our industry’s transition to a Net Zero economy.
We have partnered with climate change specialists South Pole to create a guide which is designed to help business leaders and decision makers kickstart their Net Zero journey. It includes the business case for urgent action and a new framework for a robust Net Zero strategy, including how to make a start and build momentum.
Contact us for more information, best practice guidance and to share your Net Zero journey progress, at [email protected] and you can download the guide here.
© 2021 European Supermarket Magazine. Article by Stephen Wynne-Jones. For more A-Brands news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.