The Road to Net Zero: How COP28 and New Regulations Are Shaping Global Supply Chain Climate Policy

The 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change commenced on November 30, 2023, and is scheduled to conclude on December 12, 2023. This significant event is taking place at Expo City in Dubai. Antonio Guterres, the Secretary-General of the United Nations, emphasized the importance of this conference in achieving “the complete phaseout of fossil fuels.”

Dr. Sultan Al Jaber, serving as the COP28 President and also the head of Adnoc, a prominent oil company in the UAE, expressed that COP28 presents a critical opportunity for the world to intensify efforts and maintain the goal of limiting global warming to 1.5 degrees Celsius. However, there’s a growing perception that the COP forum is increasingly becoming a gathering for global leaders to superficially address climate change commitments, raising questions about its effectiveness.

The scientific community and Science Based Research (SBR) have provided clear evidence that climate change is intensifying, with 2023 being the hottest year on record, surpassing the previous record set in 2022. This warming trend has far-reaching consequences, including disruptions in agricultural production, logistical challenges like the drying of the Panama Canal, and an increase in natural disasters leading to displacement of populations.

There’s an urgent call for innovators and activists, including citizens and professionals, to actively respond to the climate crisis. Governments are also taking steps, as evidenced by new regulations requiring public companies to report their carbon emissions starting January 1, 2024.

In Europe, the EU Climate Law commits to reducing greenhouse gas emissions by at least 55% by 2030. The ‘EU Fit for 55’ package aims to make all sectors of the EU economy compliant with this target in a fair, cost-effective, and competitive manner. From January 2024, large ships entering EU ports will be required to register, report, and trade emissions through the EU Emissions Trading System (ETS).

In North America, companies are expected to provide detailed accounts of their greenhouse gas emissions and environmental risks as per the SEC’s proposed climate disclosure rule. California has taken the lead with the enactment of two climate disclosure bills, while Canada’s Net-Zero Emissions Accountability Act mandates commitments to achieve net-zero emissions by 2050.

In response to these developments, Morpheus.Network is launching a multi-modal carbon emission module at COP28. This innovative tool simplifies carbon emission reporting and integrates with major business and supply chain systems. It aims to enhance accuracy in reporting and facilitate compliance with regulations.

The sustainability of supply chains is becoming increasingly important, with consumers demanding transparency in sourcing and supply. Large companies are encouraged to go beyond their annual report commitments and provide comprehensive carbon accounting. This initiative is particularly crucial for CEOs, CFOs, CSOs of large companies, VPs of Supply Chain, and Sustainability Professionals.

The launch of Morpheus.Network’s carbon emission module represents a significant step towards making sustainable supply chains a reality, demonstrating a commitment to transparency and environmental responsibility.

Conclusion

In conclusion, COP28 marks a pivotal moment in the global response to climate change, highlighting the urgent need for action and innovation in environmental sustainability. With the introduction of stringent regulations and the launch of groundbreaking tools like the Morpheus.Network carbon emission module, there’s a clear shift towards more transparent and accountable practices in both governmental and corporate sectors. This event not only underscores the critical importance of collective efforts in combating climate change but also sets a new standard for environmental responsibility and sustainability in the global supply chain. As the world witnesses the warmest year on record, COP28 serves as a reminder and a call to action for all stakeholders to commit to meaningful change and work towards a more sustainable and resilient future.

About Morpheus.Network

Morpheus.Network is intensely focused on helping companies and government organizations eliminate inefficiencies and remove barriers to optimize and automate enterprise supply chain operations. Their multi-award winning supply chain middleware platform leverages transformational digital technologies such as ML/AI, IoT and Blockchain and has over 150 integrations with leading companies, including SAP, DHL, Fedex, Cargowise, Telefonica, Marsh, Swift and more! Morpheus.Network helps clients maximize revenue through digitization and process automation, protecting sensitive data, and untangling complex issues with the legacy supply chain system while delivering effective, equitable, and efficient global trade solutions.

“If you fix the supply chain, you fix the world!” — Dan Weinberger CEO & Co-Founder

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The Road to Net Zero: How COP28 and New Regulations Are Shaping Global Supply Chain Climate Policy was originally published in Morpheus.Network on Medium, where people are continuing the conversation by highlighting and responding to this story.