A Future-Fit Business ensures that all energy consumed – as electricity, heat or fuel – is derived from renewable energy sources: solar, wind, ocean, hydropower, geothermal resources, and biomass.
What this goal means
There is no longer any doubt that the systematically increasing concentration of greenhouse gases (GHGs) in the atmosphere resulting from the burning of fossil fuels is contributing to climate change and ocean acidification. Further, ever-riskier fuel extraction methods, including shale gas fracking and Arctic drilling, cause disproportionate disruption to the environment.
By ensuring energy comes from renewable sources, companies do not contribute to the demand for fossil fuels and their associated emissions, nor to the over-harvesting of resources such as oil whose value to society extends far beyond combustion.
To be Future-Fit, a company must ensure that all energy consumed – as electricity, heat or fuel – is derived from renewable energy sources: solar, wind, ocean, hydropower, geothermal resources, or biomass.
Why this goal is needed...
The benefits of burning fossil fuels comes at a high cost to the environment.
A molecule of CO2 generated by burning fossil fuels will, in the course of its lifetime in the atmosphere, trap a hundred thousand times more heat than was released in producing it.
The climate is already changing rapidly.
The planet's average surface temperature has risen about 1.1°C since the late 19th century. Most of the warming occurred in the past 35 years, with 16 of the 17 warmest years on record occurring since 2001. Not only was 2016 the warmest year on record, but eight of the 12 months that year were the warmest on record for those respective months.
The business models of fossil-fuel derived energy providers will become redundant as stringent climate policy comes into force.
For example, between 60-80% of coal, oil and gas reserves of publicly listed companies are ‘unburnable’ if we are to have a chance of not exceeding a 2°C rise in global average temperatures.