Swedish companies can play a leading role in mitigating climate change

In the wake of recent findings – the result of ongoing analysis to help define the new Swedish climate targets – comes the stark realisation that Sweden will not meet the goals set for 2030.  

But these concerns are not just limited to Sweden; we know the whole world is falling badly behind. We are halfway to the Paris Agreement. We only have six years left to reduce our greenhouse gas emissions by 35%. If we miss the 2030 target, we cannot reach net zero by 2050 and the damage to the planet will be irreversible.

A huge part of the systemic change has to be driven by businesses. Our economies have thrived for 200 years due to rapid industrialization boosted by large polluting industries. The top 100 companies are responsible for 71% of the world’s emissions. So how do we  as humanity recalibrate our attitudes towards growth and instead focus on creating sustainable, circular economies and building a more livable planet for the next generation?

The private sector has a key role to play. Businesses have the resources, ingenuity and ability to scale to lead the vanguard of economic and environmental progress around the world.  

We need to develop heroes and champions in the corporate sector who support low-carbon and circular ways of working to create a cleaner, greener, sustainable planet.

Which is why we founded We Mean Business in 2014, and subsequently launched the Science Based Targets initiative (SBTi) so as to set a voluntary global standard for companies to establish their net zero emission targets. SBTi is a key methodological instrument that sets greenhouse gas emissions reduction targets in line with what science tells us is needed to keep global heating below catastrophic levels. 

We know that companies with approved targets significantly reduce emissions much faster. We also know that in view of this the demand for corporate climate target validation is growing exponentially.  In 2022, the SBTi validated 87% more companies than in the year before, in fact it was more than the entire seven years prior combined.

We celebrate the fact that corporate climate action is accelerating, and it must: the human and economic costs of climate change are simply unacceptable. The letter signed by CEOs earlier this week was an outstanding example of just how motivated many businesses are to play a central role in changing the status quo.

But a lot more needs to be done, we cannot rest on our laurels. Already, some challenges are being pushed into the future. While setting and progressing against scope 1 (direct emissions) and scope 2 (purchased energy emissions) reduction targets are quickly becoming a reality for businesses across all sectors and regions, scope 3 emissions targets, which are emissions outside of your direct control like those from your supply chain, remain a real challenge.

According to CDP, on average, scope 3 targets are 11.4 times larger than direct emissions. From data limitations to influencing suppliers, businesses have cited scope 3 as one of the biggest hurdles to setting and achieving science-based targets.     

SBTi’s supplier engagement targets commit a company to sourcing a certain percentage of goods and services from companies that have also set science-based targets. By engaging with these compliant suppliers in the near-term, supplier engagement targets enable businesses to deliver on scope 3 goals ambition.

The benefits of supplier engagement targets extend beyond emissions reduction. They can also result in higher-quality supplier relationships, which will enhance efficiency, transparency, and resilience across the value chain. 

These efforts build credibility with investors, customers and employees who increasingly expect companies to take broader responsibility for impacts across their value chain.

Scope 3 can seem intimidating when it comes to decarbonization —but the supply chain might also be where companies can make the biggest impact. And when you extrapolate that across the thousands of companies taking action, the result could be the exponential growth of decarbonization around the world.  

Frontrunning companies have already taken impressive action and are stimulating their peers to go faster too. Sweden is leading the way by some measure. 6% of all companies with Net Zero targets validated by the Science Based Targets initiative are Swedish- 289 in total.

To put this in perspective, the country with the highest number of companies 722 in total with science-based targets  is the United Kingdom, with a population seven times the size of Sweden.

For everyone’s sake – we need all companies to take their targets more seriously and, most importantly, to take action more quickly. 

It’s an opportunity for Swedish companies to lead the way and have an impact far beyond the Nordics. 

Per Heggenes, CEO of IKEA Foundation

On Wednesday 22 November, this op-ed was published in Akutell Hållbarhet – Swedish companies can play a leading role in climate change mitigation.

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  • โ€œWe are just at the beginning. A glorious future!โ€ - Ingvar Kamprad

Thanks to the incredible work of IKEA co-workers and our 248 partners on the ground, weโ€™ve been able to take meaningful steps towards tackling the two biggest threats to humanity: poverty and climate change ๐ŸŒ

Do you want to see what โ‚ฌ2 billion worth of impact looks like for #PeopleAndPlanet? Follow the link in our bio ๐Ÿ”—

#ClimateChange #ClimateAction #Livelihoods
  • Positive News Tuesday! There is rapid growth in the global movement to mobilise boards to address #ClimateChange ๐ŸŒโ™ป๏ธ

This is stated in the first-ever Annual Report of our partner @hugheshallcam, who worked on the Climate Governance Initiative.

With a strong focus on impact, the initiative educates and equips corporate non-executive board members with the tools to address climate change in their businesses, and beyond. 

The Climate Governance Initiative is a global network dedicated to mobilising boards to accelerate the transition to net-zero and build climate resilience, and is now reaching 100,000+ business leaders worldwide. 

Read the Annual Report via the link in our bio ๐Ÿ”—

#ClimateSolutions #PeopleAndPlanet @worldeconomicforum
  • The Science Based Targets Initiative (SBTi), a longstanding partner of the IKEA Foundation, has contributed to a growing demand for corporate decarbonisation.

In 2023 alone, the SBTi doubled its corporate validations. 4,204 companies have been validated so far for their ambitious emission reduction targets.

Whatโ€™s more, the SBTi has now been granted charitable status, taking its place as an independent entity and using our $18m funding pledge to drive ambitious corporate #ClimateAction ๐ŸŒ

Read more about this exciting news by following the link in our bio ๐Ÿ”— #CorporateClimateAction
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Insights from our partner FSECโ€™s new Global Policy Report highlight the urgent need to transform food systems and the enormous benefits of doing so for #PeopleAndPlanet. ๐ŸŒ

The #HiddenFoodCosts continue to accumulate โ€” within the 10 seconds you spent reading this post, another $4,684,155 was incurredโ€ฆ ๐Ÿ’ธ 

We need to act now to transition to food systems that are good for people and the planet. 

Learn more about #FoodSystemsTransformation and the hidden food costs by following the link in our bio ๐Ÿ”—

#FixFoodEconomics
โ€œWe are just at the beginning. A glorious future!โ€ - Ingvar Kamprad

Thanks to the incredible work of IKEA co-workers and our 248 partners on the ground, weโ€™ve been able to take meaningful steps towards tackling the two biggest threats to humanity: poverty and climate change ๐ŸŒ

Do you want to see what โ‚ฌ2 billion worth of impact looks like for #PeopleAndPlanet? Follow the link in our bio ๐Ÿ”—

#ClimateChange #ClimateAction #Livelihoods
โ€œWe are just at the beginning. A glorious future!โ€ - Ingvar Kamprad

Thanks to the incredible work of IKEA co-workers and our 248 partners on the ground, weโ€™ve been able to take meaningful steps towards tackling the two biggest threats to humanity: poverty and climate change ๐ŸŒ

Do you want to see what โ‚ฌ2 billion worth of impact looks like for #PeopleAndPlanet? Follow the link in our bio ๐Ÿ”—

#ClimateChange #ClimateAction #Livelihoods
โ€œWe are just at the beginning. A glorious future!โ€ - Ingvar Kamprad

Thanks to the incredible work of IKEA co-workers and our 248 partners on the ground, weโ€™ve been able to take meaningful steps towards tackling the two biggest threats to humanity: poverty and climate change ๐ŸŒ

Do you want to see what โ‚ฌ2 billion worth of impact looks like for #PeopleAndPlanet? Follow the link in our bio ๐Ÿ”—

#ClimateChange #ClimateAction #Livelihoods
โ€œWe are just at the beginning. A glorious future!โ€ - Ingvar Kamprad Thanks to the incredible work of IKEA co-workers and our 248 partners on the ground, weโ€™ve been able to take meaningful steps towards tackling the two biggest threats to humanity: poverty and climate change ๐ŸŒ Do you want to see what โ‚ฌ2 billion worth of impact looks like for #PeopleAndPlanet? Follow the link in our bio ๐Ÿ”— #ClimateChange #ClimateAction #Livelihoods
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Positive News Tuesday! There is rapid growth in the global movement to mobilise boards to address #ClimateChange ๐ŸŒโ™ป๏ธ

This is stated in the first-ever Annual Report of our partner @hugheshallcam, who worked on the Climate Governance Initiative.

With a strong focus on impact, the initiative educates and equips corporate non-executive board members with the tools to address climate change in their businesses, and beyond. 

The Climate Governance Initiative is a global network dedicated to mobilising boards to accelerate the transition to net-zero and build climate resilience, and is now reaching 100,000+ business leaders worldwide. 

Read the Annual Report via the link in our bio ๐Ÿ”—

#ClimateSolutions #PeopleAndPlanet @worldeconomicforum
Positive News Tuesday! There is rapid growth in the global movement to mobilise boards to address #ClimateChange ๐ŸŒโ™ป๏ธ This is stated in the first-ever Annual Report of our partner @hugheshallcam, who worked on the Climate Governance Initiative. With a strong focus on impact, the initiative educates and equips corporate non-executive board members with the tools to address climate change in their businesses, and beyond. The Climate Governance Initiative is a global network dedicated to mobilising boards to accelerate the transition to net-zero and build climate resilience, and is now reaching 100,000+ business leaders worldwide. Read the Annual Report via the link in our bio ๐Ÿ”— #ClimateSolutions #PeopleAndPlanet @worldeconomicforum
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The Science Based Targets Initiative (SBTi), a longstanding partner of the IKEA Foundation, has contributed to a growing demand for corporate decarbonisation.

In 2023 alone, the SBTi doubled its corporate validations. 4,204 companies have been validated so far for their ambitious emission reduction targets.

Whatโ€™s more, the SBTi has now been granted charitable status, taking its place as an independent entity and using our $18m funding pledge to drive ambitious corporate #ClimateAction ๐ŸŒ

Read more about this exciting news by following the link in our bio ๐Ÿ”— #CorporateClimateAction
The Science Based Targets Initiative (SBTi), a longstanding partner of the IKEA Foundation, has contributed to a growing demand for corporate decarbonisation. In 2023 alone, the SBTi doubled its corporate validations. 4,204 companies have been validated so far for their ambitious emission reduction targets. Whatโ€™s more, the SBTi has now been granted charitable status, taking its place as an independent entity and using our $18m funding pledge to drive ambitious corporate #ClimateAction ๐ŸŒ Read more about this exciting news by following the link in our bio ๐Ÿ”— #CorporateClimateAction
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โฐ Every second counts when trying to transform our broken food system. 

Insights from our partner FSECโ€™s new Global Policy Report highlight the urgent need to transform food systems and the enormous benefits of doing so for #PeopleAndPlanet. ๐ŸŒ

The #HiddenFoodCosts continue to accumulate โ€” within the 10 seconds you spent reading this post, another $4,684,155 was incurredโ€ฆ ๐Ÿ’ธ 

We need to act now to transition to food systems that are good for people and the planet. 

Learn more about #FoodSystemsTransformation and the hidden food costs by following the link in our bio ๐Ÿ”—

#FixFoodEconomics
โฐ Every second counts when trying to transform our broken food system. Insights from our partner FSECโ€™s new Global Policy Report highlight the urgent need to transform food systems and the enormous benefits of doing so for #PeopleAndPlanet. ๐ŸŒ The #HiddenFoodCosts continue to accumulate โ€” within the 10 seconds you spent reading this post, another $4,684,155 was incurredโ€ฆ ๐Ÿ’ธ We need to act now to transition to food systems that are good for people and the planet. Learn more about #FoodSystemsTransformation and the hidden food costs by following the link in our bio ๐Ÿ”— #FixFoodEconomics
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