Time to get your running shoes out…just kidding, it’s not that type of challenge. The federal government recently announced a voluntary Net-Zero Challenge to encourage businesses to develop and implement credible and effective plans to transition their facilities and operations to net-zero emissions by 2050.
For companies to participate, they must commit to meet the minimum requirements, which includes setting a net-zero target for 2050 or earlier with at least two interim emissions reduction targets. If a company fails to meet the minimum targets or deadlines, they risk getting booted from the challenge, unless they can get back on track within six months.
So what’s the prize you may be wondering? Bragging rights and a clean environment! There are no financial or other incentives offered for companies taking part in the challenge, but participation can have a great impact on the environment, publicity and investor confidence.
You can read more about the challenge here.
This post was authored by Harper Grey lawyer Nicola Virk.