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<\/a><\/p>\n\u201cLots of my colleagues are not happy with my chapter on business,\u201d says Dasgupta. He believes there are limits to what companies will do voluntarily with regard to climate action, and that more regulation is needed.<\/p>\n
Yet the WRI is one of the organisations behind voluntary climate schemes such as the Science Based Targets initiative, which influences how companies can credibly claim they are on track for net zero.<\/p>\n
Most consumer-facing companies have plans to reduce emissions for the sake of their reputation and to comply with EU policies, for example. However, businesses \u201cwon\u2019t do the hard things\u201d unless they have to, he says.<\/p>\n
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Since Trump began his second term as US president, a slew of companies have left voluntary corporate climate initiatives. In October, the Net-Zero Banking Alliance officially ceased operations after banks voted to shift from a membership-based structure to a guidance framework. Companies joined in the \u201ceuphoria of Paris\u201d, says Dasgupta. \u201cI don\u2019t think they knew what they were signing up to or how hard it is to decarbonise, especially if you are a multinational with long value chains across the world.\u201d\u00a0<\/p>\n
Another failure has been the lack of focus on finding a path for companies to be profitable while decarbonising, he says. \u201cYou can\u2019t expect a company to not make profit and be good for carbon, as it won\u2019t exist in a commercial sense.\u201d<\/p>\n
In his book he uses Ikea as an example to show how it is possible for emission reductions and profit to go hand in hand. In 2024, the flat-pack retailer\u2019s emissions were over 30 per cent lower and revenues were up nearly 24 per cent compared to a 2016 baseline.<\/p>\n
In addition to the momentum in middle-income countries, technology \u2014 which is \u201cdelivering more than [the] Paris [agreement] imagined\u201d \u2014 is another reason for Dasgupta\u2019s optimism. He cites the speed at which solar, wind, electric vehicles and batteries are being rolled out, although \u201ctechnology itself doesn\u2019t deliver outcomes\u201d, he warns. \u201cJust producing renewables is not good enough or even not good at all. A lot of renewable energy is not being used, because we don\u2019t have the infrastructure to deliver it.\u201d\u00a0<\/p>\n
Recommended<\/p>\n
This missing bit of the puzzle is what Dasgupta calls the \u201corchestration\u201d. He hopes his book will help fill such gaps by focusing on the practicalities of how to take action and by emphasising what the benefits are for people.<\/p>\n Dasgupta says the stories in his book show climate action is only long-lasting when people can see a positive impact. He gives the example of Bangladesh, which spends a significant 10 per cent of its budget on climate adaptation. There is political support for this investment because \u201cpeople\u2019s lives are getting better because of those policies\u201d, he says.<\/p>\n Another area where Dasgupta is more bullish than most environmentalists is artificial intelligence. \u201cA lot of my peers are talking about how AI will be terrible,\u201d he says. \u201cOur view [at the WRI] has been, how can we use this tool for good?\u201d<\/p>\n For too long my community has vilified the fossil fuel industry and got nowhere<\/p>\n One of the questions WRI wants to examine through its recently established energy transition centre is how the huge energy demand from tech companies could be used to help, rather than hinder, the shift from fossil fuels to renewables. Dasgupta describes the current situation as \u201chavoc\u201d, with \u201ceveryone buying energy everywhere\u201d, but he believes there is potential for a different outcome.<\/p>\n He also insists there is no choice but to engage with oil and gas companies. \u201cFor too long my community has vilified the fossil fuel industry and got nowhere,\u201d he says, and does not buy the argument that regulation alone can take these companies out of the picture. \u201cThat is not going to happen,\u201d he says.\u00a0<\/p>\n Dasgupta acknowledges that Christiana Figueres, one of the architects of the 2015 Paris agreement, gave up trying to work with oil and gas companies and admits he too might fail to bring them into line. But he sees no path to a decarbonised economy without them.<\/p>\n Looking ahead to COP30, he says the annual UN climate summits remain relevant. \u201cIt is very popular among armchair intellectuals to say that multilateralism is broken, and COPs are failing us,\u201d he writes in his book. The gatherings could be made more effective, he says, to ensure greater accountability and better decision-making, with \u201cdifferent people in the room, most importantly finance ministers\u201d. But, he adds: \u201cIf you don\u2019t have a COP you will invent something that looks exactly like it.\u201d<\/p>\n Europe\u2019s Climate Leaders<\/p>\n The FT is compiling its sixth annual list of Europe\u2019s climate leaders. We\u2019re looking for those companies that are making the most progress in cutting greenhouse gas emissions and remain committed to reducing their impact on the environment. For more information on how to register, click here<\/a>. The deadline for entries is November 15.<\/p>\n Climate Capital Where climate change meets business, markets and politics.\u00a0Explore the FT\u2019s coverage here<\/a>.<\/p>\n![\"People](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fimages.ft.com%2Fv3%2Fimage%2Fraw%2Fhttps%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252Fffe8ed77-8217-4768-90c8-5a4ff808cdce.jpg%3Fsource%3Dnext-article%26fit%3Dscale-down%26quality%3Dhighest%26width%3D700%26dpr%3D1?source=next&fit=scale-down&dpr=2&width=240\")
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