Oliver Wyman – Climate Journal 3

The authors of this introduction highlight the need to scale up corporate climate action as emissions continue to rise despite efforts made since the 2015 Paris Agreement. They conducted a survey of 200 climate practitioners, finding that half of them see decarbonization as a serious challenge by 2030, while a third already view it that way. The authors also present four key lessons they learned from speaking to climate and sustainability practitioners from major corporations. First, they emphasize that acting at scale against a company's own interests is not effective, as it leads to resistance due to commercial pressures. Instead, leaders at scaling up are creating conditions that align corporate and climate interests. This is exemplified in B2B businesses that act as decarbonization service providers for their corporate customers. For example, Ball Corporation may align its interests with building a circular economy in aluminum, which reduces the use of less recyclable materials in beverage packaging. Similarly, Maersk's interests may align with consumer brands paying a premium for shipping powered by biofuels instead of fossil fuels to reduce their carbon footprints. Overall, the authors highlight the urgent need to scale up climate action, the challenges faced by corporations, and the importance of aligning corporate and climate interests to achieve effective and profitable solutions.