Sustainability: The train has left the station
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COMMENTARY Sustainability: The train has left the station
Ritchie D. Priddy, Baton Rouge, Louisiana 70820 Address all correspondence to Ritchie D. Priddy at [email protected] (Received 31 January 2017; accepted 10 March 2017)
ABSTRACT The sustainability movement has more influence over company and government climate change actions than any treaty, law or regulation could possibly have, and results in quicker, measurable actions. The sustainability movement is alive and well, and will continue to grow despite the outcry over some countries backpedaling from the Paris Accord. When one stops to consider just how much action companies from around the world have taken toward sustainability one cannot help but be amazed that so much was done without treaties, laws and regulations to force compliance. The primary driver of action is peer pressure—that which is derived from the actions of industry, and not the actions of government. This movement, found under a company’s corporate social responsibility (CSR) banner, will continue to grow by virtue of the continuous adoption of sustainability reporting, and in particular, supply chain reporting, benchmarking and risk management practices of industry, and the adoption of energy efficient (EE) projects. These actions have already resulted in significant positive changes to private company and government behavior, company value, lower emissions, greater operational efficiency, and competitive advantage. One could argue that peer pressure is much more effective than any treaty, laws, or regulations could possibly be. But, it should be noted that the term “climate change” remains a contentious issue and companies would be wise to refer to all related actions as sustainability. Keywords: government policy and funding; sustainability; environment
DISCUSSION POINTS • D espite lack of binding treaties and clear direction corporations are taking measureable steps to curb emissions in response to several diverse drivers, and this will continue regardless of which party or government is in power. • C C mitigation efforts, including reporting, have led to a level of growth in energy efficiency (EE) project adoption—which remains the most effective and measureable step that can be taken to reduce emissions, reduce energy usage, and encourage efficiency that the world has seen. • T he primary reason for reporting, and thus, EE action, boils down to peer pressure, which has far more influence on compliance than any treaty could.
In his article in this month’s journal (“Climate change and fossil fuel: an examination of risks for the energy industry and producer states”), Jim Krane, of the Baker Institute, examined the climate change risks for the energy industry and producer states. A former journalist himself, Krane’s approach to this important issue was balanced, and more thorough than most articles on the impact of climate change on the energy industry.
He also correctly pointed out a new set of risks facing the energy industry. As a former journalist myself, I appreciate Jim
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