U.S. to Pass Historic Climate Legislation

Published on: 12 August 2022
by KnowESG

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SAP SE

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The U.S. House of Representatives is voting today on the Inflation Reduction Bill, which includes historic climate and energy provisions that will speed greenhouse gas emission cuts and supercharge the clean energy industry.

The Bill puts the U.S. on a path to reduce greenhouse gases by 40% below 2005 levels by 2030. This makes strides towards meeting the goal set under the Paris Climate Agreement for the U.S. to cut emissions by at least half by that date.

To meet the stated U.S. objective to achieve a net-zero carbon economy by 2050, climate experts believe that an all-in approach addressing both the consumer and business side of the energy utilization equation is needed.

The Bill, which passed the Senate by 51:50 with the Vice President casting the deciding vote, provides a road map to smooth out the energy transition in a business-friendly, nondisruptive way by offering stimulus to the energy sector to move towards renewables. At the same time, it provides incentives for consumer-facing innovations and investments in low-carbon technologies.

“From a global perspective, energy security is at the core of transnational security,”

says Vivek Bapat, SVP, Marketing, Purpose, and Sustainability Solutions at SAP. Global energy use across supply chains, which includes the manufacturing, transportation and commercialization of industrial and consumer products, contributes to about 75% of CO2 emissions.

“Since we power close to 88% of the world’s supply chains, we are privileged to be working with global business leaders across every industry sector,”

says Bapat, who adds that arming business leaders with data-enabled technology and solutions enables them to gain detailed, auditable transparency into their emissions.

“With these insights, companies can make business process changes to reduce their carbon footprint, optimize the use of resources such as water, raw materials, and energy, and drive social responsibility across their supply chains,” he says.

Source: Sap news

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