Is net zero really possible?

By Lorena Dellagiovanna, Senior Vice President and Executive Officer,
Chief Sustainability Officer, and CDEIO, Hitachi, Ltd.

As the dust settles on COP28, where nearly 200 countries agreed to transition away from fossil fuels, triple global renewable energy capacity and double the global average annual rate of energy efficiency improvements, it's an important moment for all of us to consider how we amplify our commitment to a net zero future.

For me, this commitment starts with a clear understanding that sustainability has a critical role to play in business - if we want to achieve net zero, we have to put sustainability at the centre of our business strategy.

At Hitachi, we understand the importance of leading the way. We have recently been awarded the Terra Carta Seal which recognises global companies actively leading the charge to create a climate and nature-positive future. As a climate change innovator we're working hard every day to meet our own climate commitments and support other organizations, governments, and cities as they seek to reduce their own carbon emissions. This includes enabling our customers to contribute to the reduction of their CO2 emissions by 100 million tons per year by FY 2024 through the use of Hitachi products and solutions.

We understand that our actions make a difference - either directly through Scope 1 and Scope 2 emissions, or indirectly through Scope 3 emissions across our value chain. Getting this balance right is the key to improving everyone's quality of life, for today and for tomorrow.

As well as having these targets validated by the Science Based Targets Initiative (SBTi), we also contribute to the World Business Council for Sustainable Development (WBCSD) and Alliance of CEO Climate Leaders, where we recently called for action from World Leaders at COP28, highlighting the need to scale up investments, streamline permitting and regulatory processes, lead by example on public procurement processes, turbocharge nature and technology based carbon removals and simplify climate disclosure and measurement standards.

Because when it comes to sustainability, there is no room for competition. In fact, there is no time for competition - we are all seeking the same prize and we are running out of time, which is why we need to put collaboration at the heart of our efforts.

Today's reality is that we don't have all the answers and no single organization can deliver net zero alone. So, whether it's working across our different Hitachi business units to deliver electrified public transport and the first multiterminal high-voltage direct current (HVDC) system in Europe, working with city authorities to power the first autonomous urban railway system in the US, or working with academia to research nature climate solutions, we will only reach net zero if we do it together.

And at Hitachi, we're working with partners around the world on a journey to make net zero possible.