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illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: Switzerland’s Climate and Innovation Act mandates net-zero greenhouse gas emissions by 2050 for all non-agricultural companies, regardless of size
• New guidance emphasizes corporate Net-Zero Roadmaps and milestone carbon removal targets to ensure steady progress
• The Act encourages companies to address Scope 1, 2, and 3 emissions, setting a global precedent
🔭 The context: Swiss companies must craft Net-Zero Roadmaps, with milestones for 2030, 2035, 2040, and 2045, to secure funding under the Act
• The guidelines highlight permanent carbon removal methods like direct air capture while promoting accountability for emissions beyond national borders
• By aligning with the Greenhouse Gas Protocol, the Act pushes multinational corporations to address their global carbon footprint
🌍 Why it matters for the planet: Switzerland’s framework sets a high standard for global climate accountability, emphasizing carbon removal and reducing hard-to-abate emissions
• Encouraging investments in carbon removal technologies supports scaling these solutions to meet future global net-zero goals
• This approach advances corporate responsibility in tackling climate change
⏭️ What's next: Though enforcement mechanisms are currently absent, legal penalties may follow as the framework matures
• Switzerland’s leadership could inspire other nations to implement similar globally accountable and milestone-driven climate strategies
• The Act’s success depends on companies’ willingness to view sustainability as a competitive advantage
💬 One quote: “Switzerland is setting a new standard for climate action, showing that the era of narrow, nation-bound strategies is over,” - Phil De Luna
📈 One stat: Swiss companies must set milestone carbon removal targets for 2030, 2035, 2040, and 2045 to achieve net-zero by 2050
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