Accelerating the Race to Net-Zero Through Open Innovation

Abstract

Abstract If the world is to avoid the worst consequences of climate change, the global economy must achieve net-zero carbon emissions by 2050. In response, the number of corporate carbon reduction pledges has been skyrocketing. However, firms face an abundance of challenges in their efforts: (1) to pledge, measure, disclose, (2) to reduce, and (3) to remove their carbon emissions. This chapter begins to explore how firms can harness the benefits of open innovation to advance their quest to net-zero. It proposes a preliminary framework that stipulates how firms can open up and collaborate with partners: (1) to set clear net-zero goals and overcome measurement issues, (2) to test, scale, and deploy carbon reduction technologies, and (3) to build carbon removal markets with quality control. This framework is intended to inspire further research and corporate analysis on how to accelerate and overcome the hurdles in the race to net-zero.