Everyone on the planet is vulnerable to the projected impacts of climate change. But what actions must we take before it's too late? Fiona Gaskin and Kim McClenaghan explain. The Irish government established the Climate Action Bill in March 2021. Its ambition is to achieve net zero carbon no later than 2050.  Under this bill, carbon budgets will be introduced, with the intention of placing a ceiling on carbon emissions in sectors within the economy. This will have a widespread impact on companies, their business models, their strategies and their requirement to set and report on targets.  What factors do organisations need to consider if they wish to achieve net-zero carbon emissions goals? Here are five key actions your company can take now. Establish your net-zero ambition Each organisation should begin by establishing an ambition to achieve net-zero carbon emissions. It should use science-based targets and cover the full value chain.   In setting that ambition, it is important to engage with stakeholders to establish their needs. It is also useful to benchmark against industry peers to understand your competitive position.  A target date for achieving your climate goals should be set. In the context of the ambitions of the Irish government, this should be no later than 2050.  Conduct a business risks and opportunities assessment Do you understand what the risks and opportunities regarding climate change are for your business? Climate change brings uncertainty. Companies need to consider and understand how their organisations will be impacted by different future climate scenarios.  The Intergovernmental Panel on Climate Change (IPCC), the Task Force on Climate-Related Disclosures (TCFD) and the Science Based Target Initiative (SBTi) provide frameworks to explore these different scenarios. Companies can refine these scenarios when assessing their resilience and readiness against the impacts of climate change. Setting climate targets and preparing the organisation for success The first step on establishing net-zero commitments is to establish a carbon emissions baseline.    A starting point is to understand the total emissions of the company. What are your largest emissions sources in terms of Scope 1, 2 and 3 as defined by the Greenhouse Gas Protocol, Accounting and Reporting Standard? Once the baseline is established, companies should set science-based targets to decrease carbon emissions. It is important to understand the risks and opportunities resulting from these targets. You must develop actions to mitigate and adapt to the identified priorities. Which risks will your business action first? How will the business ensure that the actions are coherent with strategy and with international initiatives?   Set long and short-term targets and create achievable milestones for your net-zero journey. Aligning strategy to net-zero  Strategies should be reviewed to ensure their full alignment with your net-zero ambition. This will require decoupling the business from carbon intensive assets and activities. You need to move towards climate-related opportunities while also ensuring sustainable growth. Ask yourself a few questions: How will your net-zero targets be integrated into strategic planning and risk management frameworks within the business? Do you have the right governance frameworks in place to drive developments? Have the relevant change agents been identified for your business and tasked with delivering on these commitments? Do you have the right skill sets in place? Have you mobilised your resources to deliver on your climate action plan? Are there any industry initiatives or collaboration opportunities which your firm could engage with? Report and verify Determine how best to report your performance against targets. Will your business utilise a reporting framework such as TCFD or Global Reporting Initiative (GRI)? How will you communicate with customers and stakeholders? How will you ensure the accuracy and credibility of your reporting? Appropriate assurance of reporting, commensurate with the criticality of this data to your stakeholders, should be considered.  Fiona Gaskin is Partner in Sustainability Practice – Assurance at PwC. Kim McClenaghan is Partner in Sustainability Practice – Advisory at PwC.