Panama Canal Authority Climate Strategy SIA

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The climate strategy will recommend lines of action and coordination, responsibility, and timing, and will be structured as two integrated focus areas, underpinned with cross-cutting and enabling recommendations: • Decarbonization: A commitment to decarbonization with a science-based target of net-zero GHG emissions for the long term, and absolute and verifiable emission reduction targets for the short and medium term. • Socio-ecological management: management of the watershed and operations, incorporating physical and just transition climate risks and response measures. • Cross-cutting and enablers: recommendations pertaining to climate action around governance, market-based instruments, and collaboration and engagement. The recommended lines of action will be informed by following a sequenced methodology: i. Baselining and disclosure to establish the strategic point of departure.? ii. Benchmarking reviews strategies from peers, customers, and stakeholders and collaborative initiatives across the sector to develop an understanding of where the industry and wider economy are heading; and to harvest lessons to inform the climate strategy.?? iii. Strategy and solutions for assessing and prioritizing viable decarbonization and adaptation interventions, resulting in tailored strategies that consider just transition. iv. Target-setting and validation involves designing short-, medium-, and long-term targets, disclosing public commitments, seeking third-party validation of these targets, and identifying business co-benefits.? v. Collaborative initiatives recognizes that strategic success requires partnership across a range of stakeholders.??