As the necessity to address the climate crisis becomes increasingly urgent, initiatives are being launched to create viable solutions. A major hurdle is determining how to eliminate carbon emissions from the global economy – a topic that researchers at the University of Derby are spearheading.
“Zero carbon” is one of six essential research themes at the University of Derby, with carbon economics, or “carbonomics”, being a growing area that examines the trade-off between the financial costs associated with combating climate change and the economic prospects that arise from transitioning to a low-carbon economy.
It involves the financial dimensions of managing carbon emissions and the climate emergency, including how carbon offset markets operate, which has significant ramifications for the business sector.
“Carbonomics is an innovative and exciting sector of economics, essential for businesses and society to grasp and engage in, as well as for scholars to add to,” states Dr Polina Baranova, an associate professor of strategy and sustainability at the university’s Derby International Business School.
“We are at the forefront of this discipline, examining every facet of corporate operations through the perspectives of carbon reduction, achieving net zero, and minimizing environmental impacts.”
This discipline highlights the business school’s strategy of focusing on research that directly tackles contemporary challenges faced by businesses and can yield tangible outcomes. To date, the university has made significant strides in securing funding at local, regional, and European levels for research pertaining to the low-carbon economy, Baranova explains, and over time, it has built vital partnerships with industries and businesses – both within the UK and internationally.
Alongside “zero carbon”, “business” stands as another essential aspect of the university’s academic themes, reflecting the business school’s pledge to “better business, better society, better future.” Professor Hassan Yazdifar, head of research and innovation at Derby International Business School, illustrates how the connection between these two themes continues to strengthen: “We are observing a growing alignment between our business academics and zero carbon researchers, leading to interdisciplinary projects aimed at comprehending the ramifications of the net-zero transition across diverse economic sectors. These partnerships are intended to foster substantial enhancements in sustainability practices, sector efficiency, and strategic planning.”
Such is the university’s ambition in this domain and assurance in its expertise and research that it’s advancing plans to establish an Institute of Carbonomics. This initiative will involve appointing a founding chair in carbonomics, tasked with steering this significant agenda.
“This upcoming professorship signifies our dedication to sustainability, innovation, and the economics of climate solutions, as well as our positioning at the forefront of this essential field,” states Yazdifar. “The founding chair of carbonomics, which is supported by industry funding, enables us to collaboratively cultivate this crucial discipline, enhance our research capabilities in carbon markets, and develop strategies that will catalyze essential change worldwide.
“The envisioned Institute of Carbonomics will be a pivotal part of our innovation strategy. It reflects our long-term commitment to leading research in climate economics and sustainability, with strong academic leadership and active collaboration with business and policy stakeholders.”
The University of Derby collaborates with a wide array of industries and organizations, spanning from large corporations to small enterprises. This summer, Derby International Business School will move to the city center to establish its new base at the Cavendish Building. This shift aims to encourage even closer partnerships among academics, students, and industry in fields like carbon capture, climate innovation, and sustainable logistics.
The university is also concentrating on environmental solutions, seeking methods to absorb more carbon from the atmosphere into Derbyshire’s peatlands and agricultural landscape. Additionally, it is engaging in groundbreaking work regarding seagrass restoration, which represents one of the planet’s most crucial yet swiftly diminishing marine ecosystems.
“Consider the role of oceans in ecosystems such as seagrass and kelp and how ocean warming is affecting them,” comments Professor Chris Sansom, head of the zero carbon research theme at the University of Derby. “We know that reducing greenhouse gases can mitigate global warming, but in the interim, we need to protect these seagrasses and corals, and our efforts aim to enhance their resilience.”
The university also hosts a Centre for Supply Chain Improvement – a center of excellence focused on operations and supply chain management through advanced research and partnerships with industry. It is directed by Dr Jose Arturo Garza-Reyes, professor of operations management and center head. His research into green-lean logistics is making a global impact, aiding organizations like DHL and the Red Cross in Mexico to excel in their internal and supply chain operations.
It is this essential work that bolsters the university’s ambition for its business school to become a global center for research-driven solutions in carbonomics. “We aim to lead this agenda, positioning ourselves to share insights, knowledge, and strategies that assist businesses and governments in their transition to a low-carbon economy. Only through collaboration can we effectuate the necessary changes,” remarks Baranova.
Training auditors for a sustainable future
With carbon reporting becoming mandatory for numerous organizations, carbonomics plays a critical role in business finance. Josiah Nii Adu Quaye is a postgraduate researcher at Derby International Business School. A qualified accountant, he previously held head finance positions in several institutions, and is also a lecturer in tax at the university. His PhD research focuses on how auditing practices can promote climate accountability and enhance sustainable financial reporting.
“Auditors are stepping up as primary defenders in the climate crisis,” Quaye asserts. “As businesses undergo increasing pressure to report their carbon footprints, auditors must guarantee that these disclosures are accurate, transparent, and reliable. Interestingly, my research revealed that although many auditors see the value of climate disclosures, they feel ill-equipped or lacking in support to verify that data. This shift is not merely a skill upgrade – it’s a transformation in mindset. Auditors must adapt to become custodians of sustainability assurance.
“We will require auditors who are more adept at handling non-financial reports and the audit processes related to environmental, social, and governance (ESG) areas such as emissions reporting, supply chain transparency, and biodiversity impact. I believe my PhD will empower me to help prepare the next generation of auditors with the necessary skills.”
To explore more about Derby International Business School, visit derby.ac.uk
