As the need to tackle the climate emergency becomes ever more critical, efforts are under way to develop potential solutions. One of the key challenges is how to remove carbon emissions from the global economy – a subject that researchers at the University of Derby are leading the way in.
“Zero carbon” is one of six academic research themes at the University of Derby, and within that field is carbon economics, or “carbonomics”, an emerging discipline that studies the balance between the economic costs of addressing climate change and the economic opportunities of transitioning to a low-carbon economy.
It encompasses the economic aspects of dealing with carbon emissions and the climate crisis, including the functioning of carbon offset markets, and has huge implications for the world of business.
“Carbonomics is a new and very exciting branch of economics, and a necessary area for businesses and society to understand and get involved in, as well as for academics to contribute to,” says Dr Polina Baranova, an associate professor of strategy and sustainability at the university’s Derby International Business School.
“We are pioneering this particular discipline, which looks at every aspect of business operations through the lens of carbon reduction, net zero, and reducing the environmental impact of businesses.”
The discipline reflects the business school’s approach of focusing on research that directly addresses challenges facing modern businesses, and that can result in real-world impact. To date, the university has had considerable success in securing local, regional and European funding for research into the low-carbon economy, explains Baranova, and over the years, it has forged crucial close links with industry and commerce – both in the UK and across the globe.
Along with “zero carbon”, “business” is another key component of the university’s six academic themes and reflects the business school’s commitment to “better business, better society, better future”. Professor Hassan Yazdifar, head of research and innovation at Derby International Business School, explains how the link between the two themes is strengthening all the time: “We are seeing an increasing convergence between our business scholars and zero carbon researchers leading to interdisciplinary projects focused on understanding the implications of the net-zero transition across various economic sectors. These collaborations are designed to deliver tangible improvements in sustainability practices, sector performance, and strategic decision-making.”
Such is the university’s ambition in this area and confidence in its expertise and research that it’s forging ahead with plans to develop an Institute of Carbonomics. This will involve the creation of a founding chair in carbonomics, with responsibility for leading this important agenda.
“This new professorship demonstrates our commitment to sustainability, innovation, and the economics of climate solutions, while positioning us at the forefront of this critical field,” says Yazdifar. “The founding chair of carbonomics, which is funded by industry, allows us to collaboratively grow this vital discipline, deepen our research capacity in carbon markets and shape strategies that will help drive vital change across the world.
“The planned Institute of Carbonomics will be a centrepiece of our innovation strategy. It represents our long-term commitment to pioneering research in climate economics and sustainability, with strong academic leadership and close engagement with business and policy stakeholders.”
The University of Derby works with a wide range of industries and organisations, from major corporations to small businesses. This summer, Derby International Business School will relocate to the city centre to its new home in the Cavendish Building. The intention is that this will foster even closer collaborations between academics, students and industry in areas such as carbon capture, climate innovation and sustainable logistics.
The university is also focusing on environmental solutions, for example, finding ways to absorb more carbon from the atmosphere into Derbyshire’s peatlands and agricultural landscape. It is also undertaking pioneering work into seagrass restoration, one of the world’s most important yet rapidly declining marine habitats.
“Look at the role that oceans play in marine habitats like sea grass and kelp and the impact that the warming of the oceans is having on them,” says Professor Chris Sansom, head of the zero carbon research theme at the University of Derby. “We know if we can reduce greenhouse gases, we can reduce the rate of global warming, but in the short term, we need to save those sea grasses and corals, and the work we’re doing is focused on making them more resilient.”
The university also houses a Centre for Supply Chain Improvement – a centre of excellence for operations and supply chain management in advanced research and industry partnerships. It’s led by Dr Jose Arturo Garza-Reyes, who is professor of operations management and head of the centre. His research into green-lean logistics is having an impact globally, helping organisations such as DHL and the Red Cross in Mexico achieve excellence in their internal and supply chain processes.
It is this critical work that strengthens the university’s ambition for its business school to become an international hub for research-led solutions in carbonomics. “We want to be at the forefront of this agenda, and in a position to share insights, knowledge and strategies that support businesses and government to effectively transition to a low-carbon economy. Only by working together, will we be able to bring into effect the required change that is needed,” says Baranova.
Upskilling auditors for a green future
With carbon reporting mandatory for many organisations, carbonomics has a significant role to play in the world of business finance. Josiah Nii Adu Quaye is a postgraduate research student at Derby International Business School. A qualified accountant, he was head of finance for several institutions, before also becoming a lecturer in tax at the university. The research focus of his PhD explores how audit practices can drive climate accountability and promote sustainable financial disclosures.
“Auditors are becoming frontline defenders in the climate crisis,” says Quaye. “As businesses face increasing pressure to disclose their carbon footprints, auditors must ensure these disclosures are accurate, transparent, and trustworthy. However, one surprising finding from my research is that while many auditors recognise the importance of climate disclosures, they feel underprepared or unsupported in verifying that information. This is not just an upgrade of skills – it’s a shift in mindset. Auditors must evolve into stewards of sustainability assurance.
“We will need auditors who are much more in tune with non-financial reports and audit procedures linked to environment, social, and governance (ESG) areas such as emissions reporting, supply chain transparency, and biodiversity impact. I believe my PhD will enable me to help equip the next generation of auditors with the skills they will need.”
To find out more about Derby International Business School, visit derby.ac.uk
