Limiting global warming to 1.5⁰ C will require reaching net-zero emissions worldwide by 2050. A key component of achieving this is the decarbonization of the agricultural industry and associated products, such as fertilizers. In 2018, agriculture accounted for 18% of global emissions. Additionally, N2O emissions from non-organic fertilizers contributed 13% (0.7 Gt CO2eq) to this total. To put this in perspective, the International Fertilizer Association estimates that the industry is responsible for 2.5% of all Greenhouse gases globally. Fertilizer is an emissions intensive product to both produce and use; as such, there is increased pressure for farmers to reduce their fertilizer usage and substitute for lower emissions organic products. This is being driven in part by the increasing likelihood of carbon pricing mechanisms being implemented, including the EU’s proposed Carbon Border Adjustment Mechanism (CBAM). CBAM specifically targets high emissions products such as fertilizers for carbon border adjustment taxes. Carbon emissions are increasingly a financial liability that companies need to manage to stay competitive. In addition to climate transition risks, the physical risks posed by climate change threaten to disrupt Nutrien’s operating markets. Climate change is having severe impacts on the global agricultural sector in the form of increased droughts and floods as well as changes to crop viability6. Nutrien and its customers will be directly impacted by these events; therefore, it is in Nutrien's interest to demonstrate strong risk management of this key issue. Moreover, this presents an opportunity for Nutrien to lead industry peers towards net-zero, thereby improving its ability to attract capital from ESG investors. Nutrien has taken important steps to mitigate emissions, including the company’s commitment to the Science Based Targets initiative (SBTi), but the company’s current target of a 30% reduction in emissions by 2030 is not aligned with the emissions reductions needed to limit warming to 1.5⁰ C. Companies need to have a credible net-zero targets to thrive in a carbon constrained world. Nutrien would benefit from establishing a net zero target and conducting a thorough analysis of pathways to net-zero. The IEA notes in their Net Zero by 2050 report that of the businesses globally who have committed to net-zero, 40% of them have no concrete plan on how to achieve that7. These companies are lagging their peers and are more likely to face scrutiny from investors and media. If Nutrien wants to remain a global leader, the company urgently needs to adopt a net-zero target and publish a credible plan for achieving it.