Only five of 24 companies’ net-zero pledges represent a commitment to deep decarbonisation. Only a minority of net-zero pledges represent credible commitments to deep decarbonisation, while many remain highly ambiguous. ![]() This compares to the need to cut global GHG and CO2 emissions by 43% and 48% between 20 respectively, to be in line with the goal to limit the global temperature increase to 1.5☌.įigure 2: The median commitment of emission reductions between 20. This may increase to 21% under the most optimistic scenario that emission intensity targets translate to equivalent absolute emission reductions. For the 22 companies with targets for 2030, we find that these targets translate to a median absolute emission reduction commitment of just 15% of the full value chain emissions between 20. For others, 2030 targets are misleading due to reliance on offsetting.Ĭlimate pledges for 2030 fall well short of the economy-wide emission reductions required to stay below the 1.5☌ temperature limit. Scope 3 emissions account for over 90% of the GHG emission footprints for most of the companies we have assessed. ![]() For many companies, 2030 targets address only a limited scope of emission sources, such as only direct emissions (scope 1) or emissions from procured energy (scope 2) and only selected other indirect emission categories (scope 3). Nearly all the 24 companies that we assessed have pledged 2030 targets, but we find that these targets can rarely be taken at face value. Companies’ climate pledges for 2030 fall well short of the required ambition and are inappropriately verified.Ĭompanies’ 2030 targets cannot be taken at face value. There is a critical need to shift attention to the 2030 blind spot. Companies’ climate change commitments often do not add up to what their pledges might suggest.įigure 1: Integrity of corporate net-zero pledges. We found that most of the companies’ strategies do not represent examples of good practice climate leadership. Overall, we find the climate strategies of 15 of the 24 companies to be of low or very low integrity. Scrutiny of their plans is also necessary to identify whether these companies set the right examples. The analysis of these companies should provide the best prospects for the identification of replicable good practice. These companies serve as role models for other large, medium, and small companies around the world. Through this, they have committed themselves to preparing and implementing decarbonisation plans that align with the objective to limit warming to 1.5☌. The 24 global companies that we have assessed comprise of the largest three global companies from eight major-emitting sectors, including only those that are members of an initiative affiliated with the Race to Zero campaign. The companies analysed in the 2023 Corporate Climate Responsibility Monitor have put themselves forward as climate leaders. Most companies’ climate strategies are mired by ambiguous commitments, offsetting plans that lack credibility and emission scope exclusions, but replicable good practice can be identified from a minority. The repeat analysis of this small sub-set of companies offers insights into what progress has been made over the past year. Ten of the 24 companies were also assessed in the 2022 Corporate Climate Responsibility Monitor. This is equivalent to roughly 4% of global GHG emissions in 2019. ![]() Their total self-reported GHG emission footprint in 2019, including upstream and downstream emissions (scope 3) amount to approximately 2.2 GtCO2e. The 24 companies assessed in this report are major multinational companies. It evaluates four main areas of corporate climate action: tracking and disclosure of emissions, setting emission reduction targets, reducing own emissions, and taking responsibility for unabated emissions through climate contributions or offsetting. ![]() The Corporate Climate Responsibility Monitor assesses the transparency and integrity of 24 major companies’ climate pledges and strategies.
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