Companies from Group of Seven (G7) economies are failing to meet Paris climate agreement targets, nonprofit disclosure platform CDP and global management consultancy Oliver Wyman said on Tuesday. , based on current corporate pledges to reduce emissions. Under the global Paris Agreement of 2015, countries agreed to reduce greenhouse gas emissions fast enough to limit global warming to 2 degrees Celsius (°C) and aim to keep the rise below 1.5°C, which scientists say would avoid some of its worst effects.
Across the G7, which includes Britain, Canada, France, Germany, Italy, Japan and the United States, corporate emissions targets are broadly on a warming trajectory of 2.7°C, showed the analyzes of the CDP and Oliver Wyman. “It is not acceptable for any country, let alone the most advanced economies in the world, to have industries displaying so little collective ambition,” said Laurent Babikian, global head of capital markets at CDP, in a statement. communicated.
“Momentum is building, but as we approach COP27, we need to pull our 1.5°C target away from sustaining life,” he added. The collective emissions of U.S. and Canadian companies match the pace of decarbonization needed to limit global warming to 2.8°C and 3.1°C, respectively, with the study saying this is “largely the result of companies that completely lack goals, rather than goals”. who lack ambition.
The study found that companies in Germany, Italy and the Netherlands had the most ambitious emissions reduction targets in the G7, as they align with 2.2°C on average, while France is at 2.3°C and the UK at 2.6°C. “The analysis highlights large differences in ambition and willingness between companies to take the lead with their goals, and the urgent need to spread best practices further and faster,” said the partner, Services financiers at Oliver Wyman James Davis.
Nearly 200 countries will convene at the COP27 climate summit in Egypt next November, following what for many has been a devastating summer of droughts, heat waves and other climate-related extremes.
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