Based on current corporate pledges to reduce emissions, the Group of Seven (G7) economies' businesses are failing to meet the goals of the Paris Climate Agreement, according to non-profit disclosure platform CDP and global management consultancy Oliver Wyman on Tuesday.
As part of the international 2015 Paris Agreement, nations committed to reducing greenhouse gas emissions quickly enough to keep global warming below 1.5 degrees Celsius, which scientists say would prevent some of its worst effects. The goal is to limit global warming to 2 degrees Celsius.
Corporate emissions targets are generally on a 2.7°C warming trajectory across the G7, which consists of Britain, Canada, France, Germany, Italy, Japan, and the United States, according to CDP and Oliver Wyman analysis.
"It is not acceptable for any country, let alone the world's most advanced economies, to have industries displaying so little collective ambition," Laurent Babikian, Global Director of Capital Markets at CDP, said in a statement.
"Momentum is growing, but as we approach COP27, we must get our 1.5°C goal off life support," he added.
According to the study, the reason why U.S. and Canadian companies' combined emissions are seen to be matching the rate of decarbonization needed to keep global warming to 2.8°C and 3.1°C, respectively, is "largely due to companies completely lacking targets, rather than targets that lack ambition."
According to the study, businesses in Germany, Italy, and the Netherlands had the most aggressive goals to reduce emissions in the G7, as they align with an average temperature of 2.2°C, compared to France's average of 2.3°C and the United Kingdom's average of 2.6°C.
"The analysis highlights big differences in ambition and willingness across companies to take a lead with their targets, and the urgent need to spread best practices further and faster," Partner, Financial Services at Oliver Wyman James Davis said.
Next November, after what has been for many a devastating summer of drought, heatwaves, and other climate-related extremes, nearly 200 countries will assemble at the COP27 climate summit in Egypt.
(Source:www.ndtv.com)
As part of the international 2015 Paris Agreement, nations committed to reducing greenhouse gas emissions quickly enough to keep global warming below 1.5 degrees Celsius, which scientists say would prevent some of its worst effects. The goal is to limit global warming to 2 degrees Celsius.
Corporate emissions targets are generally on a 2.7°C warming trajectory across the G7, which consists of Britain, Canada, France, Germany, Italy, Japan, and the United States, according to CDP and Oliver Wyman analysis.
"It is not acceptable for any country, let alone the world's most advanced economies, to have industries displaying so little collective ambition," Laurent Babikian, Global Director of Capital Markets at CDP, said in a statement.
"Momentum is growing, but as we approach COP27, we must get our 1.5°C goal off life support," he added.
According to the study, the reason why U.S. and Canadian companies' combined emissions are seen to be matching the rate of decarbonization needed to keep global warming to 2.8°C and 3.1°C, respectively, is "largely due to companies completely lacking targets, rather than targets that lack ambition."
According to the study, businesses in Germany, Italy, and the Netherlands had the most aggressive goals to reduce emissions in the G7, as they align with an average temperature of 2.2°C, compared to France's average of 2.3°C and the United Kingdom's average of 2.6°C.
"The analysis highlights big differences in ambition and willingness across companies to take a lead with their targets, and the urgent need to spread best practices further and faster," Partner, Financial Services at Oliver Wyman James Davis said.
Next November, after what has been for many a devastating summer of drought, heatwaves, and other climate-related extremes, nearly 200 countries will assemble at the COP27 climate summit in Egypt.
(Source:www.ndtv.com)
