Over 100 corporates sign up to science-based emission targets
A total of 103 major global corporations are now seeking the advice of scientists to help prevent dangerous climate change, the CDP has confirmed today.
L’Oreal and Electrolux are among the latest signatories to the Science-Based Targets initiative (SBTi), which aims to help companies reduce their emissions in line with the Paris Agreement.
They join other top brands including McDonald’s, Sony and Tesco, with the total market value of those committed to the initiative now at $3.4trn (£2.4trn) – roughly equivalent to the London Stock Exchange.
“Companies that commit to setting science-based targets are showing their commitment to creating a well-below 2°C world,” said Lila Karbassi, office manager at UN Global Compact – one of the initiative’s partners.
“Today’s news shows that science-based targets are fast becoming the new normal for businesses looking to gain a competitive advantage in the transition to a low-carbon economy.”
The combined annual greenhouse gas emissions of the corporates signed up to the SBTi are equivalent to 404 megatonnes of CO2, equal to the annual carbon dioxide emissions of 100 coal-fired power plants.
The US accounts for the highest proportion, with 24 headquartered in the country, followed by Japan and the UK with 15 and 11 respectively, while 57 of the 103 are based in Europe.
As well as taking science-based climate action across their own operations, almost nine in ten of these firms have approved emission targets that cover their value chains.
In total, over 370 companies have joined the SBTi, with more than two firms per week signing up to the initiative since its launch in mid-2015.
And this momentum is expected to grow further in 2018 after 850 companies declared their ambition to set a science-based target between 2017 and 2019 last year.
“Companies from diverse sectors worldwide are ready to deliver on the goals of the Paris Agreement and recognise the strong business imperative to do so,” Karbassi continued.
“Their action sends a strong signal to governments around the world that they can be confident in raising their own ambition.”
Image credit: Shutterstock
Chris Seekings is a reporter for TRANSFORM