Surge in corporates using science-based emission reduction targets
This year has seen an unprecedented rise in the number of companies using climate science to cut their greenhouse gas emissions in line with the Paris Agreement.
That is according to an announcement made by the Science Based Targets Initiative (SBTi), which has revealed that 130 corporates joined the scheme between January and August this year.
This marks a 39% increase on the number that joined in 2017, with Michelin, Yamaha and the Kraft Heinz Company just some of the latest firms now committed to a science-based target.
It was also revealed that fifty new American companies have joined the SBTi since president Trump announced his intention to withdraw the US from the Paris Agreement last year.
“This is a pivotal year for global climate action,” said Mahindra Group CEO, Anand Mahindra. “Targets based on science are the only effective way to meet the challenges we face.
“Around the world, hundreds of businesses are already showing that this is possible with substantial benefits to brand reputation and the bottom line.”
The SBTi independently assesses and validates emission reduction targets against the latest climate science, and is a collaboration between UN Global Compact, the World Resources Institute, the WWF and CDP.
The companies that have joined the initiative represent around one-eighth of total global market capitalisation, which is comparable to the NASDAQ stock exchange.
Almost 100 of the world’s largest 500 companies for revenue have committed to setting a science-based emission target.
Indian cement manufacturer Dalmia Cement, whose sector is responsible for more emissions than Japan or Canada, is the latest company to commit to the SBTi after joining last week.
“The global low-carbon transition is underway, and we are gearing up to unlock innovation and create the sustainable business of the future,” Dalmia Cement Group CEO, Mahendra Singhi, said.
“The Paris Agreement has shown us the direction of travel. Science-based targets provide the roadmap to navigate the transition and ensure we play our part in delivering on the world’s low-carbon goals.”
Image credit: iStock
Chris Seekings is a reporter for TRANSFORM