Major polluters commit to limiting global warming to 1.5°C, yet the majority lack detailed plans for implementation
The TPI Centre at the London School of Economics and Political Science has released its latest report, titled "State of the Transition," which evaluates the climate strategies of over 1,000 world's highest-emitting public companies. The assessment, based on 409 companies and valued collectively at approximately US$39 trillion, finds that progress has been made by the biggest corporate emitters in aligning their long-term climate targets with the 1.5°C global warming limit. However, the report also highlights a concerning lack of actionable plans among these companies.
The Carbon Performance Assessment, as the report is known, assesses these companies based on 23 different indicators, ranging from Level 0, representing those 'unaware' of climate change, to Level 5, which indicates 'transition planning.' The report states that many companies fail to provide clear quantification of key elements in their climate strategies, making it difficult to assess their commitment to these goals. As a result, the report questions the credibility of these companies' long-term climate commitments.
Despite these concerns, the report does acknowledge progress. Nearly a third of the world's largest emitters have put in place Paris-aligned transition strategies. In 2023, several companies from the top 1,000 highest global emitters, including Shell, Microsoft, and Unilever, have demonstrably implemented active measures to achieve these strategies.
However, the report also finds that fewer than 5% of the biggest corporate emitters have actionable plans in place. Many of these companies lack intermediate targets in their climate strategies, which the report suggests is a significant issue. The report also highlights the lack of actionable plans among the biggest corporate emitters as a major concern for the future of climate action.
The TPI Centre's "State of the Transition" report is the latest in a series of reports aimed at evaluating the progress of the world's largest companies in addressing climate change. By providing a clear, data-driven assessment of these companies' climate strategies, the report aims to encourage greater action and transparency from the corporate sector in the fight against climate change.
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