Only half of companies decarbonize in line with 1.5C targets, study warns

A new analysis was published today by EcoAct that examines global corporate emissions data across FTSE, DOW, DAX, CAC, FTSE MIB and IBEX.

12th Annual Corporate Climate Reporting Performance Report Warns 2022 Won’t Repeat the Increased Ambitions for Corporate Net-Zero and Decarbonization Goals Achieved in Preparations for COP26 Last Year doing.

EcoAct warns that 48% of FTSE 100 companies have achieved Scope 1 and 2 emissions reductions in line with 1.5°C, compared to 72% in 2021. Our analysis found that 97% of FTSE 100 companies do not have long-term scope 1 and 2 emissions targets, and 96% do not have long-term scope 3 targets.

Additionally, EcoAct warns that its net-zero commitments are also beginning to slow. Although the number of companies setting net-zero targets in 2021 increased by 21% year-on-year, particularly in preparations for COP26 in Glasgow, the increase is expected to slow to just 11% in 2022 and is now the leading company. His 75% of companies are covered. by the net zero target.

EcoAct CEO Stuart Lemmon said: However, the realities of today’s climate mean that this aggressive intent falls short, requiring significant emission reductions for all businesses in all industries. Many companies are familiar with climate disclosure requirements, but ultimately the majority have failed to act in ways that limit temperature rise to 1.5°C for scopes 1, 2 and 3. ”

“Last year, COP26 built tremendous momentum, but this progress seems to have stalled. Businesses now have new economic and geopolitical challenges to contend with, but these could provide further impetus for action: Decarbonization in all sectors Accelerating global warming needs to become essential for businesses not only to limit climate catastrophes, but also to mitigate widespread economic losses.”

A study by the Intergovernmental Panel on Climate Change (IPCC) has warned that emissions will peak by 2025 and need to be reduced by 43% by 2030, prompting companies to Time is running out to set and achieve decarbonization goals.

risk ranking

In related news, AXA released the results of its global survey of risk-related concerns, with climate change topping the list for the first time.

AXA released today (October 24) the ninth edition of its Future Risks Report. This global survey is based on responses from his panel of 4,500 risk professionals in 58 countries and his representative sample of 20,000 people in 15 countries.

Climate change has climbed to the top of the list of the risks that experts and the general public are most concerned about around the world. It also became a major concern of the general public in the United States for the first time, surpassing cybersecurity and the coronavirus pandemic.

Geopolitical tensions ranked second, ahead of cyber and Covid-19. In total, his 95% of surveyed experts warn that geopolitical tensions are spreading across the globe, creating devastating consequences. One such result is the energy price crisis, which moved him up to fourth place from last year’s 17th place.

Moreover, the survey warns that confidence in policymakers and businesses to address these risks is deteriorating. Trust in public institutions fell 4 percentage points year-on-year to 58%, while trust in private companies fell 2 percentage points to 45%.

“AXA’s Future Risk Report 2022 describes a world in overheating where crises overlap. We can also see underlying trends, such as a decline in trust in ,” said Thomas Buberl, CEO of AXA.

“These trends present an additional risk – a sense of helplessness – when all parties need to be mobilized to deliver a collective, innovative and coordinated response. , we can offer our expertise in terms of prevention and protection.At AXA, we are determined to maximize our role.”