Commercial, GHG Emissions - September 24, 2021
Two Thirds of Largest Global Emitters Found to Have Net Zero Targets
A new report found that 111 of the 167 companies responsible for over 80% of global industrial emissions have set a net-zero or equivalent target.
BloombergNEF found that if the targets set by these 111 companies are achieved, carbon emissions would be reduced in 2030 by 3.7 billion metric tons and by 2050 reduced by 9.8 billion metric tons. These companies either plan to fully reduce their emissions or offset emissions equivalent to what they emit annually.
The largest sector represented in these planned reductions is oil and gas, with over a third of emissions accounted for. Airlines, utilities, materials companies and manufacturing are the next largest sectors with emission reduction targets.
“As more net-zero targets are set by corporations, the conversation will change from one focused on quantity to one around quality,” Kyle Harrison, head of sustainability research at BNEF, said in a statement. “Companies will be under the microscope for the path they take to achieving net-zero emissions. The winners will be the ones that will – and already do – address their entire value chain, focus on tangible emission reductions and turn a net-zero strategy into a new business opportunity.”
The study also found that investor pressure plays a large role in the establishment of emissions targets in these sectors. The 167 focus companies that make up the Climate Action 100+ are targeted by over 600 investors working with their portfolio companies to cut emissions.
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