September 4, 2009—The world’s 100 largest companies may be making progress on lowering their greenhouse gas emissions, but they are significantly falling short of the recommended reductions scientists warn are needed to avoid the worst impacts of climate change.
This won’t likely change unless government leadership and action take place, according to “The Carbon Chasm,” a report produced by the nonprofit Carbon Disclosure Project (CDP) and funded by telecom BT.
Based on the responses to the CDP, the world’s biggest companies wouldn’t meet the recommended emissions cuts until 2089—39 years after 2050, when scientists say emissions need to be at least 80 percent lower.
According to the analysis, the world’s 100 largest companies are on track to reduce emissions by 1.9 percent per annum. Reducing emissions by 80 percent by 2050 will require an annual reduction of 3.9 percent.
Nearly three-quarters of the world’s 100 largest companies have set goals of reducing greenhouse gas emissions, including 71 percent of U.S. companies.
Some high-impact sectors, such as the energy industry, which includes oil and gas, are significantly lagging other sectors. For example, just 54 percent of energy companies have emissions reduction goals in place, compared to 100 percent of companies representing the carbon-intensive utilities sector. This puts pressure on other sectors to reduce more emissions to meet the scientifically recommended reduction goals.
The report emphasizes the need to harmonize the setting of targets with scientific recommendations. For more information, see the Web site.
