Companies in Asia, Africa and Latin America lag behind others in Europe, the United States and Japan when it comes to polluters and their respective carbon dioxide emissions, according to an initiative by Science-Based Targetswhich brings together different projects, institutions and foundations that support the same cause.
Separately, a report casts doubt on whether all oil companies can deliver the carbon “cuts” they promised. according to one think tank (ideas lab, strategic office), these companies are relying on unproven technologies.
‘Critical mass’
A Science-Based Targets advises companies on how to set emission reduction targets in conjunction with climate science. and notes that the goals have already been adopted by more than 2,000 companies worth US$38 trillion in 70 countries and 15 industries. The authors say that in the most polluting sectors a critical mass of companies (27%) joined the initiative.
They believe this could be a positive tipping point as the polluting giants influence actions across the supply chain. More than half of the companies that set goals are in the wealthy G7 nations, but there are also participants from China, India, Brazil, South Korea and South Africa. The report notes that Canada and Italy are lagging behind, and adds that Africa and Asia need more participants.
The document says:
- About 80% of the targets approved by companies in 2021 were in line with the benchmark to keep the global temperature rise 1.5ºC above pre-industrial times.
- Between 2015-2020, most companies with this 1.5°C target cut emissions twice as fast as necessary.
Environmentalist Tom Burke of think tank E3Greceived the definition of goals.
“This is really good news,” he said, “but it’s too late. We are past the time when we should be facing climate change. It’s great to have goals, but there is a huge gap in the government and in companies between goals and achievements”.
‘Unproven technology’
A separate report today urged caution on these goals.
O think tank Carbon Tracker said oil and gas companies are basing their emissions targets on the sale of polluting assets, or on unproven or controversial technologies. This includes carbon capture and storage – or carbon offsetting, which can include trees being planted so that industrial emissions are offset.
A Carbon Tracker says investors should ask whether companies’ goals are not only ambitious but also credible. Author Mike Coffin said: “Emissions mitigation technologies pose a major risk to investors and the climate because most are at an early stage of development and solutions that involve planting trees require vast areas of land. The costs will be enormous and it is unclear whether they will be technically viable or economically viable.”
“We announced our ambition to achieve net zero greenhouse gas emissions for operated assets by 2050. As part of this, we are developing detailed emission reduction roadmaps for key facilities and assets,” he said. The report of Met Office this week said that new global temperature records are expected again in the next few years.
Translated article from the website bbc.com.
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