Heavy-emitting firms ‘off-track’ from 2C climate target

(EurActiv, 20 Mar 2020) More than 80% of the highest-emitting listed companies are failing to deliver emissions reductions aligned to the Paris Agreement’s 2C global warming limit, with many of them also failing to account for climate mitigation and risk strategies. EURACTIV’s media partner, edie.net, reports.

The Transition Pathway Initiative’s (TPI) annual report assessed 238 energy, industrial and transport companies on projected emissions intensity and found that just 18% (43 companies) are on course to deliver emission reductions that are aligned to climate science.

While this is a 2% improvement on last year’s benchmark, the oil and gas industry is lagging behind the rest of the sectors.

The report found the electric utilities and paper companies that have set 2025 targets are reducing emissions intensity by an average of approximately 4% each year, a trajectory that would surpass targets set by businesses in those sectors.

However, steel and cement companies with 2025 targets in place are actually increasing emissions intensity, while the oil and gas sector is not reducing emissions fast enough to meet their targets.

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EurActiv, 20 Mar 2020: Heavy-emitting firms ‘off-track’ from 2C climate target