Majority of European firms have no CO2 reduction targets

(The Guardian, 19 Feb 2019) Only one in three firms have climate goals set to go beyond 2025, report finds.

Most European companies have no target for reducing their greenhouse gas emissions even though 80% see climate change as a business risk, a survey has found.

Among those that have set climate goals, only one in three stretch beyond 2025, according to the annual Carbon Disclosure Project report.

Instead, corporate action has focused in the boardroom, with 47% of firms rewarding their CEOs for climate performance, and a quarter tying incentives to environmental goals.

European firms now make up half of the CDP’s environmental “A-list” and the managing director for Europe, Steven Tebbe, praised climate disclosure’s entry into the financial mainstream.

“The next decade is vital if our shift to a sustainable economy is to be successful, and companies lie at the heart of this transition,” he said.

A-list companies on the Stoxx global climate change leaders index outperformed their peers by 5.5% per annum this decade, he noted.

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The Guardian, 19 Feb 2019: Majority of European firms have no CO2 reduction targets