Businesses Need to Do More to Reduce Emissions

According to The Carbon Disclosure Project (CDP), the average long-term emissions reduction target for the companies covered in their report is just 1 percent per year — below the 4 percent annual cuts needed to limit global warming, according to PwC. One percent is “well below the level of ambition needed” to ultimately limit the rise in global temperatures to no more than 2 degrees Celsius (3.6 degrees Fahrenheit) above what it was in pre-industrial times.

While 82 percent of those responding set emission reduction targets, most of those targets are short-term. Only 20 percent have targets that extend beyond 2020. While Germany was the top ranked country, the CDP report reveals that countries like France, Japan and the UK are grossly under-represented in their carbon reduction efforts.

It is appalling that 33 percent of the companies covered by the report reported no emissions reductions. And some major Global 500 companies still refuse to share emissions data with CDP. Here are some of the world’s largest companies that do not provide the requested emissions data:

Apple Inc.
Berkshire Hathaway
Royal Bank of Canada
Caterpillar Inc.
Amazon.com Inc.
Comcast Corp.
America Movil
Lukoil
Bank of China
National Oilwell Varco Inc.

“Even with progress year on year, the reality is the level of corporate and national ambition on emissions reduction is nowhere near what is required,” said Malcom Preston, http://www.ukmediacentre.pwc.com/News-Releases/Carbon-Disclosure-Project-Global-500-Report-PwC-comment-on-findings-and-implications-12ac.aspx PwC’s global lead for sustainability and climate change.

The Carbon Disclosure Project’s report concludes: “Those companies that have an awareness of long-term climate-change risks and opportunities reflected in their business strategy will gain strategic advantage over their competitors.”

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