by Juliette Portala
(Reuters) – Companies in G7 economies fail Paris climate accord goals, non-profit disclosure platform CDP and global governance Consulting firm Oliver Wyman said on Tuesday it was based on current corporate emission reduction commitments.
Under the global 2015 Paris Agreement, countries agreed to reduce greenhouse gas emissions fast enough to limit global warming to 2 degrees Celsius (°C) and aim to Keeping warming below 1.5°C, scientists say, will avoid some of the worst impacts.
For the G7, including the UK, Canada, France, Germany, Italy, Japan and the US, corporate emissions targets are generally on a 2.7°C warming trajectory, analysis by CDP and Oliver Wyman shows .
“No country can accept it,” said Laurent Babikian, CDP’s global director of capital markets, in a statement.
“Momentum is building, but as we approach the COP 27, we have to achieve the 1.5°C target from life support,” he added.
Collective emissions from US and Canadian companies are considered to be the same as Matching the pace of decarbonisation needed to limit global warming to 2.8°C and 3.1°C, respectively, the study showed it was “largely the result of a complete lack of targets by companies rather than a lack of ambition”.
Research shows that companies in Germany, Italy and the Netherlands have the most ambitious emission reduction targets in the G7, as they are in line with an average of 2.2°C, compared to 2.3°C in France and 2.6°C in the UK C.
“The analysis highlights the wide variance in ambition and the willingness of companies to take the lead in achieving their goals, as well as further and faster dissemination of the best There is an urgent need for practice,” said James Davis, Partner at Oliver Wyman Financial Services.
Almost 200 countries will be at the COP The climate summit will be held in Egypt next November after many have experienced a devastating summer of drought, heat waves and other extreme climate-related events.