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Companies take step back from making climate target promises

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below:

🗞️ Driving the news: Numerous companies, including giants like Microsoft, Unilever, and JBS, have been removed from a validation process by the Science Based Targets initiative (SBTi) for their climate plans, after failing to submit sufficiently ambitious targets to align with the Paris agreement's goal of limiting global warming to 1.5°C

🔭 The context: The SBTi, supported by non-profit organizations, scrutinizes company targets to ensure they are in line with global warming limits
• More than 1,000 companies, representing $23 trillion in market capitalization, initially responded to a 2021 call to commit to net zero emissions goals. A two-year deadline for detailed plans has led to over 230 companies being marked as “removed” for failing to submit or submit strong enough targets

🌍 Why it matters for the planet: This step back highlights the challenges and complexities companies face in aligning their climate action with international goals
• It underscores the critical need for comprehensive policies and frameworks that support ambitious corporate emissions reductions, essential for mitigating climate change impact

⏭️ What's next: Companies argue for clearer policy frameworks from governments to achieve these reductions
• The setback calls for a reevaluation of strategies to meet net-zero commitments, emphasizing the importance of setting and adhering to scientifically based, ambitious targets for reducing greenhouse gas emissions

💬 One quote: "We felt this [1.5°C target] was too big a step-up in terms of ambition given what we see globally," says Nicola Davidson, vice president at ArcelorMittal, highlighting the dilemma faced by companies in committing to stringent climate goals.

📈 One stat: The world has already warmed by at least 1.1°C and must cut emissions by 43% by 2030 to avoid breaching the 1.5°C level, according to scientists.

Click for more news covering the latest on Social Responsibility

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