How companies are starting to back away from green targets

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

🗞️ Driving the news: Many large corporations, including Unilever and Bank of America, are stepping back from their green targets, citing regulatory, political, and technological challenges as primary barriers

🔭 The context: Former BP CEO Lord John Browne highlighted the long-term risks of retreating from climate commitments, likening it to neglecting a horse until it is needed for war
• Various companies and even some governments have recently acknowledged difficulties in meeting their emission reduction goals

🌍 Why it matters for the planet: This rollback in corporate climate commitments undermines global efforts to limit warming to 1.5°C above pre-industrial levels, increasing the urgency and difficulty of mitigating climate change impacts

⏭️ What's next: Companies and investors are calling for more stable regulatory environments and clearer standards to support meaningful progress towards emission reduction targets

💬 One quote: “The hard truth is that we’ve done a poor job of reconciling corporate actions with the interests of society and the planet in a balanced way,” said Lord John Browne

📈 One stat: Global issuances of sustainability-linked bonds fell to $9.2 billion in the first quarter of 2024, down from nearly $100 billion in the same period in 2021

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