· 2 min read
Illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:
🗞️ Driving the news: Most companies sponsoring COP28, including major corporations like Baker Hughes and Bank of America, have not committed to UN-backed net zero targets
• An analysis reveals that only one of the more than 20 sponsors, Iberdrola, has signed up to the Science Based Targets initiative (SBTi)
🔭 The context: The SBTi provides science-based pathways for companies to reduce greenhouse gas emissions
• These targets are a leading global validation of a company’s commitment to addressing global heating
🌍 Why it matters for the planet: The lack of commitment to net zero targets by most COP28 sponsors, including the independent verifier EY, raises concerns about the effectiveness of corporate contributions to climate action and the credibility of their sustainability claims
⏭️ What's next: As COP28 begins, the focus will be on whether these sponsors will align their actions with their climate leadership claims
• The sponsorship committee's requirements for COP28 allow some flexibility in commitments, which could impact the overall progress towards net zero
💬 One quote: "Science-based targets are the gold standard validation system for companies," (Lincoln Bauer of Spendwell)
📈 One stat: Only six of the firms sponsoring COP28 have committed to setting net zero targets, with only one, Iberdrola, being a fully validated member of the SBTi
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