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illuminem summarizes for you the essential news of the day. Read the full piece on Euractiv or enjoy below:
🗞️ Driving the news: A recent report finds that only 40 of the world's 100 largest private firms have committed to net-zero carbon emissions targets, significantly trailing behind public companies, which show a greater adoption rate at 70 out of 100
🔭 The context: Private firms face less market and reputational pressure than their public counterparts, contributing to slower progress on climate commitments
• The report stresses the need for all sectors to align with the 2015 Paris Agreement goals to limit global warming
🌍 Why it matters for the planet: With private companies constituting a substantial part of the global economy, their commitment to reducing emissions is crucial for significant environmental impact
• These firms, located mainly in high-emission countries, can influence broader industry standards
⏭️ What's next: New regulations, such as the EU’s Corporate Sustainability Reporting and Due Diligence Directives, will soon require large companies to disclose and actively reduce their climate impacts
• This legislative push aims to accelerate compliance among private firms
📈 One stat: Only 40% of the world's largest private firms have set net-zero targets
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