Net-zero targets aim to reduce the analysed companies’ aggregate emissions by only 40% at most, not 100% as suggested by the term “net-zero”. Headline pledges are often ambiguous and emission reduction commitments are limited This is equivalent to roughly 5% of global GHG emissions. Their total self-reported GHG emission footprint in 2019 amount to approximately 2.7 GtCO 2e. The 25 companies assessed in this report are major multinational companies. Finally, it evaluates 25 major global companies' transparency and integrity across these four areas. The Corporate Climate Responsibility Monitor focuses on four main areas of corporate climate action: tracking and disclosure of emissions, setting emission reduction targets, reducing own emissions and taking responsibility for unabated emissions through climate contributions or offsetting. Scrutinise the credibility of companies’ plans for offsetting their emissions through carbon dioxide removals or emission reduction credits, recognising that voluntary carbon markets are highly fragmented and there remains a lot of uncertainty on credible good practice.Reveal the extent to which major companies’ climate leadership claims have integrity, and provide a structured methodology for others to replicate such an evaluation.Identify and highlight good practice approaches that can be replicated by other companies, recognising that companies are experimenting to work out what is constructive and credible practice.The objectives of the Corporate Climate Responsibility Monitor are: The Corporate Climate Responsibility Monitor evaluates the transparency and integrity of companies’ climate pledges. Identifying and promoting real climate leadership is a key challenge that, where addressed, has the potential to unlock greater global climate change mitigation ambition. This is compounded by a general lack of regulatory oversight at national and sectoral levels. The rapid acceleration of corporate climate pledges, combined with the fragmentation of approaches means that it is more difficult than ever to distinguish between real climate leadership and unsubstantiated greenwashing. Most large companies now have public climate strategies and targets, many of which include pledges that, on the face of it, appear to significantly reduce, or even eliminate, their contributions to global warming. About the Corporate Climate Responsibility MonitorĬompanies around the world are increasingly alert to the climate emergency, facing calls from a growing range of stakeholders to take responsibility for the environmental impact of their activities. It critically analyses the extent to which they demonstrate corporate climate leadership. The Corporate Climate Responsibility Monitor, conducted by NewClimate Institute in collaboration with Carbon Market Watch, assesses the climate strategies of 25 major global companies.
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