Many of the world’s biggest companies are failing to meet their targets on tackling climate change, according to a study of 25 corporations. They also routinely exaggerate or misreport their progress, the New Climate Institute report says. Google, Amazon, Ikea, Apple, and Nestle are among those failing to change quickly enough, the study alleges.
Corporations are under pressure to cut their environmental impact as more consumers want green products. These top 25 corporations account for 5% of global greenhouse-gas emissions, the report says. Although these corporations have a huge carbon footprint, they have enormous potential to lead in the effort to limit climate change. The study looked at firms that have publicly stated strategies to reduce greenhouse-gas emissions in order to reach ‘Net zero’.
Scientists say the world must reach the ‘Net zero’ target by 2050 to limit global temperature rises, by not adding more to the greenhouse gases. Emissions are created by anything from transporting goods, to energy used in factories or shops. Companies set their own targets. Google promises to be carbon-free by 2030, while Ikea pledges to be “climate-positive” by 2030. The study gave each firm an “integrity” rating by assessing factors like annually disclosing emissions and their sources.
Many companies did not include upstream emissions, including the consumption of electricity by consumers, in their climate plans. While Amazon, Unilever, and Ikea have promised to commit to their goals, Nestle says that report contains significant inaccuracies.