Thread by @newclimateinst

Major companies’ #NetZero climate pledges largely fail test. 🚨 Our Corporate Climate Responsibility Monitor, launched today w/ @CarbonMrktWatch, finds: Companies have an immense potential for #ClimateAction but pledges lack transparency + integrity. 🧵⤵️ bit.ly/NewClimate_CCR…

2/ Background: Companies are increasingly alert to the #climatcrisis, facing calls to take responsibility for their environmental impact. The companies assessed in the report are major multinationals contributing to roughly 5% of global #GHG emissions.

3/ The #CCRM1 shows: Climate pledges of these 25 corporations on average only commit to emissions reductions of 40%, not ❌ 100% as suggested by their #netzero and #carbonneutral pledges. Collectively, they commit to reducing only <20% of their 2.7 GtCO2e emission footprint.

4/ Many company pledges lack transparency and their integrity is undermined by the exclusion of emissions, accounting tricks, or contentious #offsetting plans. ⚠️(All details in the report: bit.ly/NewClimate_CCR…)

5/ #Scope3 emissions account on average for 87% of total emissions for the 25 companies, but only 8/25 companies disclosed a moderate level of detail on their plans to address these. Companies should further prioritise climate change objectives and dialogue on good practices.

6/ 24 of the 25 companies rely on #offsetting to achieve their #netzero targets; at least 2/3 plan to offset with non-permanent carbon dioxide removals, which is not a credible equivalent to emission reductions.

7/ Some hope: There is still ample potential for companies to replicate and scale up the emerging best practices we identified. Companies will be the innovators that find solutions to the #ClimateCrisis, but they must be subject to scrutiny & regulation.

8/ 📺 Join the virtual press launch for a presentation of the main findings. 📝 Sign up here: eventbrite.be/e/untangling-g…

Or read our latest blogpost where the lead authors answer questions on the #CCRM1:
💻❓ bit.ly/NewClimate_CCR…

9/ You can also directly jump to the full report ⤵️ bit.ly/NewClimate_CCR…

#CorporateResponsibility #ClimateAction #NetZero #CCRM1 @CarbonMrktWatch

10/ In case you missed the #CCRM1 press launch this morning: @CarbonMrktWatch just uploaded the recording❗️