Half of companies target carbon reduction goals before 2030: survey
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More than half of companies who set carbon reduction targets in the past few years plan to meet their goals by 2030 or before, according to early survey data shared with Callaway Climate Insights from Winmark Global, which runs the chief sustainability officer’s network.
While target dates run out to 2050, about a quarter have set their dates within a decade and more than another quarter are gunning for as early as next year to 2026, according to the data. That’s a remarkable shift from just two years ago, when 2050 was the preferred target because it was, well, out there.
John Jeffcock, the CEO of London-based Winmark, said the survey of the network’s members is continuing as new members join, but that the early results are encouraging. Still, there is a long way to go. Only a third of existing members have a formal plan to cut emissions in place, while the rest are still developing plans.
The most interesting findings to me were the top challenges companies listed in getting a plan in place. Confusing metrics and international regulations were obvious. But problems in committing to Scope 3 supply chain cleanup are interesting as they reflect that companies are holding back on pledges because they worry that they don’t have the clout with their vendors to require emission cuts. The top challenge was finding a way to reduce emissions while still growing profits, with companies saying that hitting ambitious emissions targets will require transformation of their entire organizations, or much of them.
In the end, the great renewables economic transition is going to depend as much on whether it’s a business opportunity as an environmental one.
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Words to live by . . . .
“No new coal plants. No expansion in oil and gas exploration. Now is the time for an unprecedented investment surge in renewable energy — particularly in emerging & developing economies — tripling to $5 trillion dollars annually by 2030.” — UN Secretary-General António Guterres.