LONDON: Only one in eight of the world’s most-polluting companies are on track to reduce their greenhouse gas emissions in line with global temperature goals, a study funded by investors with $14 trillion under management found on Wednesday.
The findings underscore the gulf between commitments made by the private sector and the transformation that scientists say is needed to stop the climate crisis wrecking the planet.
The clock is ticking on irreversible climate change,” Adam Matthews, co-chair of the Transition Pathway Initiative (TPI) and the director of ethics and engagement at the Church of England Pensions Board, said in a statement.
“Investors need to adopt an emergency footing otherwise the window to secure the change we need will be gone,” he added.
The study of 274 of the largest publicly-traded, high-emitting companies found that almost half do not adequately consider climate risks in their operational decision-making.
Although regulators and central banks in many industrialised countries are pushing for greater disclosure of climate risks, a quarter of the companies in the study do not report their own emissions, TPI said.
Analysis of 160 of the companies in the study found that only 20 were on track to cut their carbon emissions in alignment with the 2015 Paris Agreement to curb global warming.
Published in Dawn, July 11th, 2019