World’s largest companies stall climate action despite promises
SEPTEMBER 19, 2023
By Paul Homewood
Cutting emissions is proving harder than committing to cut emissions
Climate progress at big companies is hitting a wall.
The world’s largest companies have committed to slashing their emissions to address climate change. Many of them have overpromised and underdelivered because of higher costs, slow advances in technology and political pressure.
One big factor is a lack of trust in voluntary carbon markets. Many companies had intended to use carbon credits to offset emissions that are hard to reduce, such as the burning of jet fuel by airlines.
Those credits were supposed to cover short-term commitments. Companies are now backing off of these goals while maintaining they are committed to long-term targets. It is a sobering conclusion two years after the 2021 United Nations climate summit in Glasgow jump-started several climate initiatives.
Mining giant Rio Tinto can’t hit a near-term emissions target without using carbon offsets. Delta Air Lines and other carriers are under similar pressure. Shell and BP dialled back green-investment plans under pressure from investors. Amazon.com recently shelved a target to slash delivery emissions by 2030.
https://notalotofpeopleknowthat.wordpress.com/2023/09/19/worlds-largest-companies-stall-climate-action-despite-promises/
