Only 20% of companies in G20 countries have plans to reduce their carbon emissions in line with climate science.
That’s the conclusion of a report published ahead of the G20 summit taking place this week by the Science Based Targets initiative (SBTi).
Science Based Targets
SBTi was founded in 2014 and launched its first campaign in 2015, six months before the adoption of the Paris climate agreement. The initiative—formed by a coalition between CDP, the United Nations Global Compact, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF)—has set itself the goal of driving businesses and financial institutions to set science-based emissions-reduction targets.
“We are defining science-based targets as targets that have the ambition or a pace of decarbonization that is consistent with the pace of decarbonization needed to limit warming to 1.5 degrees or well below two degrees,” Pineda explains.
SBTi’s most recent analysis looked specifically at the commitments coming out of G20 countries, updating a report published in June that focused only on G7 countries.
“This new research shows that more than 4,200 G20 companies have set climate targets, but just 20% are science-based,” Member of the SBTi Executive Leadership team and Senior Manager at UN Global Compact Heidi Huusko writes in the report.