NEW YORK: The latest report from the UN Framework Convention on Climate Change (UNFCCC), in the run-up to COP26 in November, says countries’ Nationally Determined Contributions (NDCs) under the Paris Agreement “fall far short of what is required” to keep global warming to 1.5 °C.
With a collective goal to reduce emissions 45 percent by 2030, current or updated NDCs are projected to be only 0.3 percent lower for 2025 and 2.8 percent lower for 2030 compared to previous declarations.
The UNFCCC says by 2025, Paris Agreement signatories will increase their total GHG emissions 2.0 percent compared to 1990 levels and reduce them less than one percent five years later.
According to a report by Sustainability consultancy Natural Capital Partners (NCP), over 60 percent of companies in the Fortune Global 500 are still not committed to delivering a meaningful climate milestone by 2030.
“This is the time to step in and step up,” said Vaughan Lindsay, CEO of NCP. “We know we need to halve emission by the end of this decade to stand any chance of reaching net-zero, so we need to use all the solutions available to make an impact.”
The NCP report, the third annual analysis of companies’ commitments to carbon neutrality, net-zero, 100 percent renewable energy and Science-Based Targets, finds there has been a three-fold increase in net-zero targets, a 50 percent increase in the number of companies that have either achieved carbon neutrality or are targeting it by 2030, and a 25 percent increase in Science-Based Targets.
Acknowledging the private sector is not going to “fix” the climate crisis without government support, the report says it has been driven to act by stakeholder demand, business capacity for innovation, and a focus long-term survival.
“Even though COP was delayed and there is concern about its success in Glasgow, companies are increasingly challenging themselves to step up ambition on urgent climate action,” commented Zelda Bentham, Group head of Sustainability at Aviva. “This is a race we all have to win or the whole of society and the planet loses.”
The NCP report also warns the continued “disharmony, distrust and blame between governments, and a continuing lack of political and financial capital for leaders to spend on climate change domestically”, means that the prospect of transformative, binding near-term action from them "seems hopeful at best".
Story Type: News