DUBAI, UAE: Spendwell, an independent information company enabling individuals to make ethical choices when buying goods or services from corporations, has ranked the 24 official sponsors of COP 28 in Dubai, UAE:
The report, based on independently verifiable data, compares these companies on their commitments to climate emergency action and leadership, as measured through Science Based Targets initiative (SBTi) and Climate Group’s RE100 (power) and EP100 (electric) programs - focused on renewable energy consumption and efficiency.
Spendwell says these initiatives meet its value-ranking criteria and demonstrate corporate climate commitment to action as two of the only cross-industry, independent climate change-reporting efforts active on a global scale.
The latest survey ranking is also predicated on a company’s values-based statement (if it has one) to do all that it can to address, and ultimately reverse, its negative impact on the global climate. So companies making more and better ethical commitments and setting more and better ethical targets, rank higher as a result.
“Despite the majority of people around the world identifying as ethics-driven when making purchases, it is currently near impossible for individuals to make truly informed ethics-driven choices about the companies they support or products and services they buy,” the company claims.
To overcome this barrier, Spendwell says it makes it possible for people to “accurately, confidently and easily” apply their own values to their market choices. In this case, whether the sponsors of COP 28 are what they might claim:
Iberdrola, the Spanish multinational electric company based in Bilbao, tops the Spendwell list because it is the only sponsor that has set near-term and net-zero emissions targets with SBTi.
Siemens is next as a “better choice” out of the 24 sponsors for having set near-term SBT targets and committed to setting net-zero targets - although has not done so yet. Consulting company EY, family-owned UAE conglomerate Al-Futtaim and logistics major Kuehne + Nagel (K+N) are next for having set near-term targets.
Ports operator DP World, Dubai national bank Emirates NBD, and Korea Hydro and Nuclear Power tie in sixth place and the Emirati telecom company Etisalat By E& at No.10 on the ranking.
After that, the remaining sponsors all tie for last place for not making any commitments or targets based on Spendwell’s criteria: Bank of America, IBM, investment and energy company Octopus Group, Baker Hughes, Abu Dhabi healthcare provider M42, Bahrain private equity investment company Investcorp, Dubai Islamic Bank, renewable energy company Masdar, online education provider Coursera, the Dubai Electric and Water Authority, First Abu Dhabi Bank, UAE bank ADIB, Chinese wind turbine manufacturer Goldwind, and the Ruler of Dubai’s private investment entity Dubai Holding.
K+N was a feature on the first commercial transatlantic flight powered by only Sustainable Aviation fuel (SAF) on November 28 having booked the available cargo space on the B787 Virgin Atlantic flight.
As a COP 28 sponsor, K+N says it is committed to science-based targets to decarbonise the logistics sector. “This flight represents the next step in sustainable aviation by demonstrating the potential of using SAF as a 100 percent drop-in replacement for fossil fuel.”
Spendwell says the ranking is currently focused on commitments to climate emergency action. Future updates will include measuring a company's transparency regarding its commitments and demonstrating verifiable action to make them real and meaningful to avoid greenwashing.
The company produces reports focused on one value in an industry, sector or geographic area; and individual company reports that combine multiple user-prioritized rankings to compare companies within a sector or industry. https://spendwell.com/
The independent Science Based Targets initiative (SBTi) is a partnership between Carbon Disclosure Project, the UN Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), to drive climate action in the private sector by enabling organizations to set science-based emissions reduction targets.
EP100 is a global corporate energy efficiency initiative, bringing together over 125 ambitious businesses, committed to improving their energy efficiency.
RE100 is the global corporate renewable energy initiative bringing together hundreds of large and ambitious businesses committed to 100% renewable electricity.
Story Type: News