en English af Afrikaans sq Albanian ar Arabic hy Armenian az Azerbaijani eu Basque be Belarusian bg Bulgarian ca Catalan zh-CN Chinese (Simplified) zh-TW Chinese (Traditional) hr Croatian cs Czech da Danish nl Dutch et Estonian tl Filipino fi Finnish fr French gl Galician ka Georgian de German el Greek ht Haitian Creole iw Hebrew hi Hindi hu Hungarian is Icelandic id Indonesian ga Irish it Italian ja Japanese ko Korean lv Latvian lt Lithuanian mk Macedonian ms Malay mt Maltese no Norwegian fa Persian pl Polish pt Portuguese ro Romanian ru Russian sr Serbian sk Slovak sl Slovenian es Spanish sw Swahili sv Swedish th Thai tr Turkish uk Ukrainian ur Urdu vi Vietnamese cy Welsh yi Yiddish
Open Translation

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

Vote for my Story

Our Rating: 54.5% - 2 votes

1000 Characters left

Latest News

February 22, 2024
People Editor

Nearly 50 million Americans deny climate change

ANN ARBOR, MI/CHICAGO, IL: A study by the University of Michigan School for Environment and Sustainability (SEAS) has concluded 12-26 percent of Americans, depending on location, deny the reality of climate change. The researchers used Twitter (now X) data…
February 21, 2024
Biodiversity Editor

UAE renewables deal needs US$8 trillion

DUBAI/BERLIN: Abu Dhabi National Oil Company CEO and COP28 president Sultan Al-Jaber says he will work with the presidents-designate of COP29 (Azerbaijan) and COP30 (Brazil) to ensure the tripling of investment in renewables agreed in Dubai last December.…
February 19, 2024
People Editor

US$281 billion war profit in two years

LONDON: Five fossil fuel majors have made over US$281 billion net profit since Russia’s invasion of Ukraine two years ago. According to a new analysis by Global Witness, Shell, BP, Chevron, ExxonMobil and TotalEnergies paid US$200 billion to shareholders in…
February 15, 2024
Manufacturing Editor

New CMA CGM feeder fleet designed for less CO2

MARSEILLE: CMA CGM has taken delivery of the first of 10 dual-use 2,000 TEU container vessels to operate on Mediterranean and Northern Europe routes. Initially powered by LNG to reduce sulfur oxide emissions by 99 percent, nitrogen oxide 92 percent and fine…
February 10, 2024
Biodiversity Editor

Greenland ice loss threatens collapse of Atlantic current

PASADENA, CA: A study published in Nature has found the Greenland Ice Sheet lost 20 percent more ice over the past four decades than previously thought. The conclusion follows a 2023 study in Earth System Science suggesting ice losses from Antarctica and…
February 09, 2024
Transportation Editor

Maersk first to have climate targets validated by SBTi

COPENHAGEN: The Science Based Targets initiative (SBTi) says Maersk’s greenhouse gas emissions’ (GHG) targets will meet the Paris Agreement 1.5˚C pathway. The validation is an industry first under SBTi’s new maritime guidance published in late 2022. Maersk’s…
February 08, 2024
Emissions Editor

More greenwashing from the fossil fuel industry

LONDON, UK: Business watchdog Global Witness says the 50-plus oil and gas companies who authored and signed a ‘net-zero’ carbon reduction agreement at COP28, will be responsible for 156 billion tonnes of CO2 emissions in the next 25 years. According to…
February 04, 2024
People Editor

COP29 host Azerbaijan has “severe corruption issues”

BERLIN: Watchdog Transparency International (TI) has published its 2023 Corruption Perception Index (CPI). The Index ranks 180 countries and territories by their perceived levels of public-sector corruption using a scale of zero to 100, where zero is highly…
January 30, 2024
Food Editor

Transforming food systems create multi-trillion dollar benefit

OSLO, Norway: A new report says current food systems destroy more value than they create with over US$10 trillion in annual human suffering and planetary harm. A group of economists and scientists suggest a new food pathway will provide socio-economic…
January 27, 2024
Transportation Editor

Hapag signs liner alliance with Maersk

HAMBURG/COPENHAGEN: Hapag-Lloyd is replacing the Mediterranean Shipping Company (MSC) as Maersk’s liner shipping partner beginning in February 2025 when Maersk and MSC part company. The new alliance, called Gemini Cooperation, will provide 26 mainline…
January 16, 2024
Energy Editor

COP28 goal of tripling renewables closer says IEA

PARIS, France: The International Energy Agency (IEA) says the world added 50 percent more renewable capacity in 2023 than 2022 and forecasts the next five years will see even fastest growth. Almost 510 gigawatts (GW) were added to the global grid with solar…
January 11, 2024
Emissions Editor

Earth hotter than the last 100,000 years

READING, UK/BOLOGNA, Italy/BONN, Germany: The EU Copernicus Climate Change Service says 2023 was the warmest year on record and the first time every day exceeded 1.0°C above the 1850-1900 pre-industrial level. Nearly 50 percent of days were more than 1.5°C…

We are using cookies

By continuing you are agreeing to our use of cookies

I understand