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Technology & Data

Corporate Targets Insufficient to Limit Warming to 1.5°C – CDP

New data from CDP, a leading environmental non-profit, indicates that current corporate decarbonisation targets disclosed through its platform will not be enough to limit global warming to 1.5°C. However, the report also highlights an increase in the number of science-based targets aligned with the 1.5°C goal.  CDP’s new Corporate Environmental Action Tracker provides a comprehensive analysis of climate commitments and actions taken by companies to reduce emissions. Paul Dickinson, Founder Chair of CDP, emphasised the urgency of the current situation, stating: “The tracker shows only 24% of disclosing companies, covering 5% of emissions, are on track to meet their targets. Despite the innovation displayed by the leaders, action overall is not at the level we need.” He added: “With time running out to transform our global economy, we are placing our Tracker into the hands of the world’s climate data users.” The tracker utilises data from nearly 10,000 companies worldwide, covering 16% of global emissions and including major players such as FTSE100 and S&P500 companies. It comprises six steps and eleven indicators that assess various aspects of companies’ climate transition efforts, including disclosure, governance, target setting, strategy and transition plans, target attainment, and target impact. The CDP Tracker also highlights positive trends, including an increase in the number of companies disclosing their emissions values, particularly in sectors other than aviation and shipping. Additionally, the proportion of emissions covered by companies with Scope 3 targets has more than doubled since 2019.

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