According to a report by non-profit CDP and consultancy Oliver Wyman, no Group of Seven (G7) country has a corporate sector on track to decarbonise fast enough to limit climate change to 1.5°C, based on current emissions reduction targets. On average across the G7, corporate emissions targets are estimated to align with 2.7°C of global warming, nearly double the target set in the 2015 Paris Agreement. Germany and Italy’s emission reduction targets will see their global warming limited to 2.2°C, followed by France (2.3°C), the UK (2.6°C) and the US (2.8°C). Canadian companies are the worst performing in the G7, with targets aligned with 3.1°C of warming on average. The European power sector is leading all sectors globally, but is still estimated to fall well short of the 1.5°C target at 1.9°C of global warming. Laurent Babikian, CDP’s Capital Markets Global Director, said: “Momentum is growing, but as we approach COP27, we must get our 1.5°C goal off of life support. High-impact companies, and their investors and lenders, must immediately set and honour targets with credible transition plans to allow us to meet this goal.”
Our latest report with @CDP reveals the science-based #GlobalWarming trajectories.
It finds that European corporate emission targets are currently aligned with a 2.4°C world, with a slight cooling of 0.3°C compared to last year. #OWClimate #ClimateAction
— Oliver Wyman (@OliverWyman) September 6, 2022