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10 Percent of World's Largest Companies Produce 73 Percent of Greenhouse Gases
Growing pollution at 50 of the world’s biggest-emitting companies threatens to undermine efforts to prevent catastrophic levels of global warming, according to a new report.
A number of key banks and pension funds have recently shifted their financial support away from carbon-intensive assets, particularly dirty fossil fuel projects.
However new research compiled by the Carbon Disclosure Project (CDP) and overseen by PricewaterhouseCoopers (PwC) shows that the 50 global firms with the highest greenhouse gas emissions, operating mostly in the energy, utility and materials sectors, have increased their carbon pollution by 1.65 percent to 2.54 billion tonnes since 2009.
These 50 firms, including Exxon Mobil, BP, Shell, Chevron, Sasol, Arcelor Mittal and RWE, are responsible for 73 percent of all the greenhouse gas emissions reported by the world’s largest 500 listed companies—which together represent $87 trillion in investments.
Paul Simpson, chief executive at CDP said:
Many countries are demonstrating signs of recovery following the global economic downturn. However, clear scientific evidence and increasingly severe weather events are sending strong signals that we must pursue routes to economic prosperity whilst reducing emissions of greenhouse gases. It is imperative that big emitters improve their performance in this regard and governments provide more incentives to make this happen.
Later this month a United Nations scientific advisory body to governments on climate change will reportedly show that more scientists than ever agree it’s “extremely likely” that human activities—such as burning fossil fuels—have been the main cause of climate change since the 1950s.
Delaying climate policy and therefore action to tackle this problem will triple the cost of having to reduce our emissions in the near future, governments learned today.
It is against this scientific and regulatory backdrop, which puts heavy pressure on governments to take climate action, that key financial trend-setters—like the World Bank—are increasingly shifting their support away from high-carbon assets.
Malcolm Preston, global lead, sustainability and climate change at PwC said:
The report underlines how customers, suppliers, employees, governments and society in general are becoming more demanding of business. It raises questions for some organizations about whether they are focused on sustaining growth in the long term, or just doing enough to recover growth until the next issue arises. With the initial IPCC [International Panel on Climate Change] report only weeks away corporate emissions are still rising.
The world’s top 50 firms may be failing to cut emissions at present but Preston warns that “either business action [to cut emissions] increases, or the risk is regulation overtakes them.”
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‘Companies Should Not Be Allowed to Use Hazardous Ingredients in Products People Use’: Michelle Pfeiffer Speaks Up for Safer Cosmetics
The beauty products we put on our skin can have important consequences for our health. Just this March, the U.S. Food and Drug Administration (FDA) warned that some Claire's cosmetics had tested positive for asbestos. But the FDA could only issue a warning, not a recall, because current law does not empower the agency to do so.
Michelle Pfeiffer wants to change that.
The actress and Environmental Working Group (EWG) board member was spotted on Capitol Hill Thursday lobbying lawmakers on behalf of a bill that would increase oversight of the cosmetics industry, The Washington Post reported.
By Julia Conley
Scientists at the United Nations' intergovernmental body focusing on biodiversity sounded alarms earlier this month with its report on the looming potential extinction of one million species — but few heard their calls, according to a German newspaper report.
The climate crisis is a major concern for American voters with nearly 40 percent reporting the issue will help determine how they cast their ballots in the upcoming 2020 presidential election, according to a report compiled by the Yale Program on Climate Change Communication.
Of more than 1,000 registered voters surveyed on global warming, climate and energy policies, as well as personal and collective action, 38 percent said that a candidate's position on climate change is "very important" when it comes to determining who will win their vote. Overall, democratic candidates are under more pressure to provide green solutions as part of their campaign promises with 64 percent of Democrat voters saying they prioritize the issue compared with just 34 percent of Independents and 12 percent of Republicans.
President Donald Trump has agreed to sign a $19.1 billion disaster relief bill that will help Americans still recovering from the flooding, hurricanes and wildfires that have devastated parts of the country in the past two years. Senate Republicans said they struck a deal with the president to approve the measure, despite the fact that it did not include the funding he wanted for the U.S.-Mexican border, CNN reported.
"The U.S. Senate has just approved a 19 Billion Dollar Disaster Relief Bill, with my total approval. Great!" the president tweeted Thursday.
"There was a lot of devastation throughout the state," Governor Mike Parson said at a Thursday morning press conference, as NPR reported. "We were very fortunate last night that we didn't have more injuries than what we had, and we didn't have more fatalities across the state. But three is too many."