Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

World’s Biggest CO2 Polluters Failing to Meet Climate Goals

Business
Flaring at the Fife Ethylene Plant in Mossmorran, Fife on April 23, 2019. ExxonMobil and Shell UK jointly operate the complex. Jane Barlow / PA Images via Getty Images

The world's biggest emitters of greenhouse gases are far short of meeting their climate goals, new research says. The research paints a bleak picture, no matter how you look at it.


Only one in eight of the world's most-polluting companies are on track to meet their climate goals under the Paris agreement, as Reuters reported. The researchers found that only 20 of the 160 most-polluting companies have made strides to reduce their emissions to a level necessary to keep global temperature from rising 2 degrees Celsius above pre-industrial levels.

Another part of the research looked into 274 of the world's highest emitting publicly listed companies and found that almost half of the world's largest companies do not even consider future risks from the global climate crisis in their operational decision-making. Almost 25 percent of the publicly listed companies that are the world's biggest-polluters do not report their greenhouse gas emissions despite regulators and central banks in many countries asking for greater disclosure of climate risks, according to The Guardian.

Researchers at the Grantham Institute on Climate Change and the Environment at the London School of Economics carried out the study, which was funded by the Transition Pathway Initiative, a group of investors who manage about $14 trillion and are supportive of the Paris agreement. The researchers analyzed the financial disclosures of companies in key sectors including oil and gas, steel and aluminum, utilities, car manufacturing and air transport, according to The Guardian. The firms examined in the study account for more than 40 percent of emissions from public companies around the world.

"It's over three years since the Paris agreement was signed, and this research shows the corporate sector is improving its climate planning and performance, but not fast enough," said Simon Dietz, co-director of the Grantham Institute, The Guardian reported. "Cutting through the noise, we can see that barely 12% of companies plan to reduce emissions at the rate required to keep global warming below 2C."

The findings highlight the distance between the private sector's handling of the climate crisis and the transformation that scientists say is needed to stop the climate crisis from wrecking the planet, according to Reuters.

"The clock is ticking on irreversible climate change," said Adam Matthews, co-chair of the Transition Pathway Initiative and the director of ethics and engagement at the Church of England Pensions Board, in a statement, as Reuters reported. "Investors need to adopt an emergency footing otherwise the window to secure the change we need will be gone."

This study follows an open letter from investors managing more than $34 trillion in assets, nearly half the world's invested capital, to G20 governments last month stressing the urgent need to tackle global warming. Some investors have already divested from fossil fuels.

"This research shows clear leaders and laggards emerging within sectors from airlines to aluminum, and that gives investors an investment-relevant decision to make today," said Faith Ward, co-chair of the Transition Pathway Initiative, as The Guardian reported. "As the effects of climate change accelerate, we can expect to see more capital flow away from those companies that bury their head in the sand, and towards those companies aligning with a 2C pathway."

EcoWatch Daily Newsletter

Hurricane Florence on Sept. 12, 2018. ESA / A.Gerst / CC BY-SA 2.0

The 2020 hurricane season is now expected to be the most active since at least the early 1980s, meteorologists at Colorado State University, a standard bearer for seasonal hurricane predictions, announced Wednesday.

Read More Show Less
The Qamutik cargo ship on July 28, 2020 in Canada's Nunavut province, where two ice caps have disappeared completely. Fiona Paton / Flickr

Three years ago, scientists predicted it would happen. Now, new NASA satellite imagery confirms it's true: two ice caps in Canada's Nunavut province have disappeared completely, providing more visual evidence of the rapid warming happening near the poles, as CTV News in Canada reported.

Read More Show Less
The European Commission launched a new Farm to Fork strategy in an effort to reduce the social and environmental impact of the European food system. European Environmental Agency / Flickr / CC by 2.0

By Katell Ané

The European Commission launched a new Farm to Fork strategy in an effort to reduce the social and environmental impact of the European food system. It is the newest strategy under the European Green Deal, setting sustainability targets for farmers, consumers, and policymakers.

Read More Show Less
President Trump signs an executive order regulating social media on May 28, 2020 in Washington, DC. Doug Mills-Pool / Getty Images

Facebook and Twitter removed posts by President Donald Trump and his campaign Wednesday for violating their policies against spreading false information about COVID-19.

Read More Show Less
Florida Fish and Wildlife Research Institute staff and volunteers try to help a stranded bottlenose dolphin in Cockroach Bay near Ruskin, Florida on Sept. 17, 2015. FWC Fish and Wildlife Research Institute

A new study gives a first look at the presence and potential effects of plastics and new forms of synthetic chemicals in stranded dolphins and whales along the coast of the southeastern U.S.

Read More Show Less
Smoke rises above wrecked buildings following a deadly explosion on Aug. 4, 2020 in Beirut, Lebanon. Marwan Tahtah / Getty Images

By Alexander Freund

Lebanese Prime Minister Hassan Diab says he believes Tuesday's explosion in Beirut could have been caused by large quantities of ammonium nitrate stored in the port.

Read More Show Less

Trending

Black Americans are dying from Covid-19 at more than twice the rate of white Americans, and at younger ages, partly due to poor diets that make bodies less resistant to the coronavirus. Mireya Acierto / Getty Images

By Michelle D. Holmes

Most Americans know about the Dietary Guidelines for Americans primarily through their colorful representations: the original food pyramid, which a few years ago morphed into MyPlate. The guidelines represent the government mothering us to choose the healthiest vegetables, grains, sources of protein, and desserts, and to eat them in the healthiest portions.

As innocuous as the food pyramid and MyPlate seem, they are actually a matter of life and death.

Read More Show Less