EUROPE: As per findings by non-profit disclosure platform CDP and global management consultancy Oliver Wyman on Tuesday, companies included in the Group of Seven (G7) group are grossly failing to match up to the Paris Climate Agreement Objectives.
The international 2015 Paris deal urged all participant countries to reduce greenhouse gas emissions fast enough to limit global warming to 2 degrees Celsius (°C).
The global aim should be to keep the rise below 1.5°C, which scientists predict would avert some of the damages.
G7 group and the climate crisis
The G7 group of economies which includes: Britain, Canada, France, Germany, Italy, Japan, and the United States, are overall on a common 2.7°C warming trajectory, CDP and Oliver Wyman analysis shows.
“It is not acceptable for any country, let alone the world’s most advanced economies, to have industries displaying so little collective ambition,” Laurent Babikian, Global Director of Capital Markets at CDP, said in a statement.
Babikian’s remarks shed light on the importance of rich, Western nations to take responsibility for their increased carbon footprint, which could spell serious troubles for poorer, third-world nations.
“Momentum is growing, but as we approach COP27, we must get our 1.5°C goal off life support,” he added.
Collective emissions of US and Canadian firms can be seen matching the pace of decarbonization required to reduce global warming temperatures from 2.8°C to 3.1°C, respectively.
The study also stated that it is “largely the result of companies completely lacking targets, rather than targets that lack ambition”.
The survey also showed that companies with headquarters in Germany, Italy, and the Netherlands had the most aggressive goals to reduce emissions in the G7, as they align with an average temperature of 2.2°C, compared to France’s average of 2.3°C and the United Kingdom’s average of 2.6°C.
“The analysis highlights big differences in ambition and willingness across companies to take the lead with their targets, and the urgent need to spread best practices further and faster,” Partner, Financial Services at Oliver Wyman James Davis said.
The upcoming COP27 summit will host nearly 200 countries in Egypt next November, after a whole round of raging heatwaves, prolonged droughts, and other climate-linked extremes.
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