In 2017, two dozen companies urged President Trump to take the United States into the Paris Climate Change Agreement for the good of the U.S. economy After the development of the Paris “regulatory framework” in December 2018, 17 companies signed a C2ES statement welcoming the decisions taken and calling on governments to quickly resolve remaining issues regarding the use of market mechanisms. The Paris Agreement will remain an important theme in news broadcasts, in the business community and among business leaders. While the agreement is not yet official and is still far from its full implementation, almost all governments, businesses and environmental experts believe that its lasting effects will be huge, global and profound. However, as Frey said at the Baruch event, quoting Christiana Figueres of the UNFCCC: “COP21 was a success, but that was the simple part.” One of the mistakes lies in an inflexible link between the energy sector and fossil fuels. Studies by independent think tank Carbon Tracker show that none of the world`s largest oil and gas companies are on track to meet the goals of the Paris Agreement by 2040. U.S. oil giant ConocoPhillips is furthest from the target, with oil and gas production cuts of around 85 percent if it is to have any hope of being met. Meanwhile, ExxonMobil, Eni and Chevron are asking for discounts of 55%, 40% and 35% respectively. The report covers companies across the global economy and was carried out by investment data provider Arabesque S-Ray, which assigns a temperature value to each company based on its publicly published plans. However, these efforts will not be enough to control temperatures in the longer term. The analysis shows that only a fifth of these companies will stay the course until 2050 and that more than a quarter of them are likely to raise temperatures by at least 2.7°C.
Arabesque`s temperature values should help make investments more transparent by attributing a 3C increase to companies that do not disclose their climate emissions, he said. Developing a detailed sustainability strategy is an essential first step and can be a lengthy and time-consuming process. Communicating progress in the sustainable development of companies should be a multi-channel approach, as it is likely that different interest groups, such as investors and consumers, will seek access to information of different complexity. For example, the Global Reporting Initiative (GRI) is a popular reporting standard for sustainability and corporate social responsibility (CSR). While GRI`s reporting metrics are a perfect tool for informing investors about companies` sustainable programs, there is also a need to publish more consumer-friendly information. To this end, the Business Wire CSR Circle is a targeted press release distribution service, which produces magazines, news agencies, investors, trade publications and other organizations in the fields of CSR and sustainability. A study of nearly 3,000 listed companies found that only 18 percent have published plans to limit temperature rise to 1.5°C of pre-industrialization by mid-century. This trend is most pronounced among the 200 largest listed companies in the world. Nearly two-thirds of the G20 is expected to be on track to limit global warming to 1.5°C by 2030, but without drastic measures to reduce emissions, that figure will fall to 18% by 2050. It is essential for stakeholders to start by understanding the fundamental elements of the Paris Agreement, including the legally binding elements. According to the official pact, the main objectives of the agreement are: in April, We Are Still In launched the We Are Taking Action campaign to promote a new wave of ambitious climate commitments and actions. At the start of the campaign, Lyft announced that it would offset carbon emissions from every trip around the world.
Today, dozens of other companies have announced courageous commitments and proven that the momentum in the fight against climate change is stronger than ever. .
