{"id":28342,"date":"2022-05-11T23:06:05","date_gmt":"2022-05-11T23:06:05","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/05\/11\/critical-mass-of-polluters-setting-carbon-targets\/"},"modified":"2022-05-11T23:06:05","modified_gmt":"2022-05-11T23:06:05","slug":"critical-mass-of-polluters-setting-carbon-targets","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/05\/11\/critical-mass-of-polluters-setting-carbon-targets\/","title":{"rendered":"‘Critical mass’ of polluters setting carbon targets"},"content":{"rendered":"
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The number of big polluters setting targets to reduce carbon emissions has reached “critical mass”, according to a UN-backed report.<\/b><\/p>\n<\/div>\n

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But firms in Asia, Africa and Latin America are lagging behind Europe, the US and Japan, according to the Science-Based Targets Initiative.<\/p>\n<\/div>\n

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Separately, a report cast doubt on whether all oil companies can deliver on the carbon savings they promise.<\/p>\n<\/div>\n

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Big oil companies rely on unproven technology, a think tank has said.<\/p>\n<\/div>\n

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The Science-Based Targets Initiative advises companies on setting emission reduction targets in line with climate science.<\/p>\n<\/div>\n

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It says goals have now been adopted by more than 2,000 companies worth $38 trillion in 70 countries and 15 industries.<\/p>\n<\/div>\n

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The authors say that in the most polluting sectors, a critical mass of companies (27%) have joined the initiative. <\/p>\n<\/div>\n

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They believe this could be a game changer as the polluting giants influence actions throughout the supply chain.<\/p>\n<\/div>\n

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More than half of the companies setting targets are from the wealthy G7 countries, but there are also participants from China, India, Brazil, South Korea and South Africa. <\/p>\n<\/div>\n

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Canada and Italy are lagging behind, the report says. And Africa and Asia need more participants.<\/p>\n<\/div>\n

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The document says:<\/p>\n<\/div>\n

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  • Around 80% of the targets approved by companies in 2021 were aligned with the benchmark of limiting global temperature rise to 1.5\u00b0C compared to pre-industrial times.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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    \n
      \n
    • Between 2015 and 2020, the majority of companies with 1.5\u00b0C targets will cut emissions twice as fast as needed.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
      \n

      A separate report today urged caution on oil companies’ targets.<\/p>\n<\/div>\n

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      Think tank Carbon Tracker said oil and gas companies base their emissions targets either on the sale of polluting assets or on unproven or controversial technologies.<\/p>\n<\/div>\n

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      This includes carbon capture and storage (CCS) \u2013 or carbon offsetting, which may include planting trees to offset industrial emissions. <\/p>\n<\/div>\n

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      According to Carbon Tracker, investors should ask themselves whether companies’ goals are not only ambitious, but also credible.<\/p>\n<\/div>\n

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      Author Mike Coffin said: \u201cEmission abatement technologies pose a huge risk to investors and the climate as most, like CCS, are in the early stages of development and solutions involving tree planting require huge areas of land. <\/p>\n<\/div>\n

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      “The costs will be enormous and it is not clear whether they are technically feasible or economically viable.”<\/p>\n<\/div>\n

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      The report ranks oil and gas companies. It says: <\/p>\n<\/div>\n

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      \n
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      • Eni<\/b> has the strongest policy, promising a 35 percent reduction in emissions by 2030 from the production and use of its products. But his plans include CCS and nature-based solutions like planting trees.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
        \n
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          \n
        • bp<\/b> fourth, but its position is expected to improve once it officially ends its Rosneft gas stake. CCS will be a “lever” for emission reductions.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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          • sleeve<\/b> in fifth place and only promises to reduce the carbon intensity of its operations and the products it sells. <\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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            • Nine North American companies all have weaker policies than Europeans and only commit to reducing emissions intensity \u2013 a measure of carbon emissions per dollar earned.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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              • ExxonMobil<\/b> has the weakest policy, the report says. It set a net-zero goal last year but didn’t say how it will get there.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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                However, the oil giant said it “has long acknowledged the reality and risks of climate change and has devoted significant resources to addressing those risks.”<\/p>\n<\/div>\n

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                \u201cWe announced our goal to achieve net-zero greenhouse gas emissions from operating assets by 2050. As part of this, we are developing detailed emission reduction roadmaps for large plants and facilities,\u201d it said.<\/p>\n<\/div>\n

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                A Met Office report this week said new record global temperatures are expected again in the next few years.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

                The number of big polluters setting targets to reduce carbon emissions has reached “critical mass”, according to a UN-backed report. But firms in Asia, Africa and Latin America are lagging behind Europe, the US and Japan, according to the Science-Based Targets Initiative. 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