The 2022 report of the Corporate Climate Responsibility Monitor assesses the latest status of 25 world-leading companies for their commitment to net-zero and actual performance.
The selected 25 reported combined revenue of USD 3.18 trillion, or 10% of the world’s top 500, in 2020. Their footprint (self-reported) added up to 2.7 GtCO2e/y; about 5% of the global.
The researchers looked at the ratings from CDP (the Carbon Disclosure Project) on transparency and 1.5°C-ratings from the Science Based Targets initiative (SBTi) on integrity. The notable finding from the report is the gulf between the target as they advertise and what they could achieve based on their actions so far.
Scope 3 emissions account for about 87% of the selected companies. And only about 8 of them had a reasonable plan to address emissions. One such credibility challenge is how companies plan to achieve carbon neutrality. The study raises its criticism over the (over) use of offset and nature-based solutions as the main strategies versus a plan for the absolute reduction of CO2 from activities.
