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Why This Matters: Most companies that are abiding by Paris Agreement goals were European — Arabesque’s research found that flagship indexes in Sweden, Germany, Switzerland, Finland and Japan have the largest number of listed companies on course to meet the 1.5 degrees Celsius target by 2050. The figure is lower for London’s FTSE 100 (UKX) and the US S&P 100 (OEX), and drops even further for Hong Kong’s Hang Seng Index and Australia’s ASX 50.
Arabesque emphasizes that the companies that comprise this 25% did so with relatively little government intervention, which, according to Kell, is “not a small thing.”
But this number has to improve in order for the world to avert climate catastrophe, and Arabesque argues that the government should create more incentives and restrictions that encourage companies to do better.
“This is a critical year,”Kell told CNN Business ,”Time is running out. We need to significantly step up, we have only a few years left.”
Taking Effective Climate Action: To analyze their data, Arabesque assigned companies in 14 of the world’s largest stock indexes a “temperature score” based on publicly reported emissions data between 2015 and 2019.
The study covered emissions generated directly and indirectly by companies, known as scope 1 and scope 2 emissions, but did not cover emissions from the products they sell, known as scope 3, due to difficulties obtaining this data.
President Biden’s Earth Day virtual summit could be an important catalyst for world leaders to consider taking stronger climate action, particularly in terms of economics. While governments around the world have included environmental projects in their coronavirus recovery plans, the International Energy Agency warned earlier this week of a surge in global carbon dioxide emissions as economies bounce back from the pandemic. Arabesque suggests that taxing companies for carbon pollution would be the most effective way for countries to reduce emissions.
“The imperative to decarbonize is increasingly urgent and it will be forced upon corporations ready or not,” Kell said. “Those that think ahead and anticipate a higher carbon price in the future will clearly be much better positioned.”
by Amy Lupica, ODP Staff Writer As President Biden’s long-anticipated virtual Earth Day climate summit begins today, dozens of companies are set to announce significant investments in renewable energy, electric vehicles, and conservation to help the U.S. reach net-zero emissions by 2050. Yet it will be the global financial sector that will be subject to increased pressure […]
Today the Biden administration unveils its American Jobs Plan and it is chock full of actions that will create jobs and address climate change and environmental justice issues. At the same time, the Wall Street Journal reported last night that Presidential Climate Envoy Kerry is traveling later this week to the United Arab Emirates and then on to India.
Why This Matters: Climate policy is central to both the Biden foreign and domestic agendas.
by Natasha Lasky, ODP Staff Writer A new report, published Wednesday found that the world’s largest commercial and investment banks have altogether put $3.8 trillion into fossil fuels from 2016 to 2020. This report — a collaboration between the Rainforest Action Network, Bank Track, Indigenous Environmental Network, Oil Change International, Reclaim Finance, and Sierra Club […]
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