The Carbon Disclosure Project has a unique database of company GHG emissions, projections and plans. Many companies are doing a good job of disclosure; remarkably, the 1309 US firms reporting account for 31% of US emissions [*]. However, the overall emissions picture doesn’t look like a plan for deep cuts. CDP calls this the “Carbon Chasm.”
Based on current reduction targets, the world’s largest companies are on track to reach the scientifically-recommended level of greenhouse gas cuts by 2089 ’“ 39 years too late to avoid dangerous climate change, reveals a research report ’“ The Carbon Chasm ’“ released today by the Carbon Disclosure Project (CDP).
It shows that the Global 100 are currently on track for an annual reduction of just 1.9% per annum which is below the 3.9% needed in order to cut emissions in developed economies by 80% in 2050. According to the Intergovernmental Panel for Climate Change (IPCC), developed economies must reduce greenhouse gas emissions by 80-95% by 2050 in order to avoid dangerous climate change. [*]
Of course there are many pitfalls here: limited sampling, selection bias, greenwash, incomplete coverage of indirect emissions, … Still, I find it quite encouraging that companies plan net cuts at all, when many governments haven’t yet managed the same feat, so top-down policy isn’t in place to support their actions.