The Carbon Disclosure Project began its annual Science-Based Targets Campaign on Wednesday.
More than 2,100 high-emitting companies are facing calls to set science-based emissions reduction targets as part of a major new campaign.
Claire Elsdon, CDD’s global director for requesting authorities, Capital Markets, said: “Record breaking temperatures and devastating floods around the world this year serve as a stark reminder of the urgent need for businesses to drastically reduce emissions. The CDP said its annual campaign has helped drive more than 470 high-impact companies to join the Science-Based Targets initiative .
However, the CDP said companies that have joined the SBTi represent only 34% of the global economy by market capitalisation. Stephen Beer, senior manager for sustainability and responsible investment at LGIM, said: “Through its Climate Impact Pledge, LGIM assesses over 5,000 companies in climate critical sectors and approaches over 100 companies for direct engagement to help drive change in their sectors and reduce systemic risks.
“Its Science-Based Targets Campaign aligns with BCI’s expectation for high-emitting portfolio companies to adopt credible emissions reduction targets that support the transition to a low-carbon economy, as well as informs our ability to make investment decisions that create long-term value for our clients.”
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