The Global Compact has partnered with the international nonprofit CDP on behalf of the Science Based Targets (SBTi) initiative, an organization that helps companies set ambitious emission reduction targets.
In December 2015, more than 190 signatories in Paris agreed to limit the rise in global average temperature to well below 2 ° C (3.6 ° F) above pre-industrial levels, in the hope keep it as close to 1.5 ° F as possible. C (2.7 ° F).
Just before the G7 summit in the UK, which begins on Friday, the To take the temperature report shows indexes on major G7 stock exchanges are averaging 2.95 ° C, while four of the seven are on temperature trajectories of 3 ° C or more – well above the Paris benchmark .
Stock indices consist of the largest companies listed on a country’s largest stock exchange and are essential benchmarks for understanding market trends and direction.
Deliver to Paris
As the G7 economies cover nearly 40% of the global economy and around 25% of global greenhouse gas emissions, the companies that make up the G7 have a responsibility to reduce their emissions, according to SBTi.
“G7 companies have the potential to trigger a ‘domino effect’ of positive change throughout the global economy,” mentionned Lila Karbassi, Head of Programs, UN Global Compact and Chair of SBTi’s Board of Directors, calling on the largest G7 listed companies to urgently step up climate action.
Invest in the planet
Currently, 70 percent of the Canadian SPTSX 60 index is at a nominal temperature of 3.1 ° C and nearly 50 percent of the Italian FTSE MIB at a temperature of 2.7 ° C.
While passive investing currently accounts for around 40 percent of U.S. funds and 20 percent of European funds, investors are warned that only 19 percent of companies listed in G7 indices have climate goals allied with the Paris Agreement.
G7 climate and environment ministers recently urged companies and investors to align their portfolios with the Paris targets and set science-based targets for net zero emissions by 2050 – at the latest.
“This report highlights the urgent need for markets and investors to meet the Paris Agreement goals… Governments must go further to encourage the setting of ambitious science-based goals,” said Ms. Karbassi.
Room for optimism
Despite these results, the momentum for action in the G7 countries is accelerating, with the analysis citing 2020 as a milestone year for climate commitments.
Some 64% of all corporate greenhouse gas emission reduction targets disclosed to CDP last year were set by companies headquartered in G7 countries, and the science targets annual rate doubled in 2020 compared to 2015 to 2019.
The report also identified four urgent priorities for climate action.
He recommended that businesses and governments work together to harness a cycle of positive feedback in which private actions and government policies are mutually reinforcing.
Second, companies need to work with suppliers to decarbonize supply chains.
Third, it calls on investors to build science-based goals into sustainability obligations and climate finance standards.
Finally, the report advised financial institutions to set scientific goals at the portfolio level with underlying assets to create a domino effect across all sectors of the economy.
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