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Under the global 2015 Paris deal, countries agreed to cut
greenhouse gas emissions fast enough to limit global warming to
2 degrees Celsius (°C) and aim to keep the rise below 1.5°C,
which scientists say would avert some of its worst effects.
Across the G7, which consists of Britain, Canada, France,
Germany, Italy, Japan and the United States, corporate emissions
targets are overall on a 2.7°C warming trajectory, CDP and
Oliver Wyman analysis showed.
"It is not acceptable for any country, let alone the world's
most advanced economies, to have industries displaying so little
collective ambition," Laurent Babikian, Global Director of
Capital Markets at CDP, said in a statement.
"Momentum is growing, but as we approach COP27, we must get our
1.5°C goal off life support," he added.
Collective emissions of U.S. and Canadian firms are seen
matching the pace of decarbonisation required to restrict global
warming to 2.8°C and 3.1°C, respectively, with the study stating
that it is "largely the result of companies completely lacking
targets, rather than targets that lack ambition".
The study revealed that firms in Germany, Italy and the
Netherlands had the most ambitious targets to lower emissions in
the G7, as they align with 2.2°C on average, while France is at
2.3°C and the United Kingdom at 2.6°C.
"The analysis highlights big differences in ambition and
willingness across companies to take a lead with their targets,
and the urgent need to spread best practices further and
faster," Partner, Financial Services at Oliver Wyman James Davis
said.
Nearly 200 countries will convene at COP27 climate summit in
Egypt next November, after what has been for many a devastating
summer of drought, heatwaves and other climate-linked extremes.
(Reporting by Juliette Portala, editing by Simon Jessop and
Louise Heavens)
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