According to a British study, a majority of European companies have no clear plans to meet climate targets.
According to the analysis by the London-based organization Carbon Disclosure Project (CDP), about half (49 percent) of European companies now have in principle climate protection plans based on the international Paris climate target of a maximum global warming of 1. 5 degree . However, only less than five percent of companies can also demonstrate how they intend to achieve and implement them. The organization defines the latter in such a way that a company can demonstrate that serious measures are being taken for the transformation in at least two thirds of the core areas – such as reducing emissions or organizing supply chains.
CDP partnered with management consulting firm Oliver Wyman for the evaluation, reviewing information from companies representing about three-quarters of European stock markets. “Any company that has an impact on the environment needs clear goals — but also clear plans and evidence that they are implementing them,” CDP chief Maxfield Weiss said, according to the report.
The role of banks
With most banks making sure their portfolios meet climate goals, the experts believe it could become more difficult for companies to get financing in the future if they don’t more consistently pursue their climate goals.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
