Carbon (GHG) & Climate Change
Index
Notable News
Business Carbon (GHG) Action & Goals Announcements
Business Climate Policy Engagement & Advocacy
Corporate Climate Philanthropy
Mobility, Fleet, Fuels (on "Mobility, Fleet, Fuels" page)
Carbon Neutral/Net Zero Commitments (on "Carbon Neutral/Net Zero Commitments" page)
Scope 3 Commitments and Actions (on "Scope 3" page)
Research & Tools
Trends
Climate and Clean Energy Pathways & Progress (on "Clean Energy" page)
Market Indicators & Trends: Energy & Carbon (on "Clean Energy" page)
Assessment
Climate Risks To Businesses And Society Research (on "Assessment: Climate Risk & GHG Measurement" page)
GHG Measurement & Assessment (on "Assessment: Climate Risk & GHG Measurement" page)
Research & Tools
Climate Finance (on "ESG Investment, Finance, Insurance" page)
Energy Management (on "Clean Energy" page)
Renewable Energy (on "Clean Energy" page)
Scope 3 Resources and Tools (on "Scope 3" page)
Collaboration
Batteries & Storage (on "Clean Energy" page)
Net Zero Collaboration (on "Carbon Neutral/Net Zero Commitments" page)
Renewable Energy
(on "Clean Energy" page)
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Notable News
JDE PEET’S — Committed to new science-based near-term and net-zero targets aligned with a 1.5°C mitigation pathway (from a 2020 baseline), including (April 2024):
- A 43.3% reduction in absolute Scope 1 and 2 emissions by 2030.
- A 30.3% reduction in absolute Forest, Land, and Agriculture (FLAG) emissions by 2030.
- A 25% reduction in absolute Scope 3 emissions by 2030 (Industrial non-FLAG).
- No deforestation across the company’s primary deforestation-linked commodities (coffee, pulp & paper, palm oil, and cocoa) by end of 2025.
GLENCORE — Introduced a new interim target of a 25% reduction in CO2 equivalent emissions for its industrial assets by the end of 2030 (2019 baseline). The company retains its targets of a 15% reduction by 2026 and a 50% reduction by 2035 (2019 baseline). (March 2024)
SHELL — Published its Energy Transition Strategy 2024, maintaining its goal to become net-zero by 2050, while updating several targets (March 2024):
- Set a new ambition to reduce customer emissions from the use of its oil products by 15-20% by 2030 (compared with 2021).
- Retired its 2035 target to cut net carbon intensity by 45%.
- Lowered its 2030 target to reduce its net carbon intensity to a 15-20% reduction (compared with 2016), vs. 20% previously.
UNILEVER — Announced new emissions reduction targets, including a 100% absolute reduction in Scope 1 and 2 emissions by 2030 (baseline 2015); a 42% absolute reduction in Scope 3 energy and industrial emissions (baseline 2021); and a 30.3% absolute reduction in Scope 3 forest, land, and agriculture emissions (baseline 2021). (March 2024)
MAERSK — Set new targets to reduce absolute Scope 1 and 2 emissions 96% and Scope 3 emissions 90% by 2040 (2022 baseline). It also set targets for 2030 to reduce Scope 1 emissions by 34.7% and Scope 3 emissions by 21.9% (2022 baseline), and increase annual sourcing of renewable energy to 100%. These targets have been validated by the Science Based Targets initiative, an industry first under SBTi’s new Maritime Guidance.
U.S. POSTAL SERVICE — Announced a set of new 2030 sustainability targets to reduce greenhouse gas emissions and waste. These include (Feb 2024):
- Reducing Scope 1 and 2 emissions by 40% and reducing Scope 3 emissions by 20%.
- Diverting 75% of waste from landfills, increasing recycled content of packaging to 74%, and increasing package recyclability to 88%.
- Increasing renewable energy to 10%.
GEODIS — Global logistics provider GEODIS pledged to reduce its Scope 1 and 2 emissions by 42% and reduce the carbon intensity of subcontracted transport (Scope 3) by 30% by 2030 (2022 baseline). The company plans to continue to transition to alternative vehicles, increase use of sustainable marine and aviation fuels, and provide low-carbon services for last-mile deliveries. (Feb 2024)
IKEA — Announced it aims to cut emissions by 50% by its 2030 financial year (baseline FY2016). In FY2023, IKEA reduced emissions by 12% compared to the previous year (and 22% from FY 2016 baseline). Advances came primarily from increased use of renewable electricity (in both retail and production facilities), energy efficiency improvements in lighting products, and lower production volumes. (Jan 2024)
ELECTROLUX GROUP — The home appliance manufacturer set a new science-based climate target after achieving its previous target three years ahead of schedule. The company now aims to reduce Scope 1 and 2 emissions by 85% and reduce its absolute Scope 3 emissions by 42% between 2021 and 2030. (Jan 2024)
INDUSTRIE DE NORA — As part of its Sustainability Plan, this electrode maker announced plans to halve its Scope 1 and 2 emissions and halve its Scope 3 emissions intensity by 2030. It made other commitments as well, including having 100% of new products assessed with a product sustainability scorecard by 2025 and having 50% of suppliers evaluated on ESG performance by 2030. (Dec 2023)
OIL AND GAS DECARBONIZATION CHARTER — Fifty oil and gas companies joined this agreement to reduce GHG emissions in the sector, including: aligning operations around net zero by or before 2050, reaching near-zero upstream methane emissions, and eliminating routine flaring by 2030. Signatory companies represent over 40% of global oil production, including 29 national oil companies (NOCs), the largest-ever number of NOCs to commit to a decarbonization initiative. For 31 companies, it was their first time making such a strong commitment to reach net-zero methane, according to COP28 President Sultan Al Jaber, who spearheaded the initiative. (Dec 2023)
HORMEL FOODS — Committed to reducing absolute greenhouse gas emissions from its operations by 50% and its supply chain by 27.5% by 2030 (2019 baseline). These targets have been validated by the Science Based Targets initiative (SBTi) and are aligned with a 1.5°C trajectory. (Oct 2023)
ASICS — Launched a sneaker it says has the lowest CO2 emissions of any on the market. The GEL-LYTE III CM 1.95 has an emissions footprint of 1.95 kg CO2 equivalent per pair, using recycled polyester and bio-based foam. This compares to an industry average of close to 14kg, says the company. (Sept 2023)
MARS — Published a plan to cut emissions by 50% across its full value chain by 2030 (2015 baseline). It will invest more than $1 billion over the next three years on climate initiatives, including transitioning to 100% renewable energy; scaling up “climate smart” agriculture; redesigning supply chains to address deforestation; improving logistics; and optimizing recipes with lower footprint ingredients. (Sept 2023)
LIBERTY COCA-COLA BEVERAGES —Liberty, producer and distributor of 41 million cases of beverages annually in five U.S. states, is building a “quadgeneration” system to generate electricity, power heating and cooling systems, and recover CO2 to carbonate its beverages. This is the first time this technology is being deployed in North America, according to GreenBiz. Completion of the systems is scheduled for December. (Aug 2023)
BAYER / SHELL / GENZERO / IRRI — Bayer, Shell, investment platform GenZero, and the International Rice Research Institute (IRRI) announced a new joint effort to develop “a robust model to showcase the scalability of methane emissions reduction in rice cultivation.” The proposed approach will include training, support, and guidance for smallholder farmers, combined with Measurement, Reporting & Verification (MRV) mechanisms incorporating remote sensing technology. It aims to cover 25,000 hectares of rice cultivation in its first year and to set a benchmark for similar efforts in the rice decarbonization space. (Aug 2023)
TESCO — UK grocery retailer Tesco announced new emissions reduction targets, validated by the Science Based Targets initiative (SBTi). These include an 85% reduction of Scope 1 and 2 emissions by 2030 (2015 baseline), as well as a 55% emissions reduction target for energy and industrial Scope 3 emissions and a 39% reduction target for Scope 3 from forests, land, and agriculture (FLAG) emissions by 2032 (2019 baseline). According to Tesco, it is one of the first companies globally to have an SBTi-validated FLAG target. (Aug 2023)
HOME DEPOT — Announced new climate goals, including a target to reduce Scope 1 and 2 emissions by 42% by 2030 and Scope 3 emissions from the use of its products by 25% by 2030 (baseline 2020). This is in addition to its earlier announced target of 85% of sales of outdoor lawn equipment being battery electric by 2028. Home Depot also set a new goal to help customers save $600 million in energy costs and reduce water use by 100 billion gallons by 2026 (with a start year of 2023). (July 2023)
DS SMITH — Packaging company DS Smith set new targets to increase circularity and reduce greenhouse gas emissions. These include: testing up to 5 reuse pilots by 2025; encouraging 100% of strategic suppliers to set their own science-based targets company by 2027; reducing Scope 1, 2, and 3 emissions by 46% (compared to 2019/20) by 2030; and achieving Net Zero by 2050. (July 2023)
The California Air Resources Board, the Truck and Engine Manufacturers Association, and the U.S.’s leading truck manufacturers, formed a Clean Truck Partnership to advance the development of zero-emission commercial trucks. Ten companies, including CEF members Ford Motor Company and General Motors Company, committed to meet California’s vehicle standards requiring the sale and adoption of zero-emissions technology in the state, regardless of any attempts by other entities to challenge California’s authority. CARB agreed to align with the US EPA’s 2027 regulations for nitrogen oxide emissions and modify its 2024 NOx emission regulations to allow manufacturer offsets. CARB will also provide no less than four years lead time and three years of regulatory stability before imposing new requirements. (July 2023)
Over 90 investors and financial market participants along with several investors’ forums wrote an open letter to the European Commission to uphold the integrity and ambition of the first set of European Sustainability Reporting Standards (ESRS). The signatories expressed concern about proposals to weaken the ESRS, including potentially weakening mandatory and detailed disclosures and making it voluntary for corporates to explain what sustainability topics are deemed material. The statement calls on the Commission to keep climate disclosures mandatory, require explanations for when certain sustainability topics are not considered material, and ensure the “maximum possible interoperability of the ESRS with ISSB and GRI Standards, to reduce fragmentation across the global reporting landscape.” (July 2023)
Ten companies from the food and beverage, apparel, and agriculture sectors, sent a letter to the U.S. House and Senate agriculture committees to use the 2023 Farm Bill to modernize and expand the tools for farmers to access federal conservation programs and resources. The letter emphasizes the need for improved technical assistance for farmers seeking to access voluntary programs and funds, and outlines opportunities to improve this assistance, such as by forming new public-private partnerships and simplifying the application process. It also encourages these improvements being aimed to expand access of farmers of color, small farms, and beginner farmers who have historically struggled to access resources. The letter was organized by Ceres, and signatories included CEF member PepsiCo. (July 2023)
THE HOME DEPOT — Set a goal to have more than 85% of sales in outdoor power equipment in the U.S. and Canada run on rechargeable battery technology instead of gas by the end of FY2028. This transition will reduce over two million metric tons of greenhouse gases annually from residential lawn equipment. (June 2023)
WHITBREAD — The UK’s largest hospitality business Whitbread shared new details of its SBTi-validated approach to net zero. The company aims to bring Scope 1 and 2 emissions to zero by 2040 and reduce 90% of Scope 3 emissions by 2050. Whitbread will undertake a Net Zero audit of all sites to set priorities for climate retrofitting. And by 2026, 100% renewable electricity will be purchased where possible. It will open its first all-electric Premier Inn powered and heated fully by renewable electricity (grid and on-site) later this year. (June 2023)
ARKEMA — Specialty materials producer Arkema set new targets for 2030, validated by STBi, aiming for reductions of 48.5% of Scope 1 and 2 emissions and 54% of Scope 3 emissions (relative to 2019). To achieve these reductions, the company will use a much greater share of low-carbon steam and electricity at its facilities, improve energy efficiency and optimization of facilities, and increase the share of renewable or recycled raw materials. (May 2023)
DUPONT — Increased its 2030 Scope 1 and 2 GHG emissions reduction goal to 50% from a 2019 baseline (after surpassing the initial goal of 30% in 2022). It also set a new goal to reduce Scope 3 GHG absolute emissions by 25% from purchased goods and services (Cat. 1) and end-of-life treatment of sold products (Cat. 12) from a 2020 baseline. Science Based Targets initiative (SBTi) validated both targets. (May 2023)
MERCEDES-BENZ — Announced a series of measures to reduce its carbon footprint and benefit its stakeholders, including (April 2023):
- Reducing CO2 emissions from production by 80% by 2030 (2018 baseline);
- Increasing renewable energy to account for 70% of overall energy used in plants its owns by 2030 and for 100% at all plants by 2039;
- Making its worldwide retailer network carbon-neutral by 2030 at the latest; and
- Assessing 70% of 24 raw materials with elevated human rights risks in its supply chain by 2025, and 100% by 2028.
BALL CORPORATION — Released a new Climate Transition Plan committing to a 55% reduction of scope 1, 2, and 3 emissions by 2030, aligning it with a 1.5°C pathway. Ball aims to increase renewable electricity use to 75% by 2025 and 100% by 2030, up from 28% in 2022. It also aims to increase recycling rates 90% and recycled content to 85% by 2030 across regions it operates in. (March 2023)
KERING — Global luxury group Kering announced a commitment to reduce absolute scope 1, 2, and 3 greenhouse gas emissions by 40% by 2035 (2021 baseline). (March 2023)
IKEA — Announced it will switch from fossil-based glues to bio-based glues in its board production to reduce emissions. Currently 5% of IKEA’s climate footprint of its entire value chain is connected to glue. The goal of this shift is to reduce fossil-based glue use by 40% and emissions from glue by 30% by 2030. The first IKEA Industry factory is already using glue made from corn in large-scale production and multiple trials with other glue systems are also being conducted. (March 2023)
ORANGE — Telecom company Orange announced a new commitment to reduce CO2 emissions, targeting a reduction of 30% in Scopes 1 and 2 in 2025 (from a 2015 baseline) and a reduction of 45% in Scopes 1, 2, and 3 emissions by 2030 (from a 2020 baseline). The company will also accelerate the deployment of its recycling program for mobile devices in Europe, moving from the current 23.1% to 30% by 2025. (Feb 2023)
WENDY’S — Announced targets to reduce greenhouse gas emissions by 47% by 2030 across its system, including operation, franchisees, and top suppliers. This includes absolute Scope 1 and 2 emissions, and Scope 3 emissions intensity by 47% per metric ton of purchased goods and by 47% per franchise restaurant, which account for 85% and 10% of Scope 3 emissions respectively. (Feb 2023)
BP — Reduced its target for carbon emissions reductions from 35-40% to 20-30% by 2030, expecting to produce more oil and gas than previously planned (25% lower than 2019 production levels rather than 40% lower). BP also announced it would invest up to $8 billion more in oil and gas by 2030, targeting “short-cycle fast-payback opportunities with lower additional operational emissions.” (Feb 2023)
GHGSAT — Space-based emissions monitoring company GHGSat announced it will launch the world’s first commercial satellite focused on monitoring sources of CO2 this year. This satellite will be able to measure emissions from industrial facilities on a routine and repeated basis. While there are other CO2-detecting satellites, this one will combine higher sensitivity with single-site attribution and can help companies verify on-site emissions monitoring data. (Feb 2023)
DANONE — Announced a new target of a 30% absolute reduction in methane emissions from its fresh milk supply chain by 2030, the equivalent of 1.2 million tons of CO2. To do this, the company will work with farmers to implement regenerative dairy practices; collaborate with partners, governments, and Environmental Defense Fund to scale innovation, reporting, and financing models; and engage with governments to improve methane policies, reporting, and research. Danone is the first major food company to set a methane reduction target and align with the Global Methane Pledge. (Jan 2023)
LYONDELLBASELL — Announced it will increase its 2030 GHG emissions reduction target for Scope 1 and 2 emissions from 30% to 42%, relative to a 2020 baseline. The company will also establish a 2030 Scope 3 emissions reduction target of 30% (2020 baseline). The company aims to secure at least 75% of its electricity from low carbon power by 2030, and make other efficiency enhancements. It is also phasing out the use of coal in its Wesseling, Germany site and developing recycled and renewable-based polymers. (Jan 2023)
LYONDELLBASELL — Chemical company LyondellBasell announced it increased the company’s 2030 greenhouse gas emissions reduction target for Scope 1 and Scope 2 from 30% to 42%, and added a Scope 3 emissions reduction target of 30% (2020 baseline). It will reach these targets by getting at least 75% of electricity from renewables, closing a refinery, implementing efficiency improvements, and producing more recycled and renewable-based polymers. (Dec 2022)
PERNOD RICARD — Announced it will invest $250 million to build a carbon neutral distillery, aging warehouses, and visitor center for its Jefferson’s Bourbon brand in Kentucky. The facility will also seek to be the first distillery in the U.S. to achieve LEED certification and work with local farmers and suppliers to source ingredients and casks. (Dec 2022)
THERMO FISHER SCIENTIFIC — Announced a new 2030 greenhouse gas emissions reduction target to reduce its Scope 1 and 2 emissions from operations by more than 50% from a 2018 baseline, shifting from its earlier goal of 30%, and putting the company on track for a 1.5°C pathway. To achieve this goal, the company is accelerating the adoption of renewables to power its facilities, with over 100 sites currently using 100% renewable electricity. (Dec 2022)
SIEMENS — Committed to reducing its physical CO2 emissions from its own operations by 55% by 2025 and 90% by 2030, compared to a 2019 baseline. To do this Siemens is investing €650 million ($683 million) in its own decarbonization by 2030. (Dec 2022)
MSCI — U.S. finance company MSCI announced that its enhanced net-zero greenhouse gas (GHG) emissions reduction targets have been approved by the Science Based Targets initiative (SBTi). Specifically, MSCI has committed to reduce Scope 1, 2, and 3 emissions 90% by 2040; enhanced 2030 targets to reduce absolute Scope 1 and 2 emissions 80% and Scope 3 emissions 50% (up from 50% and 20% respectively); and accelerated the timeline for reducing emissions from 2035 to 2030. (Dec 2022)
H&M Group — Set a goal to reduce its absolute Scope 1 and 2 emissions and its Scope 3 emissions by 56% by 2030 from a 2019 baseline. H&M implemented an annual budget of around SEK 3 billion ($289 million) to achieve this goal and support projects to reduce emissions across its value chain. The budget will be used to phase out coal and increase the share of more sustainable materials, among other investments. (Nov 2022)
IHS TOWERS — IHS Towers, an emerging markets-focused telecommunications infrastructure owner, operator, and developer, has announced its Carbon Reduction Roadmap. This Roadmap provides a comprehensive strategy to decrease Scope 1 and Scope 2 kilowatt-hour emissions intensity of the company’s tower portfolio by 50% by 2030, using 2021 emissions data as the baseline. (Oct 2022)
UNDER ARMOUR — Released a new sustainability framework with 23 goals and targets, including (Oct 2022):
- Reducing absolute Scope 1, 2, and 3 greenhouse gas emissions by 30% by 2030;
- Increasing renewable energy in owned and operated facilities to 100% by 2030;
- Prioritizing recycled and renewable materials and reducing single-use plastic brand product packaging by 75% by 2025;
- Eliminating biocides and perfluorinated compounds from durable water repellents in the company’s products by 2025;
- Implementing sustainability and circular design principles in at least half of its products by 2027 and developing chemistry and processes that can enable a circular footwear program to be launched in market, at scale, by 2030.
LEVI STRAUSS & CO. — Announced 16 new sustainability goals, including (Oct 2022):
- Reducing absolute operational GHG emissions by 90% and absolute supply chain GHG emissions by 40% by 2025;
- Achieving 100% renewable electricity in all company-operated facilities by 2025;
- Reducing freshwater use in manufacturing by 50% in high water stress areas by 2025;
- Implementing a comprehensive biodiversity action strategy by 2025;
- Achieving zero-waste-to-landfill in operated facilities and 50% waste diversion across strategic suppliers by 2030;
- Eliminating single-use plastics in consumer-facing packaging by shifting to 100% reusable, recyclable, or home compostable plastics by 2030.
DUPONT — Announced its commitment to develop science-based targets for its total emissions (Scopes 1–3). The company will be working with the Science Based Targets initiative (SBTi) to establish and verify those targets. (July 2022)
US FOODS — Submitted two new targets to the Science Based Targets initiative (SBTi) for validation. First, it commits to reduce absolute Scope 1 and Scope 2 GHG emissions by 32.5 percent by 2032 (2019 baseline). It also commits to 35 percent of its suppliers, covering 71 percent of emissions from purchased goods and services, having science-based targets by 2027. (July 2022)
HEIDELBERG CEMENT — Will reduce CO2 emissions to 400kg CO2 per ton of cement by 2030, a 47% cut compared to base year 1990 and a further decrease of 30% compared to 2021. The company plans to achieve this target through a combination of recycled materials and carbon capture, utilization, and storage (CCUS), and it expects half of revenue to be generated by sustainable products by 2030. In addition, Heidelberg Cement committed to covering 70% of its debt by sustainable financial instruments by 2025 in alignment with the climate goals of the EU taxonomy. (May 2022)
WESTROCK — Paper and packaging company WestRock announced SBTi-validation of two emission-reduction targets. Specifically, the company will reduce it’s absolute Scope 1, Scope 2, and Scope 3 emissions by 27.5% by 2030 (2019 baseline). The company also announced that it will (May 2022):
- Ensure that 100% of its products are recyclable, compostable, or reusable by 2025.
- Support certification of 1.5 million acres or forestland to recognized forest management standards by FY30.
FIFTH THIRD BANCORP — Announced the following new operational sustainability targets to be accomplished by 2030 (May 2022):
- Continue to purchase 100% renewable power.
- Reduce Scope 1 and Scope 2 emissions by 75% (previously 25%, 2017 baseline).
- Reduce energy use by 40% (previously 25%, 2017 baseline).
- Reduce potable water use by 50% (previously 20%, 2017 baseline).
- Divert 75% of waste from going to landfills (previously 20%, 2017 baseline).
- Reduce paper use by 75% and purchase remaining paper from certified sources.
ALBERTSONS — Announced a new ESG framework, “Recipe for Change,” that includes commitments to (April 2022):
- Achieve SBTi-approved 2030 goals, including reducing carbon emissions from company operations by 47% and reducing emissions from use of sold goods by approximately 27%.
- Transition its Own Brands product packaging to 100% recyclable, reusable or industrially compostable by 2025.
- Achieve zero food waste to landfill by 2030.
- Enable the donation of one billion meals by 2030.
Aiming for Zero Methane Emissions Initiative — The CEOs of the 12 major oil and gas companies belonging to the Oil and Gas Climate Initiative (including CEF members Chevron and ExxonMobil) founded this new open, CEO-led initiative to eliminate methane emissions in the oil and gas industry. Signatories 1) support “sound regulations” to tackle methane emissions, 2) “will strive to reach near zero methane emissions from [their] operated oil and gas assets by 2030,” and 3) “will put in place all reasonable means to avoid methane venting and flaring, and … repair detected leaks.” (March 2022)
TD BANK GROUP — Set new Paris-aligned targets for its financed emissions in the Energy sector and Power Generation sector. By 2030, the company is targeting a 29% reduction over a 2019 baseline in financed emissions for the Energy sector (including clients involved in thermal coal mining, low-carbon fuels and technologies, and the exploration, transportation, and refining of oil and gas) and a 58% reduction over 2019 in financed emissions for the Power Generation sector (including clients involved in the generation of power). Targets cover clients’ operational emissions (Scopes 1 and 2) and end-use Scope 3 emissions (i.e., emissions that result from the end-use combustion of fossil fuels). (March 2022)
CARLYLE — Committed to reaching net-zero GHG emissions across its investments by 2050. Interim targets include having 75% of its majority-owned private equity, power, and energy portfolio companies’ Scope 1 and Scope 2 emissions covered by Paris-aligned climate goals by 2025, and having all such companies set Paris-aligned climate goals within two years of ownership after 2025. (Feb 2022)
NEW LOOK — The British fashion retailer committed to (Feb 2022):
- Reducing GHG emissions from its products by 50% by 2030.
- Using 100% recycled, organic, or Better Cotton Initiative-sourced cotton starting this year, and using 100% sustainable viscose by 2023.
- Setting specific science-based targets “and a roadmap” by 2023.
- Publishing full visibility of its Tier 1 and 2 suppliers through by FY23 and full visibility of its Tier 3 cotton, viscose, and polyester supply chains by FY23.
- Reporting on model and influencer diversity annually starting this year.
COSTCO — Committed to (Jan 2022):
- Reducing its global Scope 1 and 2 CO2e emissions by 2% annually
- Increasing purchased renewable electricity in its global operations by 30% by 2025, by 60% by 2030, and by 100% by 2035 (2021 baseline of 15.8%)
- Reducing refrigerant emission Global Warming Potential (GWP) by 30% by 2030 (2020 baseline) by accelerating the phase-out of HFCs and increasing its investment in refrigeration retrofits
CITIGROUP — Committed to achieving a 29% absolute reduction in financed emissions across its energy sector loan portfolio and a 63% reduction in emissions intensity for borrowers across the power sector (2020 baseline) by 2030. CEO Jane Fraser says, “We will … prioritize partnering on transition strategies before turning to client exits as a last resort.” (Jan 2022)
EDELMAN — Following a review of over 330 clients’ portfolios to assess whether the portfolios are consistent with Edelman’s “climate ambitions and values,” the company committed to:
- Funding the establishment of a Global Climate Communications Council, along with other communications firms, to find ways to implement Article 12 of the Paris Agreement
- Annually reporting on its climate progress
- Working with SYSTEMIQ to define “credible high-ambition transition pathways by sector” and translate them into “high-trust communications frameworks”
- Launching an Independent Council of Climate Experts from outside the company that can provide guidance on strategy and “client situations of concern”
- Having an Internal Climate Review panel advise Edelman’s Client Portfolio Management Committee on assignments related to carbon-intensive industries or climate communications
- Investing in mandatory Climate Change Communications Training for all staff this year
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(January 2022)
List of
Business Carbon (GHG) Action and Goals, 2021-2019 (PDF)
Alliance for Clean Air
— A new global, cross-sector initiative to combat air pollution.
The 10 founding companies—including CEF members
Bloomberg, Google,
and
Siemens—committed to
measuring their air-pollution footprint within 12 months,
tracking humans’ pollution exposure,
setting pollution-reduction targets, and
engaging key stakeholders. The alliance was launched by the World Economic Forum in partnership with the
Clean Air Fund. (Nov 2021)
MORE »
3M has partnered with NGO Clean Air Asia to develop science-based solutions that improve air quality conditions for New Delhi, India, and Metro Manila, Philippines.
Business Climate Policy Engagement & Advocacy
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A Finance Statement on Plastic Pollution, drafted by United Nations Environment Programme Finance Initiative, the Business Coalition for a Global Plastics Treaty, CDP, and others is calling on governments for an ambitious international treaty to end plastic pollution. The letter identifies several elements a robust agreement would include. Financial institutions are invited to sign the letter by 10 April 2024. (March 2024)
Unilever is calling on industry associations to better report their climate policy engagement and, in some cases, align their positions with Paris Agreement targets efforts, after analyzing the climate advocacy efforts of 27 associations. Unilever’s review found that eight have no public record of meaningful climate policy engagement with governments, four have low engagement, and eight are misaligned with Unilever in one or more of its priority policy areas. The report details actions Unilever is taking and plans to take, including working with associations to revisit their climate policy positions, establish climate subcommittees, and increase transparency around lobbying activities. (March 2024)
An open letter
— signed by refrigerant recycling company Recoolit, Project Drawdown, and others — calls for governments, companies and civil society to better address short-lived climate pollutants (SLCPs), like methane, refrigerants, and black carbon. The letter calls for both
national and
corporate climate action plans to incorporate SLCPs, including updating corporate standards to add SLCPs and encouraging companies to experiment with SLCP-informed approaches while standards are being developed. (March 2024)
Microsoft published a report that provides an overview of positions on 11 key climate policies held by eight trade associations that are active in climate policy. The report aims to help evaluate how well these organizations align with the company’s sustainability goals and values, and to identify potential areas of collaboration or misalignment. The policies are organized around global and national targets; carbon abatement policies; and power sector & fuels policies. (Jan 2024)
Ten climate technology startups focused on low-carbon cement and concrete solutions launched the Decarbonized Cement and Concrete Alliance (DC2), a first-of-its-kind U.S. coalition dedicated to growing awareness around policies that will accelerate the adoption of new technologies to reduce emissions in cement and concrete. Advocacy efforts include lobbying for policy changes to allow government agencies to sign advance market commitments for low-carbon concrete, as well as a tax credit for low-carbon cement. Companies interested in joining DC2 can learn more here. (Jan 2024)
More than 50 companies, unions, and organizations sent an open letter to Congressional leadership advocating for adjustments to the 45Q tax credit for carbon sequestration to strengthen its emission reduction and job creation potential. Specifically, the letter calls for indexing 45Q for inflation beginning immediately; and creating parity between carbon utilization credit levels and those associated with geologic storage. Signatories include CEF members ADM and BASF. (Dec 2023)
Members of the Corporate Electric Vehicle Alliance sent a letter to the U.S. Environmental Protection Agency reiterating the need for strong heavy-duty vehicle emission standards to meet national climate and economic goals as well as corporate sustainability goals. The letter, the Alliance’s second, also underscored that the growing number of companies committed to zero-emissions trucks demonstrates that these are both operationally and financially viable. The Alliance represents 33 U.S. companies that own, lease, or operate more than 2.5 million fleet vehicles, and includes CEF Members Amazon, CBRE, and Siemens. (Dec 2023)
107 CEOs and senior executives from the Alliance of CEO Climate Leaders have signed an open letter to public and private sector leaders for COP28 calling for an acceleration of net-zero actions. It also calls on world leaders to scale up investment in renewable energy and power networks; lead by example by adopting low-emission public procurement practices; set targets for carbon removal; and simplify and harmonize climate disclosure and measuring standards. CEF Members represented include BASF, Bloomberg, Dell Technologies, Ecolab, Hewlett Packard Enterprise, HP Inc., Johnson Controls, McKinsey & Co., Microsoft, PepsiCo, Salesforce, Schneider Electric, Siemens, Trane Technologies, and Unilever. (Oct 2023)
131 companies, with nearly $1 trillion in global annual revenues, wrote a letter urging world leaders attending COP28 to phase out fossil fuels by the 2040s. The letter, coordinated by the We Mean Business Coalition, calls on leaders to set clear targets and timelines for phasing down and out unabated fossil fuels, and supporting that with policies enabling the rapid scaling of clean energy. Signatory CEF Members include Hewlett Packard Enterprise and Unilever. (Oct 2023)
More than 250 companies and organizations, coordinated by the Global Renewables Alliance, issued an open letter calling on world leaders to agree at COP28 on a global target to triple renewable electricity capacity to at least 11,000 GW by 2030. The companies, representing a market value of more than $12 trillion, include CEF members Amazon, Apple, Google, Microsoft, PepsiCo, Schneider Electric, and Unilever. (Sept 2023)
31 companies with significant commercial fleets sent a letter to U.S. governors in 9 states urging them to accelerate and support the shift to zero-emission vehicles by adopting the Advanced Clean Trucks (ACT) and Advanced Clean Cars II (ACC II) rules in their respective states. Together, the two rules require increasing rates of sales for zero-emission light-, medium-, and heavy-duty vehicles over the coming years. The companies, including CEF members Amazon, CBRE, and Siemens, are part of the Corporate Electric Vehicle Alliance, and represent over $1.2 trillion in annual revenue and collectively own, lease, or operate more than 2.7 million fleet or networked vehicles in the U.S. (Aug 2023)
In an open letter, over a dozen Indian and global companies urged G20 governments to incorporate credible targets and consistent policies for clean energy, electric vehicles, rapid decarbonization, and climate finance into their national roadmaps on climate. The letter was coordinated by the Climate Group and We Mean Business Coalition in advance of the G20 Summit. (Sept 2023)
A position paper by Corporate Leaders Group Europe called on the European Union to reduce its 2040 greenhouse gas emissions by at least 90%. The report, entitled Raising European Climate Ambition for 2040, proposes a set of guiding principles to accelerate the energy transition, improve industry competitiveness, drive deep decarbonization across all economic sectors, enhance consistency with nature objectives and circularity, and ensure a just transition. The briefing gives examples of businesses working to decarbonize their operations and value chains by switching to low carbon energy, transitioning to electric vehicles and developing low carbon and fossil free materials. (Sept 2023)
A position paper by Corporate Leaders Group Europe called on the European Union to reduce its 2040 greenhouse gas emissions by at least 90%. The report, entitled Raising European Climate Ambition for 2040, proposes a set of guiding principles to accelerate the energy transition, improve industry competitiveness, drive deep decarbonization across all economic sectors, enhance consistency with nature objectives and circularity, and ensure a just transition. The briefing gives examples of businesses working to decarbonize their operations and value chains by switching to low carbon energy, transitioning to electric vehicles and developing low carbon and fossil free materials. (Sept 2023)
Led by the Institutional Investors Group on Climate Change’s (IIGCC) Proxy Advisor Working Group, 36 investors supported a letter to ISS (Institutional Shareholder Services) calling on it to further integrate climate into its proxy advice service. The letter calls for ISS to provide a specialty net zero policy for the 2024 proxy season; and to further integrate climate into its proxy voting recommendations on a more robust and consistent basis. (Sept 2023)
24 investors with more than $1 trillion in assets under management have written a letter urging the International Sustainability Standards Board (ISSB) to prioritize researching human capital and human rights disclosure standards in its upcoming two-year work plan. The letter, coordinated by ShareAction, argues these two issues are interwoven and should be considered together, and will improve the integrity of social disclosure frameworks. (Sept 2023)
36 financial institutions representing £1.5 trillion ($1.9 trillion) in assets under management and part of the UK Sustainable Investment and Finance Association (UKSIF)
sent a letter to the UK prime minister warning that recent statements and policy signals risk undermining UK leadership in meeting the country’s commitment to net zero. The signatories urged the government to provide long-term policy certainty (including around carbon pricing, zero-emissions vehicles, and energy efficiency standards) to ensure the UK remains a global leader in sustainable finance. (Sept 2023)
32 investors, representing $7.3 trillion in combined assets under management signed a statement calling on G20 finance ministers to align agricultural support with climate and nature goals by 2030, citing the material financial risk to portfolios if the goals are not achieved. The statement, an engagement under the FAIRR Initiative investor network, calls for the repurposing of agricultural subsidies (which make up 15% of total agricultural production value globally) to align with government, multilateral, and private sector commitments to transition to net zero and protect and restore nature by 2050. It asks finance ministers to 1) link financial support with environmental obligations; 2) shift current incentives away from the production of climate- and nature- damaging agricultural products and to sustainable agriculture;3) shift subsidies away from production of high emissions products like dairy and red meat; and 4) increase funding for workers affected by reforms. (Aug 2023)
More than a dozen companies submitted letters calling on California lawmakers to finalize first-in-the-nation legislation that would require companies to provide standardized and consistent climate-related disclosures. This includes two laws, requiring companies to 1) report greenhouse gas emissions across operations and supply and value chains, and 2) report on their climate-related financial risks. CEF members Microsoft and REI Co-Op were signatories of these letters. And CEF member Salesforce submitted its own letter in support of reporting emissions. (Aug 2023)
The Alliance for Automotive Innovation, representing 42 car companies that produce about 97% of new vehicles sold in the U.S., is urging the U.S. Environmental Protection Agency (EPA) to weaken its rules around electric vehicles (EVs). In a blog post, Alliance CEO John Bozzella argues that it is not possible to achieve 60+ percent of U.S. passenger vehicle sales to be battery EVs by 2030 (an even stronger goal than President Biden’s executive order calling for 50% EVs, which was supported by the industry). Bozzella argues this timeframe is unreasonable and would substantially increase the cost of vehicles, shift sales overseas, and reduce consumer choice. (July 2023)
Five major U.S. health care systems released an open statement affirming their commitment to ESG practices that take into account the financial and public health risks of the climate crisis. The statement addresses policymakers at a time when state and federal lawmakers are working to pass policies designed to ban private-sector actors accounting for these risks. Organized by Health Care Without Harm and Ceres, the statement was signed by Boston Medical Center, CommonSpirit Health, Hackensack Meridian Health, HealthPartners, and Providence. (June 2023)
More than 100 carbon removal companies and organizations sent a letter to the Article 6.4 Supervisory Body of the UN Framework Convention on Climate Change (UNFCCC) objecting to its draft guidance. This proposed guidance, which could shape the future of carbon markets, deems engineering-based carbon dioxide removal (CDR) activities as “technologically and economically unproven, especially at scale, and pose unknown environmental and social risks,” and also “do not contribute to sustainable development.” The letter urges the supervisory body to instead adopt the IPCC’s definition of CDR as “anthropogenic activities” removing CO2 from the atmosphere and durably storing it. It also discourages distinguishing between nature-based and engineering-based activities as “virtually every CDR approach is a hybrid of nature and engineering.” Instead the letter encourages letting “science, innovation, and the market compete to deliver the solutions offering the greatest climate impact and other co-benefits.” (May 2023)
Ceres Corporate Electric Vehicle Alliance and NAFA Fleet Management Association (NAFA) sent a letter to state departments of transportation urging officials to strongly consider commercial and public fleets in their build-out of electric vehicle (EV) charging infrastructure in their respective states. The letter asks for strategically placed, cost-effective, reliable, and interoperable public EV charging infrastructure to facilitate long trips away from homes and depots. The letter also asks for the design and installation of charging infrastructure that supports the charging of medium- and heavy-duty vehicles. (April 2023)
The Japan Climate Initiative (JCI), an alliance of 303 organizations (including 225 companies and 62 NGOs) wrote a statement calling on the Japanese government to accelerate the introduction of renewable energy and adopt carbon pricing to address the climate and energy crises. The message was endorsed by leading Japanese corporations, including 118 Tokyo Stock Exchange prime listed companies. JCI is calling for the vast majority of electricity to be from renewables by 2035, and for Japan to introduce a “highly effective carbon pricing system” earlier than planned. (April 2023)
More than 60 companies, financial institutions, and business associations across Europe submitted a letter to the EU Commissioner Mairead McGuiness (responsible for EU capital markets) to “reinforce [their] support for high ambition EU sustainability reporting standards” (ESRS). Specifically, these associations, businesses (with $80 billion in revenue), and investors (with €570 billion ($630 billion) in assets) are calling for the European Commission to adopt ambitious sustainability reporting standards (rather than reducing disclosure requirements) and ensure timely adoption of the first set of standards to be applied by 2024/2025. (April 2023)
The We Mean Business Coalition wrote a letter to the G7 Ministers as they prepare to meet at the G7 Summit in Hiroshima in May. The letter calls for a commitment to move away from fossil fuels, recognizing that 1.5°C should be a limit not a target. Specifically, the Coalition calls for G7 governments to commit to (April 2023):
- Repurposing the $1 trillion spent on fossil fuel subsidies toward investments in clean energy solutions;
- Achieving fully decarbonized power systems and 100% sales of zero emissions vehicles by 2035 (for light-duty vehicles); and
- Phasing out domestic coal-fired power generation by 2030 at the latest and supporting the phase out in OECD countries and non-OECD countries by 2030 and 2040 respectively.
More than 270 investors and companies released a statement urging state and federal policymakers to protect the freedom to invest responsibly in light of a political backlash against sustainable investment and business practices. The statement reminds policymakers that incorporating ESG factors “into financial decision-making represents good corporate governance, prudent risk management, and smart investment practice.” (March 2023)
Nearly 30 companies (with $80 billion in revenue), 11 financial institutions (with $612 billion in assets), and 20+ business networks and associations called on the European Commission not to reduce the European Sustainability Reporting Standards (ESRS), after the number of disclosure requirements were reduced substantially in the final ESRS. The organizations acknowledged these standards represent “the most advanced sustainability reporting framework globally,” and raise the bar “for corporate transparency and the ability of financial markets to channel funds into greener businesses” and requested the swift adoption of these standards to be applied by 2024/2025. (Feb 2023)
150 financial institutions, managing over $24 trillion, called on world leaders to adopt a post-2020 Global Biodiversity Framework that ensures the halting and reversal of nature loss by 2030. Signatories also committed “to contribute to the protection and restoration of biodiversity and ecosystems through our financing activities and investments.” (Dec 2022)
A coalition of 44 companies wrote a letter to the EU Commission, calling on the Commission to make all new freight trucks zero-emissions by 2035 “to fully replace the fossil-powered fleet in time for the EU to reach climate neutrality by 2050” (with a 5-year exemption for vocational trucks). It also asked to increase the 2030 CO2 reduction target to 65% and add a new 2027 reduction target of 30%. The companies also called on the Commission to finalize targets for charging and refueling infrastructure for heavy-duty vehicles as quickly as possible. CEF members PepsiCo, Siemens, and Unilever are part of the coalition. (Dec 2022)
An international group of leading steel manufacturers formed the Global Steel Climate Council, a coalition to urge the United States and European Union to adopt a global emission standard that incentivizes steelmakers to use the cleanest steel production process available, regardless of the technology. This would prevent higher-emission steel from being labeled as green as lower-emission steel (e.g. steel that uses scrap steel as an input instead of ore). (Nov 2022)
More than 600 investors with almost $42 trillion in assets called on governments to radically raise their climate ambition at COP27. In their 2022 Global Investor Statement to Governments on the Climate Crisis, investors asked governments to (Nov 2022):
- Ensure their 2030 targets in their Nationally Determined Contributions aligning with limiting global temperature rise to 1.5°C;
- Act early by implementing domestic policies including carbon pricing and phasing out fossil fuel subsidies;
- Reduce methane and other non-CO2 greenhouse gases;
- Strengthen climate disclosures across the financial system, including transition plans;
- And enable climate finance mitigation, adaptation, and resilience.
More than 330 businesses and financial institutions from 52 countries, with combined revenues of over $1.5 trillion, urged world leaders to move beyond voluntary actions to halt and reverse biodiversity loss in a new statement. The statement advocates for the leaders to adopt “mandatory requirements for all large businesses and financial institutions to assess and disclose their impacts and dependencies on nature by 2030.” CEF Members involved include BASF, Google, International Paper, McKinsey & Co., Microsoft, PepsiCo, Procter & Gamble, Schneider Electric, Tiffany & Co., Unilever, and WM. Businesses can sign the statement here. (Oct 2022)
116 businesses and finance institutions with more than 425,000 employees and a market capitalization of more than $2 trillion wrote a letter urging the new UK Prime Minister to strengthen the economy by prioritizing response to climate and nature crises. The letter affirms the business and finance sector’s commitment to support the UK’s climate and nature targets and underlines the urgent need for short and long term government delivery plans for net zero and nature restoration. As the letter states, these actions could reduce UK costs of living, unlock opportunities “for the UK to be a leader in clean growth,” and increase UK’s food security and resilience to climate change. CEF member signatories include Amazon, CBRE, and Siemens. (Sept 2022)
General Motors and Environmental Defense Fund announced a set of jointly developed recommendations that seek to strengthen car emissions standards. These recommendations were developed to support the next tier of US EPA standards, including having at least 50% of new vehicles sold by 2030 be zero emissions, and reducing greenhouse gas emissions by at least 60% in model year 2030, as well as dramatically reducing nitrogen oxides and particulates. (Sept 2022)
532 institutional investors, with $39 trillion in assets under management, released the 2022 Global Investor Statement to Governments on the Climate Crisis. This statement calls on governments to raise their climate ambition to keep global temperature rise to 1.5°C. The recommendations include scaling up climate finance and “strengthening climate disclosures across the financial system,” including requiring mandatory climate transition plans from investors. (Sept 2022)
Thirty-three companies and organizations have jointly sent a letter to the EPA asking for waivers that would allow California to implement specific new medium-and heavy-duty vehicle (MHDV) regulations more quickly than standard Clean Air Act timelines would allow. The signatories, including CEF members Siemens and Unilever, argue that the following policies—already adopted by the state legislature but requiring EPA approval to launch—would catalyze electric vehicle use beyond the light-duty category, save companies money on their fleets, and accelerate emission reductions (Aug 2022):
- The Advanced Clean Trucks (ACT) standard — Stipulates that a) manufacturers of MHDVs would have to offer an increasing share of electric alternatives from 2024 through 2035, and b) companies with fleets of 50 or more MHDVs must report on their shipping and shuttle services to inform regulators' future strategies for increasing EV use.
- The Heavy-Duty Omnibus (HDO) rule — Stipulates that new diesel-powered large commercial trucks be equipped with technology to dramatically reduce dangerous nitrogen oxide emissions.
The Ceres-led Corporate Electric Vehicle Alliance (CEVA)—which includes CEF members Amazon, CBRE, and Siemens—and the NAFA Fleet Management Association (NAFA) have sent a letter to State leaders and the Federal Highway Administration with recommendations to guide the build-out of EV charging infrastructure, "particularly as states look to spend funds from the National Electric Vehicle Infrastructure (NEVI) Formula Program…” The letter, includes recommendations that planners (July 2022):
- Site charging stations by analyzing commercial traffic/goods movement patterns and ensure that sufficient charging is placed near densely populated and/or urban areas.
- Separate commercial charging sites for light-duty and medium/heavy-duty vehicles, when possible, to reduce operational disruptions; Standardize charging technology and station design for medium- and heavy-duty vehicles.
- Coordinate roaming agreements between networks and simplified, universal payment methods.
- Place charging stations for light-duty vehicles no more than 50 miles apart; Co-locate charging stations with other amenities like food and restrooms.
The Carbon Business Council, a new nonprofit trade association that will represent a coalition of early-stage companies specializing in carbon capture, use, and sequestration (CCUS), has just launched. The organization will help its members to connect with investors and policymakers looking for promising solutions for mitigating atmospheric CO2—including direct air capture, soil sequestration, cement sequestration, and a host of other promising technologies. In taking a collective approach to driving CCUS markets, the Council hopes to help the industry scale more quickly to become a scientifically viable complement to emission reduction in pursuit of Paris Agreement goals. (July 2022)
VOLVO CARS — Announced it will be withdrawing from the European Automobile Manufacturer’s Association (EAMA) over differences in timeline and strategy for the transition to zero-emission cars. Volvo has committed to having a fully electric car range by 2030 and has invested billions in battery manufacturing and other steps necessary to meet that deadline. By contrast, the EAMA, a lobbying organization, had pushed back on the EU’s decision to effectively ban new fossil-fuel cars as of 2035. (July 2022)
MAERSK — Withdrew its board member from the International Chamber of Shipping (ICS), the industry’s primary trade association, over unspecified disagreements on climate action. According to the company’s website, “We review our membership status once a year to ensure that the trade associations in which we are members lobby in alignment with the goals of the Paris Agreement as well as other key issues… Our choice to step down from the ICS Board should also be seen in this context." (July 2022)
The UN-convened Net-Zero Asset Owner Alliance, representing investors managing $10.6 trillion, released a new position paper arguing for an overhaul of carbon pricing policies in order to support a 1.5 degree scenario. Currently less than 25% of global emissions are covered by a carbon price, and price levels are “mostly too low to effect change” with significant variability across regions. The Alliance suggests five principles to ensure the effective design of carbon price policy instruments (June 2022):
- Appropriate coverage and ambition, including carbon prices that are legally binding and set in line with science-based evidence.
- Reduction or compensation for disproportionate negative impacts on disadvantaged communities (i.e., to ensure a just transition).
- Support of long-term reliability and price predictability so the private sector can be assured that the schemes will be followed through.
- Avoidance of carbon “leakage” to jurisdictions with less stringent pricing mechanisms, and resulting impacts on domestic competitiveness, by implementing protective measures that still maintain the incentive to abate.
- Promotion of international cooperation, including through “linking ETSs, knowledge transfers or setting up international ‘climate clubs’ where members work together to encourage robust carbon pricing.”
In a letter addressed to several US governors and officials in their administrations, businesses urged states to invest in energy efficiency using billions in federal funding made available through the American Rescue Plan and the Bipartisan Infrastructure Law. The 59 signatories, including CEF member Siemens, argued energy efficiency investments can help mitigate climate change and reinvigorate state economics in the aftermath of COVID-19. (May 2022)
A cross-industry coalition of 29 companies with large light-vehicle fleets, plus auto manufacturers Ford of Europe and Volvo Cars, appealed to the EU to mandate that all new cars and vans sold in Europe from 2035 onward be zero-emission. and to establish mandatory charging infrastructure targets. The signatories, including CEF member Unilever, assert this deadline is necessary to ensure all internal combustion vehicles are off the road by 2050—the year Europe has committed to reach net zero emissions. Fifteen car brands have voluntarily pledged to achieve electric-only car sales in Europe in the next decade, but the letter says only firm regulation can provide the certainty needed for industry, infrastructure providers, and customers to make the transition. (May 2022)
Letters from corporate coalitions and a group of investors representing $700 billion in assets under management called on the EPA to strengthen its proposed emissions standards for medium- and heavy-duty vehicles. All three letters, sent during the comment period for proposed EPA rules, emphasize the need for strong standards to enable fleet operators, shippers, manufacturers, and parts suppliers to take advantage of the economic benefits of vehicle electrification while addressing the risks posed by inaction, most of which disproportionately threaten disadvantaged communities. (May 2022)
- The letter from the Ceres Business for Innovative Climate and Energy Policy (BICEP) network includes CEF members HP, Kaiser Permanente, McDonald’s, Microsoft, Siemens, Tiffany & Co., and Unilever.
- The letter on behalf of the Corporate Electric Vehicle Alliance includes CEF members Amazon, CBRE, and Siemens.
A letter coordinated by the European Corporate Leaders Group has been sent to European Commission President Ursula von der Leyen, reinforcing business support for accelerating Europe's green transition. The letter, signed by 124 businesses—including CEF members Microsoft, PepsiCo, Schneider Electric, and Unilever—comes in the context of the ongoing, destabilizing Russia-Ukraine war, the pending publication of the REPowerEU Plan, and meetings of the G7 energy ministers and European Council. It states, in part, "At the core of the current energy security and price crises sits an overdependence on volatile, imported fossil gas, oil and coal. It is time for all of us to take necessary steps to strengthen Europe’s energy security and resilience by accelerating the green transition." Specifically, the letter calls for the Commission to (May 2022):
- Accelerate measures to reduce energy consumption by households and industries through energy efficiency and circular economy improvements and incentives.
- Accelerate the move away from fossil fuels and towards renewable and fossil-free powered electrification across industry, transport, heating and cooling, and buildings.
- Ensure an inclusive and fair transition process, with clear attention to cost of living and access to work.
More than 100 large companies and investors made a business case to the U.S. Congress and the Biden Administration last week for ambitious federal action on climate. The collective effort, called LEAD on Climate 2022 and organized by sustainability nonprofit Ceres, attracted participants—including CEF members Amazon, HP Inc, Marriott International, Microsoft, Netflix, PepsiCo, Siemens, and Unilever—that count a total of $1.6 trillion in annual revenue and $4.6 trillion in assets under management, and more than 3 million employees across all 50 states. Through two days of virtual meetings, they asked lawmakers and administration officials to (May 2022):
- Meet the urgency and scale of the climate crisis with ambitious federal investments to accelerate the transition to affordable, secure, domestic clean energy.
- Seize the economic opportunities to lead the world in clean energy manufacturing and deployment to create jobs, spur innovation, strengthen supply chains, and reduce costs and volatility for businesses and consumers.
- Tackle inequity by targeting climate and clean energy investments in disadvantaged, rural, and frontline energy communities.
The Solar Energies Industry Association (SEIA) is projecting severe losses to US solar installation and employment based on the threat of retroactive tariffs on modules coming from Malaysia, Thailand, Cambodia, and Vietnam. The potential tariffs stem from a Commerce Department investigation into allegations that China circumvented tariffs on its modules by routing them through the four Southeast Asian countries in question—countries that provide the majority of solar modules and components to US solar developers. Imports have effectively stopped, even though the investigation just began in late March and could take up to a year. The SEIA reports that projects are already being delayed or cancelled and forecasts a 42% cut to installation projections and a drop of 24 gigawatts of planned solar capacity through 2023. “If tariffs are imposed, in the blink of an eye we’re going to lose 100,000 American solar workers and any hope of reaching the President’s clean energy goals,” said SEIA president and CEO Abigail Ross Hopper. (May 2022)
Nearly fifty large U.S.-based companies, including CEF members HP Inc. and Unilever, have signed a letter to Congress urging them to quickly pass a federal economic package that would fast-track progress toward a clean energy economy. Doing so, the letter states, would “strengthen America’s global competitiveness as businesses become less dependent on volatile, traditional energy markets, freeing up money to invest into innovation, manufacturing, and employment.” The letter, coordinated by sustainability non-profit Ceres specifically calls for (May 2022):
- Tax credits for large-scale clean energy and carbon sequestration development.
- Incentives for individuals and companies to transition to clean vehicles and energy systems, including tax credits for EV charging systems.
- Incentives and investments in residential solar and energy efficiency upgrades, with a focus on low-income communities.
- Investments in climate-resilient agricultural and forestry practices in rural areas.
The Business Roundtable released “A Roadmap for U.S. Energy Policy,” which calls for ramped-up oil production and export while accelerating the pivot to clean energy. Axios reports that the roadmap “endorses many of the clean energy incentives that were in Build Back Better, including electric vehicle purchasing incentives, the advanced energy manufacturing credit, sustainable aviation fuels incentives, and investment tax credit for solar.” (April 2022)
A new assessment by thinktank InfluenceMap of the 30 largest publicly traded financial companies asserts misalignment between stated climate goals and short-term roadmaps and milestones required to meet a 1.5 °C climate scenario. (March 2022)
- Just one-third have set meaningful 2030 targets for reducing greenhouse gas emissions across sectors, with BNP Paribas, AXA and Allianz noted for taking “mostly ambitious positions” in their sustainable finance efforts.
- All 30 assessed companies are members of industry associations opposing evolving climate finance policies in the EU, UK, and US, with 15 maintaining membership in industry associations which have lobbied in line with fossil fuel interests.
- Together they enabled at least $740 billion in primary financing to the fossil fuel production value chain in 2020 and 2021, contradicting guidance from the IPCC and IEA.
- The asset manager sector was also assessed and revealed a similar disconnect, with shareholdings in fossil fuel production value chain companies in the amount of at least $222 billion, equivalent to 5% of total AUM assessed.
Chief executives and senior leaders from dozens of US companies—including CEF members General Motors and Siemens—met with congressional offices to urge them to “swiftly approve a reconciliation package with $550 billion in fiscally-sound investments” in clean power, transportation, industry, agriculture, and environmental justice, according to Ceres. (Feb 2022)
27 companies that collectively generate over $1.2 trillion in annual revenue and have 1.4 million employees sent an open letter calling bold climate action a “business imperative” and urging House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer to enact the Build Back Better Act’s climate and clean energy provisions. They said the provisions would “help spur private sector investment at the scale needed” to help them meet their long-term climate goals and would greatly affect opportunities for exporting low-carbon technologies, products, and expertise. The letter was organized by the Center for Climate and Energy Solutions (C2ES), and signatories include CEF members Duke Energy, Ford, GE, HP Inc., Schneider Electric, and Trane Technologies. (Feb 2022)
74 companies released a joint statement urging UN Member States meeting at the UN Environment Assembly next month to create a legally binding, international treaty to combat worldwide plastic pollution. Notably, they called for the treaty to: have both upstream and downstream policies (including reducing virgin plastic production), provide robust governance, and align governments, businesses, and civil society under a shared approach. Signatories include CEF members PepsiCo, Procter & Gamble, and Unilever. (Jan 2022)
List of
Business Climate Engagement Policy & Advocacy, 2021-2018 (PDF)
Science Based Targets & SBTi
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Funding Beyond Value Chain Mitigation (Gold Standard, Milkywire, and Murmur) — This step-by-step guidance supports companies in implementing Beyond Value Chain Mitigation (BVCM), building on SBTi’s recent reports. The guide details four steps, providing to-do lists, key decisions, and expected outputs at each step. Sign up here for a webinar on the guidance on 27 March at 15:00 CET. Gold Standard is also inviting expressions of interest for joining a BVCM Exploratory Group. (March 2024)
Land Transport Science-Based Target-Setting Guidance Version 1.0 (Science Based Targets initiative (SBTi)) — This updated guidance for land vehicles
includes, for the first time, a method for automakers to align Scope 3 Category 11 (use phase) emissions from driving vehicles with the 1.5°C emissions reduction target, and provides revised criteria. It also includes a pledge to work towards the phase out of petrol and diesel for cars and vans by 2035 in leading markets and by 2040 globally. This guidance serves as an interim step toward an SBTi standard for automakers.
This new version goes into effect 20 April 2024.
(March 2024)
Main Changes Document (Science Based Targets initiative (SBTi)) — The SBTi released a series of minor updates to its target-setting resources to improve usability and clarity (including the Corporate Net-Zero Standard, Corporate Near-Term Criteria, and related resources). The non-substantive revisions reflect the latest technical and operational developments and are effective immediately. A summary of changes can be found here, and full changes and their rationale here. (March 2024)
Above and Beyond and Raising the Bar (Science Based Targets initiative (SBTi)) — These two reports support the design and implementation of Beyond Value Chain Mitigation (BVCM) strategies (mitigation actions outside a company’s value chain). The first, Above and Beyond: An SBTi report on the design and implementation of BVCM, provides suggestions on how to design and implement BVCM strategies, and considers the business case for BVCM. The second, Raising the Bar: An SBTi report on accelerating corporate adoption of BVCM, explores the incentives and barriers for private sector adoption of BVCM, and proposes a toolbox for accelerating corporate adoption and implementation of BVCM. SBTi will host a webinar on 21 March 2024 at 10am ET on the two reports. It also produced a new SBTi Glossary that aims to provide clarity of terms, definitions, and acronyms. (March 2024)
The number of companies and financial institutions setting greenhouse gas reductions targets and getting them validated by the Science Based Targets initiative (SBTi) doubled in 2023 from 2,079 to 4,204, according to an announcement from SBTi. SBTi, which is now a separate charitable entity, has also incorporated a subsidiary that will house its target validation services, with profits going to SBTi. It will also form a Validation Council to strengthen the “efficiency, accessibility, and credibility of SBTi validation services.” A call for members for the council will be published in the coming weeks. SBTi also announced its standard development priorities for 2024, including reviewing the Corporate Net-Zero Standard for potential updates, and developing the Financial Institutions Net-Zero Standard. It is also prioritizing developing six sector specific standards for oil & gas; utilities; automotives, chemicals, insurance, and apparel. (Feb 2024)
Unlocking insights and changing mindsets: what it’s like to pioneer science-based targets for nature (Science Based Targets Network (SBTN)) — Discusses five insights from the pilot effort of 17 companies to implement science-based targets for nature:
- Targets for nature have opportunities beyond risk management, such as improving reputation, competitive advantage, and catalyzing change.
- They validate companies’ efforts and raise ambition.
- They help measure and address risk within the supply chain and prioritize action.
- They balance rigor with what is currently feasible for companies.
- Skilled personnel are at the core of successful implementation.
SBTN anticipates the first validated targets in the May/June time-frame, which will be accompanied by a detailed report outlining key learnings and insights from the pilot. (Jan 2024)
Science-based Target Validation Documents (Science Based Targets initiative (SBTi)) — SBTi published three new and updated documents including (Jan 2024):
- Procedure for Validation of SBTi Targets, a new resource to consolidate practical information on setting targets and explain how the SBTi implements criteria and standards.
- SBTi Criteria Assessment Indicators, a new document that collates all criteria from near-term, net-zero, and sector-specific guidance and outlines minimum documentation requirements for alignment.
- SBTi Corporate Target Submission Form, an updated Excel form for companies to develop their targets and submit them for assessment.
Forest, Land and Agriculture (FLAG) Target-Setting Guidance (Version 1.1) (SBTi) — SBTi has made some minor updates to its FLAG Guidance to increase accessibility, transparency, and understanding of the FLAG target-setting criteria and process. This new Version 1.1 includes the following updates (Dec 2023):
- Clarification on FLAG target validation and reporting, with target coverage being met separately for FLAG Scopes 1 and 3 of a company’s GHG inventory.
- Individual commodity sub-targets must be met separately.
- The data quality section has been updated to enhance the quality of data submitted and expedite the validation process.
- Companies from all sectors must account for their land-based emissions in their baseline.
- Timelines when setting FLAG science-based targets have been updated.
Buildings Science-Based Target-Setting Guidance and Tools drafts (Science Based Targets initiative (SBTi)) — SBTi has opened a call for companies and financial institutions in the buildings value chain to pilot the Buildings Science-Based Target-Setting Guidance and Tool drafts. Companies interested in participating should submit this form by 10 December 2023. (Dec 2023)
The Science Based Targets initiative (SBTi) launched a call for experts to apply to be part of its new Oil & Gas Expert Advisory Group (convening January 2024) to support its work developing a standard for companies within this sector. SBTi also released a new Terms of Reference for the development of an Oil and Gas Standard outlining the timeline and development process. Those interested in applying can submit an application by 15 December. (Dec 2023)
Near-Term Criteria and Recommendations for Financial Institutions (V2.0 Pilot Testing Version) (Science Based Targets initiative (SBTi)) — SBTi published a new Pilot Testing version of these criteria (first published in June 2023 as a consultation draft), and incorporated draft Fossil Fuel Finance Position paper criteria. SBTi has also opened a new call for Financial Institutions (FIs) to pilot this new version. FIs wishing to participate should submit their interest before 15 December. After this phase, a final version of the guidance will be released. (Dec 2023)
CDP launched its annual Science-Based Targets campaign to encourage high-emitting companies to set emissions reduction targets. 307 financial institutions and 60 companies (worth a combined $33 trillion) will support CDP requests and engage with more than 2,100 companies over the coming year. Last year’s effort targeted 1,060 high-impact companies, with 99 of these (with a market cap of $3.57 trillion) joining SBTi as a result. (Nov 2023)
Updated SME Definition (Science Based Targets initiative (SBTi)) — SBTi updated its definition of Small and Medium-Sized Enterprises (SMEs) that qualify for the initiative’s SME target validation route. The new definition, starting 1 January 2024, updates certain criteria to limit the size of the enterprise, emissions output, and sector (i.e. excluding financial institutions and the Oil & Gas sector). (Nov 2023)
Draft: The SBTI Interim 1.5°C Target-Setting Pathway for Automakers (Science Based Targets initiative (SBTi)) — This new draft pathway helps automakers set near- and long-term targets to cut their scopes 1, 2 and 3 category 11 (use-phase of sold products) emissions in line with 1.5°C. A month-long public consultation is now open (until 10 November 2023), and will inform the development of “clear, robust and practical” interim sector-specific criteria.
The Science Based Targets initiative (SBTi) opened a Call for Evidence on the Effectiveness of the Use of Environmental Attribute Certificates in Corporate Climate Targets. The aim is to help corporates involved in climate action understand whether different instruments can credibly drive decarbonization and support corporate emission reduction claims. Stakeholders are invited to submit their evidence between 21 September and 24 November 2023. (Sept 2023)
The Science Based Targets initiative (SBTi) is separating its validation services division from its standard-setting work to conform with best practices for assurance bodies. SBTi will also increase its validation capacity to meet the international demand for science-based targets. Last year the number of companies setting targets increased by 87%. SBTi forecasts that more than 10,000 companies will have set science-based targets by 2025. SBTi also announced Francesco Starace, former CEO of ENEL, has been appointed Chair of the SBTi’s board of trustees. (Sept 2023)
Increased transparency is needed for corporate science-based targets to be effective (Nature Climate Change) — This analysis argues that increased transparency of underlying calculations of science-based emission reduction targets (SBTs) is necessary to assess “justice implications, evaluate the sufficiency of aggregate emission reductions and hold companies accountable for actions on their targets.” The article recommends increasing specificity of SBTs along three dimensions: 1) clarifying planned emissions trajectories from base years to target years; 2) setting sub-targets for short-lived and long-lived greenhouse gas emissions; and 3) specifying SBTs for Scope 1, 2, and 3 emissions individually. The article further recommends that the Science Based Targets initiative (SBTi) creates a platform for companies to disclose the method and company data underlying each approved SBT in a systematic and standardized way, and incentivize companies to disclose via this platform and sanction those who fail to do so. (Aug 2023)
SBTi Monitoring Report 2022 (Science Based Targets initiative (SBTi)) — SBTi reported a sharp rise in companies setting science-based targets in 2022, with 87% more having their targets validated (1,097), more than the entire previous seven years combined (1,082). Japan was a leader, with more companies setting targets in 2022 than in any other country, and with 40% of the NIKKEI index now having science-based targets. China experienced the steepest growth curve with a 194% increase in companies validated. By the end of 2022, 69% of FTSE companies and 42% of S&P companies had set science-based targets. Overall, 34% of the global economy by market capitalization had set or committed to setting science-based targets by the end of 2022. And the total committed annual emissions reductions across all approved science-based targets was 76 million tons of CO2 equivalent. (Aug 2023)
Forest, Land, and Agriculture (FLAG) Science-Based-Target-Setting Guidance (The Science Based Targets initiative) — SBTi has updated its timelines for requiring FLAG science-based target setting and recalculation to align with the publication of the GHG Protocol Land Sector and Removals Guidance, expected to be released in mid-2024. Timeline updates include (July 2023):
- Companies with validated science-based targets that are required to submit a FLAG target (page 15 of the SBTi FLAG Guidance for guidance), must do so within six months of the release of the final GHG Protocol Land Sector and Removals Guidance.
- Companies setting science-based targets for the first time, or updating their existing target, must set a FLAG target upon (re)submission - using the draft GHG Protocol Land Sector and Removals Guidance. Note that this also includes companies submitting net-zero targets. Companies who have completed the target submission form and booked their validation slot prior to April 30, 2023 are not affected.
Supply Chains, Beyond Value Chains, and the Financial Sector (Science Based Targets initiative (SBTi)) — SBTi launched new guidance, draft guidance, and consultations, including (June 2023):
- Engaging Supply Chains on The Decarbonization Journey, designed for companies with Scope 3 supplier engagement targets. This guidance outlines how to evaluate, develop and set supplier engagement targets, implement engagement programs, and ensure businesses fully understand what it takes to achieve these goals.
- A public consultation for Beyond Value Chain Mitigation (BVCM) (i.e. actions to mitigate emissions outside company value chains, such as REDD+ credits). The consultation will run from 19 June to 30 July. Feedback can be given in this survey. Development of a final BVCM guidance will follow the consultation.
- Three draft financial sector resources that can be commented on from 15 June to 14 August. These include: 1) SBTi Financial Institutions Net-Zero (FINZ) Standard Conceptual Framework and Initial Criteria for Financial Institutions, which builds toward a new FINZ standard; 2) SBTi Near-Term Financial Sector Science Based Targets Guidance V2, updating the framework to be in line with 1.5°C pathways; and 3) SBTi Fossil Fuel Finance Position Paper, to establish near- and long-term criteria to address financial institutions’ activities with fossil fuel companies. Feedback can be given through this survey. SBTi will host a webinar on 6 July to discuss these drafts.
Science Based Targets for Nature (Science Based Targets Network (SBTN)) — SBTN launched the world’s first science-based targets for nature, complementing SBTi’s climate targets. These will provide guidance for companies to holistically assess and prioritize their environmental impacts, and to prepare to set targets, beginning with freshwater and land and expanding to biodiversity and ocean targets. To begin, SBTN has opened the guidance to 17 companies, which are preparing to submit targets for validation this year. Target validation for companies beyond this pilot group aims to begin in early 2024. SBTN also released a step-by-step action guide for helping companies prepare. (May 2023)
Science Based Targets in the Chemicals Sector: Status Report (Science Based Targets initiative (SBTi)) — Provides an updated examination of the climate impact of the chemicals sector and outlines the SBTi’s approach to this industry. The report defines the key research questions and objectives to develop guidance and target-setting criteria for chemical companies to set ambitious emissions reduction targets. It also lays out the opportunities and challenges facing chemical companies in setting targets, and provides background on SBTi’s general target-setting methods. The SBTi continues to develop sector-specific guidance and invites feedback on the report. (Feb 2023)
The Science Based Targets initiative (SBTi) released its new Commitment Compliance Policy, which will come into force January 31, 2023. Specifically, companies that fail to submit targets after 24 months will be marked “Removed” on the SBTi Target Dashboard (rather than simply removed). Extensions to the commitment time frame will also no longer be allowed. (Nov 2022)
2022 CDP Science-Based Target campaign — A group of 318 financial institutions and multinational firms, with $37 trillion in assets and spending power, sent letters to over 1,000 of the world’s highest impact businesses requesting that they set emissions goals approved through the Science Based Target initiative and in line with the Paris agreement’s 1.5°C goal. This annual campaign grew by over 30% since 2021, both in terms of the number of supporting organizations and collective assets and purchasing power. The companies targeted, mostly in Asia and the U.S. (reflecting Europe’s leadership in target-setting), have a combined market value of over $25 trillion and are the source of 7 gigatons of Scope 1 and 2 emissions. (Oct 2022)
Net Zero and Beyond, South Pole’s 2022 Net Zero Report (South Pole) — Found that more companies are supporting their net zero commitments with science-based targets, but 1 in 4 of these do not publicize their efforts. This report, based on over 1,200 large companies with net zero targets across 12 countries and 15 sectors, raising concern over the emerging practice of “green-hushing,” where companies are reluctant to communicate their efforts out of fear of media scrutiny, NGO critique, and the threat of lawsuits. As South Pole’s CEO, Renat Heuberger, notes, “The speed at which we are overshooting our planetary boundaries is mindblowing. More than ever we need the companies making progress on sustainability to inspire their peers to make a start. This is impossible if progress is happening in silence.” (Oct 2022)
The Science Based Targets initiative (SBTi) launched the world’s first standard method for companies to set science-based targets that include land-based emission reductions and removals.
This Forest, Land and Agriculture (FLAG) Science Based Target Setting Guidance fills a 22% gap of global emissions that have not been addressed before. The framework has a whole-sector approach covering everything from deforestation to diet shift and 11 mitigation pathways for major commodities with high carbon footprints, including beef, palm oil, dairy, poultry, timber and wood fiber. As 80% of the mitigation potential from land use change is from stopping deforestation,
companies that set FLAG targets are required to publicly commit to zero deforestation no later than 2025.
(Oct 2022)
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Renewable energy certificates threaten the integrity of corporate science-based targets (Anders Bjørn, Shannon M. Lloyd, Matthew Brander, H. Damon Matthews) — Asserts that companies’ use of Renewable Energy Credits (RECS) to offset Scope 2 emissions may create a false accounting of their net emissions. The claim is based on recent research that suggests the purchase of RECS is not likely to increase renewable energy production and is therefore devoid of real offset value. With RECS removed from the accounting of the 115 companies studied, their collective Scope 2 reductions drop from 31% to 10%, and about half of the companies fall out of alignment with a 1.5°C scenario. Notably, the Science Based Targets initiative (SBTi) currently allows companies to include RECs in their energy accounting, but the organization is now aware of the problem and exploring options to address it, including possibly updating its Scope 2 target setting criteria. SBTi staff have initiated discussions with the Greenhouse Gas Protocol, which issues guidance to governments and companies on carbon accounting. (June 2022)
Science Based Targets Initiative Annual Progress Report, 2021 (SBTi) — Breaks down last year’s statistics, current trends, and ongoing challenges with respect to the adoption of—and performance against—science-based emission-reduction targets. Highlights from the report include (May 2022):
- At the end of 2021, 2,253 companies across 70 countries and 15 industries, representing more than one third ($38 trillion USD) of global market capitalization, had either SBTi-approved emissions reduction targets or had commitments in process.
- Almost 80% of targets approved in 2021 (and almost 66% of all approved targets) were aligned with 1.5°C. Between 2015-2020, and most companies with 1.5°C targets cut emissions twice as fast as required.
- As of July 15, 2022, SBTi will only accept target submissions aligned with its 1.5°C standard. This supersedes the previous “well below 2°C” threshold.
- Science-based targets are associated with a 12% emissions reduction across scope 1 and 2 emissions in 2020 and a longer-term reduction of 29% since 2015. About 96% of companies with SBTi-approved targets include Scope 3 emissions in those targets.
- Geographic and sectoral adoption of science-based targets remain uneven. Adoption in developing countries and among heavy-emitting industries continues to lag, but all regions and sectors of concern are believed to have crossed a tipping point, calculated at 20% participation, indicating that adoption within them is now likely to accelerate.
- SBTi announced that it will be launching its new measurement, reporting, and verification framework in 2023. This “Project Framework” will deliver increased transparency and accountability of companies’ progress against their science-based targets.
Temperature Alignment Data (Moody’s ESG Solutions) — A new solution that assesses how 4,400 global companies’ emission-reduction targets align with global temperature benchmarks as well as the companies’ progress toward their targets. Banks and asset managers can quantify and monitor targets within their portfolios, and companies can measure their targets “against peer targets and market expectations.” 42% of companies have emission-reduction targets, but only 3% of the targets are aligned with 1.5°C of global warming. (Dec 2021)
Tailored SBTi guidance for private equity firms
(SBTi in partnership with Anthesis) — New guidance to accelerate private equity firms’ process for establishing and implementing science-based targets.
(Nov 2021) (Nov 2021)
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Only 20% of climate targets set by companies in G20 countries are science-based,
according to the SBTi.
25% of G7 companies’ targets are science-based, along with 6% of “G13” (non-G7 members) companies’ targets.
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42.8% of Russell 1000 companies have publicly disclosed an emission-reduction target, and only 10.6% have disclosed a 2050 net-zero target, according to JUST Capital. 6.7% of company commitments meet SBTi’s 1.5°C scenario, and 9.3% meet SBTi’s 2°C scenario. (Sept 2021)
The Science Based Targets initiative
(SBTi) increased the minimum ambition for its approved corporate targets from "well below 2°C" to 1.5° Celsius above pre-industrial levels for companies and financial institutions that submit targets after July 15, 2022. Corporations whose targets were approved in 2020 or earlier have until 2025 to update the targets. The SBTi
will also create a new independent decision-making body.
(July 2021)
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Scaling U.S. Climate Ambitions to Meet the Science and Arithmetic of 1.5°C Warming (RMI) — Finds the United States needs to reduce economy-wide carbon emissions by 57% by 2030 to achieve a 1.5 °C global warming scenario. Suggests the U.S. should immediately prioritize replacing existing fossil fuel infrastructure with efficient, zero-emissions alternatives wherever possible and highlights existing implications and tensions to achieving rapid and equitable carbon reductions. (May 2021)
Sector-Level Strategies and Targets to Limit Warming to 1.5°C (RMI) — Provides sector-level targets and strategies for electricity, buildings, transportation and mobility, and industry to achieve alignment with a 1.5 °C global warming scenario. The report is a companion brief to “Scaling US Climate Ambitions.” (May 2021)
The
Science Based Targets initiative launched a framework and validation service that enables
financial services institutions
to
set science-based targets for their lending and investment activities. (October 2020)
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"Science-based Targets for Nature" (Science Based Target Network) identifies ways companies can integrate SBTs for all aspects of nature including biodiversity, climate, freshwater, land, and ocean. The report is arranged in three sections as follows (Septemeber 2020):
- the concepts and definitions at the core of SBTs for nature as well as the business case for setting SBTs for nature (Section 1)
- our proposed step-by-step process of setting SBTs for nature (Section 2)
- the next steps for companies and SBTN (Section 3)
Raising the Bar: Exploring the Science Based Targets initiative’s progress in driving ambitious climate action (SBTi, Dec 2019). Key findings include:
- As of November 2019, more than 700 companies have set SBTs.
- The annual scope 3 (value chain) emissions covered by SBTs is 3.9 billion tonnes.
- Companies have joined the initiative at twice the pace over the past 18 months.
- 285 of these companies have had their targets officially approved.
- More than a quarter of these targets aim to limit global temperature increase to 1.5°C.
- Over 100 companies have joined the “Business Ambition for 1.5°C” campaign, in which they have committed to setting such targets across their operations and value chains.
- 92% of companies with approved SBTs have set ambitious targets for their value chain.
- There are stark regional differences in the adoption of SBTs, with 131 commitments from the United States, 85 from Japan and 318 from Europe.
- SBTi commitments come from companies in 45 sectors, albeit unevenly.
- Food and beverage, hospitality, IT and telecom have achieved critical mass.
- First-movers from high-polluting sectors like cement, steel, chemicals and automotive are also joining the SBTi, but adoption in these sectors is lagging.
- Over 80% of targets submitted to SBTi in the first three quarters of 2019 have been approved, an increase from 50% between 2015-2018.
- Financial markets have been particularly proactive in adopting SBTs as decision-making guidance.
- In corporate debt markets, companies are seeing significant financial rewards for delivering science-based climate action.
- A key strategy for investors looking to manage climate related financial risks in their portfolios is to ensure the companies they invest in are mitigating climate change.
- Climate Action 100+, which is made up of over 370 global investors with more than $35 trillion AUM, uses approved SBTs as an important progress indicator.
- Setting SBTs is a powerful way to demonstrate to investors that they are reducing their exposure to transition risks.
- Portfolios built completely around SBTi companies are emerging.
- Regulators are using the SBTi as a powerful tool to catalyze private sector action.
- Notably, the Japanese Ministry of Environment has set itself a goal of 100 Japanese companies with approved SBTs by 2020.
- Enel, Ingersoll Rand and Telefónica set early targets for 2020 and are now building on their success and setting new goals for 2030 and beyond.
- Electrolux, Microsoft and Viña Concha y Toro are among the companies that are setting their targets to keep global warming below 1.5°C.
- These leading companies believe that their efforts must be complemented by stronger action from governments to drive the unprecedentedly rapid transformation needed.
- One of the most challenging tasks for companies setting scope 3 emissions is influencing actors in their value chains. For Hewlett Packard Enterprise, IKEA and Nike, scope 3 emissions account for a majority of their total footprint, and so strategies to cut them will be essential.
The Sustainability Context Group - A "network of thought leaders and practitioners advancing the notion of Sustainability Context, which is a reporting principle assesses "the performance of the organization in the context of the limits and demands placed on environmental or social resources at the sectoral, local, regional, or global level" (to quote the Global Reporting Initiative, GRI, which coined the concept in 2002)."
From Doing Better to Doing Enough: Anchoring Corporate Sustainability Targets in Science (Mars, Inc. and WRI, 2016) outlines key considerations for companies when setting science-based targets, in collaboration with World Resources Institute. The paper outlines the company’s efforts to develop sustainability targets that take into account the latest science on the global carbon budget, water stress, and other ecological limits.
Methodologies for setting Science-based GHG reduction targets (SBT)
Corporate case studies covering:
- Why companies are setting science-based targets
- How to get buy-in
- The benefits science-based targets
- The innovations helping them achieve these targets
Corporate Climate Philanthropy
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IKEA Foundation will provide $100 million in funding over four years to the Drive Electric Campaign, a global initiative to accelerate the adoption of electric vehicles (EVs). The funds will be used for Drive Electric’s Leapfrogging Partnership, a new effort to increase EV usage in emerging markets, ‘leapfrogging’ over combustion vehicles. Focused on Africa, Latin America, and Southeast Asia, the effort will support leaders in zero-emission transportation, encourage scalable solutions at regional and country levels, and expand existing global platforms to include emerging economies. (April 2024)
Resources for the Future (RFF), the Center on Global Energy Policy (CGEP), and the Bezos Earth Fund launched the
Resilient Energy Economies (REE) initiative,
which will fund research to develop economic resilience in fossil fuel-dependent communities in the U.S. The initiative kicked off with
a report outlining its research agenda. (April 2024)
Bezos Earth Fund announced an initial $60 million commitment to establish Bezos Centers for Sustainable Protein. The Centers will target technological barriers to reducing cost, increasing quality, and boosting nutritional benefit of alternative proteins. (March 2024)
Bloomberg Philanthropies announced a new three-year initiative, Bloomberg American Sustainable Cities, which will help 25 U.S. cities reduce emissions. The $200 million effort will provide funding and expert support to selected cities to access federal funding opportunities to pursue “transformative” solutions in the building and transportation sectors. (March 2024)
The World Economic Forum's Giving to Amplify Earth Action (GAEA) launched a “Corporate Philanthropy Challenge for People and Planet” to mobilize $1 billion of “catalytic capital” towards climate and nature interventions by 2030. Partners include CEF Members Google (Google.org), and Salesforce. GAEA also launched its Big Bets Accelerator, aiming to amplify public-private-philanthropic partnerships to accelerate corporate action along five thematic areas: nature, industry, energy, food and climate intersections. (Jan 2024)
The Role of Public-Private-Philanthropic Partnerships in Driving Climate and Nature Transitions (World Economic Forum’s Giving to Amplify Earth Action initiative (GAEA)) — Promotes public-private-philanthropic partnerships (“4P models”) to address climate and nature challenges. It identifies solution areas for 4P models using three pillars: materiality, suitability and feasibility. The report finds over 50 established 4P models show potential but face challenges in scaling. To enhance effectiveness, the report suggests five strategies, including: 1) establishing anchor stakeholders for robust governance; 2) Combining opportunistic and longer-term strategies to support lasting change; 3) Building on pre-existing models; 4) Highlighting how climate and nature solutions can address other sustainable development goals; and 5) and Ensuring adequate resources to support innovative 4P constructs. (Dec 2023)
Funding Trends 2023: Climate Change Mitigation Philanthropy (ClimateWorks Foundation) — In 2022, philanthropic funding for climate change mitigation by individuals and foundations totaled around $7.8 billion to $12.8 billion, roughly the same level as the previous year. This is roughly 1-1.5% of total philanthropic giving, with foundation funding comprising about $3.7 billion. Clean electricity continued to be the largest category for foundation funding (11%) and forests the second (9%). But 2022 saw a significant increase in funding for reducing emissions of super pollutants like methane (growing 60%), and decarbonizing transportation and industry (both growing 24%). Funding focused on Africa more than tripled over the last five years, however, still represents only 6% of climate-focused foundation funding. Foundation funding for corporate accountability quadrupled over the last five years (to $148 million in 2022), focusing on reporting, benchmarks and tools, and moving from voluntary initiatives to mandatory regulation and enforcement. (Nov 2023)
IKEA Foundation released new research mapping out 36 impact opportunity areas for priority climate philanthropy. The foundation, which pledged to invest €1 billion to initiatives supporting the low-carbon transition in 2021, will target €600 million of this ($602.7 billion) to these opportunities, including: minimizing methane emissions, retiring fossil power assets early, restoring peatlands, shifting to plant-based diets, and reducing food waste. (Nov 2022)
The Bill & Melinda Gates Foundation pledged to invest $1.4 billion to help smallholder farmers address the immediate and long-term impacts of climate change. This will fund immediate action and long-term initiatives over four years to help smallholder farmers in sub-Saharan Africa and South Asia build resilience and food security. The foundation also announced investments in the Africa Adaptation Initiative to build a pipeline of “climate-smart” agriculture projects across 23 countries in Africa, in the development of new digital technologies to help smallholder farmers anticipate and respond to climate threats, and in innovations for improving livestock health and productivity while reducing their climate footprint. (Nov 2022)
Bloomberg Philanthropies announced a two-pronged approach to expand its mission of moving the world beyond coal. First, Bloomberg Philanthropies will work with national and local governments across the Global South to develop energy transition plans, implement the necessary public policies, and provide the skills and training to accelerate clean energy development and phase out fossil fuel use. Second, the foundation will partner with GFANZ to help mobilize the flow of private capital to clean energy transition projects in emerging markets and developing countries. (Nov 2022)
Research & Tools
Climate Policy Engagement
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“Net Zero Greenwash”: The Gap Between Corporate Commitments and their Policy Engagement (InfluenceMap) — Found that 58% of 293 Forbes 2000 companies analyzed are at risk of “net zero greenwash,” as their policy engagement efforts (directly or through industry associations) do not match their corporate net-zero targets. 21.5% of companies were at significant risk, while 36.5% were at moderate risk. The report also found only a “very weak positive correlation” between companies using net-zero terms on their websites and their climate policies, suggesting many companies use the term but do not support climate policy. Of those companies with high intensity net-zero communications, just 5% conduct climate policy aligned to deliver the Paris Agreement. 29% conduct mixed policy engagement but are increasingly supportive; 49% support some areas of climate policy but appear unsupportive of others; and 17% are misaligned. (Nov 2023)
The Good Lobby Tracker Report (The Good Lobby) — Finds that most ESG raters measure at most a quarter of a company’s lobbying practices. Moody’s and S&P, at the top of the list of raters, measure 40% of lobbying practices (80 out of 200 points). A few dedicated lobbying raters, including the UN-PRI Investor Expectations on Corporate Climate Lobbying, the Responsible Lobbying Framework, and the OECD Principles for Transparency and Integrity in Lobbying, do better, scoring 59%, 53%, and 52% respectively. UN-PRI was rated #1 in Tracker Ranking. The report also finds that definitions of corporate political activities are unclear and overly narrow, with few initiatives including indirect lobbying via trade associations or third-party actors such as think tanks, philanthropies, or academic stakeholders. (Oct 2023)
INFLUENCEMAP — Released its 2023 Global Leaders list identifying 27 companies globally that have achieved best practices in climate policy advocacy, including: engaging positively, and actively, aligning climate policy with science-based pathways to achieve Paris goals, and not demonstrating a “highly negative” indirect influence through industry associations. 16 of 27 are headquartered in Europe, six in Japan, and five in the U.S. CEF members in the list include Apple, Salesforce, Trane Technologies, and Unilever. (Sept 2023)
Responsible Policy Engagement Benchmarking for Banks (Ceres Accelerator for Sustainable Capital Markets) — Finds that despite banks’ public endorsement of the Paris Agreement's goals and pledges to align their lending and investments with net zero emissions by 2050 or earlier, the banks' lobbying practices are not as effective as they could be and are even contradictory at times. Of 13 banks assessed, 100% publicly acknowledged climate change and the need for policies to address climate risk, and 92% have set net zero targets by 2050. However, 92% of banks advocated against or pushed back on Paris-aligned climate policies in the last three years, and 75% lobbied both for and against Paris-aligned policies, showing the banks’ conflicting approach to climate policy engagement. (Aug 2023)
Responsible Policy Engagement Framework (We Mean Business Coalition and Ceres) — This framework offers a guide to Responsible Policy Engagement (RPE), i.e. policy engagement that recognizes the threat of climate inaction and supports policy interventions and investments that aim to reduce greenhouse gas emissions at a pace in line with net zero by 2050. The report explores the benefits of RPE: risk reduction, cost reduction, emissions reduction, stakeholder expectations, regulatory certainty, reputation, and an opportunity to shape regulatory responses. It includes over 20 case studies that explore ways to integrate RPE, including: advocating for science-based climate policies; establishing governance processes on climate lobbying; mobilize networks and suppliers; and disclosing trade association engagement, revealing misalignments, and working to align ones’ trade associations. Also released with the framework is an Advocacy Tracker, which tracks the links between corporate climate ambition and advocacy for 200 companies using SBTi commitments and InfluenceMap’s analysis. (July 2023)
Only 31% of Russell 1000 companies disclosed both political contributions and lobbying spending, while 44% did not provide disclosure for both, according to new analysis by JUST Capital. Of the JUST 100 companies, 84% provide disclosure for both political contribution and lobbying spending, compared to 25% of companies outside the JUST 100. Companies are less likely to disclose lobbying spending than political contributions (32% vs. 55% respectively). Utilities were the most transparent, with 82% disclosing on both, while technology and finance companies were the least, with 72% providing no disclosure on both. (May 2023)
ESG Tools (EY US and Thomson Reuters) — This new set of ESG tools is designed to help meet companies’ need for supply chain risk assessment and monitoring and ESG-related regulation tracking. The Supply Chain Risk Identification tool helps identify ESG-related supply chain risks, such as forced labor. The ESG “Green” Tax Framework provides research and data tracking for ESG tax laws, regulations, policy developments, and industry insights. (Dec 2022)
Responsible Policy Engagement Analysis 2022 (Ceres) — Examines the climate-related risk management, governance, and lobbying practices of S&P 100 companies. Half lobbied in support of at least one Paris-aligned climate policy during the last three years. However, this is lower than the 65% of companies that have acknowledged the need for Paris-aligned climate policies, and the 93% that acknowledge climate change is a material risk to their businesses. 29% of companies also still lobbied against certain Paris-aligned policies in recent years. Few companies are holding the large trade organizations they are part of accountable for their histories of obstructing climate policy. Only 8% of companies assessed trade organizations’ climate policies, 5% have acknowledged their history of obstruction, and 3% have disclosed that they have taken action to change these groups’ positions. (Nov 2022)
Industry Influence on Biodiversity Policy (InfluenceMap) — Reveals that 12 industry associations representing five key sectors and some of the largest companies globally are lobbying to delay, dilute and rollback critically needed policy aimed at preventing and reversing biodiversity loss in the EU and U.S. This pilot study shows that these industry associations were opposed to almost all major biodiversity-relevant policies and regulations, with 89% of policy engagement examined aimed at blocking progress on addressing biodiversity loss (5% was supportive, and the remaining 6% mixed or neutral). The study also found that several associations have made misleading statements about the science of biodiversity loss. (Oct 2022)
Nonprofit government watchdog CREW has released a new report on donations by corporations and industry groups to the 147 members of the U.S. Congress who voted against certifying the 2020 presidential election results. The report focuses specifically on the companies and trade associations that pledged to pause or stop making contributions to those 147 congressional representatives, either directly or through their leadership PACs. The report also covers donations to the National Republican Senatorial Committee and National Republican Congressional Committee, both of which back the vote to block certification of the election. Of the nearly 200 businesses that pledged to halt their donations, only 83 continue to follow through. (July 2022)
Low-Carbon Emitting Technologies (LCET) policy dashboard (World Economic Forum) — A new interactive policy dashboard that provides an overview of policy in seven high-emitting jurisdictions (China, EU, Japan, Saudi Arabia, UAE, U.K., and U.S.) and their impact on five LCETs: biomass, carbon capture and utilization, electrification, hydrogen, and waste utilization. The World Economic Forum launched the dashboard along with a white paper, "Towards a Net-Zero Chemical Industry: A Global Policy Landscape for Low-Carbon Emitting Technologies," which highlights the decarbonization potential of LCETs and the importance of favorable policy for success. (May 2022)
Practicing Responsible Policy Engagement: How Large U.S. Companies Lobby on Climate Change (Ceres) — Examines the corporate lobbying activity of S&P 100 companies and found 76% acknowledge climate science, 92% plan to set operations emission-reduction goals, and 57% say there’s a need for science-based climate policy. However, only 4 in 10 have actively engaged lawmakers to implement such policies, and 20 companies have lobbied against science-based climate policies in the past 5 years, despite having set emission-reduction targets. The report is the first benchmark analysis of the largest publicly traded U.S. companies against the 2020 Ceres Blueprint for Responsible Policy Engagement on Climate Change. (July 2021)
Sustainable Mobility: Policy Making for Data Sharing (WBCSD, IRF and SuM4All) (March 2021)
- Highlights the importance of policy guidance for data sharing between public and private sector stakeholders in the transportation sector.
- Offers global case studies of emerging good practices and policy suggestions.
- Released as part of the new Global Roadmap of Action Toward Sustainable Mobility (GRA) series.
Going All In: A Policy Guide for Business Leaders (ClimateVoice) is a
high-level guide on climate policy for business leaders who want to drive change within their company.
MORE »
“Blueprint for Responsible Policy Engagement on Climate Change” (Ceres, July 2020) calls on companies to establish systems that address climate change as a systemic risk and align their direct and indirect lobbying efforts to support science-based climate policies. The report offers recommendations under three main categories:
- Assess the impact of climate change to the company, including the ways in which its lobbying efforts on climate change serve to exacerbate or mitigate these risks.
- Govern to systematize decision-making on climate change across the company, including in all direct and indirect lobbying.
- Act to align both direct and indirect lobbying with science-based climate policies.
Climate Resilience
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From Risk to Reward: The Business Imperative to Finance Climate Adaptation and Resilience (Boston Consulting Group (BCG)) — Makes the business case for the private sector to finance climate adaptation and resilience, framed as three opportunities:
- The “Protect” Opportunity. Companies can protect assets, supply chains, and operations by implementing and financing adaptation and resilience measures. Lenders and investors can safeguard portfolios by steering capital toward resilient assets and companies.
- The “Grow” Opportunity. Investors can finance companies that develop adaptation and resilience solutions, and companies can invest in new adaptation and resilience products, creating climate-resilient revenue streams and thereby expanding the overall market of adaptation and resilience solutions.
- The “Participate” Opportunity. The private sector can collaborate with the public sector to finance and implement capital projects and deploy finance toward vehicles that support a portfolio of projects.
The report closes with recommendations for business leaders, government leaders, and financiers. (Dec 2023)
Resilience Evidence Forum 2023: Synthesis Report (Resilience Evidence Forum (REF)) — Summarizes key discussions held at the June 2023 Resilience Evidence Forum, which brought together more than 1,000 global stakeholders to evaluate the state of resilience evidence. The report explores evidence of successful resilience implementation across different sectors, stakeholders, and geographies, and provides both resilience building methodologies and case studies. However, scaling resilience efforts will require a significant increase in finance. While annual spending on climate resilience is less than $50 billion (with just 2% of that coming from the private sector), an estimated $160-340 billion is required. The report finds that to unlock further funding, evidence must be relevant, reliable, and actionable, and apply to policies and decisions it seeks to influence. This requires collaboration across donors, the private sector, policymakers, and community-based organizations.
Toolbox of Solutions: Decarbonizing Urban Ecosystems — The World Economic Forum, in partnership with four other organizations, launched a first-of-its-kind online platform for urban decarbonization. This toolbox gathers best practices globally and shares 300 successful case studies from 150 cities with city stakeholders worldwide. (Nov 2022)
“Will Infrastructure Bend or Break Under Climate Stress?” (McKinsey Global Institute, August 2020) examines four infrastructure systems — the electric power grid; water storage, treatment, and purification; transportation; and telecommunications — to determine how vulnerable they are to the impacts of climate change. The report also sets out recommendations to limit the impact of climate change on global infrastructure.
“Adapt Now: A Global Call for Leadership on Climate Resilience” (Global Commission on Adaptation, 2020) finds that investing $1.8 trillion globally in climate resilience measures from 2020 to 2030 could generate $7.1 trillion in total net benefits. The report focuses on five areas that need investment: strengthening early warning systems, making new infrastructure resilient, improving dryland agriculture crop production, protecting mangroves, and making water resources management more resilient.
“Business Climate Resilience: Thriving Through the Transformation” (WBCSD, 2019) highlights three steps that businesses can take to enhance climate resilience:
- Develop and maintain ambitious mitigation efforts to become less vulnerable to disruptive risks, such as policy and legal measures, resource scarcity or adverse market developments.
- Adapt to ensure business continuity in the face of climate-related physical risks. Businesses should assess and evaluate climate-related physical risks throughout their operations, supply chains and across the communities where they operate.
- Assess the connections, dependencies and value to society and nature.
The Partnership for Resilience and Preparedness (PREP) (White House Office of Science and Technology Policy, Amazon Web Services, Google, Microsoft, and others) is a public-private project that aims to increase access to actionable climate data and information.
The Resilience and Adaptation Initiative (BSR) provides a platform for businesses to develop practical strategies for enhancing resilience to climate risk across the value chain, while also improving their ability to catalyze broader societal resilience. See 2017 Scope of Work
Notre Dame Global Adaptation Initiative (ND-GAIN) is working to promote adaptation through knowledge, products and services that inform public and private actions and investments in vulnerable communities. The ND-GAIN Corporate Adaptation Prize recognizes organizations that havemade measurable contributions in resilience or adaptation to climate change. Prizes are awarded to both multi-national and local corporations. Winning projects measurably decrease climate-related vulnerabilities and past winners include PepsiCo, Monsanto, AECOM, and IBM.
100 Resilient Cities — spawned by the Rockefeller Fund, this initiative is helping cities around the world identify and address their biggest vulnerabilities.
Center for Resilience at Ohio State University — a research center dedicated to improving the resilience of industrial systems and the environments in which they operate.
Resilience.org — operated by the Post Carbon Institute, this resource center focuses on local initiatives such as community gardens, local energy projects, timebanks, local currency projects, repair cafes and more.
U.S. Climate Resilience Toolkit — produced by an alliance of federal agencies, the online resource provides more than 200 tools to help build resilience, from engaging a community to developing a climate action plan.
Energy and Climate: Collaboration
Climate Resilience Collaboration
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Resilience First, the world’s largest resilience business network, partnered with think tank Resilience Shift to launch a new global business network to promote economic recovery and help shape post-pandemic stimulus that builds resilience and accelerates decarbonization efforts. The network is backed by more than 600 businesses—including HSBC, Intel, and Tesco—and represents annual revenues of over $3 trillion and 10 million employees across 150 countries. A single global hub will be formed to spur knowledge, best practices, and cross-sector collaborations to spark innovative, resilient solutions. (March 2021)
A coalition of organizations — including the International Chamber of Commerce, the Exponential Roadmap Initiative, the We Mean Business coalition, and the United Nations Race to Zero campaign — have launched the SME Climate Hub, a new platform that offers tailored resources to help small- and medium-sized businesses reduce emissions and build business resilience. The platform will receive support from a group of large multinational companies, including BT Group, Ericsson, IKEA, Telia, and Unilever. (September 2020)
The World Economic Forum partnered with the Government of the United Kingdom, the Government of Jamaica, Willis Towers Watson, and the Global Commission on Adaptation to launch the “Coalition for Climate Resilient Investment,” a financial-sector led initiative that aims to transform infrastructure investment by integrating climate risks into decision-making and driving a shift toward a more climate resilient economy for all countries. The Coalition brings together more than 30 organizations across the investment value chain.
The World Bank partnered with the Consumer Technology Association to launch the Global Tech Challenge, a program aimed at mobilizing the technology community to develop solutions that address three development challenge areas: digital health, the gender divide, and climate change. The first phase of the Global Tech Challenge is the “IFC TechEmerge Health Challenge,” which is designed to match health tech innovators with health care providers in East Africa to conduct pilot projects and build commercial partnerships.
Climate Education Collaboration
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The NGO Creative Commons launched its Open Climate Campaign, which will work to bring attention to the issue of access to knowledge on climate change. Specifically, the campaign will work with governments, funders, and organizations to identify barriers; craft international frameworks to include funder open access policy recommendations; and identify important climate and biodiversity research publications that currently are not open and work to make them open access. This 4-year effort is in partnership with SPARC and EIFL, NGOs also focused on expanding information access globally. (Sept 2022)
Climate Solutions 101 (Project Drawdown, Trane Technologies, Intuit, Chris Kohlhardt) — An immersive, multimedia educational experience to move people “from knowledge to action” to mitigate climate impacts. (March 2021)
Former Secretary of State John Kerry launched the "World War Zero" coalition, a bipartisan effort that aims to “unite unlikely allies and bring together powerful influencers” to amplify the importance of tackling climate change. The goal is to hold more than 10 million “climate conversations” in 2020 with Americans across the political spectrum.
Procter & Gamble partnered with National Geographic to launch ACTIVATE, a multiplatform storytelling partnership and six-part documentary series that addresses extreme poverty, inequality, and sustainability issues. The series will premier globally in fall 2019 on National Geographic in 172 countries and 43 languages.
Climate Innovation Collaboration
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Global Impact Coalition — This CEO-led initiative, founded by seven chemical companies, including CEF member BASF, will focus on accelerating the development and upscaling of low-carbon emitting technologies for chemicals production and related value chains. It will incubate projects such as those pioneered when the Coalition was under the World Economic Forum (over the past three years as the Low-Carbon Emitting Technologies Initiative), including an R&D Hub for Plastic Waste Processing and an Electrically Heated Steam Cracker Furnace. (Dec 2023)
Business Alliance to Scale Climate Solutions (BASCS) — A new collaborative knowledge-sharing network serving all organizations seeking to engage, invest in, and scale climate solutions.
Founding members include
Amazon, Disney, Google, Microsoft, Netflix, Salesforce, Unilever,
and Workday. Nonprofit and public partners include
Environmental Defense Fund, United Nations Environment Programme, and World Wildlife Fund,
withBSR serving as Secretariat. (June 2021)
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Innovandi Open Challenge — A new global competition, launched by the Global Cement and Concrete Association (GCCA), to accelerate the commercialization of carbon-neutral concrete. GCCA member companies—including CEMEX, HeidelbergCement, and LafargeHolcim—will partner with selected startups to develop solutions by providing access to expertise, networks, and facilities. (May 2021)
Value Chain Carbon Transparency Pathfinder — New WBCSD-led initiative to define and accelerate the wide-scale exchange of verified primary carbon emissions data between businesses to increase scope 3 emissions transparency. Over a dozen companies are involved, including BASF, Chevron, Dow, Microsoft, and Unilever. Additional partners welcome. (March 2021)
The Coalition for the Energy of the Future—a cross-industry initiative to accelerate future energies and technologies to advance sustainable transport and logistics—unveiled its first seven projects to be jointly completed in 2021. Projects involve green hydrogen, biofuel, carbon-neutral liquefied natural gas, green electricity, zero-emission transport, a digital eco-calculator, and green intermodal hubs. The coalition involves AWS, Airbus, Michelin, Schneider Electric, Total, and 12 other companies. (March 2021)
MIT partnered with 13 companies to launch the MIT Climate and Sustainability Consortium (MCSC), which will co-create and accelerate shared innovation solutions that address climate change. Inaugural member companies include Accenture, Apple, Boeing, Cargill, Dow, IBM, Inditex, LafargeHolcim, MathWorks, Nexplore, Rand-Whitney Containerboard (a Kraft Group Company), PepsiCo, and Verizon. (February 2021)
Third Derivative, a climate innovation accelerator led by Rocky Mountain Institute and New Energy Nexus, announced its inaugural cohort of nearly 50 climate innovation startups. The organization is supported by partner investor funds with $2 billion of assets in management and corporate partners that have a combined market capitalization exceeding $3 trillion. (December 2020)
A group of 13 CEOs from U.S. and Global Fortune 500 companies — including BASF, Dow, Ford Motor Company, and Unilever — launched the CEO Climate Dialogue, an initiative aimed at working collaboratively with lawmakers to implement long-term climate legislation at the federal-level. The goal of the initiative is to “build bipartisan support for climate policies that will increase regulatory and business certainty, reduce climate risk, and spur investment and innovation needed to meet science-based emissions reduction targets.” (2019)
Climate Advocacy & Policy Collaboration
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We Mean Business Coalition — Launched the Fossil to Clean campaign, which calls on businesses and governments to phase out fossil fuels by 2040 and to accelerate clean energy solutions. It calls on governments to support an international agreement for an equitable phase out of fossil fuels, and to deliver the policies and financial support needed to decarbonize the global energy system by the 2040s. (Sept 2023)
ACTION DECLARATION ON CLIMATE POLICY ENGAGEMENT — More than 50 global companies, with almost $900 billion in annual revenues, committed to ensuring that their climate policy engagement, and that of their industry associations, helps address climate change, rather than stall it. The declaration also includes the monitoring and disclosing of climate policy alignment for signatory companies and their major industry and trade associations. CEF member signatories include: Ecolab, Hewlett Packard Enterprise, Schneider Electric, Trane Technologies, and Unilever. (Nov 2022)
The CEOs of 14 business organizations and environmental NGOs—including Conservation International, WWF, and WBCSD—released a white paper urging the UN to adopt a “Global Goal for Nature” as part of the Mission of the new 10-year Global Biodiversity Framework that will be agreed upon at this year’s COP15 biodiversity summit. The goal proposes net positive improvement in nature by 2030 (2020 baseline), and full nature recovery by 2050. (March 2022)
A coalition of investors and corporate responsibility advocates unveiled a new Global Standard on Responsible Climate Lobbying with 14 "framework indicators" to help companies and investors assess whether a given company’s lobbying is aligned with Paris Agreement goals. It was developed by BNP Paribas Asset Management, Swedish pension scheme AP7 and the Church of England Pensions Board, and is backed by investor networks with over $130 trillion in combined assets under management, including Ceres, the IIGCC, and PRI.
Producers Guild of America,
a trade group representing producers in film, television and new media,
released a
statement calling on the global entertainment industry to invest in and scale clean energy solutions and reduce industry emissions by 50% by 2030.
(Nov 2021)
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Ceres launched a
new
“Ambition 2030” initiative to decarbonize the North American steel, electric power, oil and gas, banking, food, and transportation sectors. Ceres will call on companies to: commit to climate actions aligned with the
Ceres Roadmap 2030, create robust climate-transition plans, disclose their progress on interim targets, and utilize the
Climate Action 100+ sectoral strategies being released this fall. (Sept 2021)
MORE »
Several environmental NGOs—BSR, CDP, Ceres, C2ES, Climate Group, Conservation International, EDF, The Nature Conservancy, Union of Concerned Scientists, We Mean Business, WRI, and WWF—released an open letter to America’s CEOs calling for the private sector to adopt a science-based climate advocacy agenda aligned limiting global temperature to 1.5 °C. Signatories urged business to act in five specific ways (March 2021):
- Publicly support an ambitious 2030 goal (Nationally Determined Contribution) for theUnited States under the Paris Agreement.
- Advocate for legislation and regulations to cut climate pollution to net-zero by 2050.
- Align trade associations’ lobbying with a path to net-zero by 2050, and act promptly to address any misalignment, including withholding dues if necessary.
- Allocate spending on lobbying and other political influence channels in ways that advance and not obstruct a path to net-zero by 2050.
- Use every opportunity — in the media, before Congress, and with peers — to publicly support policies that put the United States on a path to net-zero by 2050.
15 U.K.-based tech firms have formed the “Tech Zero Taskforce,” in partnership with the U.K.’s Council for Sustainable Business and COP26 unit, to inform the government's green policymaking and garner industry support ahead of COP26. The Taskforce will develop a set of bold commitments for the industry and a “Tech Zero toolkit” to help businesses understand climate concepts and jargon. (March 2021)
Over a dozen major U.K. construction organizations jointly urged the U.K. government to take immediate action to help close the existing green skills gap or risk missing its 2050 net-zero target. The paper—published by the Institute for Public Policy Research—reveals the U.K. construction industry will lose 750,000 workers to retirement in the next 15 years, compounded by an education and training system that is, broadly, not aligned with the U.K.’s net-zero target. (March 2021)
A major new coalition, “America is All In,” launched to mobilize bold climate ambitions nationally and uphold the federal government’s commitment to climate action—specifically to cut U.S. emissions in half or more by 2030 and reach net-zero by 2050. Co-led by UN Special Climate Envoy Michael Bloomberg, the coalition effectively merges We Are Still In and America’s Pledge and is the most expansive effort ever assembled to support climate action in the U.S., involving U.S. businesses, cities, states, tribal nations, schools, and faith groups, health care organizations, and cultural institutions. Large companies involved include: 3M, Adobe, Amazon, Apple, ADM, Autodesk, BASF, Best Buy, Cargill, Carrier Corporation, The Clorox Company, Coca-Cola, Danone N.A., Dell Technologies, Dow Inc., DSM N.A., DuPont, eBay, Edison International, Facebook, Gap, General Mills, Google, Hewlett Packard Enterprise, HP, Inc., IKEA U.S., Johnson & Johnson, Johnson Controls, Kellogg Company, LafargeHolcim, Levi Strauss & Co., L’Oréal, Mars Incorporated, McDonald’s, Microsoft, Mondelez International, National Grid, Nestle, NIKE, Novozymes, PG&E Corporation, PepsiCo, Salesforce, Siemens, Sony Corporation of America, Starbucks, Steelcase, Target, Tiffany & Co., Trane Technologies, Verizon, VF Corporation, Walmart, and Waste Management. (February 2021)
The Renewable Energy Buyers Association (REBA) issued a statement signed by 36 companies — including Amazon, Clorox, Facebook, GM, Google, Johnson & Johnson, McDonald’s, Microsoft, PepsiCo, and Unilever — proposing federal policy priorities to help accelerate the adoption of a customer-centric clean energy transition. Priorities include: 1) expanding and enhancing wholesale energy markets; 2) harmonizing clean-energy procurement and standards; 3) supporting the innovation and commercialization of energy R&D. (January 2021)
List of Climate Advocacy & Policy Collaboration, 2020-2019 (PDF)