Our Q1 2021 engagement highlights
- 353 companies engaged
- 103 instances of positive change (milestones) achieved
- 36 countries covered
Net zero firmly enters the mainstream
In the past 12 months, global net-zero commitments doubled and commitments by companies more than tripled signalling a remarkable embrace of the concept by policymakers and businesses. While net-zero pledges are critically important steps to combat climate change, we acknowledge that much more is needed.
Recent PwC analysis shows only c.8% of the world’s largest companies represented by the Global Fortune 500 have committed to become net zero as of February 2021. Moreover, surveys indicate that just 10% of net-zero companies have set interim science-based emissions targets. In its inaugural Net-Zero Company Benchmark, which assesses the world’s largest corporate greenhouse gas emitters on their net-zero transition progress, the Climate Action 100+ initiative found that none of the focus companies that have announced net-zero ambitions have fully disclosed strategies to get there. Likewise, none have committed to aligning future capital expenditure with the goal of limiting temperature rise to 1.5°C.
There is an urgent need for greater corporate action and higher ambition in accelerating the net-zero economy. We have committed to help meet this need through company and public policy engagement. This quarter, we have had discussions with the likes of Rio Tinto, BHP, Shell, Total and Stellantis on the details underpinning their climate pledges to ensure commitments will contribute to meaningful change. We have also closely followed the debate sparked by the ‘Say-on-Climate’ campaign and look forward to reviewing resolutions put forward by companies.