As world leaders meet in Madrid this week, with one year left until countries are expected to submit enhanced climate targets to keep the Paris Agreement on track, a significant portion of the private sector is already delivering on the 2015 global climate accord. 285 companies responsible for more than 752 million metric tons of CO2 equivalent emissions per year from their operations—more than the combined annual emissions of France and Spain—have set greenhouse gas emissions reduction targets in line with what science says is required to avert dangerous climate change and meet the goals of the Paris Agreement. 76 of these companies’ goals are in line with limiting warming to 1.5°C above pre-industrial levels.
A new report published today by the Science Based Targets initiative (SBTi) reveals that by meeting their targets, these 285 companies will reduce their emissions by 265 million metric tons of CO2 equivalent, approximately equivalent to shutting down 68 coal-fired power plants. This represents a 35% reduction in companies’ emissions compared to their base year emissions.
In the European energy sector, the list includes Spain-based Acciona, Iberdrola and Red Electrica de Espana, Dutch firm Eneco, Italy's Enel, Portugal's Energias de Portugal, Orsted in Denmark, Sweden's Vattenfall and Austria'sVerbund.
The group also includes household names from the industrial and consumer goods sectors including BT, Coca-Cola,Deutsche Telekom, Hewlett Packard, McDonalds, Microsoft, Nestle, Nike, Sumitomo Chemicals, Thyssenkrupp and Unilever.
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