G7 companies fail to meet Paris Agreement climate targets

According to the Carbon Disclosure Project’s new report, released last Tuesday, Portuguese companies are far from meeting the climate targets set out in the Paris Agreement.

Companies in the G7 countries are on course for 2.7°C of global warming, and Portuguese companies have targets that will limit global warming to 2.6°C, according to a report by CDP, a global non-profit group that runs a climate disclosure system for companies, cities and governments.

This figure is well above the 1.5ºC to 2.0ºC range established in the Paris Agreement, and according to the CDP, “analysis of corporate climate targets suggests that the Paris agreement is currently unattainable”.

The analysis showed that companies in Canada and Japan scored worst, with a rate of decarbonization that led to warming of 3.1ºC and 2.9ºC, respectively.

In comparison, European companies achieved better results, such as German and Italian companies, which were associated with a warming of 2.2ºC.

On the other hand, the European electricity sector is the only industrial sector to achieve a temperature rating of less than 2.0ºC, at 1.9ºC, and according to the analysis, around 42% of EU electricity companies are aligned with the Paris Agreement’s 1.5ºC target.

Source: Reuters

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September 7th, 2022