Ahead of climate summit, big firms commit to cut emissions
UNITED NATIONS (Reuters) – Almost 90 big companies in sectors from food to cement to telecommunications are pledging to slash their greenhouse gas emissions in a new campaign to steer multi-nationals towards a lowcarbon future, organizers said on Sunday.
We Mean Business, a coalition of advocacy groups, said dozens of companies had joined the initiative in the two months leading up to a United Nations summit taking place on Monday, which aims to spur faster action on climate change.
“Now we need many more companies to join the movement, sending a clear signal that markets are shifting,” UN Secretary-General Antonio Guterres said in a statement.
The coalition was launched in June with a call to action by the United Nations, business and civil society leaders. The first 28 companies to join announced the following month. We Mean Business said 87 companies are now involved, with total market capitalization of more than $2.3 trillion.
Some companies in the coalition have agreed to slash their carbon emissions to net zero by 2050, including Swiss food company Nestle, French building materials company Saint-Gobain, and French cosmetics maker L’Oreal.
Others have stopped short of committing to go carbon neutral but say they will align their operations with a goal of limiting the increase in average global temperatures to 1.5 degrees Celsius enshrined in the 2015 Paris Agreement
This group includes Finnish telecoms company Nokia, French food group Danone and British drug maker AstraZeneca Plc, We Mean Business said.
As accelerating climate impacts from melting ice caps to sea-level rise and extreme weather outpace climate models, scientists say the world needs to halve its greenhouse gas emissions over the next decade to avoid catastrophic warming.
With fossil fuel companies still developing new oil and gas fields and many developing countries expanding coal-fired power, the coalition’s pledges are minuscule relative to rising global emissions.