Major corporations, including some well-known renewables names such as Vestas Wind Systems and multinationals like Unilever and Proctor & Gamble are struggling to keep up with their net zero ambitions, according to a review by the Science-Based Targets initiative (SBTi).
SBTi, a corporate climate action organisation which aims to set common standards for GHG emissions reductions had listed more 500 corporations as members of the Business Ambition for 1.5°C campaign which launched in 2019.
While the campaign expired in January, just 351 of its members “have or are in the process” of setting full net-zero targets, and more than 200 companies had net zero targets removed according to SBTi, with the implementation of Scope 3 emission targets appearing to be the biggest stumbling block.
A survey of more than 200 BA1.5°C members revealed that 79% had joined the campaign mainly to “showcase leadership in sustainability”.
But while a majority of companies have set some form of science-based greenhouse has reduction targets, only 60% have adopted Science-based net zero targets, the group said.
Scope 3 emission reporting was seen as a major stumbling block with more than half of all survey respondents stating that emissions reporting across the value chain was “too much of a challenge.”
This was followed by technological uncertainty and ambivalence over when precisely the company could deliver on net zero targets.
While the 1.5°C campaign had been “powerful”, it also showed that science-based net zero target setting was not yet a mature practice, SBTi concluded.
