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The vast majority of companies that have carbon-intensive activities, such as oil, electricity, cement, metals and transport; They remain far from aligning with the goals of the Paris Agreement, which “raises a red flag” ahead of critical United Nations climate change talks in Glasgow later this year. Industries. Looking ahead to COP26, 80% of polluting companies will not meet their climate change objectives That's the main warning from the multibillion-dollar Transition Pathway Initiative (TPI), which last week unveiled its latest deep-dive analysis on preparing high-carbon industries for the urgently needed shift to a low carbon economy. It found that more than 80% of the world's highest-emitting companies remain off track on a 2-degree Celsius warming trajectory, the lowest ambition goal of the Paris Agreement. And few are taking active steps to reveal and address the significant risk to their businesses posed by climate change and the related net zero transition. The study analyzed 238 energy, industrial and transport companies on their projected carbon performance, and found that only 43 companies, 18%, have emissions plans and targets in line with limiting global warming to 2 degrees C, and only 13% aim for below 2 degrees C of warming. Unsurprisingly, oil and gas companies and airlines were found to be particularly lagging with their carbon performance, while the report also highlighted the urgent need to improve decarbonisation efforts in the steel and steel sectors.
cement. Positively, across all sectors, average emissions intensity is declining at a rate of around 1.9% annually, and 95% of companies assessed have at least a broad political commitment to act on climate change, according to the report. But as the TPI points out, the rate of decarbonization is not happening fast enough to America Cell Phone Number List meet the Paris Agreement's goals to avoid "dangerous" levels of climate change, and too many companies are still failing to set targets and measures to support their commitments and accelerate the pace of decarbonization. The IEA has warned that while carbon emissions will likely decline this year, in the medium term the coronavirus outbreak could slow the low-carbon transition. As a result, he said these high-carbon companies risked becoming much less attractive to investors in the long term, particularly in light of the pressure on national governments to strengthen their climate strategies before and during the crucial EU summit. UN on climate change in Glasgow, which remains scheduled for later this year.
There has been speculation that the summit could be delayed as a result of the coronavirus pandemic, but UK Foreign Secretary Dominic Raab confirmed last week that the government would still like to host the summit as planned in November, although he acknowledges that a postponement may be necessary in the months to come. Commentators also noted that under the rules of the Paris Agreement, even if the summit is postponed, governments are to present updated national climate action plans before the end of the year. Loretta Minghella, first church property commissioner at the Church Commissioners for England, a leading proponent of the TPI, said the fact that four in five high-emitting companies remain very good at their climate performance “would worry markets.” . The commissioner mentioned: The majority of the world's largest investors have accepted climate change as a material financial risk, yet the results show that companies are not responding with the ambition and pace required.
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