Climate Chance Action Seriously
When Larry Flink’s Blackrock, the world’s largest asset manager, released their plans for the new year, it was about pushing (portfolio) companies to achieving net zero emissions in 2050 or else be dumped from its actively managed funds. And no doubt many are considering, intending or perhaps even planning to set their climate target. By the way, net zero is not the same as zero – it refers to achieving an overall balance between GHG and CO2 emissions produced and removed from the atmosphere.
To separate the woods from the trees, it’s good to know there is a process to set a science-based target (see sciencebasedtargets.org). It ranges from submitting a letter with a plan, to having the target validated, communicating the target, tracking and disclosing to stakeholders on a regular basis. There’s also a list of companies that are taking action and how – which is very useful as 2050 is quite some years to go, and the net zero target become less credible without intermediary targets.
“2050 is quite some years to go, and the net zero target will become less credible without intermediary targets”
The database of companies taking action is useful too for advocacy groups. Providing not just an opportunity to hold companies to account, but also do a peer comparison. For instance which banks have committed, and how does the ambition compare? A snapshot overview indicated 1200 companies are taking action worldwide, of which half with science based targets, and 400 with actual commitments. So plenty of work left to do – thus: Camera? Lights? Action!