Study: G7 Corporate Emissions Fall Short Of Targets
According to a recent study, greenhouse gas emission targets made by corporations from G7 economies fail to meet the 2015 Paris Climate Agreement objectives, which saw G7 countries agree to pursue efforts to ensure the planet doesn’t warm beyond 1.5°C.
Facts
- According to a recent study, greenhouse gas emission targets made by corporations from G7 economies fail to meet the 2015 Paris Climate Agreement objectives, which saw G7 countries agree to pursue efforts to ensure the planet doesn’t warm beyond 1.5°C.
- Analysis of pledges made by companies from the US, UK, Canada, Germany, France, Italy, and Japan, show that even if their self-imposed targets are met, the planet’s temperature would still rise above 2.5°C.
- Emissions of US and Canadian businesses are associated with a 2.8°C and 3.1°C increase, respectively. While German, Italian and Dutch companies — which have the most ambitious pledges — are associated with an increase of 2.2°C.
- The study was done by management consultancy Oliver Wyman and non-profit environmental disclosure platform CPD.
- According to a 2018 report released by the Intergovernmental Panel on Climate Change, allowing the planet to warm above 2.0°C would have severe impacts, such as an increase in extreme heat, and a decline in certain crop yields and marine life.
- A 55% cut in greenhouse gas emissions is needed to prevent warming the planet above 1.5°C, according to a 2021 UN Environment Programme report.
Sources: Reuters, Yahoo Finance, Climate Council, and CNN.
Narratives
- Narrative A, as provided by Politico. The G7 countries, which account for 25% of the world’s carbon emissions and almost 40% of the global economy, have a responsibility to properly address the increasingly catastrophic impact of the climate crisis. There needs to be a push for legally binding targets to ensure they’re met and hold these countries accountable.
- Narrative B, as provided by Grist. While addressing global warming is important, equally as paramount is setting realistic goals. Unfortunately, the 2015 Paris Agreement doesn’t do this. Reaching the targets outlined in the climate agreement would require technology that doesn’t even exist yet; it’s no wonder G7 countries are failing to meet the objectives.
