Companies in the Group of Seven (G7) economies—the US, Canada, France, Germany, Italy, Japan, and the UK—are failing to meet the goals of the Paris Climate Agreement, according to a report released on September 6, 2022, by the non-profit disclosure platform, CDP, and the international management consulting firm, Oliver Wyman.
Major businesses in the G7 economies such as Vodafone Group Plc, Newmont Corporation, Barrick Gold, BP Plc, Chevron Corp, Engie SA, and The Kansai Electric Power Co Inc demonstrated a decrease in greenhouse gas (GHG) emissions from 2018 to 2021, according to GlobalData.
Scientists believe that keeping global warming below 1.5°C would prevent some of the worst effects of global warming, which is the reason behind countries committing to reducing their GHG emissions within two years of signing the Paris Agreement. Keeping global warming below 2°C is the goal.
The reason why the US and Canadian companies’ emissions are perceived to be meeting the rate of decarbonization needed to restrict global warming to 2.8°C and 3.1°C, respectively, is “primarily due to companies absolutely lacking targets, rather than targets that lack ambition.”
In November 2022, delegates from more than 200 countries will meet at the COP27 climate summit in Egypt after experiencing a catastrophic summer of drought, heatwaves, and other climate-related events.
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