WBA has identified the 450 companies critical to meeting the decarbonisation and energy transformation needed to put the planet on a more sustainable path. Using keystone metrics, including the scale of different scopes of greenhouse gas emissions we have named these ‘keystone’ companies with disproportionate influence on the decarbonisation and energy system. The companiescover a range of industries from automobiles, to electric utilities and real estate, and include multinational corporations such as Shell, Mitsubishi Corporation, Saudi Aramco, General Motors and BP.
The 450 companies are part of our SDG2000, a list of the companies that have the most influence over our ability to move to a more sustainable future and collectively make up half of the entire global economy and are responsible for $43trillion in revenue
Now we know the 450 large emitters and we know where the influence is, so what is next? What is the ask? What is the target? It’s science. The end goal is achieving the UN SDG’s and the Paris Agreement to limit global heating to well-below 2°C above pre-industrial level and pursue efforts to limit heating to 1.5°C. Setting a Science-Based Targets (SBTs) is critical for these influencers as it aligns with what science is telling us to secure a more sustainable future for everyone. Yet just 10% (47 companies) critical to meeting the decarbonisation and energy transformation has set a Science Based Target. Just under half of 47(22 companies) has an actual target in place. While the majority of the companies have set targets aligned with the 2°C scenario, only one company, the French multinational corporation Schneider Electrichas committed to a 1.5°C target to reduce emissions across their value chain.
But 10% of these keystone companies is not remotely enough to meet the Paris goals. We need 100% from all of these companies and that starts with setting science-based emission reduction targets in line with the latest climate science. We need the 90% on board and fast. Through the Climate & Energy benchmarks, WBA is assessing and monitoring the progress of keystone companies to achieve their emissions reductions targets so that investors, governments, civil society and all of as individuals can support those that lead and hold the laggards to account. We have already looked at the auto sector and are now starting our measurement of utilities the largest global emitter. In a decade where we need to move from commitments to action we need these influencers to set their targets. We know who and how so let’s get this done. If we miss this target the world misses out.
Gerbrand Haverkamp, Mishma Abraham, Charlotte Hugman
Aviva is one of the world’s largest insurance and asset management companies, its history tracing back more than 300 years. It has operations in 16 markets around the world, but through its investment portfolio, Aviva’s reach extends to a broader and larger group of consumers. The company is a LEAD member of the Global Compact; a founding member of both the UN Principles of Responsible Investment and the UN Sustainable Stock Exchange Initiative. It is also a frontrunner in responsible investments, using its influence to support more sustainable business and ultimately a more sustainable economy and society. Aviva is an active contributor and user of different corporate sustainability benchmarks, including a founding member of the Corporate Human Rights Benchmark. Aviva’s CEO Mark Wilson is a member of the Business and Sustainable Development Commission (BSDC) and is personally committed to driving forward the sustainable development agenda and the creation of the WBA.
The Business & Sustainable Development Commission (BSDC) aims to make a powerful business case for achieving a sustainable, inclusive economy. Its flagship report Better Business, Better World, launched in January 2017, maps the economic prize for companies that align with the SDGs, and shows how to achieve them. The report includes the creation of SDGs benchmarks as one of the key recommendations. The Business Commission aims to make a powerful business case for achieving a sustainable and inclusive economy, if the UN Sustainable Development Goals are achieved. In its flagship report, Better Business, Better World, the Commission describes how business can contribute to delivering these goals. Chaired by Lord Mark Malloch-Brown, the Commission include 37 leaders from business, finance, civil society, labour, and international organisations from around the world.p>
Index Initiative is a centre of expertise in benchmarking corporate performance against stakeholder expectations. It seeks to propel the use of benchmarks to engage and bring purpose and clarity on the role of companies in contributing to the SDGs closest to their core business. A non-profit based in Amsterdam, The Netherlands, Index Initiative’s research and benchmarks are free and accessible to all. Index Initiative will conduct the global consultation on the World Benchmarking Alliance.
The United Nations Foundation builds public-private partnerships to address the world’s most pressing problems, and broadens support for the United Nations through advocacy and public outreach. Through innovative campaigns and initiatives, the Foundation connects people, ideas, and resources to help the UN solve global problems. The Foundation was created in 1998 as a U.S. public charity by entrepreneur and philanthropist Ted Turner and now is supported by philanthropic, corporate, government, and individual donors.