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 companies cover 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 Electric has 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.