Corporate Climate Responsibility Monitor

2024

 

Despite being four years into the pivotal decade for combating climate change, only a handful of companies have committed to 2030 goals grounded in the latest climate science and accompanied by tangible strategies for implementation, reveals the 2024 Corporate Climate Responsibility Monitor.

It’s time to urgently move towards robust regulation that sets binding targets and substantiates them with concrete, effective measures to mitigate risks and meet the objectives of the Paris Agreement.

 

Main findings

2030 inaction

2030 targets and actions fall short of the level of ambition needed to keep global temperature rises within the relatively safe 1.5°C zone.

Target miscalculations

Many companies understate their actual carbon footprint by excluding scope 2 (emissions related to energy generation) and scope 3 (emissions form elsewhere on their value chain) emissions when formulating their targets.

False solutions

Many lean heavily on questionable solutions, such as carbon capture and utilisation, carbon removals, renewable energy certificates and bioenergy.

False solutions

Many lean heavily on questionable solutions, such as carbon capture and utilisation, carbon removals, renewable energy certificates and bioenergy.

Regulation is key

There's a growing need for strong regulatory measures that complement and enhance these voluntary efforts, ultimately ensuring a more comprehensive and accountable approach to societal and environmental challenges.

“As we navigate the complexities of corporate climate accountability, one thing is certain: voluntary initiatives alone won’t suffice. It’s time for robust regulation to ensure that corporate actions align with the urgency of the climate crisis, moving us beyond rhetoric towards meaningful emission reductions.”

Benja Faecks – Expert on Global Carbon Markets, Carbon Market Watch

Fire or hire

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Our demands

No false solution

Since voluntary initiatives alone won’t suffice to keep companies in line with the objectives of the Paris Agreement, governments must step up.

 

Stricter voluntary initiatives

No scope 3 flexibility under the Voluntary Carbon Market Initiative (VCMI) and greater stringency for Greenhouse Gas Protocol (GHG-P) revision of scope 2 guidance.

More stringent 2030 targets

2030 targets must be substantiated with measures to reduce emissions in line with sectoral science-based recommendations/benchmarks.

No false solution

No reliance on false solutions like bioenergy, RECs, offsetting (and insetting), and carbon removals. 

 

No space for creative accounting

End creative accounting, such as with renewable energy contracts and scope 3 flexibility.

Find out more

Download our recommendations

Download the open letter

Download the study

You can find more information about the 2024 Corporate Climate Responsibility Monitor methodology here.

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