World's top private firms fail to commit to net-zero emissions: report

Only 40 of the world's 100 largest private firms have set net-zero carbon emissions targets to fight climate change, lagging far behind public companies. This is according to a report by the Net Zero Tracker group released on Monday.

For the world to meet the 2015 Paris Agreement to limit global warming 1.5C, all companies need to reduce their planet-heating emissions, according to the report.

The lack of market and reputational pressures on private firms compared to those publicly listed, along with an absence of regulation are to blame for their slow uptake of climate commitments, John Lange of Net Zero Tracker told French newswire service AFP.

"I think things are changing on all three of those fronts," he added.

'Naked PR stunt'

The report compared 200 of the world's largest public and private companies based on their reported emissions reduction strategies and net-zero targets.

It found that only 40 of the 100 private firms assessed had net zero targets, compared to 70 of 100 publicly-listed companies.

Of the private companies that have set targets, just eight have published plans on how they will meet them.

"A pledge without a plan is not a pledge – it is a naked PR stunt," the report said.

Carbon credits allow businesses offset their emissions by directing money toward a project that reduces or avoids emissions, such as protecting forests – but critics say they allow companies to keep polluting.

(with AFP)

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