Corporate Climate Stocktake report launches ahead of first UNFCCC Global StocktakeMaría Mendiluce
Today, we launch the most most sophisticated picture to date of private sector progress, obstacles and opportunities for achieving net zero.
The Corporate Climate Stocktake (CCST), led by the We Mean Business Coalition and supported by the Climate Champions Team and Bain & Company, looks in detail at eight sectors that account for two-thirds of the world’s greenhouse gas emissions: power, road transport, concrete and cement, steel, shipping, hydrogen, aviation and agriculture.
The report presents the pace of change in each sector, and identifies the barriers faced by businesses that are rapidly decarbonizing to meet their climate targets.
We release it ahead of and to complement the first UNFCCC Global Stocktake, which culminates at COP28 in Dubai next month. It was eight years ago, as part of the landmark Paris Agreement, when world leaders agreed that in 2023 they would take stock of their collective efforts to meet the goals of the agreement.
That moment is now here. And while good progress has been made since 2015 in the greening and electrification of energy uses, much more is needed to tackle sectoral and systemic interventions, especially in hard-to-abate sectors.
Business is integral to achieving those goals. When I meet with business leaders, I hear their desire to ramp up clean energy and technologies, and their frustration that more is not being done to scale up clean solutions in their sectors and value chains.
Through this report, we aim to help policymakers better understand the barriers business face and what our most ambitious companies need from governments to go faster.
We worked with Bain and Company to survey 250 business leaders, conducted detailed interviews with experts and business leaders at the forefront of driving change in their industries, and assessed forward-looking indicators and corporate commitments across sectors.
There are many lessons here for policymakers on how best to shape policy to support businesses and sectors. See the policies needed to enable business to go faster
Bold business leadership must be coupled with bold political leadership. The world is watching governments closely to ensure they make COP28 count. It’s time to take stock, course-correct and then move forwards together at the pace required by science.