Leading companies are responding to the Mahindra challengeWe Mean Business coalition
More and more companies are responding to the challenge laid down by Anand Mahindra, chairman of the Mahindra Group, in January to commit to set a science-based target before the Global Climate Action Summit in September.
Mahindra laid down the challenge at the World Economic Forum in Davos, whilst committing to set science-based targets for all the companies in the $19 billion Indian conglomerate.
Companies committing to set a science-based target in February include one of New Zealand’s largest electricity generators Contact Energy, the Ireland-headquartered buildings materials company Kingspan Group, Japanese pharmaceuticals company Astellas Pharma and South African retail chain the SPAR Group. Telecoms giant Ericsson and Swedish buildings materials company BillerudKorsnäs have had their targets approved.
Meanwhile UK asset-management firm Schroders and Taiwanese health-care company TCI have both committed to 100% renewable electricity through RE100, brought to you by The Climate Group in partnership with CDP. While Japan’s biggest housebuilder Daiwa House Industry has committed to set a science-based target as well as joined RE100 and EP100 and US telecoms firm T-Mobile US has committed to set a science-based target and joined RE100.
“It’s not just the right thing to do – it’s smart business! We expect to cut T-Mobile’s energy costs by around $100 million in the next 15 years thanks to this move. Imagine the awesome things we can do for our customers with that,” John Legere, President and CEO of T-Mobile US, told The Climate Group.
In February, a total of 13 companies have either made commitments for the first time, or added to their existing commitments. This brings the total to 669+ companies with over 1,129 commitments via the We Mean Business coalition Take Action campaign to date. These companies represent over $15.7 trillion in market capitalization and are responsible for 2.31 gigatons of Scope 1+2 emissions – equivalent to the total annual emissions of Russia.
Of these, 350+ of the world’s biggest companies have committed to align their strategies with the ambition of the Paris Agreement through the Science Based Targets initiative. Mahindra is aiming to reach 500 companies committed to set science-based targets by the time of the summit in September, with a focus on the high-emitting sectors.
The Global Climate Action Summit, which will be held September 12-14 in San Francisco, will showcase climate action around the world from businesses, cities, states and regions, along with bold new commitments. This showcasing of climate action will help to give policymakers the confidence they need to go even further with their national climate plans when they meet for COP24 on December 3-14.