Corporate climate action gathers unstoppable pace, two years on from the Paris AgreementWe Mean Business coalition
- Nearly 1200 companies aim to align their emissions reduction plans with the Paris Agreement goals by 2019
- 118 companies now committed to sourcing 100% renewable electricity – generating demand for enough renewable electricity to power Ukraine
- 10 fold rise in companies committed to bold climate action since the Paris Agreement was signed
As heads of state join President Macron on December 12, to mark the second anniversary of the signing of the Paris climate agreement, hundreds of companies continue to step up the fight against climate change.
This includes some 1200 companies aiming to align their business plans with the Paris Agreement goals by 2019 – through setting science-based emission reduction targets. 327 major corporations have already set or committed to set science-based targets through the Science Based Targets initiative, while 864 additional companies declared their ambition to set a science-based target in the next two years in their 2017 disclosures to CDP, the global environmental impact charity.
DSM is one of the companies that is committed to scaling and accelerating business action to realize the goals of the Paris Agreement. CEO, Feike Sijbesma: “DSM is on track to source 50% of its electricity from renewables by 2025. Our commitment to RE100 is also key in our journey to align our emission reduction plans with the Paris Agreement goals. In addition, we and a fast-growing number of other companies have set a meaningful internal carbon price to future-proof our businesses. It sends a clear signal to governments that they can be confident in raising their own ambition levels.”
Since December 2015, when the Paris Agreement was adopted, on average two companies per week have made a commitment to the Science Based Targets initiative. They come from 36 countries and include Walmart – the world’s largest retailer, major electric utilities including EDP and Enel and 15 major clothing brands like Nike, Levis and Asics.
Today, Schneider Electric has committed to sourcing 100% renewable electricity by 2030 through RE100, and doubling its energy productivity by 2030 (2005 baseline) through EP100. French utility EDF Group has committed to transitioning to electric vehicles by 2030 through EV100, a recently launched initiative aiming to make electric transport “the new normal”. All three initiatives are led by the international non-profit organization, The Climate Group*.
By committing to RE100, Schneider Electric joins 117 other major global companies committed to 100% renewable power, and together they are stimulating 155 TWh demand for renewable electricity, annually – enough to power the whole of Ukraine. Some members are also calling on their suppliers to commit to sourcing 100% renewable electricity.
Jean-Pascal Tricoire, Chairman and CEO, Schneider Electric, said: “When it comes to the climate, I’m neither an optimist nor a pessimist, I’m an activist. Prosperity and energy are intertwined. For Schneider Electric, contributing to the process of achieving carbon neutrality is an ambitious and productive challenge. Joining The Climate Group’s EP100 and RE100 initiatives is a demonstration of how consumers and business can be empowered to ensure the affordability, resilience, sustainability, and security of the energy that they consume.”
Since the Paris Agreement was signed, there has been a ten-fold rise in the number of companies making commitments like science-based targets, RE100, EP100 and EV100 through the We Mean Business coalition’s Take Action campaign.
Today 640+ companies have made almost 1100 commitments to take action on climate change in partnership with the coalition. They include 26 of the world’s top 100 emitters of greenhouse gas and 60 of the Fortune 500. Combined, the companies are responsible for 2.31 gigatons of greenhouse gas emissions, equivalent to the total annual emissions of Russia. They represent $15.5 trillion in market cap.
Since Paris, 129 companies have publicly committed to responsibly engage in climate policy. In line with this, the We Mean Business Coalition supports the Business Declaration of Foundation 2°, which was launched today. In the letter, 54 companies call on countries to develop and implement long-term decarbonization strategies, to phase out fossil fuel subsidies by 2025, to put an effective price on carbon, and to support the work of the Taskforce on Climate-Related Financial Disclosures. In addition, several high profile companies, including a number RE100 members, will announce their support for the Powering Past Coal Alliance at the One Planet Summit tomorrow.
About the We Mean Business Coalition
We Mean Business is a global coalition of nonprofit organizations working with the world’s most influential businesses to take action on climate change. The coalition brings together seven organizations, BSR, CDP, Ceres, The B Team, The Climate Group, The Prince of Wales’s Corporate Leaders Group and the World Business Council for Sustainable Development. Together we catalyze business action to drive policy ambition and accelerate the transition to a low-carbon economy. Find out more at wemeanbusinesscoaltion.org.
About the Science Based Targets initiative
The Science Based Targets initiative mobilizes companies to set science-based targets and boost their competitive advantage in the transition to the low-carbon economy. It is a collaboration between CDP, World Resources Institute (WRI), the World Wide Fund for Nature (WWF), and the United Nations Global Compact (UNGC) and one of the We Mean Business Coalition commitments. The initiative defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets. www.sciencebasedtargets.org @sciencetargets
About The Climate Group
The Climate Group is an international non-profit, founded in 2004, with offices in London, Beijing New Delhi and New York. Our mission is to accelerate climate action. Our goal is a world of under 2C of global warming and greater prosperity for all, without delay. We do this by bringing together powerful networks of business and governments that shift global markets and policies. We act as a catalyst to take innovation and solutions to scale, using the power of communications to build ambition and pace. We focus on the greatest global opportunities for change. Our business campaigns RE100 (renewable electricity), EP100 (energy productivity) and EV100 (electric vehicles), brought to you as part of the We Mean Business coalition, help companies to reduce emissions, enhance resilience, and boost the bottom line. They champion leadership, encourage the sharing of best practice, and tackle barriers to action. Visit TheClimateGroup.org and follow us on Twitter@ClimateGroup and Facebook @TheClimateGroup.All Press Releases