Anglo, Glencore among firms in study said to be meeting Paris Agreement targets
ANGLO American and Glencore were two of only seven companies that a study said were doing enough to meet Paris Agreement targets on climate control.
Transition Pathway Initiative (TPI) assessed 59 resources
and energy companies finding the fossil fuel industry was failing on its
environmental scorecard.
The TPI is a global program based at the London School of
Economics, which assesses climate risks and companies’ preparedness for a
low-carbon economy, said Bloomberg News which reported on the study.
Fossil fuel companies current environmental pledges, whilst
a trend improvement, would still leave the world heading for 3.2 degrees
Celsius of warming, said Bloomberg News, citing the United Nations Environment
Programme. This leaves them short of the warming of two degrees Celsius target
in the Paris Agreement.
“We’re seeing a direction of travel that is going toward
decarbonisation that is really positive,” said Bill Hartnett, stewardship
director at Aberdeen Standard Investments in an interview with the newswire.
“However, there is a lot of devil in the detail.”
The asset manager, which is a funding partner for TPI, sees
the report as providing a framework to allow it to engage with fossil fuel
companies so that net zero ambitions can be formalised into commitments or
targets over time, Hartnett said.
Glencore declined to comment on the report, said Bloomberg
News. The company said in February it would cut so-called scope 3 emissions –
those generated by their consumers – by 30% over the next 15 years.
Anglo American said it was committed to responding to
climate change and that it aimed to be carbon neutral across its operations by
2040.
Comments
Post a Comment