Corporate Green Promises Are Starting To Melt Away - The Average Joe

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    Corporate Green Promises Are Starting To Melt Away

    Rhea Lobo

    June 21, 2024

    Corporate green pledges are becoming more like fairy tales — interesting stories but rarely true. In recent years, corporations pledged to cut carbon emissions, but firms like Unilever ($UL), Bank of America ($BAC), and Shell ($SHEL) have either missed or completely dropped their ambitious targets. They blame challenging implementation, lack of technological advancements, and high costs as significant obstacles.

    • 230 of the 1,045 companies in the Business Ambition for 1.5°C campaign failed to submit their promised targets — resulting in their removal from the Science Based Targets initiative’s website.
    • While 51 major companies set goals to reduce emissions by 30% by 2030 — the IPCC recommends a 43% global reduction to keep warming within 1.5°C above pre-industrial levels.

    Hot mess: Without government action, companies’ adherence to their policies is crucial to stopping higher emissions. If they continue to whiff, we’ll soon see the consequences from Mother Nature. The planet has experienced 12 consecutive months of record global temperatures attributed to human-caused climate change. While climate scientists have varied opinions on the long-term impacts, most agree on hotter years, more severe weather, and ecological damage ahead.

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