Pilita Clark: Get ready for a net zero business backlash

Catherine McKenna, Canada’s former environment minister, told Cop27 that too many pledges were “little more than empty slogans and hype”. She chairs a group of experts the UN appointed to assess the mushrooming net zero promises from companies, cities and regions.And a bracing report the group released at Cop27 concluded “dishonest climate accounting” had to stop. That meant companies could not claim to be net zero while continuing to build or finance new supplies of fossil fuels.

This advice is in line with the need to nearly halve global emissions by 2030 to meet the Paris agreement’s goal to keep temperatures at safer levels. So it was widely applauded at Cop27, with one vivid exception. A lot of business executives were incensed. Some, especially those from the US, were used to hearing their net zero plans branded too weak or too harsh and “woke” or too legally fraught .

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