A view shows emissions from the chimneys of Yara France plant in Montoir-de-Bretagne near Saint-Nazaire, France, March 4, 2022. REUTERS/Stephane Mahe/File PhotoLONDON, June 12 - Corporate plans to slash greenhouse gas emissions fall short of what is needed to combat climate change, with "major credibility gaps" found among the world's largest companies, according to a new stocktake of net-zero efforts in the public and private sector.
Net Zero Tracker, run in part by the UK-based Energy and Climate Intelligence Unit and the University of Oxford, assesses publicly available data for about 200 countries as well as large publicly traded companies, including those in fossil fuels."We see a lot of issues with credibility, and the quality and robustness of these targets," said report co-author Frederic Hans, a climate policy analyst at NewClimate Institute, a German think tank.
Carbon offsetting — or buying credits for emissions reduced elsewhere — also featured prominently among corporate strategies. Nearly 40% of the Forbes 2000 companies with a net-zero target plan to use offsets, despite concerns about the lack of regulation.
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'We have to have mandatory, top-down regulations to guide them,' Lang said. He can’t say what they are — just that they’re mandatory.