Business World Begins U-Turn on Climate Targets

Barely a couple of years ago, setting climate targets and emission reduction plans was de rigueur in the business world. There was a veritable race to out-target competitors in order to win the hearts, minds, and wallets of customers and investors. Now, this has all changed. Last week, the Energy Institute’s Statistical Review of World Energy showed global emissions are still on the rise while the total share of alternative energy sources dubbed renewable in the global mix remained minuscule.

The latter have come into the spotlight following reports showing that they consistently fail to live up to their promise, casting a shadow over the whole emission-cutting push, of which these offsets were to be a big—and lucrative—part, according to transition champions such as John Kerry. Then, there is the problem of actual emission reduction through cuts in activity.

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