Europe's top companies need to more than double their current level of spending on low-carbon projects to meet the European Commission's flagship goal of 'climate neutrality' by 2050, according to a report released on Tuesday.
The major study of 882 publicly-traded companies across multiple sectors by climate research provider CDP and consultancy Oliver Wyman showed they spent 124 billion euros on capital investment and research and development in 2019.That amounted to around 12per cent of total investment. To be on track to meet the goal of net-zero emissions by 2050 however, that figure needs to jump to 25per cent, said CDP Europe's Managing Director Steven Tebbe.
"Some European companies are making bold new low-carbon investments to roll out renewables, build greener infrastructure, buy electric vehicles and make manufacturing more energy-efficient," Tebbe said.AdvertisementWhile doubling capex spend was"a big ask", Tebbe said the costs of inaction were higher still. The companies assessed account for around three-quarters of the EU's total emissions and the same amount of its stock market capitalization.
CDP, which works with companies and investors to help them manage their climate risk, is largely backed by funding from philanthropic and government grants.
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