{"id":6850,"date":"2022-05-12T15:54:31","date_gmt":"2022-05-12T15:54:31","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/?p=6850"},"modified":"2022-05-12T15:12:11","modified_gmt":"2022-05-12T15:12:11","slug":"record-number-of-polluters-set-co2-emissions-targets","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/record-number-of-polluters-set-co2-emissions-targets","title":{"rendered":"Record number of polluters set CO2 emissions targets"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>A record number of big polluters are committing to cutting CO2 emissions, a UN-backed report has said.<\/b><\/p>\n

But firms in Asia, Africa and Latin America are lagging behind Europe, the US and Japan, the Science-Based Targets Initiative said.<\/p>\n

Separately, a report cast doubt on whether oil companies can all deliver carbon cuts they’ve promised.<\/p>\n

Big oil firms are relying on unproven technologies, a think tank said.<\/p>\n

‘Critical mass’<\/b><\/p>\n

The Science-Based Targets Initiative advises firms on how to set emissions reduction targets in line with climate science.<\/p>\n

It says targets have now been adopted by more than 2,000 firms worth $38tn across 70 countries in 15 industries.<\/p>\n

The authors say that in the most polluting sectors a critical mass of firms (27%) has joined the initiative.<\/p>\n

They believe this could prove a positive tipping point, as the polluting giants influence actions across the whole supply chain.<\/p>\n

More than half the companies setting targets are in the G7 rich nations, but there are also participants from China, India, Brazil, South Korea and South Africa.<\/p>\n

Canada and Italy are lagging behind, the report says. And Africa and Asia need more participants.<\/p>\n

The document says:<\/p>\n

Around 80% of the targets approved by the firms in 2021 were aligned with the benchmark of holding global temperature rises to 1.5\u00baC above pre-industrial times.<\/p>\n

Between 2015-2020, the majority of companies with 1.5\u00b0C targets cut emissions twice as fast as required.<\/p>\n

Environmentalist Tom Burke from the think tank E3G welcomed the target setting.<\/p>\n

“This is really good news”, he said, “but it’s very late in the day. We are way past the time when we should be tackling climate change.<\/p>\n

“It’s great to have targets but there’s a huge gap in government and business between targets and achievements”.<\/p>\n

‘Unproven technology’<\/b><\/p>\n

A separate report today urged caution over oil companies’ targets.<\/p>\n

The think tank Carbon Tracker said that oil and gas firms are basing their emissions goals on either selling polluting assets or on unproven or controversial technologies.<\/p>\n

These include carbon capture and storage (CCS) – or carbon offsetting which can include trees being planted to compensate for industrial emissions.<\/p>\n

Carbon Tracker says investors should ask whether companies’ targets are not just ambitious but also credible.<\/p>\n

The author, Mike Coffin, said: “Emissions mitigation technologies pose a huge risk to investors and the climate because most, such as CCS, are at an early stage of development, and solutions involving tree-planting require vast areas of land.<\/p>\n

“Costs will be enormous and it is not clear whether they will be technically feasible or economically viable.”<\/p>\n

The report ranks oil and gas firms. It says:<\/p>\n

Eni<\/b><\/p>\n

has the strongest policy, pledging a 35% cut in emissions by 2030 from the production and use of its products. But its plans involve CCS and nature-based solutions such as tree planting.<\/p>\n

BP<\/b><\/p>\n

ranks fourth but its position is expected to improve once it formally ends its Rosneft gas shareholding. It says CCS will be a “lever” for emissions reductions.<\/p>\n

Shell<\/b><\/p>\n

ranks fifth, pledging only to reduce the carbon intensity of its operations and the products it sells.<\/p>\n

Nine North American companies all have weaker policies than Europeans and only commit to reducing emissions intensity – that’s a measure of carbon emissions per dollar earned.<\/p>\n

ExxonMobil<\/b><\/p>\n

has the weakest policy, the report says. It adopted a net zero target last year but has not said how it will get there.<\/p>\n

However, the oil giant said that it “has long acknowledged the reality and risks of climate change, and it has devoted significant resources to addressing those risks”.<\/p>\n

“We have announced our ambition to achieve net zero greenhouse gas emissions for operated assets by 2050. As part of that, we are developing detailed emission-reduction roadmaps for major facilities and assets,” it said.<\/p>\n

A Met Office report this week said new global record temperatures are expected again in the next few years.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. A record number of big polluters are committing to cutting CO2 emissions, a UN-backed report has said. But firms in Asia, Africa and Latin America are lagging behind Europe, the US and Japan, the Science-Based Targets Initiative said. 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