Paul Simpson, Chief Executive at the Carbon Disclosure Project (CDP), has called on companies to speed up their decarbonisation efforts if the Paris Agreement’s 2C target is to be reached.

In the CDP’s second annual progress report, the organisation said businesses were at a “tipping point” and that “enormous opportunities” lie ahead for companies that are prepared for the low-carbon transition.

Simpson said: “There are some encouraging trends emerging, with more companies setting further reaching carbon emissions reduction targets, and greater accountability for climate change issues within the boardroom.

“But, there is no doubt that more companies need to act quickly and the pace of change needs to accelerate if we are to meet the goals of the Paris Agreement and ensure long term financial and climate stability.”

More companies have carbon reduction plans

The study found that 89% of companies reported emissions reductions targets in 2017, up from 85% during 2016 when the survey began.

In 2017, 68% of firms had carbon reduction targets to 2020, up from 55% in 2016.

The number of companies with targets for 2030 rose to 20% from 14% year-on-year.

> Read the report online