Posted on: 10/07/2018
More than half of executives expect at least 50% of their products and services to be low carbon by 2028, according to a survey of firms committed to science-based targets to cut their emissions.
Almost one in five predict close to 100% of their products and services will be low carbon in the same timeframe.
In total, 79% of the companies surveyed said brand reputation is one of the biggest benefits of setting science-based targets, while 63% said the commitment helps to drive innovation. Nearly a third (29%) claimed that science-based targets deliver bottom line savings to their business.
The survey was conducted on behalf of the Science Based Targets initiative (SBTi), a collaboration between CDP, the United Nations Global Compact (UN Global Compact), World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
Over 420 major corporations have already set, or committed to set, a science-based target.
Dexter Galvin, Global Director of Corporations & Supply Chains at CDP, one of the Science Based Targets initiative partners, commented:
“Companies are increasingly aware of the risks of dangerous climate change and the business opportunities in taking action. It’s clear that many corporates are taking a lead by adopting science-based targets to create low carbon products and services and reduce their emissions. The fact that one in five executives with science-based targets expect 100% of their products and services to be low carbon within a decade is remarkable – and suggests a tipping point is in reach.”
“This study shows that companies putting science at the heart of their environmental ambitions are already feeling the benefits. A science-based target should be part of every company roadmap. Those without one will struggle to see around the next corner, posing material risk to their business, while losing significant ground to their competitors.”