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According to Greenpeace, carbon offsetting is “tree planting window dressing, aimed at distracting from ecosystem destruction”. But, with a sophisticated set of certifications across multiple authorities, internationally recognised systems of carbon footprint calculation, and now recognition at the world’s premier conference on climate change action, what is the truth of the matter?
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Following climate consultancy EcoAct’s latest report on climate reporting trends for global companies, EPM speaks to Stuart Lemmon, Managing Director of EcoAct, an Atos company, Northern Europe, to discuss the efforts the biopharma industry is making to become more sustainable and what else needs to be done.
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Within two years, companies in the UK could be legally obliged to disclose the risks (and opportunities) presented to their business by climate change. In November 2020, the chancellor, Rishi Sunak, announced a package of policies aimed at boosting the sustainability of the financial markets. This included a plan to make some of the measures recommended by the Task Force on Climate-Related Financial Disclosures (TCFD) mandatory as soon as 2023.
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In the run up to COP26, awareness of the climate crisis and the importance of an effective corporate response is at its height. Yet EcoAct, an Atos company, has released its 11th annual analysis of climate reporting showing that 81% of FTSE 100 companies don´t yet have a robust climate plan.
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EcoAct – an Atos company – has released ‘The Climate Reporting Performance of the FTSE 100, Euro STOXX 50 and DOW 30’.
The report, which includes a leader board ranking the top 20 companies for climate disclosure, found that just 19% of the FTSE 100 have long-term emissions reduction targets to meet net-zero goals and only 3% have a long-term emissions reduction target aligned with limiting global warming to 1.5°C with most having no provision for sequestration.