WASHINGTON – The Climate Action 100+ (CA100+), an initiative comprised of more than 540 global investors managing $52 trillion in assets under management, released its 2020 Progress Report Thursday showing that many high-emitting companies remain unaligned with the goals of the Paris Agreement.
Earlier this year, the initiative launched a Net Zero Benchmark outlining 10 criteria for demonstrating company alignment with the Paris Agreement’s 1.5 degree climate goal. In early 2021, the initiative will release a company-specific analysis of compliance with the Net Zero Benchmark.
As You Sow, a member of CA100+, has been working with companies to reduce climate risk and take advantage of opportunities presented by the transition to a clean energy market. As the impacts of climate change grow and negatively impact the global economy, shareholders seek clarity on whether their companies are adopting business plans aligned with a sustainable, net-zero carbon economy — or continuing business as usual on a path toward global value destruction. This year, As You Sow and other investors are filing shareholder resolutions with select companies, including General Electric, Valero, and United Airlines, among others asking for alignment with one or more Net Zero Benchmark indicators.
Danielle Fugere, president of As You Sow, made the following statement:
“The CA100+ Progress Report tells us that while some companies and sectors are beginning to wake up and respond to investor requests for climate action, too many are failing to move fast enough. While there has been a notable uptick in ‘net zero’ target setting, reading the fine print shows that only a small fraction of those goals cover all material emissions. Given the short window of time to transition successfully, every company, every industry, and every investor must take an active role in building the safe and economically sound future in which we want to live.”
Lila Holzman, energy program manager of As You Sow, made the following statement:
“As large firms like BlackRock and State Street have joined the CA100+ initiative, the pressure is mounting on companies to act. This progress report shows they still have a long way to go over a short period of time.”
For more information on As You Sow’s work on climate change, click here.
This post was originally published on Radio Free.