Most of UK corporate carbon emissions not covered by reduction target: report

LONDON, Aug 10 (Reuters) – Two-thirds of UK corporate emissions are not covered by decarbonisation targets, while a fifth or more of companies with 2030 targets are not on track to meet them, according to a report. from the CDP disclosure platform and the consulting firm Bain & Company. presented.

In the UK Climate Report published on Thursday, CDP and Bain said the number of companies lagging behind is likely to be even higher if those that do not report to CDP or have not yet set an emissions reduction target are counted.

The UK government recently warned that the country was not on track to meet its end-of-decade target of cutting emissions by 60% from 1990 levels, months ahead of global climate talks in Dubai urging countries to set more stringent targets.

The slow pace of change among UK companies comes as regulators in Britain, the United States and the European Union seek to mandate emissions disclosure, with rules set to take effect over the next two years.

“It is concerning that the majority of UK businesses have yet to set and meet targets in line with the annual emission reductions required to align with a 1.5° pathway,” said CDP business and partnerships director, Dexter Galvin, in a statement.

“The fact is that not enough companies are taking the necessary steps to do this, even though it’s good for business, people and the planet.”

The report, which analyzed 1,450 UK companies for disclosure through CDP, showed that 64% of Scope 1 and 2 emissions, those from a company’s own operations and those linked to its energy supply, were not reported. covered by a reduction target.

For Scope 3 emissions, those linked to a company’s value chain, the figure was 69%.

Of those companies that set a 2030 target to reduce Scope 1 and 2 emissions, 21% were on track to miss their target. For Scope 3, 31% of those with a goal did not achieve it.

On a more positive note, the number of UK companies disclosing to CDP increased by 130% between 2020 and 2022, and they were decarbonising faster than their peers in Europe and the US, the report showed.

Reporting by Simon Jessop Editing by Bernadette Baum

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