Only 1 in 20 of Europe’s largest companies will meet their Net-zero promises – unless they make some major changes.
If these top companies do not increase emissions cuts over the next decade, Europe can kiss net-zero emissions goals goodbye.
Not all of the EU is behind.
Most U.K companies are on track, by more than one-third. However, just over a quarter in Germany and under a fifth in France are where they need to be.
The report completed by Accenture offers some recommendations to help companies meet deadlines.
Peter Lacy, Accenture’s sustainability global lead, is concerned. He called for robust action to prevent the globe from warming more than 1.5 degrees Celsius.
He also asked for “Businesses and governments across all parts of the world [need] to focus their efforts on concrete action that follows robust targets to meet the challenge our world faces.”
CEO of Accenture in Europe agrees, saying that “Net-zero will be feasible only with swift, decisive action in this decade. It is possible, but only if European businesses act now. Progress will only come from a radical rethink of business models, including technological investments, creating greener supply chains, and treating carbon reduction plans with the same rigor as financial budgets.”
With the COP26 conference just weeks away, this report couldn’t be timelier.
Companies across the globe are scrambling to meet Paris Agreement regulations – which is a significant factor behind the carbon credit boom. Since purchasing credits can offset emissions, improve the environment, and drive economic growth, some consider carbon credits one of the best tools we have – alongside technological innovation, of course.
Hopefully, this report from Accenture will help push EU countries and others in the right direction.