Dataset Information

The alignment of companies' sustainability behavior and emissions with global climate targets.

ABSTRACT: Climate actions by the private sector are crucial to cutting global emissions and meeting the climate targets set by the Paris Agreement. However, despite an increasing number of climate pledges, the emissions pathways of most companies are still misaligned with the Paris targets. To identify the causes of this discrepancy between effort and outcome, we developed a systematic approach, based on extensive analyses of textual data, to track the actions implemented by major public corporations to reduce their emissions. Our findings suggest that the misalignment between companies' climate goals, actions, and outcomes is due to a widespread over-investment in risk mitigation actions as opposed to innovation and cooperation activities to foster energy goals. Overall, we provide a systematic framework to track companies' climate actions. Our approach can be used by investors and policymakers to redirect capital towards its most sustainable use and to design behaviourally founded climate policy interventions.

SUBMITTER: Cenci S

PROVIDER: S-EPMC10698019 | biostudies-literature | 2023 Dec

REPOSITORIES: biostudies-literature

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The alignment of companies' sustainability behavior and emissions with global climate targets.

Cenci Simone S Burato Matteo M Rei Marek M Zollo Maurizio M

Nature communications 20231205 1

Climate actions by the private sector are crucial to cutting global emissions and meeting the climate targets set by the Paris Agreement. However, despite an increasing number of climate pledges, the emissions pathways of most companies are still misaligned with the Paris targets. To identify the causes of this discrepancy between effort and outcome, we developed a systematic approach, based on extensive analyses of textual data, to track the actions implemented by major public corporations to r ...[more]

PMID: 38052791

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Project description:The Representative Concentration Pathway 2.6 (RCP2.6), which is broadly compatible with the Paris Agreement's temperature goal by 1.5-2°C, contains substantial reductions in agricultural non-CO2 emissions besides the deployment of Carbon Dioxide Removal (CDR). Failing to mitigate agricultural methane and nitrous oxide emissions could contribute to an overshoot of the RCP2.6 warming by about 0.4°C. We explore using additional CDR to offset alternative agricultural non-CO2 emission pathways in which emissions either remain constant or rise. We assess the effects on the climate of calculating CDR rates to offset agricultural emission under two different approaches: relying on the 100-year global warming potential conversion metric (GWP100) and maintaining effective radiative forcing levels at exactly those of RCP2.6. Using a reduced-complexity climate model, we find that the conversion metric leads to a systematic underestimation of needed CDR, reaching only around 50% of the temperature mitigation needed to remain on the RCP2.6 track. This is mostly because the metric underestimates, in the near term, forcing from short-lived climate pollutants such as methane. We test whether alternative conversion metrics, the GWP20 and GWP*, are more suitable for offsetting purposes, and found that they both lead to an overestimation of the CDR requirements. Under alternative agricultural emissions pathways, holding to RCP2.6 total radiative forcing requires up to twice the amount of CDR that is already included in the RCP2.6. We examine the costs of this additional CDR, and the effects of internalizing these in several agricultural commodities. Assuming an average CDR cost by $150/tCO2, we find increases in prices of up to 41% for beef, 14% for rice, and 40% for milk in the United States relative to current retail prices. These figures are significantly higher (for beef and rice) under a global scenario, potentially threatening food security and welfare. Although the policy delivers a mechanism to finance the early deployment of CDR, using CDR to offset remaining high emissions may well hit other non-financial constraints and can thus only support, and not substitute, emission reductions.

Dataset Information

The alignment of companies' sustainability behavior and emissions with global climate targets.

Publications

The alignment of companies' sustainability behavior and emissions with global climate targets.

Similar Datasets

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