Climate progress at big companies is hitting a wall.
The world’s largest companies have committed to slashing their emissions to address climate change. Many of them have overpromised and underdelivered because of higher costs, slow advances in technology and political pressure.
One big factor is a lack of trust in voluntary carbon markets. Many companies had intended to use carbon credits to offset emissions that are hard to reduce, such as the burning of jet fuel by airlines. Those credits were supposed to cover short-term commitments. Companies are now backing off of these goals while maintaining they are committed to long-term targets. It is a sobering conclusion two years after the 2021 United Nations climate summit in Glasgow jump-started several climate initiatives. Mining giant Rio […]
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