Indian cement manufacturer Dalmia Cement, whose sector is responsible for more emissions than Japan or Canada, has joined the ranks of leading companies that have committed to set a science-based target. Between January and August 2018, over 130 new companies have joined the Science Based Targets initiative (SBTi), a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and World-Wide Fund for Nature (WWF). The SBTi independently assesses and validates corporate emissions reduction targets against the latest climate science.
Dalmia Cement Group CEO Mahendra Singhi said: The global low-carbon transition is underway and we are gearing up to unlock innovation and create the sustainable business of the future. The Paris Agreement has shown us the direction of travel. Science-based targets provide the roadmap to navigate the transition and ensure we play our part in delivering on the world’s low-carbon goals.
The jump represents a more than 39% increase compared to the same period in 2017. Nearly a fifth (17%) of Fortune Global 500 companies have now committed to set science-based targets, with new joiners this year including French tyre manufacturer Michelin, US food producer The Kraft Heinz Company, global brewer AB InBev and Japan’s Yamaha Motor Company.
Nearly three years on from the landmark Paris Agreement and with time running out before greenhouse gas emissions must peak, 2018 has seen an unprecedented rise in the number of companies committing to reduce their emissions in line with the levels required to prevent dangerous global warming.
Over 480 global corporations, from 38 countries, have now committed to set emissions reduction targets in line with climate science and the goals of the Paris Agreement. They include companies from the economy’s highest-emitting sectors, many of which will have to undergo radical transformation in order to meet their low-carbon goals.