California Governor challenges major businesses to report on climate impact
The likes of Amazon, Facebook and Caterpillar have been challenged to measure their climate impact by California's Governor Jerry Brown.
Governor Brown has called on 300 businesses, cities, states and regions to transparently report carbon emissions and make progress on emissions reductions goals.
“Tracking and reporting carbon pollution keeps governments and businesses accountable,” said Brown. “Governments and businesses must turn their climate goals into bold climate action by honestly and fully reporting their emissions.”
The call was made this week by Brown alongside co-chairs to the upcoming Global Climate Action Summit, including UN Climate Change Executive Secretary Patricia Espinosa.
“If we are to keep the target of limiting global temperature rises to 1.5C within our grasp, we need more governments and corporations than ever before to report on exactly how they are stepping up to address climate change,” Espinosa said.
More than 6,300 companies, 570 cities and 100 states and regions with 55% of global market capitalisation already measure and report their climate impact through CDP. California – which is in talks to create a common carbon market with the EU – itself recently disclosed its annual 440.4 million metric tonnes of carbon dioxide equivalent (mtCo2/e).
The challenge also calls for universal and standardised report by all governments across the globe by 2030. It comes after MPs this week urged the UK Government to make it mandatory for companies and asset owners to report on climate-related risks by 2022 in order to “fix” the short-term mindset of the current financial system.
Momentum regarding climate-related reporting is growing following the creation – and subsequent recommendations – of the Task Force on Climate-related Financial Disclosures (TCFD), which seeks to disclose climate information as part of mainstream financial statements.
The UK Government has endorsed these recommendations but has done little in the way of specific action, according to MPs. A report from the Environmental Audit Committee (EAC) recommended that pension savers should be given greater opportunities to engage with decisions as to where their money is invested. The UK’s top 25 pension funds, with assets under management worth £555bn, are failing to account for climate-related risks, according to the EAC.