As climate impacts continue to ramp up, so too has the global response, particularly from the private sector.
More than 350 major companies have committed to 100% renewable energy as part of the RE100 global initiative. Nearly that many have joined the Climate Pledge co-founded by Amazon, committing to hit net-zero carbon by 2040 —10 years ahead of the Paris Agreement target.
In addition, over 2,000 companies are leading the zero-carbon transition by establishing emissions reduction targets through the Science Based Targets initiative (SBTi).
SBTi recently released its first Corporate Net-Zero Standard, which will require rapid, deep cuts of 90-95% of value-chain emissions to limit global temperature rise to 1.5°C. The Standard calls on companies to cut emissions from their entire value chain, including those produced by their own processes (Scope 1), purchased electricity and heat (Scope 2), and generated by suppliers and end-users (Scope 3).
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