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They recognized that without reliable climate-related financial information, assets could be mispriced and capital could be misallocated, meaning the globaleconomy potentially could face a tumultuous transition to a low-carbon future. Disclosure also prevents greenwashing. So, the TCFD was born.
Barriers to progress Companies and governments are under increasing scrutiny to deliver on their climate goals, and concerns around corporate greenwashing are rife, as our recent survey produced with Conservation International, Corporate Minds on Climate Action , highlighted.
We must have zero tolerance for net zero greenwashing.” Yet the implication that all corporate climate action is tantamount to greenwashing is simply wrong. Thanks to the phenomenal work of CDP, more than 20,000 companies are already reporting their emissions on a voluntary basis. The reality is far more complex.
The SBTi is part of the World Resources Institute (WRI) Center for Sustainable Business and a collaboration of WRI, the Carbon Disclosure Project (CDP), the World Wildlife Fund (WWF) and the UN Global Compact. More than 70 countries , including the biggest polluters — have set a net-zero target, covering about 76% of global emissions.
In 2022, the voice against “greenwashing” practices was clear and loud. Moreover, companies will use voluntary frameworks and surveys such as GRI, SASB, CDP, UNGC, and Ecovadis to answer requests from customers, investors and other stakeholders. 2022 Sustainability Summary. Sustainability trends 2023: Net-Zero roadmaps.
As a result, 90% of the globaleconomy and a third of the 2,000 largest companies have net-zero pledges. Two events will increase corporate Net-zero programs credibility and separate climate action from pure greenwashing: The launch of the first science-based Net-Zero standard by SBTi.
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