‘Net zero by 2050’ – one reads about it almost daily, as one company after another comes out with plans for what has become the ‘holy grail’ of action on the climate.
But how many of these plans will lead to this target being met? According to the business organisation Science Based Targets (SBTi) – a partnership between CDP (formerly the Carbon Disclosure Project), the United Nations Global Compact, World Resources Institute and World Wide Fund for Nature – not that many in the utility sector at least.
In a new review, SBTi has revealed that just 19 power companies have approved science-based targets, which are in line with meeting the goals of the Paris Agreement, i.e. limiting global warming to well below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C .