ESG Research Update
/New report reveals Australia’s biggest corporate greenwashers
New analysis from Greenpeace Australia Pacific found that most of the high-emitting companies in the ASX200 that have set net-zero targets have no firm plans to end their use of coal to meet their target or are relying on carbon offsets.
Greenpeace has published a new report, Hero to zero: uncovering the truth of corporate Australia’s climate action claims, which shows that many of our big emitters have set net-zero targets but have not committed to reducing their use and production of fossil fuels, or committed to going 100 per cent renewable and AGL.
According to the analysis, 51 per cent of Australia’s 80 top-emitting ASX200 companies have a net-zero or carbon-neutral goal, just 16 of these companies had committed to reducing emissions or switching to 100 per cent renewables.
Key findings from the report include:
Forty-nine per cent of our top polluters have failed to set any emissions targets whatsoever
Just 14 of those that have made a commitment to net-zero have set 100 per cent renewable energy goals
Net-zero emissions targets by 2050 are inadequate for the scale and urgency of emissions reduction required by climate science, and so a focus should be made for 2030
Carbon offset schemes are typically poorly monitored and regulated, such as overseas tree planting projects, are not a valid way to achieve climate targets for corporations
Carbon offsetting is ineffective most of the time, and is used as a greenwashing tactic by corporations since the carbon dioxide emitted from fossil fuel consumption is over tenfold the amount that could be sequestered through land-based mitigation methods
The International Energy Agency and the United Nations have both warned that Australia must phase out coal by 2030 to avoid extreme climate and economic consequences
Greenpeace is urging Australian businesses to follow the example set by Woolworths, Coles and Telstra and commit to switching to 100 per cent renewables by 2025
