Top polluters declare goals to limit global warming to 1.5°C, but the majority lack detailed plans foraction.

The latest "State of the Transition" report, produced by the TPI Centre based at the London School of Economics and Political Science, has found that nearly a third of the world's largest emitters have put in place Paris-aligned transition strategies. This represents a significant leap, as it is nearly four times as many as in 2021.

The assessment, which covers a wide range of companies across the globe, evaluates over 1,000 of the world's highest-emitting public companies. These companies, collectively valued at approximately US$39 trillion, are assessed across 23 indicators, including management quality progress and carbon performance.

The report uses a scale ranging from Level 0, representing those 'unaware' of climate change, to Level 5, which indicates 'transition planning.' The assessment finds that many companies have made progress, with some even moving towards Level 5, which indicates a focus on transition planning.

However, the report also highlights some areas of concern. Fewer than 5% of the biggest corporate emitters have actionable plans in place, according to the report. Many companies fail to provide clear quantification of key elements in their climate strategies, and many lack intermediate targets.

The report also finds that despite this progress, the credibility of these long-term climate commitments remains questionable. This is due, in part, to the challenge of assessing the true commitment of these companies to their climate goals, as per the report.

Major global emitters such as Shell, BP, and TotalEnergies have implemented transition plans aligned with the Paris Agreement between 2018 and 2023, providing concrete and actionable strategies for reducing carbon emissions and shifting towards sustainable energy sources.

The report did not specify which specific companies were included in its findings. It is important to note that the assessment is not a definitive list of all companies making progress in this area, but rather a snapshot of the current state of the transition towards a low-carbon economy.

In conclusion, while the report shows progress towards Paris alignment, it also highlights the need for more actionable plans and clearer commitments from companies. The assessment serves as a valuable tool for tracking the progress of companies towards a more sustainable future and holds them accountable for their climate commitments.

Top polluters declare goals to limit global warming to 1.5°C, but the majority lack detailed plans foraction.