New CDP Report with Oliver Wyman says G7 Countries won’t meet 1.5ºC Goal
Recently, The CDP published a new report after partnering with Oliver Wyman, that outlines that the G7 countries that have agreed to the Paris Agreement will not reach the Paris Agreements 1.5 degrees Celsius above pre-industrial levels goal. Instead, these countries are poised to only mitigate global temperature increase to 2.7 degrees, missing the goal by over 1 degree, which could have catastrophic impacts.
According to the report, the difference between 1.5°C and 2°C means 2.6 times more people are likely to be exposed to extreme and potentially dangerous heat events, according to the United Nations Intergovernmental Panel on Climate Change (IPCC). The IPCC also warns of a tenfold increase in the likelihood of ice-free arctic summers, a 38% increase in the thawing of permafrost, twice the impact on annual fishery yields.
So far, the G7 countries leading the charge in these climate change goals are all European countries or sectors who have adopted clear targets and initiates. Europe is still not “on track” for the 1.5 goal but places like Germany, Italy and the Netherlands are the closest to that goal. Alternatively, the G7 countries who are the furthest from reaching the goals outline in the Paris Agreement, are those who have not adopted targets or initiatives.
Currently, Canada is looking at a rise of 3.1ºC and 88% of all reported emissions are coming from companies who lack targets. In the United States, current goals are on track for a 2.5ºC increate but over half of the emissions not covered by climate targets are from the fossil fuel sector.
Additionally, this report outlines that those who have set targets, mainly only cover scope 1 and 2 emissions but are not including scope 3 emissions which are often the most significant contributors to emissions.
Going a level deeper, this report explores the different sectors that impact emissions for each country. According to an overview published by ESG Today, “One of the sharpest differences occurred in the power generation sector, which is on a 1.9°C pathway in Europe, compared to 2.1°C in North America and 3.0°C in Asia. Similarly, the infrastructure sector in Europe is on track for 2.2°C, compared to 2.3°C in North America and 3.0°C in Asia.”
Ultimately, this comes down to a single question. How will countries pivot to reach the goals outlined in the Paris Agreement? We are on the right path in many areas but still falling short across the globe.
Sources:
https://cdn.cdp.net/cdp-production/cms/reports/documents/000/006/544/original/Missing_the_Mark_-_CDP_temperature_ratings_analysis_2022.pdf?1662412411
https://www.esgtoday.com/corporate-emissions-targets-across-g7-fall-short-of-global-climate-goals-report/
https://www.usnews.com/news/world/articles/2022-09-06/g7-company-emissions-falling-short-of-global-climate-goal-study-shows
https://www.cdp.net/en/climate
