In the past year, the initiative saw a growth rate of over 2 companies per week committing to setting science-based targets, far exceeding the project’s time line and signaling that climate action had gained tremendous momentum in the private sector.
These 200 businesses represent an estimated USD $4.8 trillion in market value, comparable to the total estimated value of the Tokyo stock exchange, and are responsible for 627 million metric tonnes of CO2 equivalent emissions per year, roughly equal to the annual emissions of South Korea.
The Science Based Targets initiative is a partnership between CDP, UN Global Compact, WRI and WWF, which helps companies determine how much they must cut emissions to prevent the worst impacts of climate change.
Of the 200 companies, 26 have had their targets approved by the initiative, including Walmart, Coca Cola Enterprises, Dell, General Mills, Kellogg, NRG Energy, Procter & Gamble, Sony, Thalys and other leading companies.
“Walmart is the first retailer with an emissions-reduction plan approved by the Science Based Targets initiative, in alignment with the Paris Agreement in December 2015,” said Doug McMillon, president and CEO of Walmart.
“We want to make sure Walmart is a company that our associates and customers are proud of – and that we are always doing right by them and by the communities they live in. That’s really what these commitments are about. And that’s why we’re so passionate about them,” he said.
Science-based targets are in alignment with a key goal of the 2015 Paris Agreement on climate change, which is to limit the rise of global temperatures to well below 2 degrees C .