Just 2.5% of large businesses have published detailed transition plans for reaching net-zero by 2050 or sooner, according to progressive think-tank IPPR, which examined the plans of hundreds of firms. Around 95% of the FTSE100 have yet to publish documents meeting government guidelines, stated accountant EY. The IPPR argues that a new regulator, the Office for Climate and Environmental Targets, is needed to ensure that firms develop and meet sector-specific net-zero pathways, in addition to monitoring progress and blacklisting underperforming firms. The IPPR report identifies a “dizzying” inconsistency in the methods and coverage of businesses’ net-zero reports. While most businesses, particularly large ones, rely on Scope 3 (indirect) emissions as their biggest contributor to carbon footprints, they frequently bypasse the requirement to report on such targets. Meanwhile, the method of reporting emissions varies significantly, with some firms using absolute emissions and others intensity-related metrics.
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It is important that carbon credit schemes also benefit local communities.
The World Meteorological Organisation has stated that 193 countries have given unanimous backing to a scheme to monitor global greenhouse...
