In a report published on April 9, 2024, New Climate and Carbon Market Watch analyzed the climate strategies of 51 major global companies and the integrity of their climate pledges and commitments to reduce their emissions. And the results are worrying... Major companies’ net-zero targets were mostly ambiguous and lacked commitments to reducing emissions. The collective ambition of companies to reduce emissions by 2030 fell far short of the requirements to be aligned with 1.5°C pathways. And here, I am just talking about ambitions, not even actions... Some of these companies (yes I am talking about you: Walmart, Nestlé, JBS, Duke Energy, Toyota, Engie, and others) don't even try to pretend to care about our future and our planet.
The report finds that even if all these targets are met (and I underline here the word targets, not action), the median CO2 emission reduction by 2030 will only be 30%, compared to the 48% needed to be aligned with the Paris Agreement.
Among the worst performers are Nestlé, Toyota, Engie and... Walmart, whose targets for reductions by 2030 bring down the median commitment of the 51 companies to 30%.
I am copying extracts from the report (see pages 126-127 for the full report on Walmart). It is a bit technical but there is one thing to understand from it: Walmart is not doing (nor pledging) enough when it comes to mitigating climate change.
"Most of Walmart’s emissions (94% of 2022 emissions) originate from the procurement of goods (upstream scope 3). Walmart has set targets to take responsibility for its operational scope 1 and 2 emissions. However, its strategy for upstream scope 3 emissions, which account for most of the company’s overall climate impact, lacks a clear reduction commitment. Walmart sets no emissions reduction target for scope 3 emissions but rather builds on Project Gigaton, a programme in which Walmart engages with its suppliers to set targets and reduce emissions themselves voluntarily. Walmart does not have a separate target for FLAG emissions."
"Since the publication of its scope 1 and 2 SBTi targets in 2016, Walmart has made no progress in target ambition, despite the critical insufficiency of these targets in the context of the climate crisis now many years later."
Don't hesitate to read the full report or to search for your favorite (or least favorite) company from one of the five sectors included in the study (Food & Agriculture; Electric Utilities; Fashion Companies; Automotive Manufacturers; Others):
https://newclimate.org/sites/default/files/2024-04/NewClimate_CCRM2024.pdf
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6 d
Its time we begin to make companies be accountable for their actions.
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3 w
Dear Marine Stephan Your climate warning has received over 50 agrees! We have reached out to Walmart by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time
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3 w
How sad it is to see Walmart's lack of meaningful action on climate change, prioritizing profits over meaningful emissions reductions. Ambiguous targets and insufficient commitments undermine the urgent need for corporate accountability. Really a sad sight
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3 w
Disappointing to see Walmart dragging their feet on climate action again! #Walmart Falling way short with their 2030 targets!
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3 w
These should be stopped legal action should be taken to this company its time to take climate action completely very disappointing.
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@mary_dosarah I agree Mary. It's unacceptable for companies like Walmart to prioritize profit over the urgent need for climate action. From on henceforth, legal measures should be pursued to hold them accountable for their lack of meaningful commitment to addressing climate change.
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3 w
Companies commitments are hiding huge volumes of emissions and should be working hard to reduce.
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3 w
These companies should be serious and priotize the safety of our planet, they must commit to reduce their emissions
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@elizbeth_gathigia Definitely! They must commit and ACT
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3 w
Walmart should atleast come up with some measures to help reduce the pollution..this also shows that we have to act and not give fake promises on how to protect the environment.
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@jane_wangui Of course. Walmart needs to take concrete actions to reduce pollution and address its environmental impact if we're to take anything they say seriously. Empty promises won't protect the environment; you know what will? Genuine and effective measures.
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@jane_wangui It is even worse than fake promises in this case. The study shows that even their promises (pledges and targets) wouldn't make them reduce their emissions enough for us to stay under 1.5C...
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3 w
I wonder how the Walmart management feel about such news
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3 w
Most of these companies' net-zero targets fall short of what's needed to tackle the climate crisis effectively. When will they start taking the climate crisis seriously?
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3 w
Quick legal action should be taken on Walmart and companies doing the same.
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3 w
Knock knock Walmart, Nestlé, JBS, Duke Energy, Toyota, Engie, the climate crisis is outside, it's time to take climate action