The Fortune Global 500 ranks largest companies by revenue of the world. In 2019, the group of these influential companies have employed 70 million people and generated revenues of over $33 trillion.
The present edition of newsletter, is featuring an interesting update using infographic titled “The Climate Targets of Fortune 500 Companies” which discuss about the initiatives of the companies leading the fight against Climate change.
Given their influence and importance in almost every aspect of modern day life, many of these companies are taking serious steps to tackle devastating effects of climate change.
To understand climate commitments of companies and their targets, it could be classified in three broad target categories. The classification is most acceptable classification globally and can be understood as 1) Carbon neutral which will be deemed achieved when a company completely offsets its greenhouse gas (GHG) emissions, 2) RE100 which will be deemed achieved when a company relies on 100% renewable energy and 3) Science Based Targets (SBT) which suggests reduction in emissions in line with the need to keep global warming below 2ºC.
Many companies have started embarking upon pre-requisitions of ESG compliance while dealing with supply chain partners amongst others to ensure effective implementation of their climate actions. The said action by dominant Multi-National Companies is expected to push the agenda forward by further endorsements by host countries of supply chain partners to take concrete steps to reshape their economies in a sustainable manner. However, companies might require a support of respective governments and non-governmental advocacy bodies in furtherance of the agenda to perform in more sustainable way.
Redesigning of product life-cycle is also required to be reviewed by companies to ensure safe & productive recycling which would result in fewer burdens on natural resources for raw materials and would also prevent damage to our eco-system.
We would like to thank to Creator / Editor Marcus Lu, Content Strategist - Visual Capitalist for interesting insights.
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