Over 300 financial institutions demand science-based targets in race to 1.5°C

Some 367 financial institutions and companies – including Legal and General, Bayer and L’Oréal – are backing CDP’s campaign urging high-emitting companies to set science-based targets.

The financial institutions are targeting high-emitting companies such as FedEx, General Electric, Dow Chemical, Eskom, Nippon Steel Corp, Rio Tinto and JD.com as they are collectively responsible for 8.3 gigatons of scope 1 and 2 CO2e emissions.

CDP global director Claire Elsdon said: “Record breaking temperatures and devastating floods around the world this year serve as a stark reminder of the urgent need for businesses to drastically reduce emissions.

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“The success of this campaign in previous years and the increased number of financial institutions and corporate buyers joining our call for action this year, shows the pivotal role those organisations can play in pushing portfolio companies and suppliers to decarbonise, not least to meet their own Scope 3 targets.

“CDP remains clear in our vision to continue to foster a positive ambition loop between financial institutions, multinational buyers, and companies, ultimately driving more companies to set robust 1.5°C-aligned science-based targets,” added Elsdon.

Legan and General Investment Management senior manager Stephen Beer commented: “One of our key expectations is for companies to have net zero targets which are certified independently, ideally by the Science Based Targets initiative (SBTi).

“This is why we support efforts to encourage companies to adopt science-based targets,” Beer added.

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