Latest reports suggest that only one of the more than 20 sponsors of Cop28 has signed up to UN-backed net zero science-based targets, (SBTi).
This means that most companies sponsoring the UN climate talks in Dubai are not showing committed to cutting their greenhouse gas emissions in line with globally recognised net zero targets.
Most of the corporate sponsors, which include the oilfield services company Baker Hughes as well as Bank of America, have made no commitment to reduce emissions to net zero in any time period under the target system.
The global accountancy firm EY, formerly Ernst and Young, which has been hired as the independent verifier of the climate record of all the sponsors, has also not set targets with the net zero scheme. The targets are recognised as one of the leading voluntary global validations of a company’s commitment to tackling global heating.
According to reports, the targets are clearly defined science-based pathways for companies and financial institutions to reduce greenhouse gas emissions, and they are reviewed and validated by the SBTi.
At least six firms sponsoring the Dubai climate talks, which begin on 30 November, including EY, have made a commitment to set net zero targets, by registering with the scheme. This requires them to submit their plans for validation within 24 months.
Sadly, only one corporation, the renewable energy company Iberdrola, is a validated member of the SBTi scheme, with a fully committed target date for cutting its emissions.
The sponsorship committee in the United Arab Emitrates, which holds the Cop presidency this year, said that organisations seeking to sponsor the event were required to submit their commitments to net zero and climate action as part of their sponsorship applications.
Story was adapted from the Guardian.