With widespread and well-publicized incidents, such as huge forest fires, more severe storms, and draught and destruction, many countries and private entities are implementing actions or putting pressure on others to address Climate Change in advance of the annual global United Nations COP 26 discussions in November 2021.

220 financial institutions with assets over US$29 trillion have asked 1,600 companies worldwide to urgently set science-based emissions reduction targets in line with a 1.5°C scenario, ahead of the major COP 26 meeting in November in Glasgow, Scotland.

The companies targeted are thought to account for more emissions than the annual total of the US and EU combined.

Companies are being urged to set emissions reduction targets through the Science Based Targets initiative (SBTi) to ensure that their climate targets are independently verified, credible and robust. Studies have shown that companies with science-based targets in place have typically cut emissions by 6.4% per year, well above the average rate needed for alignment with the objectives of the Paris Agreement.

The 2021 SBT Campaign is being coordinated by non-profit CDP (formerly known as the Carbon Disclosure Project) which runs a well-known carbon and environmental reporting system.

A number of large corporates with key global supply chains and US$500 billion in annual procurement (including L’Oréal, Renault, AstraZeneca and HP) have also joined financial institutions in asking for science-based targets.