The Science Based Targets initiative (SBTi) says of the 237 companies that have had science-based targets validated. utilities must reduce emissions the most.
The estimated scope 1 and 2 emissions for these 237 companies in 2018 was 488 million metric tonnes of carbon dioxide (MtCO2e). a figure that will have to be lowered to 350MtCO2e by 2030 to achieve their science-based targets.
Scope 1 refers to direct emissions occur from sources that are owned or controlled by the company. while scope 2 includes greenhouse gases generated from the consumption of purchased electricity. heat or steam.
The SBTi notes utilities will be required to reduce their emissions the most by 2030. with a reduction of 83MtCO2e.
So far. the 11 utilities that have validated science-based targets include companies like Enel and NRG Energy – the SBTi believes many utilities were already on a deep decarbonisation trajectory prior to setting a science-based target. so suggests their targets are more achievable than companies in other sectors.
It suggests the consumer staples sector. the materials sector and the industrial sector follow in projected emissions reductions after utilities. with required drops of 16MtCO2e. 13MtCO2e and 9MtCO2e respectively.
It said: We anticipate these companies will have a more difficult time decarbonising. as reducing the scope 1 emissions of these companies will require fundamental shifts in the way they conduct business. These companies also have significant supply chain emissions. which are difficult to manage.
The oil and gas. agriculture. banking and chemical industries do not currently have an emissions reduction framework as part of the SBTi.