When insurance giant AIG rattled the industry last year with an audacious plan to stop writing policies for some of the most heavily polluting fossil fuel projects, environmentalists and lawmakers showered the company with plaudits.Like so many other large companies pledging to help the world avert climate catastrophe, AIG is finding that making such vows is easier than making good on them. The company is now a target of a Senate investigation into the insurance industry, led by lawmakers who warn that AIG and other companies continue to play a pivotal role in underwriting some of the most carbon-intensive fossil fuel projects in the world — despite lofty climate promises.
...AIG, which declined to comment or share its response to questions about its climate pledge from the committee, is hardly unusual. Over the last year, Amazon retreated from an effort to zero out the emissions of half its shipments by 2030. Shell Oil dropped an ambitious initiative to build a pipeline of carbon credits through investment in forest preservation and other carbon-absorbing projects worldwide. And BP significantly scaled back its plan to reduce emissions by as much as 35 percent by the end of the decade.
As the planet heats up at an alarming pace, these turnabouts expose the shortcomings of leaving it up to voluntary corporate action to solve an existential crisis, said John Lang, the project lead at Net Zero Tracker, a group that monitors progress on corporate and government climate pledges.
“There is a massive credibility gap with these corporate targets,” he said. “We need more regulation. Otherwise, the dial just will not turn.”
...Lang’s group examined more than 1,000 companies that have pledges to zero out their emissions by 2050. It found that 38 of them — less than 4 percent — are doing the bare minimum required under the Paris agreement’s goal of limiting warming to 1.5 degrees Celsius. The rest are not meeting the “starting line criteria” laid out by the United Nations, which calls on companies to track their carbon footprint across supply chains, immediately cut emissions, create a scientifically credible plan for using carbon offsets and report annual progress on meeting climate targets.
nice to see some reporting on the failed commitments, rather than just the front-end coverage of corporate PR bullshit promises that have no enforcement mechanism.
― z_tbd, Sunday, 3 December 2023 15:57 (five months ago) link