Surge in companies setting climate targets

Rapid growth is being seen in the number of businesses setting science-based targets to reduce their carbon footprint.

According to figures from the Science-Based Targets initiative (SBTi), the number of companies setting near-term science-based targets grew 97% over the past 18 months.

Those setting both near-term and net-zero targets increased by 227%. By the end of Q2 this year, the percentage of corporates with both near-term and net-zero targets stood at 38%.

The SBTi said the trends highlight a global shift toward embedding climate goals at the core of business strategy.

David Kennedy, Chief Executive Officer, said: “Smart companies continue to see a strong business case to manage transition risk. Building climate action into commercial strategy helps maintain competitiveness now and in the future and allows companies to capitalise on opportunities in the low-carbon economy.”