Global Renewables & Carbon Marketplace

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Renewable energy projects will qualify towards RE100 goals for the first 15 years of operation only, with few exceptions.

Corporations demonstrate commitments to emissions reductions and accountability during COP27 climate summit

Corporations joined world leaders and activists at the United Nations climate summit, COP27, in Sharm El Sheikh, Egypt, this past November, under the theme “Together for Implementation.” With increased urgency for climate mitigation and adaptation, many hoped that this COP would mark a new era of turning commitment into action. Following the summit, outcomes are mixed, with many dissatisfied with the lack of progress on the phaseout of fossil fuels. However, landmark progress was made on climate justice, with developed nations agreeing to pay the developing world for the damage caused by climate change through a “loss and damage fund.” It was also clear at the conference that corporations have a critical role to play in reducing emissions as quickly as possible. Here are three key takeaways for businesses to keep in mind:

1. All roads lead to net-zero

With commitments from governments falling short, net-zero emissions by 2050 or earlier will continue to be the bar that corporates must hit to demonstrate credibility within the sustainability space. The number of companies setting science-based targets through the Science-based Target Initiative (SBTi) has doubled since COP26 in Glasgow, demonstrating the private sector’s commitment to climate action.

2. Businesses have new guidance on tangible and transparent climate actions

Businesses have more robust guidance from the United Nations on making meaningful environmental claims. At COP27, the UN released a report entitled “Integrity Matters,” aimed to put an end to baseless environmental claims. The report came weeks after RE100 revised its guidance to limit greenwashing (see page 6) and outlines 10 recommendations to promote integrity in setting and meeting net-zero targets.2 The recommendations provide guidance on creating a net-zero transition plan, phasing out fossil fuels, using voluntary credits, investing in just transitions, and more. Transparency and accountability are themes woven throughout the document. One recommendation focuses on aligning lobbying and advocacy efforts with a net-zero future. Corporations should expect increased pressure to go beyond net-zero commitments and to integrate transparent and tangible climate action into all aspects of their business.

3. Focus on methane emissions and super-polluters

Curbing methane emissions was a top priority at COP27. More than 150 countries signed the Global Methane Pledge, promising to reduce global methane emissions by at least 30% by 2030 from a 2020 baseline. Climate TRACE also released its updated inventory of the world's worst polluters - the first inventory to track the largest sources of carbon emissions globally. Nearly 80,000 individual facilities have been observed, with oil and gas fields rising to the top as the world’s largest emitting sites. With this spotlight on super-polluters, cries for accountability on carbon and methane are becoming louder.

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