Limited accountability and awareness of corporate emissions target outcomes

A new study found a concerning reality about corporate climate commitments. Examining 1,041 firms with emissions reduction targets set for 2020, researchers found a startling pattern: 88 companies (9%) openly failed to meet their targets, while 320 firms (31%) stopped reporting on their targets without explanation.
Only three failed companies received any media coverage about missing their targets. There were no significant market reactions when companies failed their targets, no meaningful changes in media sentiment, or no environmental score downgrades.
This contrasts how companies were initially rewarded with positive media coverage and improved environmental ratings for announcing these targets.
What makes this research especially relevant is its implications for the current 2030 and 2050 climate pledges.
While thousands of companies have made ambitious net-zero commitments, this study suggests a fundamental flaw in our climate reporting system. Unlike financial targets which face strict oversight and real consequences when missed, emissions targets operate in an accountability vacuum.
The research also found that firms in common-law countries and those with higher media accountability tended to have better achievement rates. However, companies in high-emitting industries had lower achievement rates and higher rates of “disappeared” targets, pointing to potential challenges in hard-to-abate sectors.
We need more corporate sustainability leadership.
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