1. Home
  2. Blog
  3. UPSC

Corporate Climate Responsibility Monitor (CCRM) 2024 Report


Why is it in the news?

  • Corporate Climate Responsibility Monitor (CCRM) 2024 report released by New Climate Institute in collaboration with Carbon Market Watch.

More about the news

  • The report evaluates the transparency and integrity of climate strategies among 51 major global companies.
  • Focuses on four main areas: tracking and disclosure of emissions, setting emission reduction targets, reducing own emissions, and taking responsibility for unabated and residual emissions.

Key findings

  • Collective ambition of companies’ 2030 and net-zero climate targets has improved over the last two years.
  • Most companies still fall short of the economy-wide emission reductions needed to limit global warming to below 1.5掳C.
  • Many companies rely on contentious solutions such as Carbon Capture, Utilization, and Storage (CCUS), standalone Renewable Energy Certificates (RECs), bioenergy, and carbon dioxide removals instead of emission reductions.

Recommendations

  • Mitigate over-reliance on contentious solutions like CCUS and RECs.
  • Governments should set binding sectoral climate targets and expand carbon pricing or cap-and-trade emissions trading systems.
  • Companies should accelerate the revision cycle for corporate climate targets towards 2030.
  • Regulators, standard setters, and voluntary initiatives should provide more prescriptive guidelines for including fossil fuel phase-out in corporate strategies.
Initiatives for Improving Corporate Climate Responsibility (CCR)

路聽聽聽聽聽聽 UNFCCC’s Race to Zero Campaign.

路聽聽聽聽聽聽 Recommendations of UN High-Level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities (HLEG).

路聽聽聽聽聽聽 International Organization for Standardization (ISO) Net Zero Principles.

路聽聽聽聽聽聽 Introduction of new Science Based Targets Initiative鈥檚 (SBTi) standards.

 

Get free UPSC Updates straight to your inbox!

Get Updates on New Notification about APPSC, TSPSC and UPSC

Get Current Affairs Updates Directly into your Inbox

Discover more from AMIGOS IAS

Subscribe now to keep reading and get access to the full archive.

Continue reading