University of Queensland, Oxford and Princeton researchers have developed a “test” to measure if businesses are on track to meet Paris Agreement climate action goals, and so far the results are not promising.
The study, led by UQ Business School's Assistant Professor Saphira Rekker, has found 10 global cement companies and nine Australian utility companies were not complying with Paris Agreement targets to tackle climate change.
“After developing a new modelling framework, we analysed a total of 20 companies, and we found only one Australian electric company was compliant with the goals of the 2015 Paris Agreement,” Dr Rekker said.
“These results are alarming and show the stark reality of how businesses continue to operate without a clear plan for decarbonisation.
“It also highlights how much change is still required if the world is to comply with the Paris Agreement goals.”
The team measured the businesses’ carbon reduction performance and alignment with the Paris Agreement, which is an international treaty on climate change with a global goal to limit global warming to well below 2℃ above pre-industrial levels.
