Are Companies Actively Working to Safeguard the Climate for Future Generations?

Are large global businesses following through on their promises or is climate action slipping back down their agendas? Our Benchmark Report 2024 assesses how influential corporates are considering children within this uncertain landscape.

It’s an undeniable fact: climate change affects the youngest generation the most. If the current emissions and global warming trajectories continue, today’s children – tomorrow’s adults – will have to contend with the disastrous consequences of the world’s temperature increasing beyond the critical 2-degree threshold.

Climate action must be viewed as a key enabler of child rights

Children are disproportionately affected by climate change in the here and now, with UNICEF reporting some alarming figures on the issue of climate-related displacement alone.

Watch the video below for a closer look at how children are directly impacted in this way.

Accessibility note: You can find a text-based version of the video (suitable for screen-reading software) here.

The large proportion of companies that have climate targets and progress reporting in place is an encouraging finding; however, the real test is in the quality of their reporting and whether their progress aligns with their reduction targets.

This will be crucial for making the collective cuts in emissions that we need to curb global warming.

One way that companies can look to accelerate their progress is by harnessing AI. A recent study by BCG and CO2 AI of nearly 2,000 companies found that those using AI are 4.5 times more likely to see significant decarbonisation gains.

The study also underlined the importance of having a climate transition plan in place. It found that those companies with such plans are 2.9 times more likely to see financial benefits and 3.3 times more likely to reduce emissions in line with the 1.5C global temperature goal.

With ever increasing advances in technology and in climate science, companies can no longer rely on the justification that their impacts are too complex to measure. Especially given the substantial revenues of these global corporations, they must harness the emerging tools and expertise to more accurately monitor their climate impacts and identify the necessary actions that will take them to net zero.

We also need the remaining 28% of the largest companies in the world to move off the zero mark and establish their transition plans and emission reduction trajectory – particularly those in the Energy & Utilities and sector. The climate crisis is a global problem that demands a global effort to navigate. The largest companies in the world must, with no exception, step up and keep their climate commitments high on the agenda to safeguard the future for the next generation and beyond.

Want to know more?

Download the Benchmark Report 2024 below for more detailed insights and takeaways, and check an individual company benchmark score.