Friends Fiduciary recently joined investors with almost $20 trillion in assets asking high-impact companies to set 1.5-degree Celsius science-based emissions reduction targets and to commit to achieving net zero emissions by 2050. The letters, sent to over 1,800 companies that comprise over 25% of global greenhouse gas emissions, were coordinated by the Carbon Disclosure Project (CDP) in support of the Science Basted Targets initiative’s (SBTi) Business Ambition for 1.5°C campaign. Setting a target with SBTi means that companies are adhering to robust frameworks and guidance and agree to get their targets verified by a third party (SBTi).
An increasing number of larger investors are recognizing the importance of setting not just greenhouse gas reduction targets, but targets that are in line with the scientifically established maximum level of warming that we can globally support (1.5 degrees Celsius). We were joined in our support of this initiative by institutions such as AXA Group and HSBC, and several of our own asset managers, including Brown Advisory, Payden & Rygel, and Lazard.
In addition, we were able to conduct more comprehensive briefings on science-based targets for companies we are already engaging in partnership with Ceres, our environmentally focused investor network.
In order to avoid catastrophic warming, high-impact businesses must do their part to reduce their emissions in line with our global carbon budget.