300 Companies Worldwide
More than 300 companies worldwide have joined the Science Based Targets initiative, the aim of which is to set emissions reduction targets. More than 90 new companies have joined the initiative this year. Science Based Targets aims to demonstrate the private sector's commitment to meeting the Paris Agreement’s climate change goal of limiting global warming to below 2 degrees Celsius during this century, and doing so as part of a global, aligned effort.
As Climate Week approaches, a new influx of high-end apparel companies have announced their commitment to setting science-based targets, including EILEEN FISHER, Gap Inc., GUESS, Levi Strauss & Co., NIKE, Inc., and VF Corporation. More than 90 percent of apparel brands’ emissions arise in the value chain, and apparel companies share many suppliers. Therefore, strategies for reducing supply chain emissions can improve collaboration and create efficiencies across the industry.
Thus far, the estimated market value of the companies that have joined the Science Based Targets initiative is $6.5 trillion — roughly equivalent to the value of the NASDAQ stock exchange. These businesses are responsible for 750 million metric tons of CO2 emissions annually, about as much as 158 million cars during that same timeframe. The companies represent 35 countries and a tremendous variety of industries, including apparel, banking, chemicals, consumer goods, hospitality, manufacturing, power, retail, and technology. Other new businesses committed to set science-based targets include CVS Health, Cummins, Epsom, Merck, Mahindra Sanyo, Olam, Veolia Environnement, Telefónica, and Wyndham Worldwide Corporation.
So far, the U.S. is leading the charge with 50 companies that have committed to set science-based targets — more than any other nation. The estimated total value of the U.S. businesses participating in the Science Based Targets initiative is $2 trillion, and the companies are responsible for 166 million metric tons of CO2 emissions annually.