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Environment & Energy

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Wed Nov 29, 2023, 07:38 AM Nov 2023

Out Of 20+ Corporate Sponsors Of COP 28, One Has Committed To SBTI Net-Zero Goals (For Whatever They're Worth) [View all]

Most companies sponsoring the UN climate talks in Dubai are not committed to cutting their greenhouse gas emissions in line with globally recognised net zero targets, it has been revealed. Only one of the more than 20 sponsors of Cop28 has signed up to UN-backed net zero science-based targets, (SBTi), according to an analysis.

Most of the corporate sponsors, which include the oilfield services company Baker Hughes as well as Bank of America, have made no commitment to reduce emissions to net zero in any time period under the target system. The global accountancy firm EY, formerly Ernst and Young, which has been hired as the independent verifier of the climate record of all the sponsors, has also not set targets with the net zero scheme.

The targets are recognised as one of the leading voluntary global validations of a company’s commitment to tackling global heating. The targets are clearly defined science-based pathways for companies and financial institutions to reduce greenhouse gas emissions, and they are reviewed and validated by the SBTi.


A spokesperson for Baker Hughes said: “While not a current member of SBTi, Baker Hughes has commitments that are aligned to SBTi’s sector-agnostic target setting standards to keep the global temperature increase below 2C compared to pre-industrial levels. As part of the sponsorship requirements for Cop28, Baker Hughes transparently shared its targets to the Cop28 envoy team for their review and verification by a third-party provider.” Bank of America did not respond to a request to comment.



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