London: European companies are the leaders in corporate disclosure of greenhouse gas emissions, but Asia overtook the United States to rank second in 2019, according to an analysis of more than 2,000 of the largest companies by Arabesque.
The goal of putting an end to the rise in average global temperatures of 1.5 ° C, as set out in the 2015 Paris climate accords, is almost certain to be elusive unless greenhouse gas emissions drop sharply in the largest economies.
Arabesque, Frankfurt-based Research and Assets Director for Environmental, Social and Corporate Governance, found that the quantity and quality of disclosure of global corporate emissions data increased between 2014 and 2019 but was uneven across major regions.
“The rate of disclosure was not constant across regions, led by Europe,” she said.
“What is most surprising is the latest change in second place from the US to Asia in 2019. This is due to a decrease in disclosures from the US and an increase in disclosures from Asia,” she added.
Increase in emissions disclosures were led by companies from Japan, India, Singapore and Malaysia. In the United States, there has been a decrease in the range of disclosure of corporate emissions data.
“There is still a lot of disclosure to be done in the carbon data – “We are still far from what we should be,” Andreas Venier, chief executive of Arabesque S-Ray, told Reuters. “There are a lot of companies that are not aligned with the Paris goals.”
President-elect Joe Biden has promised sweeping measures to make the US economy carbon neutral by 2050 to put the United States on a path to cutting emissions at the depth that scientists say is necessary to avoid the worst effects of climate change.
The attempt to reverse President Donald Trump’s climate liberalization legacy is likely to start with some easy gains, such as a return to the Paris Agreement.
“I expect the United States to take big steps,” Vinner said, adding that he expected Biden to take important steps toward tackling emissions in the world’s largest economy.