Europe’s companies are reporting impressive progress in their action on climate change – but not yet nearly the progress required to hit the 1.5°C target of the Paris agreement.
Marsh McLennan’s latest research with CDP Europe analyzes data from nearly 1,000 of the largest companies in Europe, worth around 80 percent of the region’s market capitalization. It looks at the progress made by companies in reducing emissions and their transition plans to net zero. It also explores the consequences of this for financial institutions, many have now made pledges to reduce the emissions of the companies they finance in line with the Paris agreement.
European companies are on course for a 2.7 °C increase in global warming by 2100, according to James Davis, Partner, Global Corporate and Institutional Banking, Oliver Wyman, Jennifer Tsim, Partner, Corporate & Institutional Banking, Oliver Wyman, Francois Austin, Partner and Global Head, Energy, Oliver Wyman, Simon Glynn, Chief Strategy Officer, Lippincott.