“I am inviting all companies, particularly those that emit the most, to commit to set science-based targets.”
Anand Mahindra, Chairman of the Mahindra Group
Welcome to the January edition of the We Mean Business coalition newsletter, bringing you key climate developments from the World Economic Forum in Davos. At the forum, Anand Mahindra set the tone for this pivotal year of climate action by challenging all companies to set a science-based target (SBT) ahead of the Global Climate Action Summit in September.
· Mahindra challenges all companies to set science-based targets
More and more companies are already stepping up to align their business plans with the goals of the Paris Agreement. 339 have committed to cut their emissions through the Science-Based Targets initiative, while nearly 900 have declared to CDP their ambition to set targets within the next two years.
Also in Davos, the release of The Climate Group’s RE100 Progress and Insights Report showed that 25 RE100 members had reached their 100% renewable electricity targets by the close of 2016. Earlier this month, Nike announced it is more than halfway to reaching its RE100 commitment and Budweiser is soon to feature a symbol letting consumers know when its beer has been brewed using 100% renewable electricity.
CDP released its latest report on sustainable supply chain practices – Closing the Gap, which highlights the climate risks and opportunities faced by suppliers. And the World Business Council for Sustainable Development announced its newest initiative – Factor10, which saw over 30 leading companies join forces to implement circular economy solutions for the low-carbon transition.