Most COP28 Sponsors Lack Real Commitment to Net Zero Targets

In a startling revelation, it turns out that the majority of companies sponsoring the upcoming UN climate talks, COP28 in Dubai, are not fully committed to cutting their greenhouse gas emissions in line with globally recognized net-zero targets. Shockingly, only one of the more than 20 sponsors has signed up to the UN-backed net zero science-based targets (SBTi).

Source: CBS News/YouTube

This analysis reveals a concerning trend among the corporate sponsors, including prominent names like Baker Hughes and Bank of America. These companies have yet to commit to reducing emissions to net zero within any specific timeframe under the SBTi system. The SBTi is known for its rigorous, science-based pathways for companies to reduce greenhouse gas emissions.

Even more surprising is the case of EY (formerly Ernst and Young), the global accountancy firm hired as the independent verifier of the sponsors’ climate commitments. EY itself has not established targets with the net zero scheme, raising questions about its role in ensuring the credibility of the sponsors’ climate actions.

The COP28 sponsorship committee in the United Arab Emirates required organizations to submit their commitments to net zero and climate action as part of their sponsorship applications. However, the wording leaves room for sponsors to have “credible net zero transition plans by 2030 and 2050 based on SBTi,” which does not necessarily mean alignment with the SBTi.

This situation is concerning, especially when considering the role of these companies as sponsors of a major climate event. The analysis by Spendwell points out that while many of these companies claim to be climate leaders, their lack of verifiable commitments suggests otherwise. This inconsistency can be seen as a form of greenwashing, undermining the authenticity of their environmental pledges.

As the world looks to COP28 for leadership and action in tackling climate change, the findings of this analysis highlight the need for greater accountability and genuine commitment from corporate sponsors. The credibility of their environmental claims is not just about meeting targets but also about demonstrating real leadership in the fight against global heating.

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