Global Carbon Dioxide Emissions Rise to All-Time High, Corporate Sector Must Step Up

The International Energy Agency this week announced global carbon dioxide emissions (CO2) from energy combustion and industrial processes rose to their highest ever level in 2021. A 6% increase in 2021 pushed emissions to 36.3 gigatonnes, erasing the 5% reduction in 2020 because of the COVID-19 pandemic.

As greenhouse gas emissions continue to climb higher when the effects of climate change are increasingly being felt it highlights the need to go beyond targets and implement immediate tangible emissions reductions.

More than 70 countries, accounting for more than 80% of global CO2 emissions and 90% of global GDP, have committed to net-zero, as have more than 5,000 companies. In order to see progress critical for keeping global temperatures from rising beyond 1.5degC, there is a need for companies to pursue ambitious near-term targets, robust transition plans detailing steps to achieve targets, and leadership in advocating for sweeping climate policy.

As You Sow's recent report Road to Zero Emissions scores companies on net-zero progress and is in step with the Intergovernmental Panel on Climate Change's findings that near-term action is needed by prioritizing year-over-year emissions reductions aligned with 1.5degC.

Danielle Fugere, president of As You Sow, said:

"Investor value is being put at greater risk as emissions continue to rise. It is imperative for the safety of human society and the global economy that emissions are reduced immediately in line with the Paris Agreement. When it comes to climate change, we will not be given second chances, so the private sector must create climate transition plans that prioritize accountability and transparency."