The number of fossil fuel companies pledging to reach net zero has risen dramatically in the past year. Out of 112 named in a report released on June 12 by the nonprofit Net Zero Tracker, 75 have signed the Pledge to Net Zero—24 more than in 2022.
Ben Emons Part 2: The Fed, Apple shares
The report tracks some 4,000 entities, including countries, states, cities, and the publicly traded companies in the Forbes Global 2000. Among the latter group, 929 have a net-zero target.
But most pledges are “largely meaningless,” the report states: Though fossil fuel companies plan to eliminate their emissions—through innovation or by offsetting them—they aren’t sufficiently disclosing what they’ll do with Scope 3 emissions, which result from the use of their products. Those are on top of Scope 1 emissions, which are direct, and Scope 2, indirect emissions (for example, caused by the energy used for production). For fossil fuel companies, Scope 3 emissionsare the largest, maintains the report, …