GM, Ford and Most Airlines Seen Lagging Paris Climate Target
(Bloomberg) -- The vast majority of the world’s largest transport companies, including General Motors Co., Ford Motor Co. and British Airways owner IAG SA, are taking insufficient action to limit global warming to within 2 degrees Celsius, according to a report backed by money managers overseeing about $22.8 trillion.
Only 18% of airline, car and shipping companies have set carbon-reduction plans in line with pledges to keep global warming to 2 degrees Celsius or below by 2050, according to the Transition Pathway Initiative. The global program based at the London School of Economics assesses climate risks and companies’ preparedness for a low-carbon economy.
The report called out airlines as the sector’s clear laggards largely because of their reliance on offsets to meet emissions targets rather than gross reductions. United Airlines Holdings Inc., which aims to halve its emissions by 2050, was the only carrier of 23 assessed to have goals that align with the most ambitious sections of the Paris Agreement. In addition to IAG, Delta Air Lines Inc. and Southwest Airlines Co. also were deemed not to be aligned with the Paris accord, which was agreed to five years ago.
IAG, which last year committed to achieving net zero carbon emissions by 2050, said that while it’s investing in sustainable aviation fuel that will produce 70% less CO2 emissions, the aviation industry doesn’t have immediate alternatives to fossil fuels.
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