IER: Big Corporations are Abandoning Their Climate Commitments

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Key Takeaways

1 - Companies concerned about the sustainability of their businesses, employees, and customer base are quietly backing out of commitments made during the “ESG movement.”

2 - They have found that meeting net-zero goals is both difficult and expensive, and threatens their sustainability.

3 - Even Microsoft and Google are moving away from previously-declared goals.

4 - Only 4 percent of companies are on track.

5 - The Biden-Harris climate program has led to enormous expenditures for electrical generation and extensive new power line capacity that is needed for wind and solar power.

Microsoft and Google have recently abandoned their carbon neutrality goals, with their emissions rising by 29 percent and 50 percent, respectively, over the past four to five years. Despite over 500 companies worldwide pledging to achieve net-zero emissions by 2040, 96 percent are failing to meet their targets, with some attributing their struggles to “AI” (artificial intelligence). The number of corporate climate commitments surged, with over 500 companies globally aiming for net-zero emissions by 2040. Between June 2022 and October 2023, new net-zero targets increased by 40 percent. However, recent analysis reveals that only 4 percent of these companies are on track to achieve their goals, exposing a gap between corporate promises and actual progress.