2024 Corporate Climate Responsibility Monitor (CCRM) report released by New Climate Institute in collaboration with Carbon Market Watch

Posted 12 Apr 2024

2 min read

Key insights:
- The collective ambition of companies’ 2030 and net-zero climate targets has gradually improved over the last two years.
- Most companies continue to fall short of the economy-wide emission reductions required to limit global warming to below 1.5°C.
- Many companies continue to rely on solutions such as Carbon Capture, Utilisation and Storage (CCUS), standalone Renewable Energy Certificates (RECs), bioenergy, and carbon dioxide removals as an alternative to emission reductions.
  - The report recommends mitigating over-reliance on these contentious solutions.

Recommendations:
- Governments should set binding sectoral climate targets, and expand carbon pricing or cap-and-trade emissions trading systems.
- Companies should follow an accelerated revision cycle for corporate climate targets towards 2030.
- Regulators, standard setters, and voluntary initiatives should formulate more prescriptive guidelines for companies to include fossil fuel phase-out.

UNFCCC’s Race to Zero Campaign.
Recommendations of UN High-Level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities (HLEG).
International Organization for Standardization (ISO) Net Zero Principles.
Introduction of new Science Based Targets Initiative’s (SBTi) standards.