The Paris Agreement states a goal of limiting global warming to preferably 1.5 degrees Celsius above pre-industrial levels. However, recent data indicates that on average, corporations in the G7 nations are producing levels consistent with a 2.7 degree Celsius increase in global warming temperatures. Out of the seven countries, Germany and Italy have the lowest levels at 2.2 degrees, followed by France at 2.3, the United Kingdom at 2.6, the United States at 2.8, and Canada at 3.1 degrees. Clearly, the European nations have done a better job so far at containing the climate increase. Furthermore, the European power and energy sector is also well ahead of its North American counterparts, with only a 1.9 degree impact compared to North America’s 2.1 and Asia’s 3. Overall, Europe’s corporate sector has managed to bring its footprint down from 2.7 degrees in 2020 to 2.4 in 2022. These numbers are the result of a massive increase in science-based targets in European companies, which are far more effective and accurate compared to non-scientific targets. For example, in France and Germany, over 90% of reported corporate emissions are produced by corporations with disclosed targets. On the other hand, in Canada less than 43% of reported corporate emissions are produced by corporations with targets. And although these differences do not sound like much, the difference between a 1.5 degree increase and a 2 degree increase includes a 1000% increase in chances of ice-free arctic summers, a 260% increase in exposure to extreme heat events, and a 200% impact on marine fisheries and crop yields.
