World’s largest private firms fail to set climate targets: report

World’s largest private firms fail to set climate targets: report
A 50 meter anamorphic field painting of a girl holding the Earth, created by artists from 'Sand In Your Eye' to mark Earth Day, adorns a hillside above Hebden Bridge, north west England on April 19, 2024. (AFP)
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Updated 22 April 2024
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World’s largest private firms fail to set climate targets: report

World’s largest private firms fail to set climate targets: report
  • Several jurisdictions including the United Kingdom have adopted climate disclosure regulations

PARIS: Only 40 of the world’s 100 largest private firms have set net-zero carbon emissions targets to fight climate change, according to a report released Monday, lagging far behind public companies.
But for the world to meet the 2015 Paris Agreement to limit global warming 1.5 degree Celsius, all companies need to reduce their planet-heating emissions, the report by the group Net Zero Tracker noted.
The lack of market and reputational pressures on private firms compared to those publicly-listed, along with an absence of regulation are to blame for their slow uptake of climate commitments, John Lange of Net Zero Tracker told AFP.
“I think things are changing on all three of those fronts,” he added.
The report compared 200 of the world’s largest public and private companies based on their reported emissions reductions strategies and net-zero targets.
It found that only 40 of the 100 private firms assessed had net zero targets, compared to 70 of 100 publicly-listed companies.
Of the private companies that have set targets, just eight have published plans on how they will meet them.
“A pledge without a plan is not a pledge, it is a naked PR stunt,” the report said.
Only two firms — furnishing giant Ikea and US engineering giant Bechtel — ruled out using controversial carbon credits to achieve their net-zero goals, the report said.
Carbon credits allow businesses to offset their emissions by directing money toward a project that reduces or avoids emissions, such as protecting forests, but critics say they allow companies to keep polluting.
Meanwhile, none of the eight fossil fuel companies included in the report was found to have a net-zero target, compared with 76 percent of the sector’s largest public firms.
There was also little improvement in the figures compared with a previous analysis done in 2022, “despite a massive uptick in regulation around the world,” Lang said.
Several jurisdictions including the United Kingdom have adopted climate disclosure regulations.
Others have regulations on the horizon, with business hubs of California and Singapore requiring greenhouse gas emissions reporting from 2027.
The European Union also introduced two climate regulations — the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) — which will soon require thousands of large companies to report their climate impacts and emissions, and to take action to curtail them.
“We’re trying to get private firms to understand what’s coming for them,” Lang said.
The EU policies will have far-reaching effects in particular, targeting firms not only based in the bloc but those that may be headquartered elsewhere with branches or subsidiaries within the member states.
Yet two European private firms, including French hypermarket chain E. Leclerc, were singled out in the report for having set any emissions reduction targets.
E.Leclerc told AFP that the company has made efforts toward more sustainable practices like eliminating the use of single-use plastic bags, and is “committed to setting near-term company-wide emissions reduction targets.”
But with the enforcement of EU regulations looming, firms will not be able to “dodge” climate targets much longer, Sybrig Smit of the NewClimate Institute told AFP.
“It’s actually quite watertight. If companies want to do business in Europe, they are going to have to face the consequences,” she said.
The firms analyzed account for roughly 23 percent of the global economy, with the majority based in either China, the United States or EU states — the biggest emitters of greenhouse gases, Lang said.
Any changes the firms make to meet new regulations will have substantial benefits for the environment.
“They have such a trickledown effect. Whenever such a big company is implementing something real, it will have a huge effect on the rest of the sector that they operate in,” Smit said.


Pope Francis to meet at G7 summit with Biden, Zelensky, Macron, Modi

Pope Francis to meet at G7 summit with Biden, Zelensky, Macron, Modi
Updated 13 June 2024
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Pope Francis to meet at G7 summit with Biden, Zelensky, Macron, Modi

Pope Francis to meet at G7 summit with Biden, Zelensky, Macron, Modi
  • Pope Francis is the first pope to participate in G7 discussions
  • Pope will have a bilateral meeting with US President Joe Biden

VATICAN CITY: Pope Francis will meet with the leaders of the United States, Ukraine, France and India, among others, on the sidelines of the Group of 7 (G7) summit in Italy, the Vatican said on Thursday.

Francis, who in January warned against the “perverse” dangers of artificial intelligence, is due to take part in leaders’ talks on the new technology on Friday.

He is the first pope to participate in G7 discussions.

Issuing a program for his one-day appearance, the Vatican said Francis would have a bilateral meeting with US President Joe Biden, a fellow Catholic.

The Vatican said he would also have one-on-one meetings with Ukraine’s Volodymyr Zelensky, France’s Emmanuel Macron, India’s Narendra Modi, Brazil’s Luiz Inacio Lula da Silva, Canada’s Justin Trudeau, Turkiye’s Recep Tayyip Erdogan, Kenya’s William Ruto,

Algeria’s Abdelmadjid Tebboune, and the head of the International Monetary Fund, Kristalina Georgieva.

Francis and Biden met at the Vatican in 2021 and the president said the pope told him he was a “good Catholic” who can receive communion even as conservative US bishops wanted to deny it because of Biden’s support for abortion rights.

The two men also spoke in October last year about the crisis in the Middle East after Hamas’ attack on Israel.

Biden has spoken movingly of his respect for the pope, praising his empathy and calling him a “decent man.” They stay in touch, Biden has said.


Pro-Palestinian protesters take over Cal State LA building, leaving damage and graffiti

Pro-Palestinian protesters take over Cal State LA building, leaving damage and graffiti
Updated 13 June 2024
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Pro-Palestinian protesters take over Cal State LA building, leaving damage and graffiti

Pro-Palestinian protesters take over Cal State LA building, leaving damage and graffiti
  • Pro-Palestinian demonstrators barricaded the multistory Student Services Building
  • The university posted a “protest action alert” on its website

LOS ANGELES: A takeover of a building at California State University, Los Angeles, by demonstrators protesting Israel’s war against Hamas in Gaza, leaving the facility trashed and covered with graffiti, TV news reports showed.
Pro-Palestinian demonstrators barricaded the multistory Student Services Building on Wednesday and workers inside were told to shelter in place, but it was empty by Thursday morning, said university spokesperson Erik Frost Hollins.
“What I can tell you, at the moment, is that the building is clear of employees and protesters and the building is secure,” said Frost Hollins, who did not immediately offer details on what occurred overnight.
The university posted a “protest action alert” on its website announcing that all main campus classes and operations would be remote until further notice and asking people to stay away.
Images from the scene showed graffiti on the building, furniture blocking doorways and overturned golf carts, picnic tables and umbrellas barricading the plaza out front.
The CSULA Gaza Solidarity Encampment, a group that has camped near the campus gym for about 40 days, sent an email indicating that members were staging a sit-in in the building, Hollins said.


Russia slowing down in Kharkiv area after lifting of arms restrictions, says Austin

Russia slowing down in Kharkiv area after lifting of arms restrictions, says Austin
Updated 13 June 2024
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Russia slowing down in Kharkiv area after lifting of arms restrictions, says Austin

Russia slowing down in Kharkiv area after lifting of arms restrictions, says Austin
  • “What I see is a slowing of the Russians’ advance and a stabilizing of that particular piece of the front,” said Austin

BRUSSELS: Russia’s advance in the Kharkiv area is slowing and the frontline is stabilizing after some allies lifted restrictions on Kyiv’s use of donated weapons on Russian territory, US Defense Secretary Lloyd Austin said on Thursday.
“What I see is a slowing of the Russians’ advance and a stabilizing of that particular piece of the front. Now, I think we’ll see incremental gains — and we’ll see puts and takes — going forward,” he told reporters on the sidelines of a NATO defense ministers’ meeting in Brussels.
“But again, a couple of weeks ago, there was concern that we would see a significant breakthrough on the part of the Russians. I don’t think we’ll see that going forward.”


Unusually heavy monsoon rains in Pakistan will affect 200,000 people, a top UN official warns

Unusually heavy monsoon rains in Pakistan will affect 200,000 people, a top UN official warns
Updated 13 June 2024
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Unusually heavy monsoon rains in Pakistan will affect 200,000 people, a top UN official warns

Unusually heavy monsoon rains in Pakistan will affect 200,000 people, a top UN official warns
  • The UN has prepared a contingency plan, with $40 million set aside to respond to any emergencies, said Mohamed Yahya
  • The weather forecasters in Pakistan are projecting above-normal rainfall in the coming weeks

ISLAMABAD: An estimated 200,000 people in Pakistan could be affected by the upcoming monsoon season, which is expected to bring heavier rains than usual, a top UN official warned on Thursday.
The United Nations, with help from local authorities, has prepared a contingency plan, with $40 million set aside to respond to any emergencies, said Mohamed Yahya, the newly appointed Resident Coordinator and Humanitarian Coordinator in Pakistan.
Yahya told journalists in Islamabad that the weather forecasters in Pakistan are projecting above-normal rainfall in the coming weeks. However, the rains would not be as heavy as in 2022 when devastating floods killed 1,739 people, destroyed 2 million homes, and covered as much as one-third of the country at one point.
Pakistan is one of the countries in the world most vulnerable to climate change, in part because of its immense northern glaciers, which are now melting as air temperatures rise. Warmer air can also hold more moisture, intensifying the rains of the monsoon.
Until recently, public opinion and even some government officials took little account of the possible negative impact from climate change on daily life. Pakistan’s weather patterns have changed in recent years, forcing cities to strengthen their infrastructure and farmers to adapt their practices.
The 2022 floods caused more than $30 billion in damage to Pakistan’s already cash-strapped economy.
Analysts and government officials say Pakistan in recent years failed to achieve goals for economic growth because of man-made disasters, which have repeatedly hit the country in the form of droughts, heatwaves and heavy rains, which badly damaged the road network, bridges, power system and other infrastructure.
Pakistan says despite contributing less than 1 percent to carbon emissions worldwide, it is bearing the brunt of global climate disasters. This year, Pakistan recorded its wettest April since 1961, with more than double the usual monthly rainfall.
Yahya said he was in contact with officials at Pakistan’s ministry of climate change, who were preparing their contingency own plans for monsoon season, which in Pakistan runs from July to October.
Earlier this week, weather forecasters in Pakistan urged people to stay indoors as the third heatwave in a month began. A recent study by the United Nations children’s agency said that Pakistan could avert 175,000 deaths by 2030 by developing resilient energy systems to power its health facilities.
On Thursday, temperatures in various parts of Pakistan soared as high as 48 degrees Celsius (118 degrees Fahrenheit), forcing many people to stay indoors. Authorities are asking people to hydrate and avoid unnecessary travel.


UK Labour leader Keir Starmer says he’ll end the era of ‘gestures and gimmicks’ if he wins power

UK Labour leader Keir Starmer says he’ll end the era of ‘gestures and gimmicks’ if he wins power
Updated 13 June 2024
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UK Labour leader Keir Starmer says he’ll end the era of ‘gestures and gimmicks’ if he wins power

UK Labour leader Keir Starmer says he’ll end the era of ‘gestures and gimmicks’ if he wins power
  • Starmer said a Labour government would “stop the chaos, turn the page and start to rebuild our country”

MANCHESTER: The left-of-center politician aiming to become Britain’s prime minister in three weeks’ time said Thursday he will lead a government that’s both “pro-business and pro-worker” and restore stability after years of economic and political turmoil.
Labour Party leader Keir Starmer said that if he’s elected on July 4, he will end the “desperate era of gestures and gimmicks” of the Conservative Party’s turbulent tenure.
Launching Labour’s election manifesto in the northwest England city of Manchester, Starmer said a Labour government would “stop the chaos, turn the page and start to rebuild our country.”
Next month British voters will elect lawmakers to fill all 650 seats in the House of Commons, and the leader of the party that can command a majority — either alone or in coalition — will become prime minister. Labour currently has a double-digit lead in opinion polls over Prime Minister Rishi Sunak ‘s governing Conservatives, who have been in power for 14 years under five different prime ministers.
The Conservatives jettisoned two prime ministers without an election in quick succession in 2022: first Boris Johnson, felled by scandals, then Liz Truss, who rocked the economy with drastic tax-slashing plans and lasted just seven weeks in office.
Starmer, a former chief prosecutor who is widely seen as competent but dull, is trying to turn his stolid image into an asset. His core message is that he has transformed Labour from its high-taxing, big-spending days under former leader Jeremy Corbyn into a party of the stable center.
Starmer said his platform was “a manifesto for wealth creation,” and acknowledged that a Labour government would face “hard choices” about public spending.
“We cannot play fast and loose with the public finances,” he said. He said he rejected the idea that “the only levers are tax and spend,” and would get the economy expanding after years of sluggish growth.
Starmer’s cautious economic approach dismays some in his party, who want bolder change, but has won the support of many business leaders.
Starmer called the party’s platform a manifesto for “wealth creation,” and its ambitious goals were largely long-term ones: establishing a new industrial policy, developing a 10-year infrastructure strategy, building 1.5 million new homes.
Labour pledged to improve ties with Britain’s former partners in the European Union, but ruled out a return to the bloc’s frictionless single market and customs union.
The plan’s spending commitments were modest. The manifesto forecasts that taxes will rise by 7.4 billion pounds ($9.25 billion) by 2028-29, through measures including a windfall tax on energy companies.
Starmer said personal taxes would not rise under a Labour government, but that did not stop the Conservatives casting Labour as the high-tax party.
“If you think they’ll win, start saving,” Sunak wrote on X, formerly Twitter.
Starmer spoke at the headquarters of the Co-op, a Manchester-founded cooperative society that has grown into a large retail and services empire. He introduced several voters, including a father whose family of four live in a one-bedroom apartment, and Nathaniel Dye, a man with terminal cancer campaigning for faster treatment.
The only unscripted moment came from a demonstrator calling for Labour to have tougher climate change policies, who was swiftly removed.
Sunak released the Conservative manifesto — the party’s key handbook of promises — on Tuesday, pledging to cut taxes and reduce immigration if the Conservative Party is reelected.
Labour’s 131-page manifesto included previously announced plans, with little in the way of last-minute treats to woo voters.
“It’s not about rabbits out of a hat, it’s not about pantomime,” Starmer said. “I’m running as a candidate to be prime minister, not a candidate to run the circus.”