Corporations Are Not Saving the Planet After All
By Philip Mattera, director of the Corporate Research Project Dirt Diggers Digest
It used to be that you had to go to the websites of groups such as Greenpeace to learn how large corporations are failing to live up to their promises to help solve the climate crisis. Now that fact can be found on the front page of the Wall Street Journal.
The business-friendly newspaper just published an article detailing the ways in which the decarbonization efforts of the world’s largest companies are fizzling out.
A big part of the problem is that most companies never
developed meaningful climate transition plans and instead relied on dubious
carbon offsets instead. The Journal quotes the environmental non-profit CDP as
saying that of the nearly 19,000 companies using its disclosure platform, fewer
than 100 have credible plans.
Some companies don’t bother to develop any plans—or they
keep them to themselves. The Journal cites data showing the percentages of
larger publicly traded companies that do not disclose specific plans to meet
long-term climate targets. Among those in the coal, oilfield services, and
midstream oil sectors the portion is 100 percent. Among integrated oil
companies, 93 percent fail to do so.
Big Oil’s detrimental role in dealing with the climate was highlighted in another recent Journal article. It’s well known that Exxon Mobil worked for years to downplay the harmful effects of greenhouse gas emissions.
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