The vast majority of the world’s largest transport companies, including General Motors Co., Ford Motor Co. and British Airways owner IAG SA, are taking insufficient action to limit global warming to within 2 degrees Celsius, according to a report backed by money managers overseeing about $22.8 trillion.
Only 18% of airline, car and shipping companies have set carbon-reduction plans in line with pledges to keep global warming to 2 degrees Celsius or below by 2050, according to the Transition Pathway Initiative. The global program based at the London School of Economics assesses climate risks and companies’ preparedness for a low-carbon economy.
The report called out airlines as the sector’s clear laggards largely because of their reliance on offsets to meet emissions targets rather than gross reductions.
