{"id":245099,"date":"2023-06-12T20:00:23","date_gmt":"2023-06-12T20:00:23","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=245099"},"modified":"2023-06-12T14:51:27","modified_gmt":"2023-06-12T14:51:27","slug":"net-zero-goals-by-fossil-fuel-firms-largely-meaningless","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/net-zero-goals-by-fossil-fuel-firms-largely-meaningless\/","title":{"rendered":"Net-Zero Goals by Fossil Fuel Firms, \u201cLargely Meaningless\u201d"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bnreport.com\/en\/\"><strong>BNR<\/strong> <\/a>&#8211; The total number of fossil fuel firms committing to net-zero emissions objectives has increased dramatically in the last year. Yet many of them fail\u00a0to address critical problems, rendering them &#8220;largely meaningless,&#8221; according to a\u00a0report\u00a0released on Monday.<\/p>\n<p style=\"text-align: justify;\">75 of the worldwide biggest 112 fossil fuel firms have now pledged to go net-zero. Net-zero refers to the point at which emissions of greenhouse gases are offset by drastic reductions in output elsewhere and tools that capture atmospheric carbon dioxide.<\/p>\n<p style=\"text-align: justify;\">According to Net Zero Tracker&#8217;s analysis of publicly accessible data, this is up from only 51 a year ago. The website is run partly by the Energy and Climate Intelligence Unit in the United Kingdom and the University of Oxford.<\/p>\n<h3 style=\"text-align: left;\"><strong>Critical Gaps of Net-zero Objectives<\/strong><\/h3>\n<p style=\"text-align: justify;\">Most objectives do not completely address <a href=\"https:\/\/www.epa.gov\/climateleadership\/scope-3-inventory-guidance#:~:text=Scope%203%20Resources-,Description%20of%20Scope%203%20Emissions,scope%201%20and%202%20boundary.\">Scope 3 emissions<\/a>, lack transparency, or do not contain short-term reduction strategies. The usage of a company&#8217;s products is within Scope 3 emissions, which is the largest source of emissions for fossil fuel firms.<\/p>\n<p style=\"text-align: justify;\">As a result, they were deemed &#8220;largely meaningless&#8221; by the study. According to the report, none of the fossil fuel businesses were making the necessary commitments to transition away from fossil fuel extraction or production.<\/p>\n<p style=\"text-align: justify;\">As of now, over 4,000 governments, states, regions, towns, and businesses worldwide have committed to net-zero energy. Last November, the United Nations produced a study on what a &#8216;good&#8217; net-zero plan ought to look like in order to prevent greenwashing.<\/p>\n<p style=\"text-align: justify;\">&#8220;We haven&#8217;t yet seen a huge move from fossil fuel companies or other companies on meeting those (guidelines),&#8221; said Thomas Hale of the University of Oxford. \u201cSo, there&#8217;s still a lot of work to do to come up to that level.\u201d Hale co-wrote the report.<\/p>\n<h3 style=\"text-align: left;\"><strong>Challenges Ahead for Genuine Implementation<\/strong><\/h3>\n<p style=\"text-align: justify;\">Daisy Streatfield, sustainability director at global asset company\u00a0Ninety One, believes that credible strategies and real implementation will take time.<\/p>\n<p style=\"text-align: justify;\">She went on to say that this is especially true with\u00a0several businesses outperforming national governments.<\/p>\n<p style=\"text-align: justify;\">According to research published last week in the Science Journal, almost 90% of countries&#8217; net-zero ambitions are unlikely to happen.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNR &#8211; The total number of fossil fuel firms committing to net-zero emissions objectives has increased dramatically in the last year. Yet many of them fail\u00a0to address critical problems, rendering them &#8220;largely meaningless,&#8221; according to a\u00a0report\u00a0released on Monday. 75 of the worldwide biggest 112 fossil fuel firms have now pledged to go net-zero. Net-zero refers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":245100,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,2081],"tags":[11666,278,11665,11662,11663,11667,11664],"class_list":["post-245099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-health","category-2081","tag-energy-and-climate-intelligence-unit","tag-featured","tag-fossil-fuel","tag-net-zero","tag-net-zero-emissions","tag-scope-3-emissions","tag-zero-emissions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Net-Zero Goals by Fossil Fuel Firms, \u201cLargely Meaningless\u201d - Business News Report<\/title>\n<meta name=\"description\" content=\"BNR - The total number of fossil fuel firms committing to net-zero emissions objectives has increased dramatically in the last year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/net-zero-goals-by-fossil-fuel-firms-largely-meaningless\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Net-Zero Goals by Fossil Fuel Firms, \u201cLargely Meaningless\u201d - 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