Some of Ireland's largest businesses are making steady progress towards meeting their net zero targets for greenhouse emissions, according to a PwC report on the Business in the Community Ireland (BITCI) Low Carbon Pledge.
Seventy companies have signed up to the BITCI pledge and the annual review shows that 70% of them have progressed to setting science-based targets by 2024, with the majority set to achieve said targets by 2030.
Four out of ten member organisations (41%) have set and approved science-based targets, and 29% have committed to setting those targets, meaning the majority of businesses still have not set the required goals.
Furthermore, two-thirds of companies have set a public net zero target, up from 42% last year, although respondents report that the biggest challenge to achieving net zero emissions is cost, followed by lack of technology’ and no analysis done.
Signatories to the BITCI pledge span 11 sectors, with professional services, agribusiness/food & drink, and financial services the three largest industries represented, including leading banks, state agencies, energy providers and more.
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The pledge requires organisations to set science-based targets no later than 2024 and review and assess indirect and supply chain emissions, including their entire carbon footprint, in line with the Paris Agreement and the latest IPCC findings.
"The scientific community has used every possible opportunity to warn us of the irreversible changes we are causing to the planet and our livelihoods," said Tomás Sercovich, CEO of BITCI.
"That is why our targets must be based on science. We are making steady progress towards our ambition to have science-based emission reduction targets set no later than 2024. This is a mission we cannot afford to fail and we cannot leave anyone behind. Business must act and business must lead.”
Kim McClenaghan, leader of PwC's Ireland energy, utilities and sustainability practice, said: “Companies should define comprehensive and ambitious strategies to achieve net zero that are consistent with the Paris climate agreement.
"It is very encouraging to see the progress of leading Irish firms and their clear commitment towards decarbonising their businesses. However, the majority must quickly move from statements of intent to mapping out clear decarbonisation pathways and formally signing up to SBTs.”
One in three signatories are making use of carbon offsets. Such offsetting is primarily focused in the transport/logistics and professional services sectors.
Minister for Environment, Climate, Communications and Transport Eamon Ryan commented: “Now more than ever we need to close the ambition, emission, power supply and credibility gaps to truly drive urgent and just climate action at every level.
"As societies and economies bounce back from the pandemic so too have our carbon emissions. We are also now living through extraordinary times with spiralling global energy costs and inflation primarily caused by the invasion of Ukraine.
"The message has never been clearer; we have to move away from expensive and emitting fossil fuels, for our energy and economic security, but also so that we can meet our ambitious climate targets. This decade is our final opportunity to peak and slash emissions. Decisive business and political leadership can help us get to net zero much sooner than 2050.
"I call on you to engage in the movement led by Business in the Community Ireland. This is a crucial step toward the transformational change required."
Photo (l-r): Tomás Sercovich, Kim McClenaghan, Heidi Hopper Duffy, RU environmental officer, and Eamon Ryan. (Pic: Jason Clarke)
