Friday, December 2, 2022

Many companies still do not have a net zero climate plan

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BlackRock CEO Larry Fink yesterday contested companies disclose plans for how they will achieve “net zero” global emissions by 2050 – meaning they don’t emit more carbon dioxide than they remove from the environment. Fink’s letter is a clear indication of the attitude of rapidly changing businesses to tackling climate change.

But how many companies can actually meet fink’s challenge?Fortune, in collaboration with Deloitte, just completed a survey in which we asked over 100 CEOs (mostly large companies): “When does your organization plan to achieve net zero global carbon emissions?” The majority of those who responded – over 60% – say they already have a plan to reach net zero by 2050. In fact, most of them say they have plans to reach net zero. goal even earlier.

But that still leaves nearly 40% of them who do not yet have a plan to reach “net zero”. Since BlackRock is the world’s largest asset manager, other companies may soon join the growing climate-concerned crowd.

Also, I think history will remember 2020 as the year when large companies took diversity, equity and inclusion seriously. Our new survey confirms that 94% of CEOs say DCI is a “personal strategic priority goal”. Even more significant, in my opinion, are two new programs created by CEOs to ensure that commitments extend to actions, not just words.

The first is the OneTen Coalition, a group of companies organized by Merck CEO Ken Frazier and IBM Executive Chairman Ginni Rometty, who is specifically committed to upgrading her skills, hiring and advancing one million black Americans over the next decade in high-paying jobs.

The second is Measure Up, a partnership between Fortune and data company Refinitiv to encourage companies to disclose their data on ethnic diversity – which is still rare. We believe that transparency is necessary to ensure accountability and drive real change.

Refinitiv CEO David Craig and former Infor CEO Charles Phillips, one of the founders of OneTen, joined Ellen McGirt and I this week on our podcast Leadership Next to talk about these revolutionary programs. You can listen to the podcast here –Apple/Spotify: Learn more about OneTen hereand subscribe to our Measure here.

More news below.

Alan murray


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