Companies setting and using science-based targets are making a big difference in protecting our natural environment, cutting their carbon emissions by the equivalent of the yearly emissions from 78 coal-fired plants even as global emissions for energy and industrial processes grew by an average 0.85% per year.

This pace is faster than the pace required by the Paris Climate Accord, according to a study published earlier this year, and it is picking up as we get closer to this year’s climate change conference. More than 1,000 companies that make up 20% of the global economy have set or committed to set science-based targets. More companies are now setting targets aligned with limiting global warming to 1.5°C than a 2°C pathway or other type of target, says SBTI, the global body enabling businesses to set emissions reduction targets in line with climate science.

Europe is doing better than North America or Asia. In 16 OECD countries, a critical mass of 20% of high-emitting companies setting science-based targets has been reached, and the 20% threshold was also reached in six new sectors, including the high-emitting cement and concrete sector. Amazon, Facebook and Ford were among the more than 370 companies who joined SBTI in 2020.