The world’s largest corporations are perfecting the art of green spin amid looming climate catastrophe.
In the wake of COP26, a lot of ink has been spilled on how mega-corporations, under pressure from consumers and environmentally aware shareholders, are stepping up to the plate with promises to go entirely carbon neutral within a few years or decades.of 25 mega-corporations, released this month by the NewClimate Institute and Climate Market Watch, finds that much of this is smoke and mirrors.
In some instances, these low grades were due to manifest failings; in others, the companies simply weren’t providing enough data to adequately analyze their goals. In the introduction to the report, the authors wrote that, “it is more difficult than ever to distinguish between real climate leadership and unsubstantiated greenwashing.”
Scope 3, in particular, has proven to be an area that large companies can manipulate data on to make themselves look better on the environment than they in fact are. “For example,” the authors write on page 20 of their 127-page report, “CVS Health’s scope 3 emissions are 70-80% higher in 2019 than in 2017, 2018 and 2020, without a clear explanation, potentially undermining the meaningfulness of the company’s target for a 47% reduction in scope 3 emissions by 2030 compared to 2019.
upstream emissions being connected with the production of goods, and downstream emissions being associated with the consumption of those goods
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