The past two years have seen significant shifts in corporate activity regarding climate change. For businesses, the entry into force of the Paris Agreement has perhaps been the key catalyst to contemplate a future policy environment consistent with its objective of limiting global warming to well below 2°C. Some companies are committing to and disclosing carbon targets informed by the Paris Agreement. Others have performed and published scenario analyses showing the impacts on the business from various climate policy futures.
This report provides a status update of corporate responses to the 1.5-2°C objective. It also, identifies gaps and challenges, and their implications, and offers recommendations for driving strong responses and more meaningful disclosures. In sharing the experiences from those in the vanguard of climate risk response, we hope that others contemplating action may benefit from lessons learnt so far in this area of increasing importance.