A Third of Global Economy Targeted for Carbon Cutting, SBTi Says

The share of the global economy covered by independently verified pledges to cut emissions surged last year as companies faced with climate change and greenwashing concerns sought a stamp of approval from the UN-backed Science Based Targets initiative.

Companies with targets or commitments represented 34% of the global economy, by market capitalization, SBTi said in a new report that looks at 2022. That was up from 28% from a year earlier and was driven by a record 87% increase in validations to 1,097, more than the previous seven years combined.