United Nations secretary-general Antony Guterres warned companies around the world against “toxic cover-up” as an investment in new fossil fuels, harmful emissions or deforestation will negate their claims of achieving “net zero”. During his speech at the COP27 event in Egypt, Guterres added that companies should update their environmental pledges every year and keep a tab on their progress.
“Using bogus ‘net-zero’ pledges to cover up massive fossil fuel expansion is reprehensible. It is rank deception. This toxic cover-up could push our world over the climate cliff. The sham must end.”
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The observations were made based on a report released by the UN which claimed that a number of companies are claiming “net zero” status by hiding certain harmful practices. The report also asked companies should follow the Paris Agreement’s aim of limiting global warming to 1.5 degrees Celsius.
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“It’s very easy to make an announcement that you are going to be net zero by 2050. But you have to walk the talk and what we’ve seen is that there is not enough action,” said Catherine McKenna, Canada’s former environment and climate change minister, said after the release of the UN report.
She added that the UN finds it extremely difficult to keep track of all major companies and without proper transparency on their part, it is impossible to completely evaluate their positions. She further urged companies to make five-year pledges and share their progress with the necessary authorities.
“The reality is you can’t offset your way to net zero,” McKenna told AFP.
“You don’t get an A for showing up in class. You get an A for doing the work and you can’t pay someone else to do it, you have got to do it yourself.”
(With inputs from agencies)
