This week will showcase how more big companies are taking steps to cut emissions — and why corporate pledges only go so far.
The big picture: It's Climate Week. That's the annual New York City event that brings together businesses, governments and activists for speeches, symposiums and pledges. The event typically serves as a venue for corporations to announce their latest efforts, and that's already starting.
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Driving the news: This morning Amazon said that 86 more companies have adopted the "Climate Pledge" it launched in 2019 under which corporations commit to net-zero emissions by 2040.
New signatories include Procter & Gamble, HP, Salesforce and Nespresso, and the coalition now counts over 200 members, including existing members like Unilever, Siemens, JetBlue, Coca-Cola and more.
The pledges from all signatories combined would cut emissions nearly 2 billion metric tons relative to a 2020 baseline, or over 5% of current annual global emissions, Amazon said.
Why it matters: That's a lot of avoided emissions! But nonbinding pledges are hardly a guarantee that steep cuts will happen.
That's true even though plenty of large companies are already taking tangible steps — for instance, corporate renewables procurement has been surging for years.
And even if carried out, there's little doubt that global emissions cuts in line with the Paris climate agreement won't happen without a level of government policy implementation worldwide that's nowhere to be found yet.
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