A major advocate for investors who want companies to reveal how they’re contributing to, or trying to limit, climate change has been updated to reveal some 69% of the companies targeted have now made net-zero emissions commitments for the coming decades.
Last year, in his always highly anticipated shareholder letter, Buffett said: “We’ve invested in excess of $30 billion into renewables, and have really completely changed the way our businesses do business, i.e. our utility businesses. They have been decarbonizing and delivering a valued product to our stakeholders, to our customers.”
— Morgan LaManna With the Climate Action 100+ results, it’s clearer that some companies are trying to get ahead of expected tougher regulation in reporting environmental risk, including a company’s own energy-usage track record, its emissions from main operations, and how much pollution its suppliers and customers might be spewing into the atmosphere, which are known as Scope 3 emissions and are the most difficult to report.
“So I think companies like that, I mean, they’re going to be way behind when it becomes regulation,” she said. “And it is also an opportunity for these companies, you know, to be leaders.” Buffett’s reluctance is also magnified considering the traditional energy, agricultural and auto maker names called out positively in the Ceres update. For instance, nine companies have newly set medium-term Scope 3 targets since last year: Bunge BG, +1.51%, Chevron CVX, +0.71%, Ford F, -2.70%, General Motors GM, -2.25%, Paccar PCAR, -1.70%, Phillips 66 PSX, +4.76%, Procter & Gamble PG, -0.69%, Wayerhaeuser WY, -1.23% and Xcel XEL, +0.68%.
Good. It’s a boondoggle.
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