Limited accountability and awareness of corporate emissions target outcomes

IF 29.6 1区 地球科学 Q1 ENVIRONMENTAL SCIENCES
Xiaoyan Jiang, Shawn Kim, Shirley Lu
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Abstract

Firms are increasingly announcing targets to reduce their carbon emissions, but it is unclear whether firms are held accountable for these targets. Here we examine emissions targets that ended in 2020 to investigate the final target outcomes, the transparency of target outcomes and potential consequences for missed emissions targets. A total of 1,041 firms had emissions targets ending in 2020, of which 88 (9%) failed and 320 (31%) disappeared. We find limited accountability and low awareness of the target outcomes. Only three of the failed firms are covered by the media. After a firm fails its 2020 emissions target, we do not observe significant market reaction, changes in media sentiment, environmental scores and environment-related shareholder proposals. In contrast, initial announcements of these 2020 emissions targets are rewarded with significant improvements in media sentiment and environmental scores. Our findings raise concerns for the accountability of emissions targets ending in 2030 and 2050. Companies have set emissions reduction targets globally, yet whether they are held accountable for the outcomes remains uncertain. By examining the emissions targets that ended in 2020, researchers find low awareness of the failed targets and limited negative reactions from different stakeholders.

Abstract Image

Abstract Image

有限的问责制和对企业排放目标成果的认识
越来越多的公司宣布了减少碳排放的目标,但目前尚不清楚公司是否对这些目标负责。在这里,我们研究了截至2020年的排放目标,以调查最终目标结果、目标结果的透明度以及未能实现排放目标的潜在后果。共有1041家公司设定了2020年的排放目标,其中88家(9%)未能达标,320家(31%)消失。我们发现责任有限,对目标结果的认识也很低。只有三家倒闭的公司被媒体报道。在企业未能实现其2020年排放目标后,我们没有观察到显著的市场反应、媒体情绪的变化、环境得分和与环境相关的股东提案。相比之下,最初宣布这些2020年排放目标的回报是媒体情绪和环境得分的显著改善。我们的研究结果引发了对2030年和2050年结束的排放目标的问责制的担忧。
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来源期刊
Nature Climate Change
Nature Climate Change ENVIRONMENTAL SCIENCES-METEOROLOGY & ATMOSPHERIC SCIENCES
CiteScore
40.30
自引率
1.60%
发文量
267
审稿时长
4-8 weeks
期刊介绍: Nature Climate Change is dedicated to addressing the scientific challenge of understanding Earth's changing climate and its societal implications. As a monthly journal, it publishes significant and cutting-edge research on the nature, causes, and impacts of global climate change, as well as its implications for the economy, policy, and the world at large. The journal publishes original research spanning the natural and social sciences, synthesizing interdisciplinary research to provide a comprehensive understanding of climate change. It upholds the high standards set by all Nature-branded journals, ensuring top-tier original research through a fair and rigorous review process, broad readership access, high standards of copy editing and production, rapid publication, and independence from academic societies and other vested interests. Nature Climate Change serves as a platform for discussion among experts, publishing opinion, analysis, and review articles. It also features Research Highlights to highlight important developments in the field and original reporting from renowned science journalists in the form of feature articles. Topics covered in the journal include adaptation, atmospheric science, ecology, economics, energy, impacts and vulnerability, mitigation, oceanography, policy, sociology, and sustainability, among others.
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