Visualized: The Climate Targets of Fortune 500 Companies
View the high-resolution version of this infographic by clicking here
The Fortune Global 500 is a ranking of the world’s 500 largest companies by revenue. In 2019, this influential group employed 70 million people and generated revenues of over $33 trillion.
Given their size and influence, many of these companies are taking climate action quite seriously. For example, 30% of the group have either achieved a climate goal or are publicly committed to doing so by 2030—a significant increase from just 6% in 2016.
In this infographic, we’ve used data from Natural Capital Partners to provide a holistic view of when Fortune Global 500 companies plan to meet their stated climate goals.
Climate Action Takes Several Forms
When taking climate action, businesses have a variety of targets they can pursue. Three of the most common ones include carbon neutrality, RE100, and science based targets (SBT).
|Climate target type||Description|
|Carbon neutral||Achieved when a company completely offsets its greenhouse gas (GHG) emissions.|
|RE100||Achieved when a company relies on 100% renewable energy.|
|Science based targets (SBT)||Emissions are reduced in line with the need to keep global warming below 2ºC.|
After choosing a target, businesses can also set a date for when they intend to achieve it. As the above graphic shows, many companies are targeting 2030, a year that is frequently touted as a deadline for meeting the goals of the Paris Agreement.
A fourth target known as “net zero emissions” is also used, though its exact definition tends to vary. For the purposes of this infographic, we’ve considered a commitment to net zero emissions to be the same as achieving carbon neutrality.
A Complete Overview
The following table summarizes the climate actions of Fortune Global 500 companies. Firms that made commitments without a target date have been noted in the table with a “C”.
|Company Name||Headquarters||Carbon Neutral (target date)||RE100 (target date)||SBT (target date)|
|Commonwealth Bank of Australia||🇦🇺Australia||2030|
|Banco do Brasil||🇧🇷Brazil||2019|
|Caixa Econômica Federal||🇧🇷Brazil||2018|
|Bank of Montreal||🇨🇦Canada||2010|
|Royal Bank of Canada||🇨🇦Canada||2017|
|Xiamen ITG Holding Group||🇨🇳China||C|
|Electricité de France||🇫🇷France||2050|
|Deutsche Post DHL Group||🇩🇪Germany||2050|
|Munich Re Group||🇩🇪Germany||2015|
|State Bank of India||🇮🇳India||2030|
|Johnson Controls International||🇮🇪Ireland||C|
|Dai-ichi Life Holdings||🇯🇵Japan||2050|
|Daiwa House Industry||🇯🇵Japan||2040||2030|
|Sumitomo Electric Industries||🇯🇵Japan||2050|
|Tokio Marine Holdings||🇯🇵Japan||2011|
|Anglo American||🇿🇦South Africa||2040|
|Hyundai Motor||🇰🇷South Korea||2050|
|LG Electronics||🇰🇷South Korea||2030|
|Banco Bilbao Vizcaya Argentaria||🇪🇸Spain||2020||2030|
|Naturgy Energy Group||🇪🇸Spain||C|
|Credit Suisse Group||🇨🇭Switzerland||2010||2025|
|Zurich Insurance Group||🇨🇭Switzerland||2014||2022|
|Fubon Financial Holding||🇹🇼Taiwan||C|
|British American Tobacco||🇬🇧UK||2030||2028|
|Phoenix Group Holdings||🇬🇧UK||2030|
|Bank of America||🇺🇸USA||2020||2020|
|Capital One Financial||🇺🇸USA||2018||2019|
|Delta Air Lines||🇺🇸USA||2020|
|Goldman Sachs Group||🇺🇸USA||2015||2020|
|Hewlett Packard Enterprise||🇺🇸USA||2025|
|Johnson & Johnson||🇺🇸USA||2050|
|Philip Morris International||🇺🇸USA||2050||2030|
|Procter & Gamble||🇺🇸USA||2030||2030||2030|
Note: This data was aggregated from various sources throughout 2020, and as a result, may not include the latest climate commitments announced by companies within the Fortune Global 500.
As of October 2020, 163 companies from the Fortune Global 500 have publicly committed to achieving at least one of these climate targets. That represents 32.6% of the total group.
The most common target is carbon neutrality, which has 91 companies on board. In second place is science based targets (SBT), which has 74 companies committed—of those, 16 have not declared a target date. RE100 was the least common, with 56 companies committed. Because some companies are committed to multiple targets, these figures add to more than 163.
Climate Action is on the Rise
Private-sector awareness around climate change and other sustainability issues has gained strong momentum in recent years.
Since 2011, the number of S&P 500 companies publishing sustainability reports increased from 20% in 2011, to 90% in 2019. This was likely due to investor demand and a broader acceptance of environmental, social, and governance (ESG) criteria.
Governments around the world are also taking a more proactive approach to climate action. The Biden administration, for example, seeks to make a $2 trillion investment to help a variety of U.S. industries become more sustainable.
“We have the opportunity to build a more resilient, sustainable economy – one that will put the United States on an irreversible path to achieve net-zero emissions…by no later than 2050.”
– Biden-Harris campaign
America’s goal of reaching net-zero emissions by 2050 is shared with a handful of other advanced economies, including Japan and the EU. The UK has taken these pledges one step further, becoming the first G7 country to pass a law that requires itself to bring emissions to net zero by 2050.
A Deep Dive Into the World’s Oceans, Lakes, and Drill Holes
A unique and entertaining graphic that compares the depth of the world’s lakes and oceans, as well as the deepest holes ever drilled.
Today’s chart is best viewed full-screen. Explore the high resolution version by clicking here.
Sailors have been circumnavigating the high seas for centuries now, but what could be found beneath the sunlit surface of the ocean remained a mystery until far more recently. In fact, it wasn’t until 1875, during the Challenger expedition, that humanity got it’s first concrete idea of how deep the ocean actually was.
Today’s graphic, another fantastic piece by xkcd, is a unique and entertaining look at everything from Lake Superior’s ice encrusted shoreline down to blackest, inhospitable trench (which today bears the name of the expedition that first discovered it).
The graphic is packed with detail, so we’ll only highlight a few points of interest.
Deep Thoughts with Lake Baikal
Deep in Siberia, abutting a mountainous stretch of the Mongolian border, is the one of the most remarkable bodies of water on Earth: Lake Baikal. There are a number of qualities that make Lake Baikal stand out.
Depth: Baikal, located in a massive continental rift, is the deepest lake in the world at 1,642m (5,387ft). That extreme depth holds a lot of fresh water. In fact, an estimated 22% of all the world’s fresh water can be found in the lake.
Age: Baikal (which is listed as a UNESCO World Heritage Site) is estimated to be over 25 million years old, making it the most ancient lake on the planet.
Clarity: Interestingly, the water in the lake is exceptionally clear. In winter, visibility can extend over 30m (98ft) below the surface.
Biodiversity: The unique ecosystem of Lake Baikal provides a home for thousands of plant and animal species. In fact, upwards of 80% of those species are endemic, meaning they are unique to that region.
Who is Alvin?
Since 1964, a hard-working research submersible named Alvin has been helping us better understand the deep ocean. Alvin explored the wreckage of RMS Titanic in 1986, and helped confirm the existence of black smokers (one of the weirdest ecosystems in the world).
Though most of the components of the vessel have been replaced and upgraded over the years, it’s still in use today. In 2020, Alvin received an $8 million upgrade, and is now capable of exploring 99% of the ocean floor.
We know more about the surface of Venus than the bottom of the ocean. The potential for discovery is huge.– Anna-Louise Reysenbach, Professor of Microbiology, PSU
The Ocean’s Deepest Point
The deepest point in the ocean is the Mariana Trench, at 11,034 meters (36,201 feet).
This trench is located in the Pacific Ocean, near Guam and the trench’s namesake, the Mariana Islands. While the trench is the most extreme example of ocean depths, when compared to surface level distance, it’s depth is shorter than Manhattan.
Obviously, the context of surface distance is wildly different than vertical distance, but it serves as a reminder of how narrow the “explorable” band of the Earth’s surface is.
The ancient Greek word, ábyssos, roughly means “unfathomable, bottomless gulf”. While there is a bottom (the abyssopelagic zone comprises around 75% of the ocean floor), the enormous scale of this ecosystem is certainly unfathomable.
Objectively, the abyssal plain is not the prettiest part of the ocean. It’s nearly featureless, and lacks the panache of, say, a coral reef, but there are still some very compelling reasons we’re eager to explore it. Resource companies are chiefly interested in polymetallic nodules, which are essentially rich manganese formations scattered about on the sea bottom.
Manganese is already essential in steel production, but demand is also getting a substantial lift from the fast-growing electric vehicle market. The first company to find an economical way to harvest nodules from the ocean floor could reap a significant windfall.
Drill Baby, Drill
Demand for resources can force humans into some very inhospitable places, and in the case of Deepwater Horizon, we chased oil to a depth even surpassing the famed Marianas Trench.
Drilling that far below the surface is a complicated endeavor, and when the drill platform was put into service in 2001, it was hailed as an engineering marvel. To this day, Deepwater Horizon holds the record for the deepest offshore hole ever made.
After the rig’s infamous explosion and subsequent spill in 2010, that depth record for drilling may stand the test of time.
Mapped: Solar Power by Country in 2021
In 2020, solar power saw its largest-ever annual capacity expansion at 127 gigawatts. Here’s a snapshot of solar power capacity by country.
Mapped: Solar Power by Country in 2021
The world is adopting renewable energy at an unprecedented pace, and solar power is the energy source leading the way.
Despite a 4.5% fall in global energy demand in 2020, renewable energy technologies showed promising progress. While the growth in renewables was strong across the board, solar power led from the front with 127 gigawatts installed in 2020, its largest-ever annual capacity expansion.
The above infographic uses data from the International Renewable Energy Agency (IRENA) to map solar power capacity by country in 2021. This includes both solar photovoltaic (PV) and concentrated solar power capacity.
The Solar Power Leaderboard
From the Americas to Oceania, countries in virtually every continent (except Antarctica) added more solar to their mix last year. Here’s a snapshot of solar power capacity by country at the beginning of 2021:
|Country||Installed capacity, megawatts||Watts* per capita||% of world total|
|South Korea 🇰🇷||14,575||217||2.0%|
|United Kingdom 🇬🇧||13,563||200||1.9%|
|South Africa 🇿🇦||5,990||44||0.8%|
|United Arab Emirates 🇦🇪||2,539||185||0.4%|
|Czech Republic 🇨🇿||2,073||194||0.3%|
|El Salvador 🇸🇻||429||66||0.1%|
|Saudi Arabia 🇸🇦||409||12||0.1%|
|Dominican Republic 🇩🇴||370||34||0.1%|
|New Zealand 🇳🇿||142||29||0.02%|
|World total 🌎||713,970||83||100.0%|
*1 megawatt = 1,000,000 watts.
China is the undisputed leader in solar installations, with over 35% of global capacity. What’s more, the country is showing no signs of slowing down. It has the world’s largest wind and solar project in the pipeline, which could add another 400,000MW to its clean energy capacity.
Following China from afar is the U.S., which recently surpassed 100,000MW of solar power capacity after installing another 50,000MW in the first three months of 2021. Annual solar growth in the U.S. has averaged an impressive 42% over the last decade. Policies like the solar investment tax credit, which offers a 26% tax credit on residential and commercial solar systems, have helped propel the industry forward.
Although Australia hosts a fraction of China’s solar capacity, it tops the per capita rankings due to its relatively low population of 26 million people. The Australian continent receives the highest amount of solar radiation of any continent, and over 30% of Australian households now have rooftop solar PV systems.
China: The Solar Champion
In 2020, President Xi Jinping stated that China aims to be carbon neutral by 2060, and the country is taking steps to get there.
China is a leader in the solar industry, and it seems to have cracked the code for the entire solar supply chain. In 2019, Chinese firms produced 66% of the world’s polysilicon, the initial building block of silicon-based photovoltaic (PV) panels. Furthermore, more than three-quarters of solar cells came from China, along with 72% of the world’s PV panels.
With that said, it’s no surprise that 5 of the world’s 10 largest solar parks are in China, and it will likely continue to build more as it transitions to carbon neutrality.
What’s Driving the Rush for Solar Power?
The energy transition is a major factor in the rise of renewables, but solar’s growth is partly due to how cheap it has become over time. Solar energy costs have fallen exponentially over the last decade, and it’s now the cheapest source of new energy generation.
Since 2010, the cost of solar power has seen a 85% decrease, down from $0.28 to $0.04 per kWh. According to MIT researchers, economies of scale have been the single-largest factor in continuing the cost decline for the last decade. In other words, as the world installed and made more solar panels, production became cheaper and more efficient.
This year, solar costs are rising due to supply chain issues, but the rise is likely to be temporary as bottlenecks resolve.
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