The UK is leading the way in climate transparency, according to new research, as over 70 per cent of energy and chemicals companies say they have publicly stated their climate impact targets.
The research, by ICIS, found that the UK had the highest levels of transparency in comparison with the rest of Europe – with just 15 per cent of firms in Germany self-reporting their climate impact targets and 26 per cent in France.
“As a result of the current climate crisis and in the run-up to COP26, there is mounting pressure on companies from consumers and regulators alike to rapidly to show the steps they’re taking to reduce their climate impact,” ICIS strategy director Alison Jones said.
“It’s imperative that chemical and energy companies start making significant shifts to their business operations. The industry has a responsibility to look beyond the boundaries of their own organisations.”
The study, which surveyed over 1,000 executives within the energy and chemicals sectors from across the world, also found that 99 per cent of the UK companies surveyed had either internal or publicly stated targets in place.
Meanwhile nearly two thirds said that they are set to meet their targets this year.