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Companies Abandon Climate Goals, Let Themselves Off Hook

New York Times Business •
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Big business made big promises about saving the planet. Following through hasn't been easy. Many corporations pledged net-zero emissions by 2050 or earlier, but recent reports show a growing gap between commitments and action.

ExxonMobil, Shell, and BP have quietly scaled back renewable investments while expanding fossil fuel production. Amazon and Microsoft face criticism for relying on carbon offsets rather than absolute reductions. The Science Based Targets initiative removed validation for dozens of companies that failed to meet criteria.

Investors and regulators are demanding accountability. The SEC proposed climate disclosure rules, while European CSRD mandates stricter reporting. Yet lobbying efforts have weakened enforcement, allowing firms to reset targets without penalty.

Experts warn that voluntary pledges lack teeth. Without binding policy, corporate climate action remains aspirational. The planet cannot wait for voluntary compliance.