Transform the NormCDP Europe ReportFebruary 2023DISCLOSURE INSIGHT ACTIONA race against time for corporate decarbonizationFrom stroll to sprint CDP & Capgemini Invent report | July 2023 DISCLOSURE INSIGHT ACTION23ForewordIn recent years, extreme weather events and soaring energy prices have highlighted the inescapable need for companies to adapt for both climatic and economic reasons. These issues are converging and coincide with the same goal: reducing greenhouse gas emissions to protect Europe’s energy sovereignty and mitigate climate change to ensure a sustainable future for all.Today, Europe’s sovereignty is threatened by the geopolitical agenda that triggers volatility over energy market prices and double-digit inflation on many essential materials (e.g., steel, aluminum, copper). These historic challenges, both on the social and economic levels, call for emergency actions from companies and governments. Social, economic, and political dimensions are intertwined, and companies have a key role to play along with the public sector to contribute to the paradigm shift. The latest Assessment Report of the Intergovernmental Panel on Climate Change (IPCC) emphasizes the urgent need to take concrete actions to decrease global emissions by 45% by 2030 compared to 2010 levels in order to keep global warming below 1.5°C.Nevertheless, the path to overcome these challenges is clear. The IPCC and all independent initiatives, such as the Science Based Targets initiative (SBTi) and CDP, among many others, promote the need for public and private actors to set emissions reduction targets. Such targets must look to both short- and long-term horizons to enable organizations to monitor their decarbonization journey.In this way, ...
