Progress of Signatories to the Low Carbon Pledge Against the Backdrop of COP28

In September this year Business in the Community Ireland (BITCI), in partnership with Price Waterhouse Coopers (PwC) Ireland, published the fifth Low Carbon Pledge (LCP) progress report. Encouragingly since 2021 we do see most signatory companies’ ambition translating into action through their commitment and setting of science-based targets, now publicly reported on the Science Based Target Initiative online dashboard (SBTi). 

Transparency and authenticity have always been at the heart of our collective commitment. With COP28 well underway, where a comprehensive “global stocktake” will evaluate countries’ progress toward their emissions reduction commitments made in Paris, BITCI is now poised to conduct its own Low Carbon Pledge (LCP) stocktake. 

The annual pledge survey serves as a crucial tool, allowing us to pinpoint the exact stage each signatory has reached on the path to establishing science-based targets. While this was not part of the latest report, we are providing the following update. 

Presently, 50% of our signatories have successfully established and gained approval for their Science-Based Targets (SBTs) through SBTi. The current pledge mandates that all remaining signatories finalise their SBTs by December 31st, 2024. We hold optimism that ambition will translate into action, aiming for 100% of signatories to have fully set SBTs before the deadline. 

In 2024, we will persist in supporting signatories through relevant peer circles and knowledge sessions. Our carbon consultant register is accessible to assist all signatories in calculating greenhouse gas emissions and establishing SBTs. Please feel free to reach out to your BITCI Advisor for any needed support in this regard. 

Numerous members have highlighted the instrumental role the Pledge has already played in laying the groundwork for impending mandatory sustainability reporting requirements. At BITCI, we are challenging ourselves and embarking on research and development to usher in the Pledge’s third iteration, emphasising action over ambition and surpassing mere compliance. In this, the warmest year on record, our call to action for all our members and Pledge Signatories is to accelerate climate and nature action while we still can.
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