LRLCY Loreal Co (PK)

   By Maitane Sardon 
 

As global leaders gather to debate action on climate change at the United Nations today, a group of 87 companies, including Levi Strauss & Co. (LEVI) Danone SA (BN.FR) and Unilever PLC(ULVR.LN), are taking further action to limit their carbon emissions.

The companies, that have a combined market capitalization of over $2.3 trillion, said they will adopt new targets in line with what scientists say is needed to limit global temperature increases to "well below" 2 degrees Celsius.

The Intergovernmental Panel on Climate Change says global carbon emissions have to fall by 45% by 2030 in order to limit global warming, but change is not happening at a fast-enough pace, according to the UN, that says the Paris Agreement's signatories need to be far more ambitious in their nationally-determined contributions.

Some of the 87 companies, including Swiss company Zurich Insurance Group(ZURN.EB), Vodafone Group PLC (VOD.LN) and International Flavors & Fragrances Inc. (IFF), are committing to set science-based targets for reducing their greenhouse gas emissions for the first time.

Others, including UK's BT Group PLC (BT.A.LN) and Burberry Group PLC (BRBY.LN) or France's L'Oreal SA (OR.FR) and Orange(ORA.FR), have already set targets but said will announce further climate goals over the coming months.

"Science-based targets are important to Unilever because they ensure our greenhouse gas emissions reductions are aligned with what science says is necessary to achieve a safe and sustainable future," said Unilever's CEO Alan Jope.

Mr. Jope said the consumer goods company aims to be carbon neutral before 2030, adding that it still has "a lot of hard work ahead".

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

September 23, 2019 06:24 ET (10:24 GMT)

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