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Illustration: Sarah Grillo/Axios

Giant corporations that make sustainability pledges have long faced justified skepticism over greenwashing, but several recent moves look somewhat more "green" and less "washy."

Driving the news: We're in the midst of a burst of new pledges by big multinationals, some of them around the annual "climate week" gathering of policymakers, companies and advocates.

Catch up fast: The many moves yesterday and in recent days and weeks include...

  • Walmart's pledge to zero out its operational emissions by 2040.
  • Banking giant Morgan Stanley's vow to have net-zero "financed emissions" by 2050.
  • Google's goal that within a decade its data centers will run around the clock on zero-carbon power.
  • Amazon's start last week in spending money from its big climate tech VC fund.

Why it matters: Climate pledges are getting less airy and, if carried out, would see companies accomplishing more tangible actions.

  • For instance, BP's long-term plan to diversify away from its dominant fossil fuel business will steeply cut its oil production over the next 10 years.
  • On the energy user side, consider that Walmart is vowing to reach its goal without buying offsets.
  • And this Vox piece looks deeply at Microsoft's recent moves.

What they're saying: "Lots of people were right to criticize early efforts as more marketing than material, but I think we have reached an inflection point and corporate climate commitments will get more ambitious and robust," says Joseph Majkut, director of climate policy at the think tank Niskanen Center.

He sees several forces at play, including...

  • Corporations understanding that "young, dynamic, and intelligent job candidates want to work for a company that is leading on climate."
  • The "economics and risk management" side of things. "For a lot of companies, clean energy is the cheaper and more resilient option," he says, while others are "getting ready for a transition they expect will only accelerate."

The intrigue: Corporate ethics expert Alison Taylor said companies are being pushed to address ongoing "contradictions" in their climate plans, such as how banks have renewable energy funds and oil industry clients.

  • "I think there is a ton of pressure to join these dots and address these contradictions, both because shareholder activism is increasingly focused on political spending, and also because employee activists often have enough passion and access to highlight these gaps," adds Taylor, who's with NYU's Stern School of Business.
  • "Both these trends push for more ambition and more disclosure on reputational grounds," she says.

Yes, but: "I don't think these issues are being addressed adequately, to date," Taylor tells me.

  • But she also sees some interesting developments occurring amid escalating pressure.
  • Taylor points to how several European oil giants have pulled out of some lobbying groups over their climate stances, and notes that "pressure on Amazon with regard to oil and gas clients is not going away."

Go deeper

Ben Geman, author of Generate
Dec 19, 2020 - Energy & Environment

Biden rolls out climate picks with emphasis on jobs, environmental justice

President-elect Biden. Photo: ALEX EDELMAN / Getty Images

President-elect Joe Biden introduced his energy and environment team on Saturday at an event that emphasized job-creation in low-carbon industries and racial justice, but provided no new policy specifics.

Why it matters: Biden has promised to make climate among his top priorities and his team is planning an approach that draws in agencies government-wide.

Thousands without power as "hazardous" winter storm lashes East Coast

Winter view from Charlotte as winter storm Izzy creates dangerous conditions in Charlotte, N.C. on Jan. 16. Photo: Peter Zay/Anadolu Agency via Getty Images

A major winter storm was lashing much of the East Coast on Sunday, causing widespread power outages and disrupting travel over the holiday weekend.

The big picture: Heavy snow and ice accumulations were "likely to produce hazardous travel," downed trees and more outages from the Mid-South to the Northeast, per the National Weather Service. Some parts of the U.S. can expect to see up to a foot of snow through Monday.

Updated 6 hours ago - Science

Volcanic eruption in Tonga caused "significant" damage

This satellite image of the eruption on Jan. 15 taken by Himawari-8, a Japanese weather satellite operated by Japan Meteorological Agency and released by National Institute of Information and Communications Technology (NICT). Photo: NICT via AP

Significant damage has been reported in Tonga following an undersea volcanic eruption on Saturday, which covered the Pacific nation in ash and cut off communication lines.

Driving the news: The eruption triggered tsunami warnings across Tonga's islands and in other regions, including the West Coast of the U.S. and New Zealand, which were later lifted.

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