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Expand chart
Data: BloombergNEF; Chart: Thomas Oide/Axios

Carbon-cutting pledges of many of the world's largest companies would together take a big bite out of global greenhouse gas output, a new tally shows.

Driving the news: BloombergNEF analyzed the pledges of 111 companies with net-zero targets on the "focus" list of companies held by Climate Action 100+, an investor network that pushes corporations on climate.

Why it matters: Through August, 111 companies of the 167 companies on the list had targets that would cut 9.8 billion metric tons of CO2 equivalent by 2050, or roughly one-fourth of global emissions today.

Yes, but: While ambitious long-term pledges have become the coin of the realm in big companies' boardrooms, the degree of tangible steps that follow these targets is uncertain.

  • "As more net-zero targets are set by corporations, the conversation will change from one focused on quantity to one around quality," said Kyle Harrison, BloombergNEF's head of sustainability research.

Go deeper: White House moves against "super-pollutant" in climate fight

Go deeper

Climate reckoning for oil and gas CEOs

Illustration: Aïda Amer/Axios

Top executives from ExxonMobil, BP, Chevron and Shell will face a reckoning on Capitol Hill Thursday, as they're grilled on evidence that their companies knew for years that their products were driving climate change but chose to downplay or deny it.

Why it matters: The hearing before the House Oversight Committee will be the first time these executives have been brought together to provide sworn testimony regarding what they knew about the ties between their company's products and climate change, and when they knew it.

Oct 26, 2021 - Politics & Policy

Scoop: Biden plan expected to include at least $500B for climate

Photo: Stephanie Keith/Bloomberg via Getty Images

The White House is privately telling lawmakers the climate portion of President Biden's roughly $2 trillion social spending plan is "mostly settled" and will likely cost more than $500 billion, two sources familiar with the talks tell Axios.

Why it matters: A price tag of $500 billion to $555 billion is a huge number and, if it holds, would likely be the single biggest component of the sweeping package. It also isn't far off from the roughly $600 billion proposed when the bill was expected to cost $3.5 trillion.

4 hours ago - Technology

Facebook changes corporate name to Meta

Screen shot of CEO Mark Zuckerberg at the company's "Connect" virtual event

CEO Mark Zuckerberg on Thursday said the social media giant is renaming its company Meta.

Why it matters: The effort is meant to shift its image from a social media platform to a “metaverse” company that focuses on building virtual work and social communities.