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Corporate Carbon Reduction Pledges: An Effective Tool to Mitigate Climate Change?

Author

Listed:
  • Comello, Stephen

    (Stanford University)

  • Reichelstein, Julia

    (Piva Capital)

  • Reichelstein, Stefan

    (Mannheim Institute for Sustainable Energy, University of Mannheim and Stanford University)

Abstract

In this article we first summarize the specific plans articulated by seven major corporations for reducing their Corporate Carbon Footprints (abbreviated as CCF from hereon). Our sample is not intended to be representative of the broader population of firms that have become active in this regard. Instead, our selection aims to cover a range of industries, including energy companies, manufacturers, and distributors of consumer products as well as internet technology firms. We then compare and discuss key features of the decarbonization plans put forth by these seven firms to highlight substantial differences regarding the specificity and measurement of the articulated goals. Our discussion points to considerable variation in the use of so-called carbon offsets. We also discuss what might make CCF disclosures more transparent and credible in the future, including the possibility of such disclosures becoming mandatory rather than voluntary.

Suggested Citation

  • Comello, Stephen & Reichelstein, Julia & Reichelstein, Stefan, 2021. "Corporate Carbon Reduction Pledges: An Effective Tool to Mitigate Climate Change?," Research Papers 3955, Stanford University, Graduate School of Business.
    • Handle: RePEc:ecl:stabus:3955
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    File URL: https://www.gsb.stanford.edu/faculty-research/working-papers/corporate-carbon-reduction-pledges-effective-tool-mitigate-climate
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    Citations

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    Cited by:

    1. Paolo Angelini, 2024. "Portfolio decarbonisation strategies: questions and suggestions," Questioni di Economia e Finanza (Occasional Papers) 840, Bank of Italy, Economic Research and International Relations Area.
    2. Hechelmann, Ron-Hendrik & Paris, Aaron & Buchenau, Nadja & Ebersold, Felix, 2023. "Decarbonisation strategies for manufacturing: A technical and economic comparison," Renewable and Sustainable Energy Reviews, Elsevier, vol. 188(C).
    3. Zhang, Zehua & Zhao, Ran, 2022. "Carbon emission and credit default swaps," Finance Research Letters, Elsevier, vol. 50(C).
    4. Shira Cohen & Igor Kadach & Gaizka Ormazabal & Stefan Reichelstein, 2023. "Executive Compensation Tied to ESG Performance: International Evidence," Journal of Accounting Research, Wiley Blackwell, vol. 61(3), pages 805-853, June.
    5. Glenk, Gunther & Reichelstein, Stefan, 2021. "Intermittent versus dispatchable power sources: An integrated competitive assessment," ZEW Discussion Papers 21-065, ZEW - Leibniz Centre for European Economic Research.
    6. Hemang Desai & Pauline Lam & Bin Li & Shiva Rajgopal, 2023. "An Analysis of Carbon-Reduction Pledges of U.S. Oil and Gas Companies," Management Science, INFORMS, vol. 69(6), pages 3748-3758, June.
    7. Comello, Stephen & Reichelstein, Julia & Reichelstein, Stefan, 2023. "Corporate carbon reporting: Improving transparency and accountability," ZEW Discussion Papers 23-026, ZEW - Leibniz Centre for European Economic Research.
    8. Gregory Trencher & Mathieu Blondeel & Jusen Asuka, 2023. "Do all roads lead to Paris?," Climatic Change, Springer, vol. 176(7), pages 1-33, July.

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