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Average targeted emissions cut is 30% by 2030 for 51

companies

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Lags the 43% cut needed to help hit global climate goal

By Simon Jessop

April 9 (Reuters) - The carbon emissions reduction

targets of a group of the biggest listed companies are too weak

collectively, meaning they are failing to play their part in

preventing the most devastating impacts of global warming, a

report on Tuesday showed.

A study of 51 companies by the non-profit NewClimate

Institute and Carbon Market Watch found they had committed to

reducing their emissions by 30% by 2030, on average, against the

43% needed to limit global warming to 1.5 degrees Celsius (2.7

Fahrenheit) by 2050.

Although 19 firms had improved their targets over the last

two years, those of many were described as ambiguous, and were

tied to only part of their business or relied on offsets instead

of cutting emissions, leading to effective targets of 5%-20%,

the report found.

Among the best performers were food company Mars, retailer

H&M Group, and energy groups Enel and

Iberdrola, which had committed to reducing their

emissions by between 50% and 64%, the report said.

"Four years into the critical decade for action on climate

change, some companies have understood the need to set 2030

targets that are aligned with the latest climate science and

substantiated by credible measures to achieve them," NewClimate

Institute's Frederic Hans said.

"However, there still is a concerning lack of commitment and

urgency from too many companies to undertake credible climate

action."

Scientists consider emissions need to be roughly cut in half

by the end of decade if the world wants to reach a mid-century

goal of net zero greenhouse emissions. Last year emissions and

average temperatures both hit a record high.

Governments' pledges - dubbed Nationally Determined

Contributions - so far leave the planet facing warming of

2.5-2.9C above pre-industrial levels, raising the prospect of

devastating floods, droughts and wildfires.

Monday's report is the third iteration of the NGOs'

Corporate Climate Responsibility Monitor, which focuses on the

biggest companies by revenue in climate-crucial sectors.

Benja Faecks from Carbon Market Watch said it showed the

need for more effective climate regulation.

"Civil society, investors, and governments depend on

transparent and credible rules to distinguish well-substantiated

transition plans from those that remain inadequate and prone to

greenwashing," Faecks said.

(Additional reporting by Gloria Dickie; editing by Barbara

Lewis)