Planet Tracker’s recent analysis of Toray Industries’ challenges the company’s climate alignment, asserting that it is on a trajectory aligned with +3°C. According to the analysis, Toray’s total emissions were 12,703 ktCO2e in 2022, with nearly 60% stemming from Scope 3. While Toray emphasises its intention to reduce absolute emissions by 50% per unit of revenue by 2031, Planet Tracker contends that the company is not on track to achieve its 2031 or 2050 targets.

Despite Toray Industries’ stated goal of achieving Paris-aligned status by 2031 and net zero by 2050, analysis by Planet Tracker concludes that Toray lacks a robust plan to achieve net zero for Scope 1 & 2 by 2050 and highlights the absence of a clear strategy for Scope 3 emissions. While Toray aims to reduce absolute emissions by 50% per unit of revenue by 2031, Planet Tracker argues that the company is not on track to meet these targets.

Dubai hosted the 28th Conference of the Parties to the Framework Convention on Climate Change (UNFCCC COP28). In this blog, we share Planet Tracker’s insights and identify what financial institutions should take away from this latest climate summit.

Planet Tracker’s latest report, Toxic Footprints Europe, identifies 1,093 facilities in the trilateral chemical region (Belgium, The Netherlands, Germany), which are found to have released and transferred 125 million tonnes of chemicals since 2010, resulting in 24,640 years of healthy life lost and 57 billion fractions of species affected.

Toxic Footprints Europe

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New analysis of one the world’s largest concentrations of petrochemical facilities pinpoints the most polluting producers and exposes investors for overlooking impacts. The report finds the region has released 125 million tonnes of chemicals since 2010, resulting in devastating consequences for human and environmental health, including 24,640 years of health life lost and 57 billion fractions of species affected.

From 2019 to 2021 Air Liquide experienced a weighted absolute increase of 16% in total Scope 1, 2 and 3 emissions. Without further mitigation, Air Liquide will overshoot SBTs by a significant 243%, failing to align with a 1.5°C pathway by 2030 or a well-below 2°C warming scenario by 2035. However, Planet Tracker does not anticipate that this will happen if the company follows through with its forward-looking disclosed initiatives.

While Air Liquide seems poised for a 1.5°C pathway, Planet Tracker recommends a close monitoring of the company’s climate transition investments outcomes, to ensure its progress toward the intended target.

As decisions over the future viability of deep sea mining are under review, Planet Tracker’s latest report ‘The Climate Myth of Deep Sea Mining’ examines deep sea mining companies’ claim that mining polymetallic nodules could be a low carbon alternative to mining on land.

Comparing three academic lifecycle assessment studies evaluating the ‘nodule-to-commodity’ climate impact of metals produced from polymetallic nodules and land ores reveals that deep sea nodules could have 28% higher or 76% lower climate impact than land ores. Planet Tracker believes that such a marked variation in results is not a good enough basis for making decisions about the future of deep sea mining.