LyondellBasell has a short-term climate transition plan which is much more credible than many of its CA100+ chemical sector peers. As a result, it is on target to meet its 2030 emissions target. Beyond this date, however, there is a lack of clarity, making it difficult for investors to understand how it will achieve its net zero target by 2050.

LyondellBasell (LYB) is on target to meet its 2030 emission target, but not net zero by 2050. The management has made commitments to investors which includes selling at least 2 million tonnes of recycled or renewable polymers by 2030, about 20% of current sales. However, the company has no Scope 3 target for post 2030. Presently, Scope 3 accounts for over 80% of total emissions.

As part of its Food and Land Use programme, Planet Tracker is examining the transition plans of the food system (Consumer Goods) companies covered by the Climate Action 100+ list.

In August 2022, PT released ‘Barely Credible’, a report which analysed the work of the Alliance to End Plastic Waste (AEPW). As a direct result of the report, AEPW advised Planet Tracker that its next annual report would include revised targets and more information on the plastic waste it has recovered and that they will more rigorously audit their annual report.

An in-depth analysis of the benefits of seafood traceability, ‘How to Trace $600 billion’, was leveraged to strengthen a call to action among retailers, wholesalers and policymakers for improved at-sea controls and a more robust traceability system covering all seafood products.

Planet Tracker’s innovative report A Deforestation Linked Sovereign Bond recommended a Deforestation-Linked Sovereign Bond (DLSB) to help countries with valuable state-owned forests to fund their transition to a sustainable economy by linking coupon payments to success in reducing deforestation as part of the solution.

Despite notable efforts to mitigate operating emissions, Walmart’s transition strategy falls short in addressing Scope 3 emissions effectively. Without consistent Scope 3 mitigation, the company risks overshooting its 2°C pathway alignment towards a business-as-usual scenario by 2030.

Walmart is expected to align with a 2°C pathway by 2030 when historic operating emissions are considered. Walmart’s transition plan displays a mix of strengths and limitations, according to Planet Tracker’s analysis. While engaging extensively with suppliers and advocating for climate policies, its transition efforts are hindered by a substantial rise in Scope 3 emissions and thus an overall increase in total emissions.

Planet Tracker was voted winner of the Driving Change in the Finance Community and the Nature and Biodiversity Leadership categories at the Finance for the Future Awards, organised by the Institute of Chartered Accountants England & Wales, Deloitte and A4S (Accounting for Sustainability).

Last week, European businesses, financial institutions, entrepreneurs, NGOs and policymakers gathered at the 2023 European Business and Nature Summit (EBNS) in Milan, Italy, to discuss sustainable business models focused on biodiversity. Held one year before the next CBD COP16 (United Nations Convention on Biological Diversity), special attention was placed on empowering businesses to take transformative action to head towards a nature-positive society.