A report by Bloomberg has highlighted a trend of large corporations falling short of their sustainability commitments.

What's happening?

Voluntary action, Bloomberg explains, is making environmental responsibility optional while the planet continues to overheat.

Peter Ford, former program lead of H&M Group's Sustainability and Energy Efficiency, shared his disappointment with the fashion industry's lack of progress in curbing pollution and waste.

"As an industry, it's not working out yet," Ford said, per Bloomberg. Even with H&M's recent report of a 24% reduction in supply chain pollution, apparel pollution is projected to rise an additional 30% by the end of the decade, according to McKinsey & Co.

According to the Science Based Targets initiative (SBTi), a corporate climate action organization that holds companies accountable in combating the climate crisis, almost 11,000 companies have announced sustainability commitments or set "science-based targets" — targets aligned with what climate science deems necessary to meet the climate goals of the Paris Agreement.

The SBTi target dashboard tracks companies that have made climate pledges, as well as companies that have removed their commitments. According to the dashboard, more than 800 companies have since removed their commitments — Walmart being one of them.

Earlier this year, Walmart announced its slow progress on reducing the company's pollution, admitting it was falling behind on its climate goals. Around the same time, oil and gas giant BP announced a plan to scrap renewable energy commitments, deciding to focus on dirty fuels instead.

On the banking side, HSBC has been facing major backlash for going back on a promise to divest from oil and gas fields. It also raised over $1 million in funding for Glencore, a major coal producer.

Voluntary action on environmental goals has made it easy for companies to backslide on sustainability pledges. As more companies drop out, others could be inclined to do the same. 

Why are climate goals important?

A recent report by Sustainable Fitch found that 88% of the world's largest corporations and financial institutions either kept or expanded their climate pledges. However, that also means that 12% of companies, including the likes of Walmart, BP, and HSBC, lowered or dropped their commitments.

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Among the many changes that the Trump administration has implemented are renouncements of climate programs and policies that worked toward reaching climate goals to help curb the planet's overheating.

However, without the support of the government, climate responsibility becomes even more of a choice for large corporations that had previously pledged to do better.

Meanwhile, the planet is rapidly overheating due to human-induced pollution of heat-trapping gases from burning dirty fossil fuels for energy. Rising global temperatures, linked to increased extreme weather events, have dire consequences for all life on Earth.  

What can I do to help?

Forming a unified front in the fight against rising global temperatures and changing climates is key to achieving effective progress. However, change can also happen on an individual level.

Being part of the solution requires first learning about critical climate issues and understanding how different aspects of your lifestyle may be contributing to the larger problem.

Simple switches you can make to lower your carbon footprint include walking or biking instead of driving, or driving an electric vehicle instead of a gas-powered car. Shopping secondhand instead of buying things new and supporting brands that align with environmental values are other ways to help.

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