The number of companies that have committed to reduce their carbon emissions in line with global efforts to keep warming to well below 2°C has increased to 200.
A total of 45 firms have joined the ‘Science Based Targets’ initiative since May this year when the figure stood at 155.
According to UN Global Compact, Carbon Disclosure Project (CDP), World Resources Institute (WRI) and WWF, the initiative has seen a growth rate of above two companies per week committing to set targets since it was launched in May 2015.
Businesses who commit have two years to set science-based targets, which are then reviewed by a team of experts, who only approve those that meet strict criteria.
Walmart, Diageo, Coca Cola and Kellogg Company are some of the 200 firms that represent an estimated total of $4.8 trillion (£3.84tn) in market value and are responsible for 627 million metric tonnes of CO2 equivalent emissions per year.
Of those companies, 26 have had their targets approved by the initiative, including Coca Cola Enterprises, Dell, General Mills, Kellogg, NRG Energy and Procter & Gamble.