The world’s largest coal mining companies need to show how they will reduce their carbon emissions to meet global climate targets under the Paris accord, according to an investor-backed group led by the Church of England.
Only two of the 20 largest listed coal companies — Rio Tinto and Brazil’s Vale — have long-term targets for reducing their emissions, according to a report published on Tuesday by the Transition Pathway Initiative, a coalition of investment funds with £34tn under management.
Three coal companies, DMCI Holdings, Inner Mongolia Yitai Coal, and Shougang Fushan Resources Group, do not even acknowledge climate change, the study said. The report comes after the Paris climate change agreement to limit global warming to below 2 degrees Celsius above pre-industrial levels came into effect last November.