Just 1 of the 24 companies currently sponsoring COP 28 in Dubai have set net-zero targets with the Science Based Targets initiative (SBTi), the collaborative climate commitment initiative anchored by the United Nations. Just 6 of these companies have committed to setting net-zero targets with SBTi. Only 5 of these companies have set enough targets for the initiative to effectively grade their commitments on a future-temperature alignment scale. Just 2 of these 24 companies have made a commitment to 100% renewable energy through Science Based Targets or the RE100 initiative. Just 2 again have set targets with Climate Group’s EP100 energy efficiency initiative. This report looks at the 24 companies serving as official sponsors of COP 28 and compares these companies on their commitments to climate emergency action and leadership, as measured through the independent Science Based Targets as well as Climate Group’s RE100 and EP100 initiatives. Companies making more and better commitments and setting more and better targets, rank better.

COP 28 sponsors failing to lead on climate commitments and targets

Just 1 of Texas’s 25 largest companies have set net-zero targets with the Science Based Targets initiative (SBTi), the collaborative climate commitment initiative initially anchored and currently supported by the United Nations. None of these 25 companies have made commitments to 100% renewable energy through the SBTi or Climate Group’s RE100 initiative and none of these companies have committed to setting advanced energy efficiency targets through Climate Group’s EP100 initiative. Only 7 of these companies have set enough targets for the SBTi to effectively grade their commitments on a future-temperature alignment scale. This report compares the 25 largest Texas-headquartered companies on their commitments to climate emergency action and leadership, as measured through the independent SBTi as well Climate Group’s independent RE100 and EP100 initiatives. Companies making more and better commitments and setting more and better targets, rank better.

Texas' biggest companies failing to lead on climate emergency

None of South Texas’ 10 largest companies have set net-zero targets with the Science Based Targets initiative (SBTi), the collaborative climate commitment initiative initially anchored and currently supported by the United Nations. Just 1 of these 10 companies, Rackspace, has made commitments to 100% renewable energy through the SBTi or Climate Group’s RE100 initiative and none of these companies have committed to setting advanced energy efficiency targets through Climate Group’s EP100 initiative. None of these companies have set enough targets for the SBTi to effectively grade their commitments on a future-temperature alignment scale. This report compares the 10 largest South Texas-headquartered companies on their commitments to climate emergency action and leadership, as measured through the independent SBTi as well Climate Group’s independent RE100 and EP100 initiatives. Companies making more and better commitments and setting more and better targets, rank better.

Largest South Texas companies failing on climate crisis

Over the last 5 years, these 10 companies collectively spent over $431,000,000,000 of their income repurchasing their own company stock, a practice that was illegal in the United States until the 1980s. This expenditure on buybacks almost doubles what these same companies spent on the prior five years, which was over $241,000,000,000. Stock buybacks disproportionately benefit insiders like corporate executives and institutional investors with the capabilities of maximizing buyback periods. Because stock buybacks allow beneficiaries to forgo the regular income taxes they would typically pay on ordinary dividends, buybacks by the film and television industry have likely saved their wealthiest shareholders $10s of billions in taxes over the last decade.  This report compares the 10 largest US-operating film and television companies on their stock buybacks over the last 5 years. Companies that spend less on buybacks, rank better.

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