A report published by Thomas Reuters states that the 250 biggest listed firms in the world contribute to a third of all man made greenhouse gas emissions.
The report, published on 31 October, also claims that only 30% of these companies have any strong plans to cut down on their emissions.
In the past three years, these firms did not meet the goal of reducing emission output 3% to keep in line with the Paris Agreement’s target of limiting global warming to 2C.
“Without continual reduction in emissions from this group of companies, effectively mitigating the long-term risks of climate change is not possible,” states the report.
Gazprom and Exxon Mobil, both oil and gas companies, were the highest on the list as the emitted the most CO2 at company and consumer levels.
Other companies within the market who have successfully managed to cut their carbon footprint have not suffered in terms of shareholder returns, profits, or employment.
In fact, Xcel Energy, Ingersoll Rand, and Total have all benefit from their emission reduction.
Last year Total chose to steer away from traditional coal production and has since launched a programme to fit 5,000 service station with photovoltaic (PV) panels by 2022.