The Paris Agreement calls for a balance of anthropogenic greenhouse gas emissions by sources and sinks in the second half of this century. As a result, all signatory Parties are required to undertake a transformation of their greenhouse gas-intensive sectors. In order to master this task, the private sector in particular plays a crucial role.
Against this background, this new study examines the climate change mitigation targets of 44 companies in Europe and the role that carbon offsetting plays in achieving these targets. To this end, it examined which targets the companies define and how they interpret climate neutrality. In particular, the role of carbon offsetting in companies' climate protection and carbon neutrality strategies was analysed. Subsequently, the oil and gas as well as the automotive sector was examined in more detail, as these comprise the companies with the highest greenhouse gas emissions.