UN chief slammed companies for greenwashing and "toxic cover-up"

Egypt: At the COP27 conference in Sharm El-Sheikh, UN chief Antonio Guterres called out companies who indulge in greenwashing and said they need to put an end to "toxic cover-up." He specified that businesses cannot claim to be net-zero if they are investing in fossil fuels, causing deforestation, and/or offsetting emissions instead of reducing them.

He added that cities and regions should also update their voluntary net zero pledges within a year to comply with the UN's recommendations.

Speaking to fossil fuel firms and their financial enablers, he said that using bogus net-zero pledges to cover up massive fossil fuel expansion is "reprehensible" and it is "rank deception." Guterres further called greenwashing a "sham" and said it must end because toxic cover-up can push the world over the climate cliff, reported AFP.

Catherine McKenna, Canada's former environment and climate change minister, led the panel. She said it is very easy to announce that a country, city, region, or company is going to be net zero by 2050. "But you have to walk the talk and we have seen that there is not enough action. It is currently extremely hard to properly evaluate whether firms are cutting emissions."

She added that around 90% of the global economy currently has made some sort of promise of carbon neutrality and called for great transparency. She further said the world needs to drastically reduce emissions and invest in clean energy to reach net zero.

The panel once again asserted that the world should focus on limiting global warming to 1.5°C above the pre-industrial temperature. UN experts have been insisting that global emissions must come down by 50% by 2030. Expressing concern over some firms trying to make up for increasing pollution with carbon credits, McKenna said you cannot offset your way to net zero.