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The world’s largest companies need to "double the pace" of their CO2 reduction programmes - including paperless office targets - to avoid dangerous climate change, according to a new report.

Based on their current reduction targets, the world’s largest companies are on track to reach the scientifically-recommended level of greenhouse gas cuts by 2089 – 39 years too late to avoid dangerous climate change.

The shortfall is revealed in "The Carbon Chasm" research report released by the Carbon Disclosure Project.

The Carbon Disclosure Project (CDP) is an independent not-for-profit organisation. It says it holds the largest database of primary corporate climate change information in the world.

Its report shows that the Global 100 are currently on track for an annual reduction of just 1.9% per annum, which is below the 3.9% needed in order to cut emissions in developed economies by 80% in 2050.

According to the Intergovernmental Panel for Climate Change (IPCC), developed economies must reduce greenhouse gas emissions by 80-95% by 2050 in order to avoid dangerous climate change.

The Carbon Chasm report is based on data reported to CDP and supported by BT, to analyse how the world’s largest 100 companies currently set greenhouse gas emissions reduction targets and whether they are sufficient to combat long term climate change.

Of those emissions reduction targets with a deadline, a majority (84%) are set up to and including 2012, which correlates with the final year of the Kyoto Protocol. This suggests that businesses may be waiting to hear outcomes of the UN Conference of the Parties meeting in Copenhagen this December (COP-15) before they set longer term reduction goals.

BT chief sustainability officer Chris Tuppen said, "Most large companies now measure their carbon footprint and many have set carbon reduction targets. But how many of those targets are actually in line with the required reductions to prevent dangerous climate change?

"The research highlights a significant gap between what is needed from the corporate sector and what’s currently promised. We in the business world need to find a way of closing this carbon chasm.”

Paul Dickinson, CEO of the CDP, said, “Whilst 73% of Global 100 companies have set some form of reduction target, the majority need to be far more aggressive if they are to achieve the long-term reductions required.

"This is a time of huge opportunity for businesses to gain competitive advantage by reducing their own impact on the climate and benefit from associated cost savings, as well as sparking major innovation around the production of new, lower carbon products and services.”

The report can be downloaded here