A portion of global corporations, cities, and regions have yet to set any CO2 emission reduction goals, according to a new report from Net Zero Tracker. Despite the growing urgency to combat climate change, more than 40 percent of these giant entities still lack CO2 emission reduction goals. This significant gap in commitment only exacerbates the global challenge of addressing climate change as the world continues to fight the rising threat posed by greenhouse gas emissions.

Impact of global crisis on Net-Zero

According to the Net Zero Tracker, a coalition of research groups led by the University of Oxford, a greater number of governments and companies last year published net-zero pledges, but global crises like war, elections, and economic issues hinder its progress. Reportedly, with an analysis of data from 198 countries, 706 regions, 1,186 cities, and nearly 2,000 publicly listed companies, many still lack detailed transition plans.

John Lang, head of Net Zero Tracker's Energy and Climate Intelligence Unit, criticised the "lack of integrity across the board."  Despite rising numbers of pledges, policymakers and company boardrooms struggle to translate long-term goals into action.

Major companies without targets

Of more than 4,000 entities  surveyed, 1,750 had formal net-zero pledges. However, 1,700—many of them major players like Tesla, BYD, Nintendo, and Berkshire Hathaway—had yet to set any emissions targets. Yet, still, there have been signs of improvement: the number of enterprises that had no targets fell to 495 from 734 last year, with significant pledges from Asia contributing to the improvement.

CO2 emission reduction Goals
Image Source: MDP

Few entities have robust plans

It is less than 5% of the regions, cities, and companies reviewed that have passed "robustness" criteria by Net Zero Tracker, which includes outright plans for phasing out fossil fuels. Moreover, nearly half has failed to set targets on non-CO2 greenhouse gases such as methane. Many firms also don't account for emissions along their entire value chains or clarify reliance on offsets to meet targets.

Leaders in implementing Net-Zero pledges

The report cited Costa Rica, Volvo, and Alphabet as examples of good practice in implementing net-zero pledges.. Close to 88% of the world's population already has a net-zero commitment, with Mexico and Iran being some of the few exceptions.

Change to accelerate global climate ambition

Catherine McKenna, chair of a U.N. expert group on net-zero commitments, emphasised the need for stronger climate action: "There's been some good progress, but we need a lot more." Technologies already exist to triple current climate ambition levels, and the next round of nationally determined contributions (NDCs) to the U.N. will need to focus on implementation.

With global attention turning to the upcoming COP29 climate talks, the need for stronger, more detailed commitments remains critical.

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