Global survey unveils alarming gaps in emissions reduction commitments

A comprehensive annual "stocktake" released on Monday has shed light on a concerning trend in global climate action efforts. According to the survey conducted by Net Zero Tracker, a coalition of research groups at the University of Oxford, more than 40% of major companies, cities, and regions have yet to establish any targets for reducing greenhouse gas emissions. This revelation comes at a critical juncture in the global fight against catastrophic climate change, underscoring the urgent need for more widespread and concrete action.

The report, which examined net-zero commitments and action plans from 198 countries, 706 sub-national regions, 1,186 cities, and nearly 2,000 publicly-listed companies, paints a mixed picture of progress. While there has been an increase in net-zero pledges since last year, the attention of governments and enterprises has been diverted by various factors including wars, elections, and economic challenges. This diversion has resulted in what Net Zero Tracker terms a significant "commitment gap."

John Lang, who heads Net Zero Tracker's Energy and Climate Intelligence Unit, highlighted a persistent issue across the board: "A common theme throughout this report is the persistent lack of integrity across the board." This observation points to a troubling disconnect between long-term goals and concrete, actionable plans.

The survey's findings reveal that out of more than 4,000 entities examined, 1,750 had made formal net-zero pledges. However, a staggering 1,700 had not set any targets whatsoever. Among publicly-listed companies, there was a notable increase in net-zero targets, with just under 60% having set such goals - a 23% rise from the previous year's report. Asian companies, in particular, showed a significant increase in making these pledges.

Despite this progress, the report identified 495 companies that still have no emissions targets at all, down from 734 last year. Surprisingly, this list includes prominent names in the green technology sector, such as electric vehicle manufacturers Tesla and BYD, as well as major corporations like Nintendo and Berkshire Hathaway.

On a positive note, the report highlighted examples of "good practice" in implementing net-zero pledges, citing Costa Rica, Volvo, and Google's parent company Alphabet. However, only 5% of regions, cities, and companies met all of Net Zero Tracker's criteria for "robustness" in their climate action plans. These criteria include having detailed strategies for phasing out fossil fuels.

The survey also uncovered significant gaps in addressing non-CO2 greenhouse gases like methane, with around half of the regions, cities, and companies failing to set targets for these emissions. Many firms also fell short in accounting for emissions across their entire value chains or in clarifying their reliance on offsets to meet targets.

On a global scale, 148 states, covering 88% of the world's population, have made net-zero commitments. Notable exceptions include Mexico, Iran, and Azerbaijan - the last being particularly significant as it is set to host the COP29 climate talks in November.

The report concludes with a call to action, asserting that technologies exist to triple the current levels of climate ambition. It emphasises the need for the next round of nationally determined contributions (NDCs) submitted to the UN to provide more detailed implementation plans for these targets.

Catherine McKenna, former Canadian environment minister and chair of a UN expert group on net-zero commitments, summarised the situation: "There's been some good progress, but we need a lot more." This statement encapsulates the overall sentiment of the report - acknowledgment of steps taken, coupled with a stark reminder of the vast distance still to be covered.

As countries prepare to submit new 2035 climate targets to the United Nations, this report serves as a critical wake-up call. It highlights the urgent need for policymakers and corporate leaders to bridge the gap between long-term aspirations and immediate, concrete actions. The challenge now lies in translating these net-zero pledges into robust, detailed transition plans that can effectively combat the looming threat of climate change.