Only 4% of Top Companies are Meeting UN Climate Targets

In a bid to combat climate change, half of the 2,000 largest listed companies have pledged to reach net-zero emissions by the mid-21st century. These commitments, as tracked by the Net Zero Tracker—an independent consortium including Oxford University—saw a significant rise, from 702 in June 2022 to 1,003 in October 2023. This surge represents two-thirds of global revenues, equivalent to some $27 trillion.

However, the devil is in the details. The UN’s Race to Zero campaign lays out specific guidelines for a pledge to be considered robust. It must encompass all types of emissions, initiate immediate reduction efforts, and mandate annual updates on progress toward interim and long-term goals. Only 4% of the companies meet these comprehensive standards.

Furthermore, only 37% of the companies with net-zero targets have included their Scope 3 emissions—those associated with their value chain. And a mere 13% adhere to a quality threshold for carbon offset usage.

John Lang, Project Lead at the Net Zero Tracker, underscores the significance of credible net-zero commitments as a hallmark of progressive, resilient companies. He prompts consumers and investors to consider whether the companies they Support are on the “right or wrong side of the line.”

The Net Zero Tracker not only monitors corporate pledges but also the climate promises made by nations, regions, and cities, employing both machine learning and human analysis. This collaborative effort, involving entities like Oxford Net Zero and the Energy & Climate Intelligence Unit, is fundamental in scrutinizing and steering the global journey toward a sustainable future.

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