Survey Reveals 40% of Regions, Cities, and Companies Lack Emissions Reduction Targets, According to Reuters

By David Stanway

SINGAPORE – A recent annual assessment reveals that over 40% of key companies, cities, and regions have yet to establish any targets for reducing greenhouse gas emissions. This analysis aims to evaluate global progress in combating severe climate change.

Despite an increase in net-zero commitments from governments and corporations since the previous year, many have become sidetracked by geopolitical conflicts, electoral processes, and economic obstacles, contributing to a notable "commitment gap," according to Net Zero Tracker, a coalition of research organizations affiliated with the University of Oxford.

As nations gear up to present updated climate targets for 2035 to the United Nations, both policymakers and corporate leaders are finding it challenging to turn high-level objectives into actionable steps. The transition plans proposed often lack the necessary depth and precision, the study indicated.

“A recurring theme in this report is the ongoing lack of integrity across the board,” remarked John Lang, head of the Energy and Climate Intelligence Unit at Net Zero Tracker.

The report assessed net-zero commitments and action strategies from 198 countries, 706 sub-national regions, 1,186 cities, and nearly 2,000 publicly-traded companies. It was found that while 1,750 out of over 4,000 entities have made formal net-zero pledges, nearly 1,700 have not set any emission reduction targets.

Among publicly-listed companies, approximately 60% have established net-zero targets, marking a 23% increase compared to the previous year. There has been a notable uptick in pledges from Asia in particular. The number of companies without emission targets has declined to 495, down from 734 last year. This group includes well-known firms such as Tesla, BYD, Nintendo, and Berkshire Hathaway.

The report highlighted Costa Rica, Volvo, and Alphabet (Google’s parent company) as exemplary models in the execution of net-zero commitments. However, only 5% of regions, cities, and companies fulfilled all of Net Zero Tracker’s criteria for strong commitments, which include having comprehensive plans for phasing out fossil fuels.

About half of the regions, cities, and companies surveyed have not set targets for non-CO2 greenhouse gases, such as methane. Additionally, many organizations have yet to account for emissions throughout their entire supply chains or explain their reliance on carbon offsets to meet their goals.

The report noted that 148 countries, representing 88% of the global population, have net-zero commitments in place. However, states like Mexico, Iran, and Azerbaijan, which will host the COP29 climate talks in November, stand as exceptions.

Technologies capable of significantly enhancing climate ambition are available, and the upcoming round of nationally determined contributions submitted to the U.N. must provide detailed implementation strategies for these targets.

"While some positive progress has been made, much more is required," stated Catherine McKenna, a former Canadian environment minister and chair of a U.N. expert group focused on net-zero commitments.