Current Status of Net Zero Targets

Camilla Hyslop

13 years: Sustainability and Net Zero

In this video, Camilla breaks down the key findings from the Net Zero Tracker's Net Zero Stocktake report, evaluating global progress towards climate commitments. Explore the positive strides in corporate and national net zero targets, but also discover the areas needing improvement, particularly in the lack of concrete plans and transparency.

Sector and Region Transition

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Current Status of Net Zero Targets

5 mins 41 secs

Key learning objectives:

Understand the purpose of the Net Zero Tracker’s Net Zero Stocktake report
Outline the progress that has been made towards net zero targets
Understand where improvements are still required when it comes to net zero targets
Outline which sector is still contributing to climate destruction

Overview:

The Net Zero Stocktake report evaluates global climate commitments, highlighting advancements and lapses in net zero targets among nations, regions, and major corporations. The findings outline the increasing adoption of net zero goals, with almost half of the Forbes Global 2000 companies committing to such targets and a surge in national policies since 2021. Despite this progress, many entities lack concrete strategies to meet their pledges, with scant evidence of improvement in integrity measures. Alarmingly, fossil fuel companies, despite setting numerous net zero targets, exhibit considerable credibility gaps, particularly in Scope 3 emissions coverage. The report underscores the necessity for consistent progress from ambition to actionable strategies to combat climate change effectively.

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Summary

What is the Net Zero Tracker’s Net Zero Stocktake report?

The Net Zero Tracker’s Net Zero Stocktake report is a crucial document that systematically reviews the breadth and quality of climate commitments across the globe, targeting national and subnational governments as well as leading corporations. It scrutinises the establishment and fulfilment of net zero targets, examining the degree to which these entities have formulated and followed through on credible action plans to mitigate climate change.

What progress has been made towards net zero targets?

Progress towards net zero targets has been positive, especially in the corporate sector where net zero commitments have become standard among the majority of top global companies, including over half of those listed in the Forbes Global 2000. Nationally, there has been a legislative shift with a marked increase in climate targets being enshrined into law or policy since 2021, suggesting a move from theoretical aims to practical execution.

What improvements are still required when it comes to net zero targets?

Despite these advances, there are areas needing significant improvement. Entities are often criticized for setting long-term targets without concrete interim plans or transparent strategies to reach them. Over a thousand have set targets but show little improvement in emission reduction strategies. Moreover, an alarmingly small fraction meet the UN Race to Zero criteria, indicating a widespread need for more robust and immediate action.

Which sector is falling behind when it comes to net zero targets?

The fossil fuel sector, critical to the climate change discourse, is markedly trailing in its net zero ambitions. Though many companies have declared net zero targets, these often have substantial credibility issues, particularly concerning the management of Scope 3 emissions. The sector’s approach reveals a disconnect, as they set targets but continue extensive fossil fuel production, conflicting with the UN's directive for credible climate action.

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Camilla Hyslop

Camilla Hyslop is the co-data lead at the Net Zero Tracker, coordinating a team of volunteers to maintain the database. She is also working on her PhD, focusing on improving governance of carbon dioxide removal to achieve net zero by mid-century. Prior to her doctorate, she worked in corporate law in South Africa. Camilla holds undergraduate degrees in law and English literature from the University of Cape Town, a master's in environmental law from U.C. Berkeley, and an MSc. in Environmental Change and Management from Oxford.

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