Global Firms and Regions Lagging on Climate Targets

An annual report reveals that over 40% of major companies, cities, and regions have not set any goals to reduce greenhouse gas emissions. Despite an increase in net-zero pledges, many entities lack detailed and robust transition plans. Only a small percentage meet all criteria for effective climate action.

More than 40% of major companies, cities, and regions have yet to establish any targets to cut greenhouse gas emissions, according to an annual report released on Monday assessing global progress against catastrophic climate change.

Although net-zero pledges have risen, with governments and enterprises facing diversions by wars, elections, and economic challenges, there's a significant 'commitment gap,' according to Net Zero Tracker, a coalition of research groups at the University of Oxford. Countries preparing to submit new 2035 climate targets to the United Nations are still grappling with how to translate long-term goals into concrete actions.

'A common theme throughout this report is the persistent lack of integrity across the board,' stated John Lang of Net Zero Tracker's Energy and Climate Intelligence Unit. Reviewing pledges from 198 countries, 706 regions, 1,186 cities, and nearly 2,000 companies, the report found that while 1,750 entities made formal net-zero pledges, nearly 1,700 hadn't set any targets. Moreover, only 5% of these entities have robust, detailed plans to phase out fossil fuels.

(With inputs from agencies.)