SINGAPORE (Reuters) – Over 40% of major companies, cities, and regions have not set targets to cut greenhouse gas emissions. This finding comes from an annual “stocktake” released on Monday. The Emissions-Cut Targets Survey underscores the urgent need for accountability and actionable plans in the fight against climate change. #EmissionsCutTargetsSurvey
While more governments and enterprises have issued net-zero pledges since last year, their attention has been further diverted by wars, elections and economic challenges, leaving a significant “commitment gap”, said Net Zero Tracker, a coalition of research groups at the University of Oxford.
Countries are preparing to submit new 2035 climate targets to the United Nations. However, policymakers and company boards struggle to translate long-term goals into concrete action.
“A common theme throughout this report is the persistent lack of integrity across the board,” said John Lang, who heads Net Zero Tracker’s Energy and Climate Intelligence Unit.
The report looked at net-zero commitments and action plans from 198 countries, 706 sub-national regions, 1,186 cities and nearly 2,000 publicly-listed companies.
They found that while 1,750 entities out of more than 4,000 had made formal net-zero pledges, nearly 1,700 hadn’t set targets of any kind.
Among the listed firms, just under 60% had set net-zero targets, up 23% since last year’s report, with a significant rise in pledges from Asia.
The total number of companies with no emissions targets dropped to 495, from 734 last year. They include electric vehicle makers Tesla and BYD, Nintendo and Berkshire Hathaway, Net Zero Tracker said.
The report cited Costa Rica, Volvo and Google owner Alphabet as examples of “good practice” when it comes to implementing net-zero pledges. #EmissionsCutTargetsSurvey
Only 5% of regions, cities, and companies met all of Net Zero Tracker’s criteria for “robustness.” These criteria include having detailed plans to phase out fossil fuels.
Urgent Action Required to Establish Emissions-Cut Targets for Sustainable Futures
Furthermore, the lack of targets poses challenges for achieving sustainability. Many local governments and organizations must adopt effective strategies to align with international climate agreements. Ultimately, the findings from the Emissions-Cut Targets Survey call for immediate action to ensure a sustainable future for all.
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