Net Zero Tracker, an independent data consortium including Oxford University, said corporate targets from Forbes2000 index companies had jumped 40 per cent to 1,003 in October 2023, from 702 in June 2022, covering two-thirds of revenues, some USD 27 trillion

According to a report by Reuters, half of the world’s largest 2,000 listed companies have committed to achieving net-zero emissions by mid-century. However, only a small fraction of these companies meet the stringent criteria set by the United Nations for high-quality net-zero pledges. The report comes from Net Zero Tracker, an independent data consortium that includes Oxford University, The Energy & Climate Intelligence Unit (ECIU), Data-Driven EnviroLab (UNC), and the NewClimate Institute.

In October 2023, the number of corporate targets from companies in the Forbes2000 index increased by 40 per cent, reaching 1,003, compared to 702 in June 2022. These commitments represent approximately two-thirds of their total revenues, which amounts to around $27 trillion.

Despite this significant increase in net-zero commitments, only 4 per cent of these targets align with the criteria established by the U.N.’s Race to Zero campaign. These criteria include covering all emissions, taking immediate action to reduce them, and providing annual progress updates on both short-term and long-term targets.

Of the companies that have set net-zero targets, just 37 per cent include Scope 3 emissions, which are emissions linked to a company’s value chain. Additionally, only 13 per cent of these companies have established quality standards for the use of carbon offsets.

The rapid pace of change in the policies and commitments of governments and corporations will be a central focus of the COP28 climate talks in Dubai, scheduled to begin in late November. The Net Zero Tracker monitors commitments made by nations, states, regions, and cities using a combination of machine and human data analysis.