The report, from the Net Zero Tracker project, shows that while net zero targets are now the norm, much is still to be done if the climate goals agreed at Paris are to be achieved. The report shows the bulk of national governments have now set net zero commitments. But the quantity of these commitments and their coverage plateaued over the last year.

Though the vast majority of countries have now set a net zero target, the lack of similar targets in parts of the private sector…hamstrings nations’ ability to deliver on those goals

Professor Thomas Hale

A significant and rising share of states, regions, cities, and major corporates now have net zero targets in place, according to the findings. 929 companies from the Forbes 2000 list have set net zero targets, up from 417 in December 2020. Nevertheless, many of these targets fall down on basic indicators of integrity, for instance in the coverage of all emitting activities, publication of a plan and reporting on progress. Many entities, both at the global level and within the G7, still lack any emission reduction targets at all.  

Professor Thomas Hale of Oxford’s Blavatnik School of Government explains why it is essential for the private sector to take action, ‘Though the vast majority of countries have now set a net zero target, the lack of similar targets in parts of the private sector and in local and regional governments hamstrings nations’ ability to deliver on those goals.

‘Implementation requires all hands-on deck. By incentivizing and supporting companies and sub-national governments to set rigorous net zero targets and plans, countries can boost the credibility of national climate goals.’

Expecting fossil fuel companies to go net zero might seem like asking turkeys to vote for Christmas. But even in a fossil-free world we will need clean energy for all and the ability to sequester residual carbon

Dr Steve Smith

The report shines a light on the fossil fuel sector, given the need to phase down the use of fossil fuels to halt global warming. Dr Steve Smith, Executive Director of Oxford Net Zero and CO2RE, maintains, ‘Expecting fossil fuel companies to go net zero might seem like asking turkeys to vote for Christmas. But even in a fossil-free world we will need clean energy for all and the ability to sequester residual carbon.

‘People in fossil fuel companies have the skills to build the future. By falling prey to the status quo, these companies are either delaying the net zero transition or losing out on the industries of tomorrow and increasingly today.’

Action is also urged by Alexis McGivern, Net Zero Standards Manager, Oxford Net Zero, who adds, ‘Clear consensus has emerged on what is required for robust net zero targets, which serves as a guiding star for both commitments and implementation. No company, city or region can any longer claim not to know what a credible target looks like. Several of these initiatives have also made it clear that fossil fuel phase-out is a mandatory part of any credible net-zero strategy.’

No company, city or region can any longer claim not to know what a credible target looks like

Alexis McGivern