Global Net Zero progress
TRACKING NET ZERO PROGRESS: How aligned are we on the global path to net zero?
“Net zero isn’t only a clear and simple target, it’s what the planet needs in order to halt the rise in temperatures.”
– Dr Steve Smith, Executive Director, Oxford Net Zero
Oxford Net Zero is part of a pioneering team surveying more than 4,000 significant entities to track net zero targets globally.
In June 2022, we published the Net Zero Global Stocktake which assesses the status and trends of net zero target setting across countries, sub-national governments and companies.
Report’s highlights:
- National net zero targets set in domestic legislation or policy documents have surged — from 10% of total GHG coverage in December 2020 to 65% in June 2022.
- The spotlight falls on companies (65%), regions (84%) and cities (80%) that are yet to pledge net zero targets.
- Using the Race to Zero ‘starting line’ criteria as our benchmark, we found that fewer than one-fifth of net zero targets set by national and sub-national governments currently meet minimum procedural standards of robustness.
- More than one-third of world’s largest publicly traded companies now have net zero targets, up from one-fifth in December 2020. However, 65% of corporate net zero targets do not yet meet minimum procedural standards of robustness.
TRACKING GLOBAL NET ZERO COVERAGE
%
Emissions
%
GDP (PPP)
Graph: Countries with net zero targets together represent 88% of global emissions, 92% of global Gross Domestic Product (in PPP terms) and 85% of the global population
%
Population
EXISTING NET ZERO TARGETS: indicators of quality
%
Meet basic robustness criteria
%
Include interim targets
%
Include a reporting mechanism
%
Include a published plan
Data from the 2021 report: Taking stock: A global assessment of net zero targets https://eciu.net/analysis/reports/2021/taking-stock-assessment-net-zero-targets
Dangers of Greenwashing
Our report highlights that net zero commitments vary hugely in their quality. While 20% of existing net zero targets already meet a certain minimum set of robustness criteria, or ‘starting line’, as set out by the UN Race to Zero Campaign, this leaves significantly more work to be done by governments and business leaders in the months leading up to the UN Climate summit in Glasgow (COP 26).
“While the rapid uptake of net zero targets is encouraging, we need much more clarity from actors on how they plan to get there. It’s particularly important that actors clarify their approach to offsetting.” Dr Thomas Hale, Blavatnik School of Government, University of Oxford
Net zero pledges will only deliver the 1.5°C global warming target if plans are robust and enacted swiftly. Failure to improve commitment to targets with better governance and transparency might leave companies and governments open to greenwashing allegations.
CRITERIA: how NET ZERO commitments are ASSESSED
Timing of targets: What are the key targets and interim years?
- Reach net zero by 2050 ● Set interim targets ● Act immediately
Status: What is the level of progress?
- Achieved ● In Law ● Proposed Law ● In Policy Document ● Under Consideration
Governance: What is the type of monitoring and commitment?
- Formal, top-level commitment ● Interim targets ● Transparency through regular reporting and tracking ● Clear plan with specific operational implications
Use of offsets: What type of offsetting schemes are used?
- Require robust standards (e.g. additionality, permanence, verifiability)
- Specify offsetting approach, avoided emissions, reductions, or removals
Coverage: What type of emissions do targets include?
- All Greenhouse Gases ● Consumption Emissions ● International Aviation and Shipping?
findings (By criteria)
Data from the 2021 report: Taking stock: A global assessment of net zero targets https://eciu.net/analysis/reports/2021/taking-stock-assessment-net-zero-targets
Timing of target
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- the majority of targets across all entities are ‘by 2050’
- however, 212 entities have set a ‘by 2030’ target, three-quarters of them (153) companies
- China alone makes up the vast bulk of emissions covered by post-2050 commitments
target status in law & Policy
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- across all entities, the vast majority of targets are either proposed and aspirational, or in a policy or strategy document
- seven nations and four cities have enshrined their commitments in law
- 21 countries (17%) are net negative, while 44 companies (11%) have achieved their net zero targets
coverage of greenhouse gases & Scopes
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- across all entities, a significant fraction of targets (14% by number) do not specify CO2 only or all greenhouse gases
- the remainder are split roughly equally between those covering all greenhouse gases and CO2 only or all greenhouse gases
- only five countries include a share of international aviation and only four include shipping
- the number of companies including emissions across all Scopes is 27% by number
- the number of states and cities with targets covering both territorial and consumption emissions is 9% by number
Use of offsets
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- for all types of entity, the majority of commitments are unclear on whether they intend to use carbon offsets
- very few entities explicitly rule out the use of offsets (one country, eight regions, 11 cities and 33 companies)
- for those entities that indicate they will use offsets, only a few set conditions on their use (eight countries, 11 regions, 21 cities and 87 companies)
governance & REPORTING
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- regular reporting of progress is widespread for national targets, which was anticipated as this is part of nations’ commitments to the UN climate convention
- 86 nations, 42 states and regions, 68 cities and 277 companies have a reporting mechanism
- 25 nations, 41 states & regions, 65 cities and 210 companies have a published plan
- 115 nations, 35 states & regions, 71 cities and 244 companies have set interim targets
- across all entities, 10% by number explicitly took equity into account when setting their net zero targets.
findings (By criteria)
Timing of target
Click here to enlarge the graph.
- the majority of targets across all entities are ‘by 2050’
- however, 212 entities have set a ‘by 2030’ target, three-quarters of them (153) companies
- China alone makes up the vast bulk of emissions covered by post-2050 commitments
target status in law & Policy
Click here to enlarge the graph.
- across all entities, the vast majority of targets are either proposed and aspirational, or in a policy or strategy document
- seven nations and four cities have enshrined their commitments in law
- 21 countries (17%) are net negative, while 44 companies (11%) have achieved their net zero targets
coverage of greenhouse gases & Scopes
Click here to enlarge the graph.
- across all entities, a significant fraction of targets (14% by number) do not specify CO2 only or all greenhouse gases
- the remainder are split roughly equally between those covering all greenhouse gases and CO2 only or all greenhouse gases
- only five countries include a share of international aviation and only four include shipping
- the number of companies including emissions across all Scopes is 27% by number
- the number of states and cities with targets covering both territorial and consumption emissions is 9% by number
Use of offsets
Click here to enlarge the graph.
- for all types of entity, the majority of commitments are unclear on whether they intend to use carbon offsets
- very few entities explicitly rule out the use of offsets (one country, eight regions, 11 cities and 33 companies)
- for those entities that indicate they will use offsets, only a few set conditions on their use (eight countries, 11 regions, 21 cities and 87 companies)
governance & REPORTING
Click here to enlarge the graph.
- regular reporting of progress is widespread for national targets, which was anticipated as this is part of nations’ commitments to the UN climate convention
- 86 nations, 42 states and regions, 68 cities and 277 companies have a reporting mechanism
- 25 nations, 41 states & regions, 65 cities and 210 companies have a published plan
- 115 nations, 35 states & regions, 71 cities and 244 companies have set interim targets
- across all entities, 10% by number explicitly took equity into account when setting their net zero targets.
