While governments, cities, and businesses have increased their net-zero emissions pledges in recent months, many plans still have "major flaws" This, according to an analysis published today, June 13.
Most developed countries have stated that they will be net-zero by 2050, whereas China and India have stated that they will be there by 2060 and 2070, respectively.
"The use of that concept has simply been booming," Frederic Hans, climate policy analyst at NewClimate Institute and the report's co-lead author, said.
But not all is what it seems.
"If you set a net-zero target and you do not communicate in any way what emission reductions are implied by the targets, then nobody knows, you cannot be held accountable," Hans said.
The research, which is based on data from over 4,000 governments, cities, states, and significant corporations, comes as climate negotiators gather in Germany to prepare for crucial UN negotiations later this year.
It does not go into detail about how each net-zero plan would reduce greenhouse gas emissions; instead, it focuses on evaluating how well the targets are met and whether they are followed up with a specific action plan.
More than 90% of the world's economy is now covered by government promises to reach net-zero emissions, a nearly six-fold increase in only three years.
According to the report, one-third of the world's top publicly traded companies now have net-zero ambitions - 702 organizations, up from 417 in December 2020 - and the number of major cities with these emissions reduction targets has more than doubled to 235.
The Net Zero Tracker analysis considered a variety of factors, such as whether specific plans are publicized - or, in the case of governments, codified in law - and included critical interim targets to ensure early carbon-cutting action.
According to the research, by May 2022, 65% of national net-zero targets had been established in domestic legislation or included in policy documents, up from only 10% in December 2020.
However, the research showed that only about half of the 702 enterprises with net-zero promises had any form of interim aim, which it regarded "unacceptably low"
Only 38% of these companies incorporate all emissions connected with their products and activities in their net-zero strategies, from supply chains to customer use and disposal.
Big corporate polluters, notably those in the fossil fuel business, were found to be among the most likely to have net-zero targets, according to the survey.
To meet the Paris climate agreement's more aggressive aim of limiting global warming to 1.5 degrees Celsius over pre-industrial levels, UN experts say carbon emissions must peak by 2025 and be cut in half by 2030 from 2010 levels.
