Net Zero Stocktake provides an annual assessment of net zero commitments
The new ‘Net Zero Stocktake 2024’, a report analysing and assessing of the intent and integrity of global climate commitments based upon latest data from the Net Zero Tracker, has found that a ‘commitment gap’ at a regional level risks undermining national net zero targets. The research found that whilst the number of net-zero targets has increased by 8% among cities and 28% among regions since June 2023, more than 40% of major non-state and subnational actors still have no emissions reduction targets. The report claims that as the climate crisis accelerates, a commitment gap across cities, states and regions is holding back the necessary economy-wide transition.
The Net Zero Tracker (NZT) is run by the Energy & Climate Intelligence Unit (ECIU and Oxford Net Zero[i]. It tracks the targets of all United Nations Framework Convention on Climate Change (UNFCCC) member states alongside each region in the largest 25 emitting nations, all cities with more than 500,000 inhabitants, and the world's largest 2,000 publicly listed companies (by annual revenue).
The Stocktake reveals that as of June 2024, 26% (185 of 706) of states and regions tracked by the NZT have net zero targets, with this covering a population of 2.2 billion, up from just 497 million in December 2020. However, less than a quarter of major cities (23%, or 271 of 1186) have set net zero targets, which represents a total population of 793 million, up from 640 million in December 2020. Additionally, the majority of these city-level net zero targets are in ‘high income’ countries (178 of 271 city-level net zero targets), with only 11% of cities in lower income countries having net zero targets (93 of 842).
Dr Steve Smith, Executive Director at Oxford Net Zero, said: “It’s two years since the UN Secretary General launched a report into net zero pledges, saying ‘we must have zero tolerance for net-zero greenwashing.’ And yet our findings show barely any improvements. Fewer than 5% of all the pledges by cities, regions and companies meet all our criteria for integrity. That number has risen by just 1% since last year. But there are a few bright spots of leadership around the world. Ambitious and honest action is possible. We point to examples in our report, with the hope that there will be many more in the near future.”[ii]
Concerningly target integrity remains low
The stocktake reveals that despite an increasing number of net zero targets and implementation plans being put in place, persistent gaps remain. The research finds that the quality of net zero commitments, measured against accepted integrity criteria, is only met by up to 5%, 4% and 3% of companies, cities and regions, respectively. In addition, the report acknowledges the importance of climate coalitions -finding that the Race to Zero campaign (an alliance of 14,500 non-state and subnational entities) was a key driver of net zero target-setting integrity. The fraction of corporate and subnational net zero targets meeting the robustness criteria was found to be considerably higher among Race to Zero members for states and regions, cities, and companies. Further, of the cities that met all robustness criteria, all of these were found to be Race to Zero members.
References
[ii] Ibid
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