Infographic

Post COP26 snapshot 25 11 21

Notes and figures 
Net zero coverage — Countries
When including the net zero target of the European Union as a whole (not just the targets of its individual countries) net zero coverage is slightly higher across the board as of 16 November 2021: 92% for emissions, 93% for GDP and 86% for population.
Planned use of offsets — All entities
The use of offsets (carbon credits) is ill-defined across all entity targets, with 91% of country targets, 78% of regional targets, 79% of city targets and 48% of public company targets failing to specify if - and how - offset credits will be used.
Almost 43% of the world’s largest 632 public company targets, as measured by revenue, plan to use offsets — but two-thirds of that 43% fail to specify any conditions on the use of offsets.
Almost 10% of companies, as measured by revenue, have ruled out using offsets to reach their net zero targets. 
Coverage by scope — Companies
Only 32% of corporate net zero targets cover the entirety of Scope 3 emissions — and 25% of targets only partially cover Scope 3.
Governance indicators — All entities Interim targets indicator: Countries display 100% because all nations with net zero targets have submitted Nationally Determined Contributions (NDCs) with an interim mitigation target. We will be reviewing the value of this country indicator in the near future. 
Green shoots of corporate momentum
Companies setting net zero targets meeting 'minimum procedural standards' have increased in the last year almost two-fold by number (from 110 to 207) and almost four-fold (from $2,148bn to $8,049bn) as measured by revenue. 
Companies meeting both minimum standards and leadership practices — as defined by the UNFCCC's Race to Zero campaign — has doubled in the last year by number (from 11 to 22, and increased 16-fold (from $82bn to $1,345bn) as measured by revenue
 
Data and acknowledgements
Explore our <a href="https://www.zerotracker.net/methodology/">methodology</a> to find out how we collect information on net zero targets. To access the specific data used for this snapshot, please <a href="mailto:hello@zerotracker.net" target="_blank" rel="noreferrer noopener">email us</a>, or you can download the most up-to-date data set from our homepage. 
The above graphic was created by the Net Zero Tracker's project lead <a href="https://twitter.com/johnlangab" target="_blank" rel="noreferrer noopener">John Lang</a>. 
If referencing for external purposes, please cite as follows: For media: Post-COP26 Snapshot, Net Zero Tracker. Energy and Climate Intelligence Unit, Data-Driven EnviroLab, NewClimate Institute, Oxford Net Zero. November, 2021.
For academic publications: Thomas Hale, Takeshi Kuramochi, John Lang, Brendan Mapes, Steve Smith, Ria Aiyer, Richard Black, Mirte Boot, Peter Chalkley, Frederic Hans, Nick Hay, Angel Hsu, Niklas Höhne, Silke Mooldijk, Tristram Walsh. 'Post-COP26 Snapshot', Net Zero Tracker. Energy and Climate Intelligence Unit, Data-Driven EnviroLab, NewClimate Institute, Oxford Net Zero. 2021. 
This analysis and other Net Zero Tracker outputs wouldn't be possible without the following volunteers:
<ul><li>Shiemaa Ahmed</li><li>Fatima Arif</li><li>Nina Bengtsson</li><li>Barasha Borthakur</li><li>Samuel Boyer</li><li>Annabel Chantry</li><li>Mia Clement</li><li>Judith Condor-Vidal</li><li>Matthew Doran</li><li>Adriana Elera</li><li>Julian Gonzales</li><li>Manu Gupta</li><li>Jonathan Heale</li><li>Joe Kearney</li><li>Kara Keenan-Wilson</li><li>Maria Lemos Gonzalez</li><li>Amy Leung</li><li>Harry Linehan-Hill</li><li>Lucy Lyons</li><li>Lucy Main</li><li>Esmé McMillan</li><li>Nadia Merghani</li><li>Michelle Midzi</li><li>Sasha Mills</li><li>Joy Nkosi</li><li>Pippa Noble</li><li>Lizeth Palencia</li><li>Aiminayanate Pepple</li><li>Lore Purroy</li><li>Carol Serban</li><li>Bridget Stuart</li><li>Elizabeth Tatham</li><li>Leah Tillmann-Morris</li><li>Maria Torres Santeli Jose</li><li>Allan Torres</li><li>Irene Trung</li><li>Michelle Viotti</li><li>Kun Yan</li><li>Lina Yassin</li></ul>

Now that net zero is almost universal, the era of integrity begins.

Post-COP26 Snapshot

Press Release

Targets are improving, but must be strengthened to deliver net zero, post-COP26 analysis shows

<ul><li>The share of revenue from publicly-traded corporate net zero targets meeting minimum procedural standards has increased almost four-fold in a year, signalling momentum, but firms must urgently strengthen targets.</li><li>The use of offsets is ill-defined across all entities, with 91% of country targets, 79% of city targets, 78% of state and regional targets and 48% of public company targets failing to specify if - and how - offsets will be used in net zero plans1.</li><li>43% of the world’s largest 632 firms, as measured by revenue, plan to use offsetting - but 66% of these plans fail to specify any conditions on the use of offset credits.</li><li>Only 32% of corporate net zero targets cover the entirety of Scope 3 emissions – and 25% of targets only partially cover Scope 3.</li><li>Most city net zero targets are not binding - 66% of targets exist only as pledges, or ‘in discussion.’</li></ul>

Thursday 25th November 2021: A new analysis, <a href="https://content.zerotracker.net/analysis/post-cop26-snapshot">Post-COP26 Snapshot</a>, from the Net Zero Tracker shows major corporates have significantly strengthened net zero targets in the last year, but there is an urgent need for all entities to shift commitments from pledges into near-term policies and laws.
The snapshot of net zero targets from more than 4,000 entities, including nations, states &amp; regions, cities and corporations, shows leaders must rapidly shift ‘from quantity to quality’ target-setting - to operationalise the Glasgow Climate Pact signed by leaders at COP26.
Richard Black, Senior Associate, Energy &amp; Climate Change Intelligence Unit (ECIU), said:
“90% of GDP is now covered by a net zero target of some kind, but there are huge variations in the robustness and credibility of these targets. The Net Zero Tracker allows all stakeholders to see these variations in all their detail and so better hold their countries, regions, cities and businesses to account, highlighting shortfalls and driving standards up.”
To date, the total combined global revenue covered by public company net zero targets amounts to just over $19.5tn USD. The analysis shows a trend amongst corporates to set targets lacking the necessary rigour to deliver a timely, effective arrival at net zero but, as commitments are adopted, integrity is slowly improving.
<ul><li>Companies setting net zero targets meeting 'minimum procedural standards' have increased in the last year almost two-fold by number (from 110 to 207) and almost four-fold (from $2,148bn to $8,049bn) as measured by revenue2.</li><li>Companies meeting both minimum standards and leadership practices has doubled in the last year by number, from 11 to 22, and increased 16-fold (from $82bn to $1,345bn) as measured by revenue.</li></ul>
Outside of the corporate momentum, the analysis reveals that the use of offsetting is a primary area where all net zero targets must increase integrity. Most countries and public companies have not clearly specified how they will use offsets, signalling a trend towards using offsets improperly, instead of up-front action to cut near-term emissions. The majority of the companies also do not clarify to what extent they plan to rely on carbon dioxide removal.
<ul><li>Achieving a scientific balance between sources and sinks to realise net zero demands that plans depend primarily on genuine carbon-cutting, rather than offsetting. The NZT reveals the following:</li><li>91% of country targets, 79% of city targets, 78% of regional targets, and 48% of public company targets fail to specify if - and how - offsets will be used in their net zero plans3.</li><li>43% of the revenue of the world’s 632 largest public companies plan to use offsetting - but 66% of those plans fail to specify conditions on the use of offset credits.</li><li>Notably, 10% of companies have committed to avoid using any offsetting whatsoever.</li><li>Nearly one in five (17%), of states and regions’ net zero plans include the use of offsets, but of that figure, 91% have not specified the conditions of their use of offsets.</li></ul>
Dr Steve Smith, Executive Director, Oxford Net Zero, said:
“We are seeing a huge number of net zero plans that keep the door open to buying offset credits. That is worrying, because the market is awash with cheap credits of dubious quality. We can't offset all the way to real, global net zero. Leaders need to prioritise cutting their own emissions and set out clear rules and limits to their offsetting."
Cities have seen the largest recent rise in new net zero targets, with an 87% rise in new targets set over the last 12 months. However, perhaps as a result of this rapid shift, city-wide net zero plans are currently the most superficial – with 66% of targets existing only as pledges, or ‘in discussion.’
Net zero also demands that - for businesses - strategies must include emissions generated by the use of their products and services from supply chains, plus the lifecycle after a product or service is sold, including ongoing processing, further transport, use and disposal (so-called Scope 3 emissions). The largest proportion of carbon footprints – up to 95% - comprises Scope 3 emissions, yet the analysis reveals that most major companies have not yet faced up to the challenge of tackling Scope 3.
<ul><li>Only 32% of corporate net zero targets cover the entirety of Scope 3 emissions.</li><li>25% of corporate targets only partially cover Scope 3.</li><li>76% of major public companies have captured direct emissions (Scope 1), plus the in-direct emissions from purchased power (Scope 2) in net zero plans.</li></ul>
Prof. Angel Hsu, Director of the Data-Driven EnviroLab, said:
“Given Scope 3 reporting is hard and it’s currently voluntary, most firms take an ‘à la carte’ approach to carbon reporting and action - choosing the lowest hanging fruit and ignoring potentially the largest emissions sources in their value chain.
“To realise net-zero, firms must urgently shift to the ‘set menu’ – tracking and tackling Scope 3 emissions, where the broadest opportunities for greenhouse gas emission reductions lie.”
The Net Zero Tracker is geared to identify targets that include clear robustness criteria – i.e. those that include a published plan, immediate emission-cutting measures and an annual reporting mechanism. The analysis also compares key indicators of net zero governance, revealing the following insights:
<ul><li>81% of corporates, 67% of states and regions, and 60% of cities include interim targets within their net zero plans. 135 countries (100% of country net zero plans) include interim targets; since all 135 nations have submitted NDCs with interim targets for 2025/30.</li><li>79% of regions’ targets include net zero reporting mechanisms, followed by 75% of public companies, 60% of country targets and 37% of city targets.</li><li>78% of emissions from regions are covered by published net zero plans, followed by 63% of country-level emissions, 62% of emissions from public companies and 48% of emissions from cities4.</li></ul>
There is a vital need for leaders to be held accountable for delivering net zero targets across national and subnational governments and corporations. Yet, across the board, hardly any net zero targets articulate that the leadership roles are accountable for delivering net zero plans.
<ul><li>18% of corporate leaders are accountable for net zero targets set in the near future, while in governments only 5% of city leaders, 2% of national leaders and 2% of regional and state government leaders are accountable for net zero.</li></ul>
Dr Takeshi Kuramochi, senior climate policy researcher at NewClimate Institute, said:
“Following COP26, net zero is almost universal. Now, both governments and corporates must shift targets to a stronger footing, to operationalise net zero and drive rapid short-term emissions cuts.
“The message is getting through, but we have a long way to go. If governments, or corporates have set out a fully-fledged plan, they must quickly clarify how they will reach their targets. It is problematic that only a small fraction of government and corporate leaders are currently held accountable for their emission reduction actions.”

About the latest Net Zero Tracker analysis:

The latest analysis from the NZT released today - and outlined above, reflects a snapshot of global net zero targets taken on 16th November 2021. The snapshot examines the net zero targets of 135 countries; 229 cities, 110 states and regions, plus 632 of the world’s largest companies by revenue that have set net zero targets. The criteria assessments of entities’ net zero targets use the
following metrics (rather than number counts) to provide a fuller picture of net zero targets globally: for countries, we measure criteria as a share of emissions; for cities and regions as a share of population; and for companies as a share of annual revenue.

About the Net Zero Tracker
The Net Zero Tracker is a global initiative led by the <a href="https://eciu.net/" target="_blank" rel="noreferrer noopener">Energy &amp; Climate Intelligence Unit</a>, <a href="https://datadrivenlab.org/" target="_blank" rel="noreferrer noopener">Data-Driven EnviroLab</a>, <a href="https://newclimate.org/" target="_blank" rel="noreferrer noopener">NewClimate Institute</a> and <a href="https://netzeroclimate.org/" target="_blank" rel="noreferrer noopener">Oxford Net Zero</a> that assesses global net zero targets to promote transparency and ambition. The NZT is geared to analyse 4,000+ actors’ pledges – encompassing governments, regions, cities and corporations, using open-source documents and data to categorize net zero targets in a comparable way.
The NZT builds on the ECIU and Oxford’s <a href="https://eciu.net/analysis/reports/2021/taking-stock-assessment-net-zero-targets" target="_blank" rel="noreferrer noopener">Taking Stock</a> report, and the <a href="https://newclimate.org/2020/10/22/navigating-the-nuances-of-net-zero-targets/" target="_blank" rel="noreferrer noopener">Navigating the Nuances of Net Zero</a> report by the NewClimate Institute and Data-Driven EnviroLab, the first systematic analyses of global net zero commitments across countries, sub-national governments and major companies. The NZT is designed to enable state actors, businesses, campaigners, academics, and the public to benchmark the quantity and quality of net zero targets in order to track progress towards global climate targets on an ongoing basis. The NZT relies on a combination of machine learning, a team of trained volunteers and experienced climate policy analysts to keep tabs in real-time on both the quantity and, importantly, quality of net zero targets. It will eventually include more entities, and comes with a website allowing users to freely access, download and analyse data.
Twitter: <a href="https://twitter.com/NetZeroTracker" target="_blank" rel="noreferrer noopener">@NetZeroTracker</a>
YouTube: <a href="https://www.youtube.com/watch?v=fIim8lPkhVk" target="_blank" rel="noreferrer noopener">What is the Net Zero Tracker</a>

ENDS

For further information, or a briefing with a member of the Net Zero Tracker team, please contact: E: <a href="mailto:nick.hay@eciu.net" target="_blank" rel="noreferrer noopener">nick.hay@eciu.net</a>
M: +44 (0) 7378 250 228

PR: Post-COP26 Snapshot

Analysing the quantity, quality and momentum of net zero targets in G20 nations, regions, cities and companies.

G20 Analysis Oct 2021 FINAL

Note: When including the net zero target of the European Union as a whole (not just the targets of its individual countries) net zero coverage is slightly higher across the board as of 27 October 2021: 81% for emissions, 82% for GDP and 61% for population. 
The 'G20: Net zero stocktake', presented by <a href="https://twitter.com/johnlangab" target="_blank" rel="noreferrer noopener">John Lang</a>, is the Net Zero Tracker consortium's first analysis. It builds on ECIU and Oxford’s <a href="https://eciu.net/analysis/reports/2021/taking-stock-assessment-net-zero-targets" target="_blank" rel="noreferrer noopener">Taking Stock</a> report and the <a href="https://newclimate.org/2020/10/22/navigating-the-nuances-of-net-zero-targets/" target="_blank" rel="noreferrer noopener">Navigating the Nuances of Net Zero</a> report by the NewClimate Institute and Data-Driven EnviroLab, the first systematic analyses of global net zero commitments across countries, sub-national governments and major companies. 
We reference the UNFCCC's Race to Zero 'starting line' criteria in this analysis. It can be explored in detail <a href="https://racetozero.unfccc.int/wp-content/uploads/2021/04/Race-to-Zero-EPRG-Criteria-Interpretation-Guide-2.pdf" target="_blank" rel="noreferrer noopener">here</a>.
Explore the Net Zero Tracker <a href="https://content.zerotracker.net/pages/methodology">methodology</a> to find out about how we collected data. To access the data set, please download from our home page or <a href="mailto:hello@zerotracker.net" target="_blank" rel="noreferrer noopener">email us</a>. If using for external purposes, please cite as follows: For media: G20: Net Zero Stocktake, Net Zero Tracker. Energy and Climate Intelligence Unit, Data-Driven EnviroLab, NewClimate Institute, Oxford Net Zero. October, 2021.
For academic publications: Thomas Hale, Takeshi Kuramochi, John Lang, Brendan Mapes, Steve Smith, Ria Aiyer, Richard Black, Mirte Boot, Peter Chalkley, Frederic Hans, Nick Hay, Angel Hsu, Niklas Höhne, Silke Mooldijk, Tristram Walsh. 'G20: Net Zero Stocktake', Net Zero Tracker. Energy and Climate Intelligence Unit, Data-Driven EnviroLab, NewClimate Institute, Oxford Net Zero. 2021. 
This analysis owes a debt of gratitude to the following volunteers:
<ul><li>Shiemaa Ahmed</li><li>Fatima Arif</li><li>Nina Bengtsson</li><li>Barasha Borthakur</li><li>Samuel Boyer</li><li>Annabel Chantry</li><li>Mia Clement</li><li>Judith Condor-Vidal</li><li>Matthew Doran</li><li>Adriana Elera</li><li>Julian Gonzales</li><li>Manu Gupta</li><li>Jonathan Heale</li><li>Joe Kearney</li><li>Kara Keenan-Wilson</li><li>Maria Lemos Gonzalez</li><li>Amy Leung</li><li>Harry Linehan-Hill</li><li>Lucy Lyons</li><li>Lucy Main</li><li>Esmé McMillan</li><li>Nadia Merghani</li><li>Michelle Midzi</li><li>Sasha Mills</li><li>Joy Nkosi</li><li>Pippa Noble</li><li>Lizeth Palencia</li><li>Aiminayanate Pepple</li><li>Carol Serban</li><li>Bridget Stuart</li><li>Elizabeth Tatham</li><li>Leah Tillmann-Morris</li><li>Maria Torres Santeli Jose</li><li>Allan Torres</li><li>Irene Trung</li><li>Michelle Viotti</li><li>Kun Yan</li><li>Lina Yassin</li></ul>

The Net Zero Tracker's maiden analysis shines a light on G20 entities.

G20: Net Zero Stocktake

Net zero targets are becoming mainstream in G20 governments and businesses, but more must follow to realise ‘ambition loops’ that can accelerate the transition

<ul><li>Quality-geared Net Zero Tracker reveals major target-setting momentum across G20 governments, with a doubling of countries with legal net zero pledges since last year.</li><li>Only India and Mexico have yet to formally declare they will move to net zero.</li><li>Of the 18 G20 members with net zero targets, already 5 have clear plans and commitments for reaching net zero by 2050, but other countries must now follow.</li><li>1 in 3 of the largest listed companies in G20 countries now have net zero targets, up from 1 in 5 last year. Quality commitments that meet robustness criteria have doubled since 2020.</li><li>Large city and regional net zero commitments in the G20 have doubled since 2020, but 83% of G20 regions and 69% of cities still lack a net zero target of any kind.</li><li>High ambition of national, sub-national government and corporate segments of the G20 shows how ‘ambition loops’ can accelerate economies towards net zero.</li></ul>

27th
October 2021: The Net Zero Tracker, a powerful ‘quality-focused’ benchmark of climate targets, reveals that existing net zero pledges are increasingly being followed up with robust integrated plans - but this momentum must increase and accelerate during and following COP26. 
With countries announcing 5 new targets in the past 20 days, net zero pledges can be a lifeline to avert climate breakdown, providing all targets urgently adopt clear robustness criteria – i.e., they must include a published plan, immediate emission-cutting measures and an annual reporting mechanism, and plans must not depend hugely on offsetting. 
The analysis shows that over 80% of global GDP (measured via purchasing power parity) and 77% of global greenhouse gases are now covered by a national net zero target, up from 68% and 61% last year, respectively. However, when only considering countries with strong commitments and clear plans to reach net zero by mid-century, 10% of global GDP and 5% of global emissions are covered, showing how further steps to clarify and strengthen net zero targets, including matching them with immediate action, are urgently needed.
Net zero was enshrined into the Paris Agreement as a science-based approach to radically reducing, before entirely neutralising greenhouse gases, as the optimal path to 1.5℃. Subsequently, many entities have embarked on a journey to net zero without putting clear strategies in place. 
However, there are now clear signs that national net zero commitments are getting stronger. The number of countries with net zero pledges in law has doubled since last year, rising to cover 20% of global GDP, up from 6% last year. 
Alongside governments, a group of corporates are leading the race to make their net zero targets more rigorous, increasing confidence that they will be delivered and help put the world on a 1.5-degree C. pathway. 
The analysis signals an inflection point in target-setting of the largest firms:
<ul><li>33% of the G20’s largest businesses<a href="#_ftn1">[1]</a>
have set a net zero target, although two-thirds of those now need to be strengthened by publishing clear plans. </li><li>However, the number of large firms in G20 countries setting clearer targets has doubled from 5% to 10% in the last 11 months. </li><li>The economic weight of companies setting net zero targets is even higher. Firms with net zero targets account for 47% of the annual revenue of the largest companies in the G20.</li><li>Firms with robust net zero targets account for 19%.</li></ul>
Richard Black, Senior Associate, Energy &amp; Climate Change Intelligence Unit (ECIU), said:
“Over 150 of the 2,000 largest multinationals are setting the pace in the race to zero, having set net zero targets that meet fundamental standards of quality. 
“The quality of existing targets is rising, but more than 20% of major G20 firms must urgently shift their targets from intent to integrity if they want to be taken seriously, and the other two-thirds of them—nearly 1,000 firms—need to quickly wake up to the reality of this transition.
“Our analysis indicates that G20 businesses, and in some cases cities and regional governments too, are leading national governments, that have not yet set quality net zero targets. If ambition loops can be created across whole economies, it’s clear that countries can move at an eye-popping rate towards net zero.”
The <a href="https://www.zerotracker.net/">Net Zero Tracker</a> (NZT) is a global initiative led by the <a href="https://eciu.net/" target="_blank" rel="noreferrer noopener">Energy &amp; Climate Intelligence Unit</a>, <a href="https://datadrivenlab.org/" target="_blank" rel="noreferrer noopener">Data-Driven EnviroLab</a>, <a href="https://newclimate.org/" target="_blank" rel="noreferrer noopener">NewClimate Institute</a> and <a href="https://netzeroclimate.org/" target="_blank" rel="noreferrer noopener">Oxford Net Zero</a>. The NZT is geared to analyse 4,000+ actors’ pledges in real time – encompassing nations, states &amp; regions, cities and corporations. The NZT builds on the ‘<a href="https://eciu.net/analysis/reports/2021/taking-stock-assessment-net-zero-targets" target="_blank" rel="noreferrer noopener">Taking Stock</a>’ report published in March 2021 by ECIU and Oxford Net Zero, and the ‘<a href="https://newclimate.org/2020/10/22/navigating-the-nuances-of-net-zero-targets/" target="_blank" rel="noreferrer noopener">Navigating the Nuances of Net Zero’</a> report by the NewClimate Institute and Data-Driven EnviroLab - the first quantitative and qualitative analyses of global net zero commitments. 
The NZT relies on a combination of machine learning and a global team of trained volunteers to keep tabs in real-time on both the quantity and, importantly, quality of net zero targets. It will eventually include more entities, and comes with a new website allowing users to freely access, download and analyse data.
Professor Thomas Hale, Global Public Policy, the University of Oxford’s Blavatnik School of Government, said:
“Remarkably, net zero has now gone fully mainstream, but not all net zero pledges are created equal. As targets and pledges proliferate, this Tracker will shine a light on which ones are genuinely ambitious, comprehensive, transparent and accountable. 
“It’s going to give entities setting net zero targets the ability to benchmark themselves against science and against their peers. And it’s going to give the stakeholders of those entities—their citizens, their consumers, their investors, their business partners, and their critics—a tool to push for more action.
“The Tracker is a major step forward for radical transparency, but clear standards are also vital to ensure that net zero targets are delivered.”
The NZT has assessed the pledges of all key actors, including national governments, regional governments in the top emitters, and city governments over 500k in population. It also tracks the 2,000 largest publicly traded businesses globally. The Tracker analyses public-facing declarations of net zero targets by entities.
Within some G20 economies ‘ambition loops’ across national government, local governments and businesses are emerging. 
Dr. Takeshi Kuramochi, senior climate policy researcher at NewClimate Institute, Germany, said:
“In Japan, one factor that contributed to the national government pledging the 2050 net zero goal in October 2020 was that most subnational regions and major cities had already pledged 2050 net zero by then. Now, with the new national 2030 target, regions and cities are also revising their 2030 targets for more ambitious ones. National ministries have also been cooperating with the business sector to implement 2050 net zero hand-in-hand.”
In the UK, which is targeting a 78% reduction in carbon emissions by 2035 before reaching net zero in 2050, the following ambition is evident across the country:
<ul><li>All the UK’s 16 largest cities have set a net zero pledge; half of that number have set quality targets. </li><li>72% of the UK’s largest corporates have set a net zero target; 19% meet minimum quality checks<a href="#_ftn2">[2]</a>. </li></ul>
Low or static levels of net zero ambition are replicated across entire economies. For example, in Russia, Turkey, or Brazil, the number of regions, cities, and businesses setting net zero targets has remained similar to last year. In India, another G20 country that has not yet announced a net zero target, the number of cities and companies setting targets has grown but still remains at low levels. 
In Australia, the last developed G20 country to declare a net zero target, all subnational regions and 2/3 of the largest businesses had net zero targets in advance of this week’s national announcement. Of the latter, 1/3 are quality targets. 
Dr Angel Hsu, Assistant Professor, Founder, The Data-Driven EnviroLab, University North Carolina, said: 
“Top-down leadership on net zero is vital to bring all actors to the table. Countries that lack credible targets risk falling behind in the global race. Credible net zero targets represent a bond of trust between leaders and their societies – a clear, realisable plan to lead the net zero transformation, instead of being shaped by it.” 
 
[1] 516 out of 1,575 of the G20’s largest businesses have a net zero target and 164 of those pledges meet basic quality criteria. We define ‘largest businesses’ here by membership of the Forbes 2,000 list. 
<a href="#_ftnref2">[2]</a> 56/79 of the UK’s largest corporates have set a net zero target, 15 have set quality targets.

About the Net Zero Tracker
The Net Zero Tracker is a global initiative led by the <a href="https://eciu.net/" target="_blank" rel="noreferrer noopener">Energy &amp; Climate Intelligence Unit</a>, <a href="https://datadrivenlab.org/" target="_blank" rel="noreferrer noopener">Data-Driven EnviroLab</a>, <a href="https://newclimate.org/" target="_blank" rel="noreferrer noopener">NewClimate Institute</a> and <a href="https://netzeroclimate.org/" target="_blank" rel="noreferrer noopener">Oxford Net Zero</a> that assesses global net zero targets to promote transparency and ambition. The NZT is geared to analyse 4,000+ actors’ pledges – encompassing governments, regions, cities and corporations, using open-source documents and data to categorize net zero targets in a comparable way.
The NZT builds on the ECIU and Oxford’s <a href="https://eciu.net/analysis/reports/2021/taking-stock-assessment-net-zero-targets" target="_blank" rel="noreferrer noopener">Taking Stock</a> report, and the <a href="https://newclimate.org/2020/10/22/navigating-the-nuances-of-net-zero-targets/" target="_blank" rel="noreferrer noopener">Navigating the Nuances of Net Zero</a> report by the NewClimate Institute and Data-Driven EnviroLab, the first systematic analyses of global net zero commitments across countries, sub-national governments and major companies. The NZT is designed to enable state actors, businesses, campaigners, academics, and the public to benchmark the quantity and quality of net zero targets in order to track progress towards global climate targets on an ongoing basis. The NZT relies on a combination of machine learning, a team of trained volunteers and experienced climate policy analysts to keep tabs in real-time on both the quantity and, importantly, quality of net zero targets. It will eventually include more entities, and comes with a website allowing users to freely access, download and analyse data.
Twitter: <a href="https://twitter.com/NetZeroTracker" target="_blank" rel="noreferrer noopener">@NetZeroTracker</a> 

ENDS
For further information, or a briefing with a member of the Net Zero Tracker team, please contact: E: <a href="mailto:nick.hay@eciu.net" target="_blank" rel="noreferrer noopener">nick.hay@eciu.net</a>
M: +44 (0) 7378 250 228

PR: G20 Net Zero Stocktake

<title>Analysis | Net Zero Tracker</title>

Our latest on net zero targets across nations, regions, cities and public companies.

Analysis

Net Zero Tracker Partners