Net Zero Stocktake 2026

Last year, we described ‘buoyancy amidst backlash’. That backlash has grown louder in 2026, particularly in the US. Yet across the more than 4,000 governments and companies tracked by the Net Zero Tracker, net zero commitments have mostly held their ground.

Our sixth annual Stocktake finds that new target-setting has stalled, but the global picture masks movement in both directions. The bigger concern is whether existing commitments are credible, and whether governments and companies are following through.

This year, we also introduce our first Corporate Back-Tracking analysis, examining how some of the world's largest companies are quietly changing their climate targets.

Key findings:

• Commitments hold firm. Of the 4,062 governments and companies tracked, 1,926 (47%) have net zero or similar targets, unchanged from 2025. Some 92% retained the same or a similar target status.
• Countries consolidate. 137 of 198 countries and territories have net zero targets, covering at least 76% of global greenhouse gas emissions. Of these national commitments, 73% are now enshrined in law or formal policy, up from 67%.
• Corporate targets plateau. 64% of tracked publicly listed companies have net zero targets, representing nearly $40 trillion in annual revenue. US coverage has edged down from 52% (2025) to 51%, while Chinese companies have increased from a low baseline: from 23% (2025) to 28%.
• Subnational progress is uneven. Around 200 states and regions have net zero targets, covering more than 2.1 billion people. Meanwhile, 331 large cities (28%) have targets, covering around 830 million people.
• The accountability gap persists. Around 1,540 entities (38%) have neither a long- nor short-term emissions target. Among publicly listed companies, 384 have no mitigation target at all.
• Target integrity improves, but from a low base. 78% of companies with net zero targets now have implementation plans, up from 69%. Yet only 11% meet all seven minimum integrity criteria, compared with 7% last year.

Of the 198 countries, 722 states and regions, 1,185 cities and 1,957 publicly listed companies tracked, 1,926 now have net zero targets:

• 137 countries (up from 127 in 2020)
• 212 states and regions (up from 73)
• 331 cities (up from 155)
• 1,246 companies (up from 417).

Holding the line, but not everywhere

The global plateau conceals some striking geographical differences.

In the US, political hostility towards net zero has intensified, but most corporate commitments have survived. Meanwhile, target-setting is gaining ground in China, where 42% of tracked companies now have emissions targets, up seven percentage points in a year. Japan, the UK and the EU continue to show high levels of corporate commitment.

The picture is similarly uneven among cities and regions. In the G7, 68% of large cities have net zero targets, compared with just 5% of cities in low-income countries. Across the world's major economies, the gap between climate leaders and laggards is considerable.

Corporate Back-Tracking: the devil in the detail

A company can weaken its climate commitments without abandoning its net zero target. This year's Stocktake takes a closer look at the world's 50 largest publicly listed companies. Our new 'Back-Tracking' analysis examines changes to their long-term and interim targets, including weakened milestones, narrower emissions coverage and commitments reframed as aspirations.

Findings suggest that more companies are weakening or dropping emissions reduction targets than strengthening them. Most negative changes have occurred since 2024, particularly among financial institutions and oil and gas companies.

The analysis lays the groundwork for the Net Zero Tracker's new Back-Tracker tool, planned for early 2027, which aims to make changes to corporate climate commitments easier to scrutinise.

The path forward

Despite pockets of political backlash to net zero globally, clean energy investment and deployment continue apace. New forms of international climate cooperation are emerging, including the 57 countries that gathered in Colombia to advance the transition away from fossil fuels.

Net zero targets have continued to grow in number over the past six years, even if that growth has now stalled. The challenge for all entities is still to turn existing commitments into credible plans, policies and emission reductions.

As COP31 gets underway in Antalya, Türkiye, the question is whether governments and companies will follow through. Pledges must give way to delivery.