Majority of corporate net-zero pledges fall short of 1.5°C standards despite 23% rise in commitments: UN report

Baku, Nov 14 (PTI) Despite a 23 per cent rise in voluntary net-zero commitments among major corporations since June 2023, only a fraction meet high standards for alignment with the 1.5°C goal, leaving most plans lacking in transparency, fossil fuel phase-outs, and just transition elements, according to a new UN report released at the COP29 climate summit here on Thursday.

The report highlighted the urgent need for stronger, more transparent climate commitments from non-state actors, including businesses, cities, and financial institutions, to prevent dangerous global warming beyond 1.5°C.

Released by the UN High-Level Expert Group on Net Zero Emissions Commitments of Non-State Entities, the report— "Integrity Matters: The Hard Work Is Now" —outlines progress and gaps in net-zero efforts across various sectors since the group’s last assessment in 2022.

The report emphasised a troubling forecast, citing the United Nations Environment Programme's latest Emissions Gap Report, which projects a 3.1°C rise in global temperatures under current trajectories.

Antonio Guterres, the UN Secretary-General, warned that "closing the emissions gap means closing the ambition gap, the implementation gap, and the finance gap." Despite a 23 per cent rise in voluntary net-zero commitments among major corporations since June 2023, only a fraction meet high standards for alignment with the 1.5°C goal, leaving most plans lacking in transparency, fossil fuel phase-outs, and just transition elements, the report said.

Many of these pledges, according to Net Zero Tracker data, omit crucial Scope 3 emissions or avoid setting targets for phasing out fossil fuel investments.

Some leaders are making strides, with initiatives like the Net Zero Asset Owner Alliance achieving a 6 per cent reduction in financed emissions annually, the report said.

Additionally, nearly 100 cities have adopted climate action plans aligned with the Paris Agreement, while California and the European Union introduced mandatory climate disclosures, setting a precedent for more rigorous climate accountability, it said..

However, the report indicated that major gaps in global efforts, such as comprehensive plans to phase out fossil fuels and expand renewable energy, continue to hinder progress.

The report called for decisive global action at COP29 to implement policies that mandate transparent, high-integrity climate transition plans.

Catherine McKenna, chair of the High-Level Expert Group, remarked that scaling these efforts is essential if the world is to avert climate disaster and move closer to sustainable economic practices.

“The leaders highlighted in this review show that high-integrity net zero can be achieved. It’s no longer credible for companies, investors, cities and regions to claim that moving faster on the climate crisis is too difficult or expensive,” McKenna said.

“However, to meet the 1.5C Paris Agreement target, we need a much broader range of companies, investors and cities,” she said. PTI UZM NSA NSA