NET ZERO STOCKTAKE 2023
• Growth in the number of national and subnational net zero targets has slowed, but company net zero target-setting momentum continues at speed.
• National government net zero targets underpinned by legislation or policy documents increased substantially in the two-and-half years, from less than 10% to 75%.
• A significant share of subnational and corporate entities still lack any emission reduction target whatsoever, at the global level and within the G7.
• Collectively, there are limited signs of improvement in the robustness of subnational and corporate net zero targets and strategies.
• More entities are clarifying their intention to use carbon dioxide removals (CDR) in their value chain.
• Despite having net zero pledges, no major producer countries or companies have committed to phasing out fossil fuels. Net zero has had to grow up quickly, transforming from scientific principle to global organising principle in just a few years. In June 2019, shortly after the Intergovernmental Panel on Climate Change’s (IPCC) Special Report on 1.5°C propelled net zero into the mainstream, one-sixth of global GDP was covered by a net zero target. Two years later when the 2021 UN Climate summit in Glasgow (COP26) closed its doors, 90% of the global economy was on board
