![]() Renewables tailwinds but 'low ambition' COP28: Fitch unit's G7 verdict for green investors The Stocktake suggested that inaction is leaving those targets "misaligned" with scientific and policy consensus, as reflected in the recommendations of the UN Secretary-General’s Expert Group on Net-Zero, issued last year, and described this as one of the key political issues in the lead-up to the COP28 event scheduled to take place in the United Arab Emirates in November. We found that none of these companies is making the necessary commitments to fully transition away from fossil fuel extraction or production," the report stated. ![]() For this report, we piloted the indicator against the 114 fossil fuel companies we track. "To further align with the UN Expert Group’s recommendations, the Tracker is preparing to introduce a new indicator that assesses whether entities intend to phase out fossil fuels. In its report, NTZ acknowledged the sharp increase in the number of the world’s largest 112 fossil fuel companies with net zero targets increased - 75 compared to 51 in June 2022 - but criticised the failure to fully cover or clarify coverage of Scope 3 emissions and an absence of commitments to make the transition away from fossil fuel production, despite UN guidelines stating that credible net zero targets require "specific targets" aimed at ending the use of fossil fuels and support for their production. ![]() On the other hand, NZT’s Stocktake found that 49 members of the United Nations Framework Convention on Climate Change (UNFCCC), plus 558 regional provinces or states, 934 major cities, and 1,057 of the largest publicly-listed companies still lack any net zero target, and many of those lack any kind of mitigation goal. The list included 149 countries, up from 124 in December 2020, 145 states and regions, up from 73, as well as 252 cities, up from 115, and 929 publicly-listed companies from the Forbes Global 2000, up from 417 Of more than 4,000 entities of all types currently tracked by NZT, at least 1,475 were found to have a net zero target, up from 769 in December 2020, and 1,180 twelve months ago. 'Fight of our times': John Kerry channels spirit of D-Day in battle against climate change "The proportion of net zero targets set in domestic legislation or policy documents has substantially increased from 5% of total greenhouse gas coverage in December 2020 to 75% today," the report noted. The Stocktake also showed an increase in the number of national governments taking steps to formalise national net zero commitments into domestic policy, with 72 targets - including those of the US, UK, Nigeria and Japan - either enshrined in legislation or outlined as a goal in policy documents. “The NZT Stocktake shows that in the last 2.5 years (since the first report) a clear consensus to curtail GHG emissions to net zero has been reached, with the bulk of national governments setting commitments," NZT stated in its summary. The report found that national net zero targets potentially cover at least 88% of the greenhouse gas currently emitted globally, up from 61% in December 2020, when the first Stocktake was published. In its third review of progress toward globally agreed climate change objectives the group of mainly UK-based researchers comprising NZT found that on the upside, setting net zero targets for greenhouse gas emissions has become a “corporate norm” covering 65% of the world’s largest companies defined in terms of annual revenue. A growing spread of net zero commitments that includes 67% of fossil fuel groups represents progress in the pursuit of globally agreed climate objectives, but swathes of public and private entities – including more than 1,000 of the world's largest listed companies – have no targets in place, according to the Stocktake report released by the Net Zero Tracker research group today (Monday).
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