In order to avert a worst-case global warming scenario, the world’s largest institutions must quickly reduce their emissions of greenhouse gases. The standard approach for this has been the adoption of net-zero targets. While criticized for their vagueness and potential for greenwashing, efforts are being made to establish standards for effective net-zero targets.
The Net Zero Tracker recently released a “Net Zero Stocktake” report, evaluating the seriousness of global climate pledges. Although many countries and regions have set net-zero targets, not all are equally robust. While national-level pledges have somewhat plateaued, subnational governments and private companies are increasingly committing to net-zero targets.
The variety in the substance of these targets highlights the need for more stringent criteria. Only a small percentage of companies and governments with net-zero targets meet all integrity standards, according to a recent report. Clarity on the use of offsets is a particular issue, with very few targets specifying this aspect.
Recognizing and commending those with substantive net-zero targets can serve as an example for others to follow. Setting best practices and holding institutions accountable for their targets is crucial for effective climate action. Stricter regulations and consequences for non-compliance can create a level playing field and incentivize meaningful progress towards net-zero emissions.
Ultimately, the goal is to ensure that those who are genuinely working towards net-zero emissions are recognized and rewarded, paving the way for a more sustainable future.
