These transition plans often account for other areas of the Environmental, social, and governance (ESG) spectrum. Only a selection of firms have introduced “transition plans” for reaching net-zero, which also account for how investments and regulatory environments will need to change moving forward. Indeed, net-zero targets are often aspirational, but many firms set their goals without an actual pathway to reach them. This can lead to misrepresentation of targets and some firms are now having to move back deadlines to reach net-zero emissions as a result. As such, there are varied implementations of how businesses account for net-zero, and what scopes the targets cover. Net-zero targets are largely in their infancy, with leading companies having such targets in place for the last five years.
This report will outline what steps need to be considered to create a credible net-zero target, ideally supported by science and not relying too heavily on offsetting initiatives that move the focus from decarbonisation. Not all net-zero targets are equal however. In response to the scientific warnings and swayed by regional policies, many businesses have set, or are committed to setting, net-zero targets. While more than 90% of global GDP is now covered by a net-zero target, what these mean in practice will differ for businesses. Ultimately, a company or nation can eliminate its emissions by reducing them to as close to zero as possible and offsetting any residual or unavoidable emissions. Net-zero carbon refers to achieving an overall balance between emissions produced and emissions taken out of the atmosphere of the Earth. This new business guide is available for corporations looking to set, deliver or raise ambitions on net-zero emissions strategies and goals, detailing everything you need to know about the subject.
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