"Net zero targets “are often not supported by strategies to deliver them,” according to Climate Action 100+."

"When it comes to net-zero, a lot of companies are more talk than action.

That’s the conclusion of a new report from Climate Action 100+, an investor alliance with combined assets of more than $68 trillion, which shows that promises by major corporate emitters to achieve net-zero targets are “not matched by the development and implementation of credible decarbonization strategies.”

The analysis, which looked at 159 companies with the largest carbon footprints, showed that 75% have now committed to achieve net zero emissions by 2050 or sooner across all or some of their emissions footprint, up from 69% in March; over a third of the companies have set long-term targets aligned with the Paris agreement target of 1.5C.

But in most cases, there’s a lack of  follow-through. The report found that while 82% of focus companies have set medium-term targets, only 20% of those targets cover all material scopes of emissions and are aligned with 1.5C. And though 53% of companies have a decarbonization strategy, only 19% quantify key elements of their plans as they relate to the major sources of their emissions, including Scope 3, which refers to a company’s entire value chain."

Alastair Marsh reports for Bloomberg Green October 13, 2022. [2]