I have good news and bad news. The good news is 34% of the world’s largest companies are now committed to “net zero.” That’s up 7% since December 2021. The bad news is 93% of these companies are on track to miss their net zero targets within any timeframe that could realistically save our planet.

Voluntary corporate targets can be, rather ironically, full of hot air, and climate action is quickly becoming the world’s greatest procrastination station. So much so, the UN chief recently called for a “fast forward” of net zero targets by at least a decade, warning the “climate time bomb is ticking.”

But corporate targets are also extremely valuable. It’s been proven that companies with net zero targets cut emissions faster than those without, and, on average, targeted companies managed to cut operational emissions by 18% in the last 10 years. So rather than dismiss them for their inadequacies, let’s dive into what science-based targets are and what we can do to ensure they remain a powerful weapon in the fight against climate change.

What do we need to do?

The United Nations’ Intergovernmental Panel on Climate Change is the culmination of eight years of work by hundreds of leading climate scientists, and their report definitively concluded that global emissions must fall 48% by 2030 and 90% (otherwise known as net zero) by 2050. Frankly, what we need to do is extremely clear. 

In spite of this, the Corporate Climate Responsibility Monitor 2023 reported the world’s 24 biggest corporations—who are responsible for 4% of global emissions—have committed to delivering a median reduction of a rather pathetic 15% by 2030.

Why do we need to do it?

As we all know, fossil fuels, industrial agriculture and deforestation lead to the accumulation of greenhouse gases in our atmosphere. Then, just like an actual greenhouse, greenhouse gases trap heat, causing things like extreme weather, melting glaciers and warming oceans. 

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