“Gone are the days” when inaccurate climate objectives “stay uncontested,” researchers state in their net-zero stocktake study, as public and government scrutiny rises.
Two-thirds of corporate climate objectives are “alarmingly insufficient,” prompting “greenwashing” accusations, according to a comprehensive worldwide evaluation of net-zero claims by countries and corporations.
A new examination of more than 4,000 pledges by countries and corporations from around the world praises the recent “surge” of such commitments but criticizes “serious weaknesses” in their trustworthiness, particularly those from the fossil fuel industry.
Dr. Takeshi Kuramochi of the NewClimate Institute, co-author of the report, cautioned that “peer pressure” to declare net-zero pledges in the business world might lead to “either a mass flood of greenwashing or a fundamental movement towards decarbonization.
To limit warming to 1.5 °C and avert climate breakdown, it is believed that achieving net-zero by 2050 – eliminating net emissions by reducing the majority and offsetting the remainder – is required.
For what is believed to be the most comprehensive global examination of net-zero targets by volume, a team of volunteers at Net Zero Tracker analyzed those from all countries, significant cities, and regions, as well as the 2,000 largest corporations in the world listed by Forbes Global.
They praised the “extraordinary magnitude and scope” of net-zero targets, which now encompass 91 percent of the global GDP and 65 percent of greenhouse gas emissions, roughly six times more than just two or three years ago.
In contrast to country-level net-zero aims, however, the quantity and rigor of those established by non-state entities were deemed “alarmingly weak.”
While over a third (702) of the 2,000 largest publicly traded corporations in the world have set net-zero targets, 65% (456) of these targets fall short of basic standards, and 40% intended to rely on carbon offsets.
During the climate talks, Chancellor Rishi Sunak announced plans to “rewire the entire global financial system for net-zero.” COP26 in Glasgow was preceded by a flurry of net-zero pledges from companies and authorities, and in the aftermath, Chancellor Rishi Sunak announced plans to “rewire the entire global financial system for net-zero.
A representative for the UK government, which sponsored the negotiations, stated that “the inventiveness, influence, and energy of the business sector will be crucial in… putting the commitments made at COP26 into action.
They said, “This is not about committing to a vague goal in the distant future, but rather to specific, science-based transition plans and taking action today.”
Risk of a fig leaf
Dr. Steve Smith, executive director of Oxford Net Zero, which helped develop the tracker, stated that it is “not surprising that not all of the pledges have been backed up yet” because while some entities work on a detailed plan before announcing their target, others announce the target first and work backward.
“However, there is a risk that businesses would use a net-zero pledge as an excuse for not taking immediate action,”
“Greenwashing” indicates that an entity promotes false information about its climate credentials to project an image of environmental responsibility to the public.
Dr. Smith noted that to avoid being accused of greenwashing and to ensure they can maintain their promises, businesses should specify a plan, take immediate action, and be honest about their reliance on carbon offsets.
Disputed carbon offsetting
To reach net-zero, carbon offsets are essential, particularly for carbon-intensive industries such as heavy industry. However, their use must be restricted because to finance, land, and technological limits and their permanence is contested because it is difficult to demonstrate it.
The authors of the report cited the fossil fuel industry for setting a large number of net-zero targets. However, academic research indicates that “these targets are frequently symbolic in character – or, at worst, blatant greenwashing – rather than indications of genuine corporate climate leadership.”
A representative of the oil and gas business was not immediately available for comment.
“However, even if the majority of these targets are not being established in good faith… as scrutiny by civil society, researchers, and policymakers grow progressively louder – gone are the days when deceptive net-zero targets go unquestioned,” the paper stated.
