Global companies with net zero goals on course to miss climate ambitions

Nearly all global companies with net zero ambitions will fall short of their environmental goals unless they double the pace of emission reductions by the end of the decade, warned Accenture.

Fresh research from the information specialists revealed 93 per cent of companies are not on course to meet their net zero goals.

The findings come from 72 UK-based companies on the Accenture Global 2000, its list of the largest 2000 public and private companies in the world by revenue.

It revealed three quarters of the UK’s biggest companies have adopted net zero goals, according to new research from Accenture.

This is up a hefty 16 percentage points from just last year, when 59 per cent in 2021 had net zero goals.

Accenture’s data reveals 85 per cent of those UK firms with Net Zero targets are setting intermediate targets to measure their progress – holding themselves to account with shorter-term goals to help drive action.

The UK’s proportion of companies with targets is well above the European average of 51 per cent.

This is above global averages, with just 34 per cent of corporates having ESG targets and 28 per cent in North America.

The global proportion of companies with targets has increased from 27 per cent to three per cent since 2021.

Peter Lacy, Accenture’s global sustainability services lead and chief responsibility officer said: “This report – while extremely worrying with regards to the delivery trajectory on Net Zero – shows a clear pathway for companies to create value and impact at a time when capital markets, governments, and other organisations will create even more pressure to deliver on targets set through transparency, comparability, and consistency.”