NET ZERO STOCKTAKE 2023

The Net Zero Stocktake 2023 reveals that while net zero targets now cover 92% of global GDP and 88% of global GHG emissions at the national level, the momentum for new national and subnational targets has slowed. In contrast, corporate target-setting continues to grow, with 929 Forbes Global 2000 companies now having targets. However, the report highlights a critical 'integrity gap': fewer than 5% of subnational and corporate targets meet the minimum 'starting line' criteria of the Race to Zero campaign. National targets have seen a significant shift toward formalization, with the share of targets enshrined in law or policy documents rising from less than 10% in December 2020 to 75% in 2023. The analysis also finds that no major fossil fuel producing countries or companies have committed to a full phase-out of fossil fuel extraction or production, and there is a growing but potentially problematic reliance on carbon dioxide removals (CDR) to meet targets.

• National net zero targets have expanded to cover 92% of global GDP (PPP), 88% of global GHG emissions, and 89% of the global population.
• There has been a substantial increase in the formalization of national targets, with 75% of GHG emissions covered by targets now enshrined in legislation or policy documents, compared to less than 10% in December 2020.
• Corporate net zero target-setting is accelerating, with 929 companies from the Forbes Global 2000 having targets, representing 65% of the total annual revenue of the 1,986 companies tracked.
• A significant number of entities still lack any mitigation targets: 41% of tracked states and regions, 49% of tracked cities, and nearly 40% of tracked companies have no target of any kind.
• The integrity of non-state targets remains low, with fewer than 5% of subnational and corporate net zero targets meeting the Race to Zero 'starting line' procedural criteria.
• No major fossil fuel producing countries or companies have committed to a full phase-out of fossil fuel extraction or production.
• There is an increasing intention to use carbon dioxide removals (CDR) to achieve targets, with at least 25% of companies planning to use CDR, including through 'insetting' within their value chain.
• Certain industrial sectors show particularly poor target-setting performance, specifically Biotech, Health Care & Pharma (44%), Infrastructure (46%), and Retail (26%), which have high percentages of companies without any emission reduction target.

APA

Axelsson, K., Black, R., Chalkley, P., Hale, T., Hay, N., Hans, F., Hsu, A., Hyslop, C., Kuramochi, T., Lang, J., Lutz, N., McGivern, A., Mooldijk, S., Short, N., Smith, S., & Yeo, Z. Y. (2023). NET ZERO STOCKTAKE 2023. Net Zero Tracker. https://ca1-nzt.edcdn.com/Reports/Net_Zero_Stocktake_2023.pdf?v=1696255116

Chicago

Axelsson, Kaya, Richard Black, Peter Chalkley, Thomas Hale, Nick Hay, Frederic Hans, Angel Hsu, et al. NET ZERO STOCKTAKE 2023. Net Zero Tracker, 2023. https://ca1-nzt.edcdn.com/Reports/Net_Zero_Stocktake_2023.pdf?v=1696255116.

Wikipedia

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BibTeX

@techreport{axelsson2023net, author = {Axelsson, Kaya and Black, Richard and Chalkley, Peter and Hale, Thomas and Hay, Nick and Hans, Frederic and Hsu, Angel and Hyslop, Camilla and Kuramochi, Takeshi and Lang, John and Lutz, Natasha and McGivern, Alexis and Mooldijk, Silke and Short, Natalie and Smith, Steve and Yeo, Zhi Yi}, title = {{NET ZERO STOCKTAKE 2023}}, institution = {Net Zero Tracker}, year = {2023}, month = jun, url = {https://ca1-nzt.edcdn.com/Reports/Net_Zero_Stocktake_2023.pdf?v=1696255116}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }