A DISTINCTLY PRIVATE PURSUIT: NOT GOING NET ZERO

The report finds a substantial gap between the world's largest public and private companies regarding net zero commitments. While 70% of the largest public companies have set net zero targets, only 40% of the largest private companies have done so. Furthermore, private companies show a critical lack of integrity in their pledges; only 20% of those with net zero targets have published plans to achieve them, compared to 80% of public companies. The analysis highlights that high-emitting private sectors, particularly fossil fuels, are largely avoiding targets. The report argues that emerging regulations, such as the EU's CSRD and CSDDD, as well as California's SB 253 and SB 261, are essential to compel private companies to disclose emissions and adopt mandatory transition plans to mitigate transition risks.

• There is a significant disparity in net zero target-setting between the world's largest public and private companies. Only 40% of the 100 largest private companies have set net zero targets, whereas 70% of the 100 largest public companies have done so.
• Private companies exhibit much lower target integrity than public companies, particularly regarding the publication of implementation plans. Only 8 of the 40 private companies with net zero targets (20%) have published plans, while 56 of the 70 public companies (80%) have published plans.
• Private companies in high-emitting sectors (fossil fuels, infrastructure, power generation, manufacturing, and materials) are underperforming. Only 34% of these private companies have set net zero targets, compared to 74% of their public counterparts. Notably, none of the eight fossil fuel private companies investigated have pledged net zero targets.
• Geographic analysis shows that US-based private companies are particularly lagging, with only 22% of the 50 largest having net zero targets, compared to 65% of US-based public companies. In contrast, 75% of the 28 largest EU and UK-based private companies have net zero targets, though only three have published plans.
• Transparency regarding carbon credits is low among private firms. 58% of private companies with net zero targets do not specify their plan for carbon credit use, and only two companies—IKEA and Bechtel—explicitly rule out their use.
• New regulations are increasing the transition risks for private companies. The EU's Corporate Sustainability Reporting Directive (CSRD) will require nearly 50,000 companies to report emissions from 1 January 2025, and the Corporate Sustainability Due Diligence Directive (CSDDD) will mandate transition plans for the largest firms. In the US, California's SB 253 and SB 261 will require emissions and financial risk reporting from 2027.

APA

Lang, J., Hyslop, C., Green, F., Hans, F., Hay, N., Kamenkovich, N., Kuramochi, T., Manya, D., Smit, S., & Smith, S. (2024). A DISTINCTLY PRIVATE PURSUIT: NOT GOING NET ZERO. Net Zero Tracker. https://ca1-nzt.edcdn.com/Reports/NZT_A_Distinctly_Private_Pursuit_Net_Zero_22_April_2024.pdf?v=1713882545

Chicago

Lang, John, Camilla Hyslop, Frances Green, Frederic Hans, Nick Hay, Nadya Kamenkovich, Takeshi Kuramochi, et al. A DISTINCTLY PRIVATE PURSUIT: NOT GOING NET ZERO. Net Zero Tracker, 2024. https://ca1-nzt.edcdn.com/Reports/NZT_A_Distinctly_Private_Pursuit_Net_Zero_22_April_2024.pdf?v=1713882545.

Wikipedia

{{cite report |last1=Lang |first1=John |last2=Hyslop |first2=Camilla |last3=Green |first3=Frances |last4=Hans |first4=Frederic |last5=Hay |first5=Nick |last6=Kamenkovich |first6=Nadya |last7=Kuramochi |first7=Takeshi |last8=Manya |first8=Diego |last9=Smit |first9=Sybrig |display-authors=etal |title=A DISTINCTLY PRIVATE PURSUIT: NOT GOING NET ZERO |publisher=Net Zero Tracker |date=22 April 2024 |url=https://ca1-nzt.edcdn.com/Reports/NZT_A_Distinctly_Private_Pursuit_Net_Zero_22_April_2024.pdf?v=1713882545 |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{lang2024distinctly, author = {Lang, John and Hyslop, Camilla and Green, Frances and Hans, Frederic and Hay, Nick and Kamenkovich, Nadya and Kuramochi, Takeshi and Manya, Diego and Smit, Sybrig and Smith, Steve}, title = {{A DISTINCTLY PRIVATE PURSUIT: NOT GOING NET ZERO}}, institution = {Net Zero Tracker}, year = {2024}, month = apr, url = {https://ca1-nzt.edcdn.com/Reports/NZT_A_Distinctly_Private_Pursuit_Net_Zero_22_April_2024.pdf?v=1713882545}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }