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Global Energy Monitor (GEM) identifies that five major oil and gas plant owners failed to disclose 10.7 million tonnes of CO2 emissions in 2022, resulting in an annual social cost of $2 billion. The report highlights how companies use the 'operational control' and 'financial control' approaches of the Greenhouse Gas Protocol to exclude assets from their reporting boundaries. Specifically, the Saudi Electricity Company failed to disclose over 7 million tonnes of CO2 from three plants, representing $1.3 billion in annual climate costs. Other analyzed entities, including Egyptian Electricity Holding Company, Calpine Corporation, Chubu Electric Power Co. Inc., and Entergy Corporation, also exhibited gaps between their reported emissions and their actual asset ownership.

The briefing reports that 2030 climate target updates have stalled since COP26, leaving the world on track for 2.4°C of warming based on current targets and 2.7°C based on current policies. Despite the Glasgow Climate Pact's request for governments to strengthen their Nationally Determined Contributions (NDCs) by the end of 2022, no major emitter has updated its target. The report highlights a significant emissions gap, noting that global emissions in 2030 would be twice as high as the 1.5°C limit allows without increased action. It suggests four pathways for governments to update targets: full NDC updates, expanding NDC coverage (specifically for China regarding non-CO2 gases), participating in new sectoral initiatives, or implementing policies to overachieve existing targets.