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The Net Zero Stocktake 2025 finds that while the number of net zero targets continues to rise across companies, cities, and regions, the integrity of these commitments remains low. As of September 2025, 1,935 entities have targets, including 137 national governments and 63% of the Forbes Global 2000. However, only a small fraction of companies, regions, and cities meet all minimum integrity requirements. The report also highlights a gap in planning, with nearly one-third of Forbes Global 2000 companies lacking a clear roadmap, and expresses concern over the lack of dedicated targets for nature-based carbon removals.

The Net Zero Stocktake 2025 finds that while net zero target-setting continues to rise among companies and subnational governments, national-level coverage has dipped due to the US formally abandoning its target. Target integrity remains low, with only a small fraction of entities meeting minimum procedural and substantive requirements. The report also highlights a concerning corporate reliance on nature-based removals and offsets, which often lack transparency and durability.

India's export economy is increasingly vulnerable to carbon-based trade measures, with 68% of its exports going to countries committed to net zero. The report highlights that 7.5 million jobs are exposed to active Carbon Border Adjustment Mechanisms (CBAMs), and sectors like professional services are among the most carbon-intensive globally. To maintain competitiveness against rivals like Vietnam and China, the document argues India must accelerate grid decarbonisation and update its 2025 Nationally Determined Contribution.

South Africa faces significant trade risks as its carbon-intensive export model clashes with global net zero targets and Carbon Border Adjustment Mechanisms (CBAMs). Approximately 78% of its exports are sold to countries with net zero targets, and hundreds of thousands of jobs are exposed to CBAMs in the EU and UK. High embodied CO2 emissions in the basic metals and automotive sectors, combined with a carbon-intensive electricity grid, threaten competitiveness. However, the document notes South Africa's potential to pivot using its critical minerals and renewable energy resources, provided that international financial commitments like the Just Energy Transition Partnership (JETP) are fulfilled.

The report finds significant disparities in climate progress across South Africa, with affluent cities and provinces leading in ambition while less wealthy regions lag. It highlights a one-directional influence where provincial strategies shape city policies, particularly in the Western Cape, and notes inconsistent just transition commitments within the private sector.

The report evaluates how national, provincial, city, and corporate entities in South Africa incorporate social justice into their net zero commitments. It finds significant disparities in ambition and implementation, with wealthy urban centres leading and less affluent provinces lagging. While the financial sector and some state-owned enterprises show strong just transition frameworks, many private companies and multinational corporations rely on vague offsetting strategies with limited socio-economic integration.

South Africa's carbon-intensive export model is increasingly vulnerable as 78% of its exports are sold to countries with net zero targets. The report highlights acute risks in the basic metals, automotive, and agricultural sectors due to high embodied CO2 emissions compared to global competitors. While the EU's CBAM and shifting US trade policies pose immediate threats, South Africa's reserves of critical minerals and renewable energy potential offer a strategic path toward 'carbon competitiveness'. The report argues that success depends on decarbonising the national electricity grid, implementing the Climate Change Act 2024, and securing international support through the Just Energy Transition Partnership (JETP).

Brazil possesses a significant carbon competitiveness advantage due to its renewable-heavy electricity grid, but faces substantial risks from incoming Carbon Border Adjustment Mechanisms (CBAMs) and the EU Deforestation Regulation (EUDR). While 78% of its exports go to net zero-aligned markets, structural contradictions—such as continued fossil fuel exploration and the 'Devastation Bill'—threaten its climate credibility. The economy is heavily dependent on China, and recent unilateral tariffs from the US have introduced significant geopolitical volatility.

The Net Zero Stocktake 2024 finds that while net zero target-setting is increasing among companies, cities, and subnational governments, very few (5% or less) meet all minimum integrity criteria. The report highlights a significant rise in target-setting by Asian companies and notes that while national targets often act as an ambition 'ceiling', some subnational governments in countries like Australia, Germany, and India have set more ambitious targets than their national governments.

The Net Zero Stocktake 2024 reveals a consolidation of net zero targets across countries, cities, and companies, but highlights a critical gap in integrity. While national targets now cover 87% of global GHG emissions, fewer than 5% of non-state entities meet all minimum procedural and substantive integrity criteria. The report emphasizes that national targets often act as a 'ceiling' for subnational ambition, though some regions in countries like Australia and Japan have historically pushed national goals forward. It also notes that members of the Race to Zero campaign generally outperform non-members on integrity measures, although absolute performance remains low.

The analysis reveals a significant gap in climate action between large private and public companies, with private firms trailing in both the adoption of net zero targets and the publication of delivery plans. While 70% of the largest public companies have net zero targets, only 40% of the largest private companies have done so. Furthermore, only 20% of private companies with targets have published plans to deliver them, compared to 80% of public companies. Geographically, private companies in the EU and UK show higher adoption rates (75%) than those in the US (22%), while China has seen a slight increase from one to four companies with targets since 2022.

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.

The report finds a significant gap between net zero targets and actual fossil fuel phase-out commitments. While some progress is visible in corporate coal phase-outs and among European entities, the majority of analyzed countries and companies have not committed to ending fossil fuel activities on a timescale consistent with the Paris Agreement. National net zero targets cover 88% of global GHG emissions, but only 7% of those emissions are covered by at least one phase-out commitment.

The Net Zero Stocktake 2023 finds that while the number of entities with net zero targets has grown to 1,475, a significant portion of sub-national governments and large companies still lack any emission reduction targets. While national targets are increasingly underpinned by legislation, there is limited improvement in the robustness of corporate and sub-national strategies, particularly regarding Scope 3 emissions and the use of offsets. Notably, no major fossil fuel producers have committed to phasing out fossil fuels despite having net zero pledges.

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.

The analysis finds that a vast majority of non-state entities fail to meet the minimum criteria for net zero targets established by the UN HLEG. While the number of pledges from cities, regions, and companies has increased over the past year, many remain as mere aspirations without detailed transition plans, interim targets, or transparent reporting mechanisms. Specifically, only a minority of companies include full value chain emissions (Scope 3) in their targets, and over half of cities with net zero pledges lack any reporting mechanism to track progress.

The report finds that the world's largest private companies significantly lag behind their publicly-listed counterparts in setting and implementing net zero targets, despite representing a substantial portion of the global economy.

The report finds that the world's largest private companies significantly lag behind their publicly-listed counterparts in setting net zero targets and publishing implementation plans. While 69% of the top 100 public companies have net zero targets, only 32% of the top 100 private companies do. Furthermore, only 13% of private companies with targets have published a plan to achieve them, compared to 73% of public companies. The analysis highlights a 'blind spot' in climate accountability, particularly in high-emitting sectors like fossil fuels, where none of the investigated private firms have pledged net zero. The authors warn of 'fossil-spinning,' where public companies divest carbon-intensive assets to less-regulated private firms, and call for mandatory climate disclosure for large private entities to ensure whole-economy decarbonisation.

The Net Zero Stocktake 2022 finds that while net zero target setting is becoming nearly universal at the national level and increasing among corporations and cities, a significant lack of credibility and robustness persists. Fewer than one-fifth of national and sub-national targets meet minimum procedural standards, and 65% of corporate targets fail these same standards. The report highlights a widespread lack of transparency regarding the use of external offset credits and a deficiency in Scope 3 emissions coverage among companies.

As of November 16, 2021, net zero target coverage reached 92% for emissions and 86% for population globally. However, the document highlights significant gaps in integrity, noting that a vast majority of country, regional, and city targets fail to specify the use of offsets, and only 32% of corporate targets cover all Scope 3 emissions. Conversely, there is growing corporate momentum, with the number of companies meeting 'minimum procedural standards' nearly doubling in the last year.