Net-zero emissions

Estimated global warming by 2100 associated with various scenarios: Green dots: The International Energy Agency's proposal for reducing energy-related emissions to net zero by 2050 is consistent with limiting global warming to 1.5 °C. Yellow dots: Net-zero pledges and other pledges to reduce emissions would limit temperature rise to around 1.7 °C. Blue dots: Since many climate pledges are not backed by policies, policies announced as of 2022 would limit temperature rise to around 2.5 °C. Red dots: Before the 2015 Paris Agreement, the world was on a trajectory for global warming of 3.5 °C.[1]

Global net-zero emissions describe the state where emissions of greenhouse gases due to human activities and removals of these gases are in balance over a given period. It is often called simply net zero.[2] In some cases, emissions refers to emissions of all greenhouse gases, and in others it refers only to emissions of carbon dioxide (CO2).[2] To reach net zero targets requires actions to reduce emissions. One example would be by shifting from fossil fuel energy to sustainable energy sources. Organizations often offset their residual emissions by buying carbon credits.

People often use the terms net-zero emissions, carbon neutrality, and climate neutrality with the same meaning.[3][4][5][6]: 22–24  However, in some cases, these terms have different meanings from each other.[3] For example, some standards for carbon neutral certification allow a lot of carbon offsetting. But net zero standards require reducing emissions to more than 90% and then only offsetting the remaining 10% or less to fall in line with 1.5 °C targets.[7]

In the last few years, net zero has become the main framework for climate action. Many countries and organizations are setting net zero targets.[8][9] As of November 2023, around 145 countries had announced or are considering net zero targets, covering close to 90% of global emissions.[10] They include some countries that were resistant to climate action in previous decades.[11][9] Country-level net zero targets now cover 92% of global GDP, 88% of emissions, and 89% of the world population.[9] 65% of the largest 2,000 publicly traded companies by annual revenue[9] have net zero targets. Among Fortune 500 companies, the percentage is 63%.[12][13] Company targets can result from both voluntary action and government regulation.

Net zero claims vary enormously in how credible they are, but most have low credibility despite the increasing number of commitments and targets.[14] While 61% of global carbon dioxide emissions are covered by some sort of net zero target, credible targets cover only 7% of emissions. This low credibility reflects a lack of binding regulation. It is also due to the need for continued innovation and investment to make decarbonization possible.[15]

To date, 27 countries have enacted domestic net zero legislation. These are laws that legislatures have passed that contain net zero targets or equivalent.[16] There is currently no national regulation in place that legally requires companies based in that country to achieve net zero. Several countries, for example Switzerland, are developing such legislation.[17]

  1. ^ "Key findings – World Energy Outlook 2022 – Analysis". IEA. Retrieved 2023-09-01.
  2. ^ a b Fankhauser, Sam; Smith, Stephen M.; Allen, Myles; Axelsson, Kaya; Hale, Thomas; Hepburn, Cameron; Kendall, J. Michael; Khosla, Radhika; Lezaun, Javier; Mitchell-Larson, Eli; Obersteiner, Michael; Rajamani, Lavanya; Rickaby, Rosalind; Seddon, Nathalie; Wetzer, Thom (2022). "The meaning of net zero and how to get it right". Nature Climate Change. 12 (1): 15–21. Bibcode:2022NatCC..12...15F. doi:10.1038/s41558-021-01245-w.
  3. ^ a b Cite error: The named reference :13 was invoked but never defined (see the help page).
  4. ^ Cite error: The named reference :3 was invoked but never defined (see the help page).
  5. ^ Cite error: The named reference :4 was invoked but never defined (see the help page).
  6. ^ Cite error: The named reference :9 was invoked but never defined (see the help page).
  7. ^ "The Net-Zero Standard". Science Based Targets. Retrieved 2023-12-13.
  8. ^ "Net Zero: A short history". Energy & Climate Intelligence Unit. Retrieved 17 April 2023.
  9. ^ a b c d "Net Zero Tracker". netzerotracker.net. Retrieved 17 April 2023.
  10. ^ "CAT net zero target evaluations". climateactiontracker.org. Retrieved 2024-03-21.
  11. ^ "CAT net zero target evaluations". climateactiontracker.org. Retrieved 29 March 2023.
  12. ^ "Big companies keep increasing their climate commitments—especially when governments tell them to". Fortune. Retrieved 17 April 2023.
  13. ^ "Taking stock: A global assessment of net zero targets". Energy & Climate Intelligence Unit. 25 October 2021. Retrieved 29 March 2023.
  14. ^ "More companies setting 'net-zero' climate targets, but few have credible plans, report says". AP News. 11 June 2023. Retrieved 31 July 2023.
  15. ^ "Get Net Zero Right" (PDF). UNFCC.
  16. ^ "Evolving regulation of companies in climate change framework laws". Grantham Research Institute on climate change and the environment. Retrieved 26 July 2023.
  17. ^ "Federal Act on Climate Protection Goals, Innovation and Strengthening Energy Security - Climate Change Laws of the World". climate-laws.org. Retrieved 26 July 2023.