RESEARCH REPORT
Destination net zero: Fast-tracking progress
5-MINUTE READ
November 11, 2024
RESEARCH REPORT
5-MINUTE READ
November 11, 2024
The race to net zero is well underway, but how fast are companies progressing? Our Destination net zero report uncovers the latest data from the world’s 2000 largest companies by revenue (G2000), revealing that while progress is being made, acceleration is essential.
Here’s a breakdown of the numbers shaping the future of corporate decarbonization:
55%
of G2000 companies have reduced their operational emissions (Scope 1 and 2) since 2016. (↑ 3% since 2023).
77%
have reduced emissions intensity (emissions per unit of revenue). (↑ 2% since 2023).
30%
are deploying 15 or more decarbonization levers, which represents a crucial threshold on the path to net zero.
Emissions data were retrieved from S&P Global Trucost 2024.
64%
of European companies have full Scope 1-3 targets, compared to only 26% of North American companies.
54%
of banking companies have full Scope 1-3 targets, while only 20% of health companies do.
3.7
levers are deployed on average by communications and media companies, compared to 6.3 in the health sector.
This data not only highlights enduring barriers specific to industries and regions, but also underscores the urgent need for a broader and faster adoption of foundational decarbonization levers across the economy to drive faster progress to net zero. Yet, foundational measures alone may not suffice.
To truly accelerate decarbonization, companies must embrace next-generation levers, particularly emerging technologies with transformative potential.
Companies must define comprehensive targets covering Scope 1, 2, and 3 emissions, and collaborate with reputable external bodies to validate their data and track performance. Businesses should also implement robust internal governance mechanisms to embed accountability and work with industry partners to address emissions hotspots.
Foundational levers, such as improving building efficiency, adopting renewable energy, and reducing waste, should be implemented universally.
As companies refine their decarbonization approach, embedding AI as a next-generation lever can supercharge their efforts. AI enables more efficient decision-making, real-time monitoring, and predictive analytics to optimize resource management.