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RESEARCH REPORT

Destination net zero: Fast-tracking progress

5-MINUTE READ

November 11, 2024

The time to act is now

Check out our video to discover what the G2000 companies must do to achieve net zero by 2050.

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By the numbers

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.}

Uncovering net zero trends across industries and geographies

Please select Industry

DISTRIBUTION OF TARGET RESULTS

Overall Sample

37% 28% 16% 18%

Overall Sample

37% 27% 16% 18%

Aerospace & Defense

35% 20% 30% 15%

Banking

54% 27% 7% 12%

Capital Markets

51% 15% 13% 21%

Consumer Goods & Services

46% 10% 28% 15%

Chemicals

29% 50% 12% 10%

Comms & Media

45% 34% 14% 7%

Energy

23% 41% 19% 16%

Health

20% 22% 17% 42%

Hi-Tech

48% 27% 15% 10%

Industrial

35% 27% 16% 21%

Insurance

47% 18% 11% 24%

Life Sciences

39% 30% 24% 6%

Mobility

38% 25% 10% 27%

Natural Resources

22% 36% 14% 28%

Retail

31% 20% 27% 21%

Software & Platforms

49% 28% 8% 15%

Travel

34% 44% 10% 12%

Utilities

38% 41% 9% 12%

Overall Sample

37% 27% 16% 18%

Aerospace & Defense

35% 20% 30% 15%

Banking

54% 27% 7% 12%

Capital Markets

51% 15% 13% 21%

Consumer Goods & Services

46% 10% 28% 15%

Chemicals

29% 50% 12% 10%

Comms & Media

45% 34% 14% 7%

Energy

23% 41% 19% 16%

Health

20% 22% 17% 42%

Hi-Tech

48% 27% 15% 10%

Industrial

35% 27% 16% 21%

Insurance

47% 18% 11% 24%

Life Sciences

39% 30% 24% 6%

Mobility

38% 25% 10% 27%

Natural Resources

22% 36% 14% 28%

Retail

31% 20% 27% 21%

Software & Platforms

49% 28% 8% 15%

Travel

34% 44% 10% 12%

Utilities

38% 41% 9% 12%

Overall Sample

37% 27% 16% 18%

Aerospace & Defense

35% 20% 30% 15%

Banking

54% 27% 7% 12%

Capital Markets

51% 15% 13% 21%

Consumer Goods & Services

46% 10% 28% 15%

Chemicals

29% 50% 12% 10%

Comms & Media

45% 34% 14% 7%

Energy

23% 41% 19% 16%

Health

20% 22% 17% 42%

Hi-Tech

48% 27% 15% 10%

Industrial

35% 27% 16% 21%

Insurance

47% 18% 11% 24%

Life Sciences

39% 30% 24% 6%

Mobility

38% 25% 10% 27%

Natural Resources

22% 36% 14% 28%

Retail

31% 20% 27% 21%

Software & Platforms

49% 28% 8% 15%

Travel

34% 44% 10% 12%

Utilities

38% 41% 9% 12%

Full net zero target (Scopes 1, 2, and 3)
Net zero in operations target (Scopes 1 and 2)
Emissions reduction targets, but not net zero
No evidence of emissions targets

EMISSIONS TRAJECTORIES

Overall Sample

16% 39% 45%

Overall Sample

16% 39% 45%

Aerospace & Defense

6% 63% 31%

Banking

21% 44% 35%

Capital Markets

22% 39% 39%

Consumer Goods & Services

2% 44% 53%

Chemicals

11% 37% 52%

Comms & Media

15% 46% 39%

Energy

8% 30% 62%

Health

8% 31% 62%

Hi-Tech

10% 39% 51%

Industrial

14% 36% 49%

Insurance

30% 32% 38%

Life Sciences

23% 41% 36%

Mobility

8% 49% 43%

Natural Resources

10% 33% 57%

Retail

23% 43% 34%

Software & Platforms

12% 20% 68%

Travel

6% 63% 31%

Utilities

29% 43% 28%

Overall Sample

16% 39% 45%

Aerospace & Defense

6% 63% 31%

Banking

21% 44% 35%

Capital Markets

22% 39% 39%

Consumer Goods & Services

2% 44% 53%

Chemicals

11% 37% 52%

Comms & Media

15% 46% 39%

Energy

8% 30% 62%

Health

8% 31% 62%

Hi-Tech

10% 39% 51%

Industrial

14% 36% 49%

Insurance

30% 32% 38%

Life Sciences

23% 41% 36%

Mobility

8% 49% 43%

Natural Resources

10% 33% 57%

Retail

23% 43% 34%

Software & Platforms

12% 20% 68%

Travel

6% 63% 31%

Utilities

29% 43% 28%

Overall Sample

16% 39% 45%

Aerospace & Defense

6% 63% 31%

Banking

21% 44% 35%

Capital Markets

22% 39% 39%

Consumer Goods & Services

2% 44% 53%

Chemicals

11% 37% 52%

Comms & Media

15% 46% 39%

Energy

8% 30% 62%

Health

8% 31% 62%

Hi-Tech

10% 39% 51%

Industrial

14% 36% 49%

Insurance

30% 32% 38%

Life Sciences

23% 41% 36%

Mobility

8% 49% 43%

Natural Resources

10% 33% 57%

Retail

23% 43% 34%

Software & Platforms

12% 20% 68%

Travel

6% 63% 31%

Utilities

29% 43% 28%

On Track for net zero in operations by 2050
Off Track, but decreasing emissions
Off Track, and still growing emissions

Please select Region

DISTRIBUTION OF TARGET RESULTS

Overall Sample

37% 28% 16% 18%

Overall Sample

17% 41% 42%

Rest of World

17% 41% 42%

On Track for net zero in operations by 2050
Off Track, but decreasing emissions
Off Track, and still growing emissions

Good to know

Scope 1 covers direct emissions from owned or controlled sources.
Scope 2 covers indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the reporting company.
Scope 3 includes all other indirect emissions that occur in a company’s value chain.
Emissions trajectories cover operational emissions (Scopes 1 and 2) from 2016 to the latest available year.

Progress is still limited

Only 16% are on track to reach net zero in their operations by 2050

Figure 9: A bar graph labeled Figure 9 showing status of companies' net zero adoption in their operations by 2050 in Europe, Rest of World, Asia Pacific, North America and overall.

Significant regional and sectoral discrepancies also persist

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.

13.7

levers are deployed on average by communications and media companies, compared to 6.3 in the health sector.

Here’s where more work is needed…

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.

…and why AI could be a game-changer

14% of companies

are currently using AI specifically for decarbonization.

Without intervention

AI data centers are projected to generate 718 million tons of CO₂ emissions by 2030—comparable to the present-day emissions of the aviation or shipping industries.

Leading companies

are already harnessing AI for real-time energy management and operational efficiency, proving its potential as a “super-lever” for decarbonization.

How companies can accelerate their path to net zero over the next two years

Set targets and develop transition plans

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.

Build a stack of decarbonization levers

Foundational levers, such as improving building efficiency, adopting renewable energy, and reducing waste, should be implemented universally.

Supercharge AI

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.

Get the full picture

Explore our Destination Net Zero report for a comprehensive analysis on how your company can accelerate its decarbonization journey with the right mix of foundational levers and next-generation solutions like AI.

Read the full report

View the infographic

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WRITTEN BY

Stephanie Jamison

Global Resources Industry Practices Chair & Sustainability Services Lead

Mauro Macchi

CEO – EMEA

Mauricio Bermudez Neubauer

Managing Director – Strategy & Consulting, Carbon Strategy & Intelligence Lead

Babak Moussavi

Senior Principal – Accenture Research