Net Zero Tracker

Excited to report that NZT co-founder, Richard Black’s new book, 'The Future of Energy’ has landed. Richard's book provides a short and readable account of the seismic changes happening in #energy, and the implications of the exponential growth of #renewable technologies - which, by the end of this decade, are likely to generate 2/5 of our #electricity. He also addresses the existential politics of the #energytransition: how the losers, which although relatively few in number, are using their immense power to compromise the timed test to reach #netzero emissions by mid-century. Richard writes: "As things stand, hardly any oil companies are publicly acknowledging that demand for the only commodities they produce is about to peak. Only two of the world’s biggest twenty are publicly contemplating reducing production. The majority are talking about expansion, and none of them has a credible plan to transition to clean energy. This house of cards can only remain standing for so long.” The inertia of the fossil fuel sector echoes our analysis, released at #COP28, to gauge whether these companies are alert to the International Energy Agency IEA)’s forecast that fossil fuel demand will peak by 2030. 🎯 National net zero targets cover 88% of global GHG emissions, but only 7% of those emissions are covered by ANY kind of national commitment to phase-out exploration, production or use of #coal, #oil or #gas. In total, 13% have pledged a full phase-out of any fossil fuel. 🛢 94% of oil-producing countries have not set an oil exploration phase-out pledge, with a similar number (95%) failing to commit to phase-out gas exploration. BUT, the the future leaders of a fossil-free future are emerging: 🎯 More than half (56%) of publicly listed companies engaged in coal production have a full or partial coal production phase-out pledge. 🎯 30% of the regions with coal reserves (6/20) that have set net zero targets have set a full coal exploration phase-out target. 🎯 Firms representing 18% of the combined revenue of the world’s largest publicly-listed companies have a full or partial phase out pledge, relating to either exploration, production or use of coal, oil and/or gas. As Tzeporah Berman, Chair, Fossil Fuel Non-Proliferation Treaty Initiative, said: “Net zero commitments should not be a haven for bad math and broken promises. It is a fallacy that net zero targets can be met while countries and companies continue to expand oil, gas and coal projects.” https://lnkd.in/g7HBa2Z3 https://lnkd.in/emxpRG4f Ember John Lang Camilla Hyslop Natasha Lutz NewClimate Institute Victoria Fischdick Angel Hsu, PhD Data-Driven EnviroLab Steve Smith Oxford Net Zero Smith School of Enterprise and the Environment - University of Oxford Energy and Climate Intelligence Unit Penguin Random House

Insightful piece from Alasdair Johnstone at the Energy and Climate Intelligence Unit in The House Magazine, which makes the case that in spite of numerous policy obstacles, the UK’s ‘net-zero economy’ is in fact thriving. Indeed, analysis from CBI Economics shows that whilst the wider economic landscape was stagnant in 2023, the green energy sector experienced a growth of 9%, adding £74bn to the UK economy. Countering expectations that this growth might coalesce around larger cities like London, the identified ‘net zero hotspots’ include constituencies such as Stockport, Cheadle and Hartlepool, regions in which thriving clean industries are generating both employment and economic prosperity. In the UK, the incoming government has vowed to take a global lead on climate action, creating opportunities to drive further economic momentum, which we hope will be reflected in the submission of an ambitious and credible 2035 climate plan ‘NDC’, alongside a strengthened 2030 NDC.

An exciting development this week - in light of strengthening sustainability criteria - Google / Alphabet Inc. has adapted its #climate plans to end its purchase of #carbonoffsets. Instead, the company now aims to reach #netzero carbon emissions by 2030, by avoiding or reducing emissions to reach its emissions reduction target. https://lnkd.in/e5Etw_ad Click below for a quick-fire overview of Google / Alphabet’s net zero commitment: https://lnkd.in/d5-vu4Qu Kate Brandt Akshat Rathi

The essential data which forms the basis of the Net Zero Tracker is collected by our brilliant global team of volunteers, the work they do to track climate targets is critical to the analysis that we produce. Today we’d like to say a big thank you to our fantastic people-powered team and in particular to highlight the work of the volunteer, and The London School of Economics and Political Science (LSE) and Cambridge Institute for Sustainability Leadership (CISL) Graduate, Denise Siu. Denise has tracked a total of 22 entities so far, playing a key role in monitoring and updating  climate targets across the UK, EU and, in addition, Asian markets. Denise commented on her experience volunteering for the Net Zero Tracker: Hi, I'm Denise, a proud member of the Net Zero Tracker volunteer group! With more than 11 years of experience working in financial public relations and corporate communication, I had witnessed how companies evolved from treating "CSR" as merely the occasional volunteering event or a large donation made to create publicity, to seriously reporting about their "ESG" due to increasing regulatory pressure, and eventually making "sustainability" a buzzword, with some truly embracing it as a priority in their organizations. Raising my little boy, who has been passionate about animals and nature even before he could speak, led me to learn more about climate change and other environmental issues. The more I learnt, the greater sense of urgency I felt to be part of the solution. I started to study about sustainability and to explore how I can work more directly in this field, and that's when I found NZT and decided to join immediately. I strongly believe in the power of communicating accurate information timely and openly to guide decision-makers and inform the public to help them make the right choices, which is why it is important to build and maintain a database like the NZT. I feel fortunate to be living with my small family in a suburb in southwest London, surrounded by unspoiled green spaces. With two of the city's largest royal parks nearby and foxes visiting our garden daily, I am constantly reminded that we are all sharing this planet and should all play our part to protect it. I will continue to contribute through the NZT and seek more opportunities to advocate and drive sustainability.

As part of our ongoing series with Sustainability Unlocked, Net Zero Tracker Project Lead John Lang  explained the raison d ‘etre of the Tracker, to address the deficit of credibility and the surplus confusion surrounding climate commitments. John Lang clearly sets out the guidance provided by the UN’s High-Level Expert Group to set credible  net zero pledges, including accounting for all GHG emissions across the  value chain, as well as ensuring economic and social stability whilst making the transition from fossil fuels to clean energy sources. This video explains what entities should include when setting net zero pledges, including recommendations to enhance transparency and accountability through standardised reporting, integrating just transition investments, and the role that offsets can play in the transition to net zero.    See here for the full video: https://lnkd.in/evykpayd

An interview with NZT co-lead Professor Thomas Hale, from the Blavatnik School of Government, University of Oxford, was recently published on the High-Level Climate Champions website - to mark the 4th anniversary of the #RaceToZero. Thomas explained key insights from his new book, '#LongProblems: Climate Change and the Challenge of Governing Across Time.' And he also highlighted the fundamental role that the Race to Zero Campaign has played in accelerating the passage of ‘net zero’ - from a scientifically grounded, but abstract concept - into a concrete global goal that is being operationalised by over 14k Race To Zero members. Prof. Hale also comments on how climate commitments have made the path towards #climateaction increasingly durable and less reversible, driving the so-called ‘#ambitionloop' - which is especially critical in this 'super election year'. Taking the #UnitedStates for example, our data shows that: ❗ In 2016, not a single #US state had a #netzero target. 🎯 But, in 2024, 16 of them do, 12 of which are enshrined in law. 🏙 At the municipal level, 32 of the US cities with more than 500,000 people have set net-zero targets in either #law or #policy. 👩💼 And in the private sector, over half of the US companies in the #GlobalForbes2000 list have a net zero target or similar. “Even if there are bumps along the road, with vested interests attempting to dismantle climate policy - states, cities and companies are also better positioned to resist and carry on. This is exactly the benefit of the ambition loop, it creates real resilience to the global net zero journey. It’s just a question of how quickly they get there.” https://lnkd.in/ebvqavdc Princeton University Press Oxford Net Zero NewClimate Institute Data-Driven EnviroLab Energy and Climate Intelligence Unit Arboretica

In collaboration with Sustainability Unlocked, Dr. Steve Smith, Director of the Oxford Net Zero initiative and co-lead of the Net Zero Tracker, delves into the science behind net zero targets in this latest film. Taking us through the evolution of the net zero concept, Steve describes how this approach shifted from one that focused on greenhouse gas concentrations, to adopting net zero CO2 emissions, explicitly linking the ability to limit emissions with the need for a global ‘carbon budget.’ To operationalise net zero commitments into concrete action, Steve categorises five essential principles necessary to catalyse transformation such as advancing CO2 reductions, accounting for all greenhouse gases, ensuring meaningful emission reductions and credible offset credits, ensuring the permanence of carbon removal, and furthering global collaboration. See below for the full version: https://lnkd.in/exdA-afw

ICYMI the Financial Times’s last Big Read by Kenza Bryan and Attracta Mooney covers the state of play of corporate climate action and the dangers of overreliance on carbon offsets. The report includes data from NewClimate Institute and Carbon Market Watch’s #CorporateClimate ResponsibilityMonitor, showing that - if companies were to offset up to half of their indirect emissions, it would allow most companies to hit their targets without actually making cuts to their #Scope3 - value chain emissions. Clearly this would run counter to the IPCC’s clear guidance that global emissions should be cut by 43% by the end of the decade. On intent, the report also references NZT data showing that more than two-thirds of annual revenues ($31tn) across the world’s largest companies are now aligned with net zero, representing an increase of 45 per cent in two years.

Essential reading: Journalist and analyst at Ember, and one of the founders of the Net Zero Tracker, Richard Black has a new book titled The Future of Energy, which is out in exactly one week. Covering the seismic shifts in the landscape of energy, Richard Black explores the transformational implications of the energy transition, not only in halting climate change but also in it’s potential to deliver more jobs, cleaner and cheaper air, and to address some of the driving factors behind widespread injustice and conflict. This book tells a story of energy that is not typically heard from politicians, journalists and business leaders, a narrative of the energy transition that is in fact endorsed by an immense majority of the world’s societies. This book is available for order before the publication day on the 4th July, or before for pre-order from all of the usual outlets. https://lnkd.in/edGZYhkT

Excited to see Climate Arc’s launch today of #TransitionArc - a one-stop #ClimateFinance tool to assess corporate transitions on climate goals 🌎 To drive the global #NetZero transitions and allocate capital where it's needed, financial institutions need corporate transition data and analysis that’s reliable, science-aligned, consistent and comparable. Data in any form is not enough; to be useful, it must be granular, accessible and credible, leading to meaningful analysis.    This tool should encourage financial institutions to direct flows of capital to accelerate the corporate transitions we need. Learn more and register to access the tool here: https://brnw.ch/21wKNgD If you’re interested in climate commitments of some of the largest companies in the world, take a look at our latest analysis below: https://lnkd.in/eyQp-XHE