A new report from Climate Action 100+ (CA100+) has found that while its focus companies continue to make progress on net-zero commitments, the pace is not matched by the development and implementation of credible decarbonization strategies.

The October 13 report revealed that 75% of CA100+’s 159 focus companies have committed to achieving net-zero emissions by 2050 or sooner across all or some of their emissions footprint, up from 69% in March 2022. 92% of focus companies have some level of board oversight of climate change, a slight increase from 90% in March.

However, while 53% of companies on the initiative’s focus list had decarbonization strategies in place, only 19% quantified key elements of their strategies with respect to major sources of their emissions.

Stephanie Maier, global head of sustainable and impact investment at GAM Investments, said that while the advances made on net-zero commitments are significant, the latest report shows that CA100+’s focus companies are still a long way from aligning with the goals of the Paris Agreement.

The report showed that currently, only 10% of companies had committed to fully aligning their capital expenditure plans with their greenhouse gas (GHG) targets or the Paris Agreement.

Andrew Gray, chair of the global Climate Action 100+ steering committee noted that “companies need credible strategies and capital expenditure plans to deliver on their net-zero targets.”

The latest report is the final round of benchmark assessments to be published by CA100+ in its first phase, with the second set to begin in the first half of 2023.