A report from Accenture has found that while the number of companies committed to net-zero is on the rise, the number set to reach the target by 2050 stands at just 18%.
The November report found that 37% of the companies on Forbes’ Global 2000 (G2000) list are now fully committed to net-zero, up from 27% in 2021.
European companies in the G2000 were found to be leading the way on commitments, with 61% of those on the list committed to the emissions reduction target.
While the number of companies cutting carbon has increased, the emissions reduction process has not been happening quickly enough with 33% cited as off track.
Nearly 50% were found to be completely off track and actually increasing their emissions output.
The software and platforms industry was identified as furthest off track and still growing emissions. This is followed by energy and natural resources.
Sectors such as chemicals at 73% and natural resources at 77%, were cited as presenting an “even more concerning” picture.
Almost two-thirds of companies still do not have net-zero targets for Scope 1, 2 and 3, the report noted.
“Every company is at a different place along its journey to net-zero. But whether they are right at the start, making good progress or well along the way, the roadmap is similar. The route starts with setting targets, moves through implementing more well-established measures, and then progresses by working on the more complex decarbonization levers,” the report concluded.