The Science Based Targets Initiative (SBTi) launched a campaign inviting 1,045 companies to commit to limiting global temperature rises to 1.5°C. A recent report revealed that 239 participants were removed for failing to meet net-zero deadlines. While companies show meaningful progress towards their goals, external factors, especially economic uncertainty and political pressure, pose significant challenges. Sustainability initiatives often face cuts during tough times, as stakeholders prioritize immediate financial returns over long-term environmental investments, threatening the overall achievement of climate targets.
Economic uncertainty in 2024 posed a serious challenge for sustainability efforts across industries. Initiatives aimed at reducing environmental impact were sometimes postponed or scaled back, viewed as cost centres rather than investments.
'As once distant climate targets become near-term business priorities, only a small percentage of the world's largest companies are on track to realise net zero by [the] mid-century.'
Companies across all industries are making 'meaningful progress' towards their net-zero goals, but progress is not fast enough.
Political pressure led to the deprioritization of net-zero goals in 2024, complicating efforts to meet sustainability benchmarks effectively.
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