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Concept
Net zero
Summary
Global net zero is a state in which human-caused greenhouse gas emissions are balanced by human-caused greenhouse gas removals over a specified time period. When used in shorthand, net zero generally refers to the IPCC SR1.5 pathway for a 50% chance at limiting warming to 1.5 °C with no or limited overshoot, meaning approximately halving emissions by 2030 vs current levels and reaching global net zero by 2050.
In the last few years, net zero has become the dominant framework for climate ambition with countries and organizations alike setting net zero targets. Today more than 140 countries have a net zero emissions target, including some countries which were resistant to climate action in previous decades. Country-level net zero targets now cover 92% of the global GDP, 88% of emissions and 89% of the world population. At a company level, 65% of the largest 2,000 publicly traded companies by annual revenue and 63% of Fortune 500 companies have net zero targets. Company targets are a result of voluntary action as well as government regulation.
Despite an increasing prevalence of commitments and targets, however, net zero claims vary enormously in levels of credibility and most have low credibility. While 61% of global carbon dioxide emissions are covered by some sort of net zero target, credible targets cover only 7% of emissions. Low credibility in targets reflects a lack of binding regulation and the need for continued innovation and investment to permit decarbonization.
To date, 27 countries have enacted domestic net zero legislation – laws passed by the legislative branch of government that contain net zero targets or equivalent. While there is currently no national regulation in place that legally mandates companies based in that country achieve net zero, legislation is being developed in several countries, most notably Switzerland.
The concept of net zero has its roots in research into the response of the atmosphere, oceans and carbon cycle to CO2 emissions in the late 2000s, which found global warming will only stop if CO2 emissions are reduced to net zero.
Official source
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