COP29 - Progress on Net Zero: A Global Overview

Since ratifying the Paris Agreement, climate policy development is underway around the globe. However, a common criticism from companies committed to transitioning to net zero, or investors willing to allocate capital to this goal, is the inadequacy of current climate policies. A country claiming to reduce greenhouse gas emissions needs to be supported by robust policy efforts. Taking part in the COP29 in Baku, the Taskforce on Net Zero Policy published a report assessing G20 countries across key policy domains such as disclosure, transition planning, prudential regulation, taxonomies, and stewardship.

This report seeks to outline trends in net-zero policymaking across the world’s most influential economies, highlighting good practices and providing comparative assessments of policy instruments. As many companies and investors have a global reach, the landscape of existing regulation is fragmented and uncoordinated.

The key findings indicate that although governments recognize the urgency of action, existing policies lack the scope, depth, and ambition required for explicit alignment with the 1.5°C limit. However, there are reasons for optimism: the rise in climate-related disclosure requirements, the development of green taxonomies, and efforts in transition planning. This report is a valuable read for aligning public climate advocacy.

Net zero policy matters, Taskforce on net zero policy, November 2024