COP28 Net Zero Transition Charter: Supporting transparency, integrity and accountability
Context and challenges
The private sector accounts for 80% of global GDP and the bulk of the world’s emissions.
However, only 38% of organizations have a Net Zero transition plan in place and far fewer (8%) have targets and indicators on track to reach Net Zero by 20501.
To mitigate this, a key enabler is to build greater accountability and transparency within the private sector regarding their environment and climate efforts and initiatives.
The COP28 Net Zero Transition Charter sets out the gold standard for transparency & accountability.
The charter requires companies to:
- Pledge publicly a 1.5oC-aligned, science-based Net Zero 2050 strategy and showcase short-term emission reduction targets
- Have a credible transition plan in place by – or within one year of – the conclusion of COP28
- Report publicly on annual GHG emissions and progress on their Net Zero commitment and transition plans; share information on the UNFCCC Global Climate Action Portal
As a means to create trust and accountability, an independent third-party validation of emission data and targets will be required to be carried out by 25 October 2024.
Commitments from Business & Philanthropy
Sign the Net Zero Accountability Charter and commit to reach the ‘gold standard’ by 2024
How to get involved?
- Based on interview of 1000 global leaders by Baker McKenzie