According to a survey carried out by BNEF (BloombergNEF), two thirds of the largest emitting companies in the world have established a net zero carbon target, committing to completely reduce or compensate at a level equivalent to what they emit per year.
BNEF estimates that, in 2030, 111 of the 167 companies that belong to the Climate Action 100+ will reduce greenhouse gas emissions by 3.7 billion GtCO2 (gigatonnes of carbon) annually.
According to the study, the numbers could rise to 9.8 billion GtCO2 by 2050 – slightly below China's current annual carbon emissions and equivalent to more than a quarter of global emissions.
“The winners will be those who address their entire value chain, focus on tangible reductions and turn a net zero strategy into a new business opportunity,” said Kyle Harrison, head of sustainability research at BNEF.
The oil and gas sectors, for example, will account for more than a third, or 3.4 GtCO2, of these planned emissions reductions, more than any other segment. Major European oil companies such as Shell, Total and BP are some of those that have already committed to achieving net-zero emissions by 2050.
Read more: Multinationals target renewables to decarbonize economy
Other sectors
BNEF also stated that, with pressure from investors, such goals were influenced by the decarbonization plans established by the oil companies' main customers. Airlines such as Delta, American and Qantas, as well as petrochemical companies BASF and Dow have also set their own net zero targets.
Furthermore, the survey reported that Utilities (2.3 GtCO2), materials companies (2.2 GtCO2) and manufacturing (1.4 GtCO2) are the next sectors set to reduce their carbon emissions.