Despite the federal US retreat, the global ambition to slash emissions and reach net zero remains intact, with commitments from cities, regions and companies rising steadily, according to the Net Zero Stocktake 2025. 

The annual assessment by the Net Zero Tracker – which reviews both the quantity and quality of global climate commitments, and to which the Blavatnik School contributes – finds that 77% of global GDP is still covered by national net zero commitments, and that: 

• US companies with net zero targets have jumped 9% in one year, now representing $12 trillion in global annual revenue – 64% of the revenue of assessed US companies;
• Globally, target-setting is expanding across companies, regions and cities – even though country-level target coverage has dipped following the US federal retreat;
• Nearly half of subnational governments and companies assessed still lack a public emissions reduction target;
• There is modest progress in the quality of company targets, but the vast majority still need to improve to meet best-practice standards;
• One-third of companies plan to rely on nature-based carbon removals (such as such as reforestation or peatland restoration), while only 4% have set clear, separate targets for removals. 

John Lang, Net Zero Tracker lead, said: "From the devastating LA fires to floods in Pakistan, 2025 has shown why reaching net zero, the only way to halt rising temperatures, is so urgent. Talk of a 'net zero recession' is overblown. Backtracking is confined to fossil fuels and their financiers, while more companies are moving from box-ticking to real emission cuts — a long-overdue reset."

The Net Zero Tracker is the world’s most comprehensive and up-to-date database of public net zero commitments – covering nations, states and regions, cities, and major companies. Its 2025 Stocktake shows that net zero targets remain a defining feature of the global economy, with a clear majority of the largest listed companies within the Global Forbes 2000 having set targets, and most backing them up with plans. By revenue, $36.6 trillion, representing 70% of the revenue in the Forbes Global 2000 list, is covered by listed companies’ net zero targets. Target-setting continues to increase in Asia, notably in China (from 48 to 60), India (29 to 34), Japan (184 to 199), South Korea (41 to 48), Taiwan (26 to 35) and Thailand (11 to 15). Worldwide, over two thirds of Forbes Global 2000 companies with net zero targets (860/1,245) back these up with plans. The Stocktake indicates that clearer standards, a steady rise in national climate regulation, and companies’ determination to protect their investments are together driving the continued rise in net zero targets. 

In the US, subnational action has sustained momentum despite the federal government's retreat. While the federal government's abandonment of its net zero target saw global net zero coverage by national-level commitments fall from 93% to 77% of GDP, subnational and company leaders are still acting. 19 US states remain committed to net zero, and if state targets are included, worldwide net zero coverage jumps to 83% of global GDP. On the corporate side, net zero commitments by US headquartered companies grew 9% in the last year – from 279 to 304, including new commitments from eBay, Merck & Co and Goodyear. These 304 companies account for $12 trillion in global revenue — 64% of US corporate revenue assessed, the largest absolute share worldwide. Over half (52%) of America’s largest companies now have net zero targets. 

Thomas Hale, Professor of Global Public Policy at the Blavatnik School and part of the Net Zero Tracker team, said: “US companies know they need to keep pace with the EU, China and other regions where climate policy is increasingly shaping competitiveness. Net zero is less a political battleground and more a race to secure future markets, investment and jobs.” 

A majority of national and subnational governments remain committed to net zero: 69% of national governments and territories (137/198), including the EU, have kept their net zero pledge in place in the last year. 67% of national net zero commitments are now embedded in law or formal policy, the strongest form of commitment, up from 52% in 2024. 

2.55 billion people are now covered by net zero targets from their cities, states and regions – up from 497 million in 2020, a more than five-fold increase. 

While commitments continue to rise, the quality of net zero strategies continues to lag. Net Zero Tracker’s review against the so-called ‘starting line’ integrity criteria shows minimal progress over the past year: 7% of company net zero targets (90/1,245) meet the integrity criteria, though the number of companies at the ‘starting line’ doubled in 12 months, from 45. Just 4% of city net zero targets (13 of 337) meet integrity criteria – unchanged since 2024, although net zero coverage increased from 271 cities to 337. 6.5% of regions (14/ 216) meet the integrity criteria, up from 3.5% since 2024, although net zero coverage increased from 186 to 216 regions. 

Strikingly, the Stocktake also shows that nearly half (1,548/3,885) of subnational governments and companies assessed have yet to set an emissions reduction target – 424 companies are operating without any emission reductions target. Oxford University's Steve Smith, Executive Director of Oxford Net Zero, said: "This is 2025. If a major company, city or state still has no target or plan for being part of a climate-safe future, you have to ask if they are risking their own economic and environmental opportunities, as well as the world's."

The 2025 Stocktake includes a special focus on nature and land use, highlighting corporate reliance on nature-based solutions and trends in food and agriculture:

• Around one-third of companies with net-zero targets plan to use nature-based carbon removals such as reforestation or peatland restoration. Yet only 4% set clear, separate targets for carbon removals, a key transparency measure that can help prevent overreliance on scarce removals and show how serious a company is about reducing emissions directly.
• Among the world's 30 largest food and agriculture firms, the number of climate targets has remained stable in 2025, but their focus is shifting towards longer-term targets.
• An increasing number of companies are planning to meet their targets via land-based removals. These bring co-benefits for biodiversity and ecosystems, but cannot substitute for deep, structural reductions in emissions from fossil fuels. 

Dan Ioschpe, COP30 Climate High-Level Champion, Brazil, said: "The Net Zero Stocktake shows that most of the global economy is moving forward in the race to tackle climate change. Companies, cities, states, and regions have signalled their determination to accelerate an all-of-society transition – unlocking unprecedented opportunities for growth, development and jobs along the way. But ambition alone is not enough. Commitments should become more effective, to deliver meaningful local climate action."