The UN Secretary-General's High-Level Expert Group on Net-Zero Emissions Commitments of Non-State Entities (HLEG) has issued a sharp warning to global policymakers, stressing that existing policies fall short of the 1.5°C climate target established by the Paris Agreement.
The group's first report, Net Zero Policy Matters: Assessing Progress and Taking Stock of Corporate and Financial Net Zero Policy, highlights notable advances in net-zero policy but exposes significant shortcomings that threaten climate goals.
"The current policy environment is inadequate for a 1.5°C future," the Taskforce states. While the G20 has enacted more than 1,000 policies promoting net-zero commitments among non-state actors, these efforts remain inconsistent and fragmented.
All G20 nations now have some policies supporting business and financial institution transitions to net-zero, with the number of such policies tripling since 2020.
For example, South Africa has introduced regulations mandating corporate emission reductions, covering fossil fuel use, renewable energy, and deforestation.
In Brazil, Indonesia, and Mexico, sustainable finance policies now extend to social and environmental aspects, addressing land use, gender equality, and social justice. Yet, these actions fall short of the scale needed.
Taskforce Co-Chair Helena Vines Fiestas described the situation as "a mixed picture." Although net-zero policies are on the rise, she expressed concern that "the steps we've seen are insufficient to align us with the Paris Climate Agreement.
We're already off course for 1.5°C, and unless we bridge these policy gaps, we risk derailing critical progress." Only a small fraction of current policies explicitly support the 1.5°C target, with most relying on risk-based scenario analyses.
Critical issues around nature conservation, climate adaptation, and social justice also remain largely unaddressed, particularly in regions like Australia and the UK.
A key theme in the report is climate justice. Although the "Do No Significant Harm" principle has gained traction, the Taskforce notes that it still lacks a comprehensive approach.
"A meaningful concept of climate-related justice--one that centers on vulnerable communities--remains absent," the report observes. HLEG calls for policies that uphold the right to sustainable development, particularly for emerging economies facing heightened climate risks.
Looking ahead, the Taskforce plans to strengthen policy frameworks and close climate policy gaps by 2025. Co-Chair Andrea Meza Murillo stressed the need for inclusivity in policy design, stating, "We've seen non-state actor policies broaden, but blind spots in areas like land conservation, climate adaptation, and social justice need urgent attention. A fully effective transition must consider these factors to benefit communities and economies worldwide."
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These findings arrive at a critical moment. With COP30 approaching, marking the ten-year anniversary of the Paris Agreement, the report emphasises an urgent need for accelerated action.
Laurence Tubiana, Taskforce Ambassador and CEO of the European Climate Foundation, underscored the significance of the timing, saying, "Nearly every G20 country and many others have set net-zero targets.
But achieving these targets requires coordinated action across companies, financial institutions, and regions."
Ultimately, the report is both a signal of progress and a call to action, urging world leaders to close policy gaps, prioritise vulnerable communities, and embrace climate justice to secure a sustainable future.
