Decarbonisation is emerging as a key business differentiator. Accenture’s latest report on the decarbonisation activities of the world’s largest companies finds that those that connect climate ambition to business strategy are cutting emissions faster and creating lasting value. But the journey is far from complete: just 16% are on track to reach net zero in their operations by 2050.

One third of the G4000 (the largest 4,000 companies), and 41% of the G2000 (the largest 2,000 companies) have now set full net zero targets covering Scopes 1, 2 and 3. A total of 13 of 21 decarbonisation levers are adopted by more than half of the G4000 – but only 16% are on track for net zero in operations by 2050.

Since 2016, the world’s largest companies have grown their revenues in aggregate by 7% a year while keeping overall operational emissions flat, demonstrating that decoupling growth from emissions leads to competitive advantage. Despite strong ambition, the gap between climate goals and progress remains wide – with only 16% of the G4000 on track for net zero in operations by 2050, these leaders represent just 4% of the group’s total operational emissions.