Companies could not “claim to be net zero” while continuing to build or invest in new fossil fuel assets and decarbonization plans must “not support” new coal, oil and gas supplies, the UN-appointed High-Level Expert Group said. “Net zero is entirely incompatible with continued investment in fossil fuels.”By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“Abide by this standard and update your guidelines right away — and certainly no later than COP28,” he added. But the UN report said that to be credible, net zero targets must cover all a company’s emissions across business and supply chains. “There are some companies, in particular financial institutions, that don’t understand that when you make a net zero commitment it means something,” she added.