Race to Zero members lead on climate action but policy change still needed to cut emissions, new report findings show

Since its inception five years ago, members of the Race to Zero campaign are demonstrating continued leadership on climate action, according to a new progress report published today. They are not only cutting emissions, but also saving costs, reducing supply chain risks, and creating new revenue tied to climate solutions. Campaign members continue to outperform non-members, and large corporations in the Race are 2.5 times more likely to support science-aligned climate policy than those not in the Race.

By the end of 2024, the campaign reached 15,754 members across more than 150 countries through its 26 Partners, a nearly 20 percent increase from the previous year. More than half of all members are now small and medium-sized enterprises, demonstrating that climate action is scaling from the ground up.

Momentum is building across every region. The Asia-Pacific region is now a key driver of progress, with more than 2,000 campaign members, including from key economies such as India, China, Japan, and the United Arab Emirates. Notably, six of the eight most recent Accelerators to join Race to Zero come from developing countries, underscoring a more inclusive and regionally grounded path to net zero.

Cities and States are also ahead of the curve. In countries like India, Mexico, and Australia, subnational actors are setting net zero targets ahead of their national governments. One in four cities now has a net zero target for 2050, supporting a tenfold increase in global city commitments over the past five years. Nearly all cities – 94 percent – reporting through Race to Zero’s data partner CDP now have climate action plans. These cities are also increasingly funding climate-related projects: 1,276 projects valued at $140 billion were reported last year, quadrupling the $42 billion reported in 2023. An additional $62 billion in financing is now being requested to deliver on climate action.

The business case for climate leadership is growing despite backlash. Members are delivering across all five campaign pillars: Pledge, Plan, Proceed, Publish, and Persuade. Companies with credible transition plans are cutting emissions at twice the rate of those without. Nearly three-quarters of large companies and most financial institutions in the campaign now have climate action or transition plans in place, and are saving billions in supply chain efficiencies.

Still, voluntary action alone will not deliver a net zero world. Members are increasingly stepping up to advocate for enabling conditions: strong policies, stable regulatory environments, and aligned financial incentives. Among reporting members, 79 percent of large companies and 91 percent of universities are taking steps to influence climate policy. Eighty-three percent of cities are also partnering with local governments, civil society, and businesses to advance their goals, showing the multiplying effect of collaboration.

Members are also facing new challenges, from political pushback to “greenhushing”, which call for stronger policies, stable regulation, and aligned financial incentives to meet ambitions, and are more important now than ever before.

Findings from the new report also show that data tracking is a critical lever. Standardized, transparent reporting is improving but remains uneven. To keep trust and track real progress, members must invest in digital infrastructure and robust disclosure practices.

“As Race to Zero enters its next phase, its focus will deepen: even more effort will be made to strengthen collaboration and implementation and help members move from commitment to credible delivery,” said Dan Iochspe, COP30 Climate High-Level Champion.

“The campaign will continue to offer a platform for those driving progress and advocating for ambitious climate policy to turn momentum into lasting, measurable change,” added Nigar Arpadarai, COP29 Climate High-Level Champion.

Clean energy, nature-based solutions, low-carbon industries, and sustainable agriculture are ready to scale. The Race to Zero is linking international standards, corporate ambition, and emerging climate rules for an accelerated implementation of global climate action.

Following the fourth COP 30 Action Agenda letter, Race to Zero is encouraging its partners and members to recognise that the next frontier of climate progress lies in implementation, transforming commitments into concrete, scalable solutions that advance global climate goals and reflect the Global Stocktake as a shared compass for action.

Existing solutions including clean energy technologies, low-carbon industry, sustainable agriculture and nature-based solutions are established, becoming cheaper and faster to deploy, and offer greater security and resilience in an uncertain world.

With pace, purpose and alignment, the report shows we can reach the finish line together and in time. Ultimately, this is a race where no one crosses the finish line alone.

About Race to Zero

Race to Zero is a global campaign rallying non-State actors – including companies, cities, regions, financial, educational, and healthcare institutions – to take rigorous and immediate action to halve global emissions by 2030 and deliver a healthier, fairer zero-carbon world. Race to Zero is led by the Climate High-Level Champions to drive real world momentum and action.

Contact

For more information or any questions, please reach out to media@climatechampions.team.