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EIC: Global Net Zero Jeopardy Report

by Madaline Dunn

The inaugural “Global Net Zero Jeopardy Report” by the Energy Industry Council (EIC) has been released, having gathered insights from interviews with industry leaders, surveying 38 energy industry leaders from 29 EIC member companies worldwide.

When asked about meeting net zero targets in their respective countries, versus global targets, only 11 per cent of those surveyed believe that 2030 global targets will be met, and just 16 per cent believe the target will be met in the country where they’re based.

Contrastingly, 66 per cent believed that the national 2050 goals were still achievable, versus 45 per cent believing targets will be achieved globally.

The report outlined that this global outlook for interim targets is “muddied” by unclear policies and significant disparities in the capabilities and priorities of different nations.

Meanwhile, for longer-term targets, there was “cautious optimism” supported by legally binding targets and the impact of technological and capacity growth advances.

Still, here, scepticism arises from skill shortages, enforcement failure, and funding gaps.

The report noted that some participants see only a “major catastrophe” as the catalyst for action.

Others call for more proactive and mandated government directives for net zero achievements.

A total of 61 per cent emphasised the need for more investment and incentives to launch net zero projects, while 45% advocated for stronger, more supportive regulations and international cooperation to foster a unified approach to sustainability.

Indeed, 87 per cent of participants highlighted governments as primarily responsible for not meeting net zero targets, urging policy and regulatory reforms to mitigate climate change.

Further, 22 per cent spotlighted supply chain and infrastructural limitations, noting the gap between current capabilities and the requirements for a full transition to net zero.

The second most accountable was industry, underlined as a key player in innovation and emissions reduction.

Commenting on the report, EIC’s Chief Executive Officer Stuart Broadley, said: “This disparity in optimism underscores a crucial point. While the immediate future appears daunting, with most leaders now holding the view that interim targets are unachievable, there is a stronger belief—both within our home nations and collectively as one global community—in our ability to correct our course by the ultimate 2050 target date. This optimism is due to the potential for technological advancements and the conversion of policy into implementation.”

The full report is available here.

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