The outcomes of the COP27 climate summit in Egypt in late 2022 were mixed, with many commentators arguing that nations failed to show enough ambition to accelerate efforts to deliver net-zero, despite welcome progress on loss and damage. However, a landmark report released by the UN at the summit may well shape the future of corporate climate strategies moving forward.

The High Level Expert Group on Net Zero Emissions Commitments of Non-State Entities was set up by UN Secretary-General António Guterres in March 2022 in order to develop stronger standards and scrutiny of net-zero pledges from non-state entities such as businesses, investors, cities and regions.

At COP27, the High Level Expert Group outlined a new set of key recommendations to help these entities develop and deliver net-zero targets credibly, avoiding common greenwashing pitfalls.

The new report aims to build on the Race to Zero and Science Based Targets initiative by providing corporates and investors with time-based frameworks to deliver net-zero, based on short, medium and long-term targets.

The report offers steps to avoid greenwashing and recommends that non-state actors should no longer claim to be net-zero if they continuously build or invest in new fossil fuel supply, support deforestation and other environmentally destructive activities that should be branded “disqualifying”.

Additionally, firms should avoid purchasing cheap carbon credits instead of reducing emissions. The report does state that “...

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