The SBTi has released the Monitoring Report 2023, showcasing significant milestones in global corporate climate action.
102% growth in the number of companies with science-based targets fuelled by growth in Asia
The report finds continued growth across key metrics including global growth of companies with validated targets, market cap penetration and global reach.
Key findings include:
↗ The number of companies with science-based targets increased by 102% in 2023, driven notably by robust expansion in Asia.
🗾 Japan emerged as the global leader in science-based target setting, surpassing the UK and US with a total of 768 companies with validated targets.
🌏 India experienced a 520% increase in companies setting science-based targets in 2023 compared to 2022.
📈 Companies with validated targets or commitments reached 39% of the global market cap, increasing two percentage points from 2022.
💊 The biotech, healthcare, and pharma sector saw the most substantial growth in target setting, with a 222% increase, while materials industry growth slowed to 41%.
Luiz Fernando do Amaral, CEO of SBTi, emphasized the report’s findings, stating, “The deepening foothold of the SBTi in global markets, especially the Global South, demonstrates a growing understanding of companies of what is required of them to meet the aims of the Paris Agreement. We must now fight harder than ever to keep those aims alive, so I call on companies everywhere to set targets and report against them as a matter of urgency.”
Read the report
