Current incremental levels of change insufficient to meet global net zero ambitions by 2050, says KPMG report.

Governments and industry must deliver transformative change on net zero but are currently hamstrung by significant barriers, including global public debt, domestic tensions, increased opposition to decarbonization plans, and the need to guarantee energy supply, according to KPMG’s 2023 Net Zero Readiness Report.

Despite incremental momentum and specific successes such as the scaling up of low-carbon energy production from some of the world’s largest emitters, including the US, China, Brazil, Canada, and the EU, progress is constrained by a backlash over the cost of decarbonization and conflict over its domestic impact.

Through conversations with national climate change experts in 24 markets and across 6 economic sectors, the report highlights those that are leading the charge in their progress towards net zero and those where it is taking place more slowly.