World may reach net-zero by 2057: report

More than 1,000 executives expect to cut emissions by 28% by 2030.

More than 1,000 energy and natural resources executives expect the world to cut carbon emissions by 28% by 2030 and reach net-zero by 2057, a report found. 

In its report, Bain & Company noted that most of the respondents have a more bullish outlook over their own trajectories compared to other markets with 61% expecting to decarbonise faster than the rest of the world. 

“This may indicate a greater commitment than the outside world sees,” the report read in part.

The report also noted that executives “overwhelmingly” perceive decarbonisation as a top priority with 88% saying reducing Scope 1 and 2 emissions is a key priority of their firms. 

Nearly half, or 47%, expect their compay to change, which improved from 36% on 2020. Moreover, 96% expect the industry will make progress in attaining net-zero by 2030. 

“Energy and natural resources industries are moving from ambition to action,” Peter Parry, chairman of Bain & Company’s global Energy and Natural Resources practice, said. 

“Whilst close to a quarter of capital expenditure in 2021 was directed toward change, we can expect this to grow toward 50% by 2025, establishing a transition path with greater clarity.”