As temperature records were broken across Europe this summer, the public’s gaze is inevitably turning to what global leaders are doing to solve the problem.

A scan of the media suggests that most of the action right now is coming from companies, who are falling over themselves to commit to net zero. Entities representing US$130tn of assets made net-zero pledges via the Glasgow Finance Alliance for Net Zero at last year’s COP26 global climate gathering.

However, a closer look shows that virtually all these promises rest on one critical assumption: “We make this Commitment with the expectation that governments will follow through on their own commitments to ensure that the objectives of the Paris Agreement are met.” In other words, we are committed to net zero but can only deliver if governments come good on their promises.

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