Over 700 Companies Pledge Net Zero by 2040, But Renewable Growth Lags 2030 Tripling Goal
carboncredits.comMore than 700 companies have joined The Climate Pledge, committing to net zero emissions by 2040. The group's 2026 report finds signatories cut operational emissions by an average of 11%, with Scope 2 emissions from purchased energy down 35%. That progress highlights how renewable procurement is outpacing harder cuts in direct operations and industrial processes. The same report lands as IRENA data shows global renewable capacity grew by a record 692 GW in 2025, reaching 5,149 GW. That is still only about 62% of the annual pace needed to hit the COP28 goal of tripling renewable capacity to 11.2 TW by 2030. Grid capacity, permitting, storage, and financing are the main bottlenecks, not solar panel costs. For carbon markets, the implication is straightforward. As companies exhaust easier clean energy purchases, remaining emissions will need high-quality removals and credible offsets. Long-term PPAs can help close the renewable gap, but only if corporate demand lines up with faster deployment and grid buildout.
