Alongside governments, non-state actors, who are at the heart of the Paris Agreement, can and must act. Whilst we are seeing a huge momentum in net-zero pledges from corporates globally, it is vital that companies have 2030 science-based targets that are in line with 1.5°C, backed up by robust and credible transition plans. Companies must also be held to account for their progress against those plans. Governments should use the momentum of corporate progress to advance ambitious, net-zero aligned policies, giving clarity and confidence to non-state actors, in turn strengthening the ambition loop.

The Project Task Force has been invited by EFRAG to begin work on elaborating the new EU sustainability reporting standards, with a view to passing responsibility to EFRAG sustainability reporting bodies once established.