The inaugural “Global Net Zero Jeopardy Report” by the Energy Industry Council (EIC) has found that only 11% of energy industry leaders believe global interim targets for achieving net zero will be met.

This scepticism underscores a growing gap between the current reality of industry and the ambitious net zero goals set by policy makers for 2030-35, the EIC said in a statement.

The report, based on surveys and interviews with 38 energy industry leaders, highlights the bleak global outlook for meeting interim climate targets, largely attributed to unclear policies and significant disparities in capabilities and priorities of different nations.

There is a more optimistic outlook for 2050 targets, with 45% of respondents saying they see a pathway to success of meeting global net zero targets.

“This disparity in optimism underscores a crucial point,” says EIC’s CEO, Stuart Broadley. “While the immediate future appears daunting, with most leaders now holding the view that interim targets are unachievable, there is a stronger belief in our ability to correct our course by the 2050 target date. This optimism is due to the potential for technological advancements and the conversion of policy into implementation.”

Scepticism arises from skill shortages, enforcement failure, and funding gaps. Some participants see only a major catastrophe being the catalyst for action, while others call for more proactive and mandated government directives for net zero achievements.

The report shows that 61% of interviewed executives stress the need for more investment and incentives to launch net zero projects, pointing to the high costs of green transitions and the importance of ensuring profitability for sustainability.

Meanwhile, 45% cite unclear and inconsistent government policies as obstacles, advocating for stronger, more supportive regulations and international cooperation to foster a unified approach to sustainability.

Regarding capacity, 22% highlight supply chain and infrastructural limitations, noting the gap between current capabilities and the requirements for a full transition to net zero.

Survey results reveal 87% of participants hold governments primarily responsible for not meeting net zero targets, urging policy and regulatory reforms to mitigate climate change. Industry, seen as a key player in innovation and emissions reduction, is deemed the second most accountable.