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2024 Tracking Progress Annual Report

EXECUTIVE SUMMARY

The Climate Collaborative’s Tracking Progress 2024 Annual Report presents key findings from our Tracking Progress Survey, an annual assessment of how companies are advancing their climate action commitments. This report not only tracks progress but also reveals critical insights into the challenges companies face and the broader industry trends shaping climate strategies. By sharing these findings, we hope to empower our community to collaborate on innovative solutions and drive meaningful change. These insights are essential to guiding our efforts and supporting businesses in overcoming obstacles as they pursue their climate goals.

We continue to evaluate the barriers to climate action by analyzing how macroeconomic trends and other systems-level shifts impact progress. This past year, the most significant challenges to climate commitments were macroeconomic pressures—such as inflation and recession concerns, pandemic-related impacts, supply chain shortages, transportation disruptions, and labor shortages. Although macroeconomic issues affected 10% fewer companies than last year, they remain a major barrier, impacting over 40% of the Collaborative's reporting organizations.

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Reporting companies also identified geopolitical unrest, employee capacity limitations, and restricted influence and purchasing power as key barriers to climate action. Additionally, companies highlighted the challenge of balancing the rapid pace of business growth and the investment it demands with the need to prioritize climate initiatives. Despite a number of potential barriers, 32% of companies said their climate action has not been impacted this year compared to 29% in 2023.

To better support companies integrating climate into all aspects of operations, we assess work that is happening inside organizations to operationalize climate. This year, 73% of respondents indicated that climate action is part of their overarching business strategy. In addition, 77% of respondents have taken steps to reduce emissions throughout their entire organization, a 4% increase from last year. Further, 77% of reporting companies prioritize emissions reductions before relying on offsets, up 5% from 2023. The Climate Collaborative encourages companies to reduce emissions first, followed by the use of quality offsets.

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