A new survey by GlobalData has revealed that nearly half of oil and gas professionals believe there has been little progress in cutting emissions, raising concerns about the industry’s ability to meet its net-zero ambitions.
The poll, conducted between September and November 2025, gathered responses from 203 industry participants across different regions.
The results showed that around 45 per cent of the survey’s respondents stipulated that there was little progress made towards achieving emission reduction.
The findings expose a concerning gap between corporate climate pledges and tangible progress on the ground.
Globally, most industrial players have pledged to achieve net-zero emission goals by mid-century, most commonly by 2050.
The objective is to balance the amount of greenhouse gases released into the atmosphere with an equivalent amount removed, thereby stabilising global temperatures and mitigating climate change.
This commitment aligns with the Paris Agreement, which seeks to limit global warming to well below 2 degrees Celsius above preindustrial levels, preferably to 1.5 degrees Celsius.
To stay on track for these goals, entities have set interim, science-based reduction targets.
Achieving net-zero emissions by 2050 requires global carbon dioxide emissions to decline by about 45 per cent by 2030 from 2010 levels.
These milestones are designed to ensure continuous progress, transparency, and accountability rather than deferring major reductions to later decades.
However, GlobalData’s survey suggests that progress towards these interim goals remains slow and uneven.
“Approximately 45 per cent of the respondents indicated that there was hardly any progress made towards achieving emission reduction,” the report reiterated, underscoring persistent challenges in implementation.
Only around one-third of respondents believed some companies are likely to meet their near-term targets, while about two-fifths expressed optimism that most firms would eventually achieve them.
Experts point out that achieving interim emissions reduction requires systemic changes across entire value chains.
Transitioning from fossil fuels to renewables such as solar and wind energy, along with improvements in energy efficiency, are central to this effort.
Yet, these transitions demand significant capital investment and consistent executive commitment — factors increasingly constrained by global economic conditions.
Many oil and gas majors outlined their net-zero commitments in 2020–21, when interest rates were low and financing was more accessible.
However, the situation shifted sharply in 2022 following the start of the Ukraine conflict, which drove up commodity prices, triggered inflation, and pushed several major economies — including the UK, Japan, and the eurozone — into recession.
As central banks responded by raising interest rates, financing for large-scale emission-reduction projects became far more challenging, putting sustainability investments under pressure.
The survey also found that progress varies widely by country, depending on the strength of regulatory frameworks and government support for decarbonisation.
Continuous, immediate action — supported by strong policy oversight and financial incentives — is essential for transitioning to a low-carbon economy.
A recent UN assessment of more than 100 national climate plans found that most efforts fall short of supporting interim objectives for 2030.
Only about one-third of these plans identified clear interim steps or emissions pathways, leaving even long-term strategies without sufficient policy guidance.
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