The Science-Based Targets initiative (SBTi) today published the SBTi Trend Tracker – the first in a new approach to exploring key SBTi data insights – finding that the number of companies setting near-term science-based targets has nearly doubled (97% growth) in just 18 months, while businesses going further in their ambition by setting both near-term and net-zero targets more than tripled (227% growth) across the same period.
The trend toward comprehensive climate ambition is reflected in the rapidly rising proportion of corporates with both near-term and net-zero targets. At the end of 2023, 17% of total companies with targets had both types. At the end of 2024, that increased to 33% and by the end of Q2 2025, it stood at 38% – indicating increasing commitment to long-term strategic transformation that builds climate resilience.
Companies with validated science-based targets, or commitments to set targets, represented 41% of global market capitalization at the end of 2024 – a 2% jump from 2023 – according to analysis from management consulting firm Oliver Wyman. Global market revenue generated by companies with validated targets now stands at 25%, accounting for hundreds of billions of dollars across the worldwide economy.
Asia demonstrated exceptional momentum. China, Thailand, Japan, Taiwan, Hong Kong, and Korea accounted for six of the top 20 fastest-growing markets over the 18-months. This contributed to the highest regional growth in companies setting science-based targets globally, at 134%. Overall, China delivered the strongest proportional growth globally, recording a 228% uplift that saw the number of companies with validated targets climb from 137 to 450.
Businesses in these territories – many of which play a central role in global value chains and carry high scope 3 emissions – are not only setting targets themselves, but actively encouraging suppliers and partners to follow suit. As a result, Asia is becoming a powerful amplifier of climate ambition, catalyzing a broader wave of science-based target-setting across supply chains and sectors.
The Industrials sector – covering manufacturers and distributors of capital goods – topped global adoption, accounting for nearly one-third of all companies with targets. Consumer Discretionary – encompassing automotive, household durable goods, and textiles and apparel producers – and Materials – including companies engaged in the discovery, development, and processing of raw materials – are the next largest sectors by total number of companies with validated targets.
Overall, the data trends highlight a global shift toward embedding climate goals at the core of business strategy. Far from the prevailing narrative of climate retreat, corporate ambition is accelerating across territories and sectors, with growing numbers of companies adopting the comprehensive approaches essential for credible net-zero delivery.
David Kennedy, Chief Executive Officer of the Science-Based Targets initiative, said:
“Smart companies continue to see a strong business case to manage transition risk. Building climate action into commercial strategy helps maintain competitiveness now and in the future and allows companies to capitalise on opportunities in the low-carbon economy. That forward-thinking approach has been playing out in the surge in science-based target setting over the past 18 months. The message is clear: if businesses want to be ahead of the curve, then science-based targets are where businesses start.”