Boston Consulting Group: Carbon Emissions Survey Report 2024

Despite the worsening climate crisis and despite 2023 being the hottest year on record, corporate progress on decarbonization has slowed, with the latest survey finding that responding companies have made little progress on climate issues over the past year.

Many climate leaders have already realized significant value from their decarbonization efforts, including economic benefits equal to more than 7% of their revenues, with an average net benefit of $200 million per year. To achieve these economic benefits, leading companies are moving beyond basic actions, such as measuring and reporting emissions, and taking more advanced actions, including using artificial intelligence in their climate work and calculating product-level emissions, to support their decarbonization journey.

Boston Consulting Group surveyed executives from companies around the world that together account for about 45% of global greenhouse gas emissions. The survey continues work that began in 2021 and will continue in 2022 and 2023, investigating the progress companies have made in measuring and reducing emissions and illuminating actions they can take to mitigate climate change.

Leaders are reaping the rewards

Only 9% of the nearly 2,000 companies surveyed in 2024 said they fully reported on scope 1, 2 and 3 emissions. Furthermore, only 16% had set targets in all three areas, and only 11% had emissions reduction targets in line with established targets.

The fourth annual survey of carbon emissions finds that the overall pace of decarbonization has slowed, but leaders are realizing the huge economic value.

• Only 11% of the nearly 2,000 companies surveyed reported emissions reductions in line with stated targets in 2024, down from 2023 reports.
• The main source of economic benefits is reduction in operating costs – typically from increased efficiency, reduced waste and use of renewable energy.
• Climate beneficiaries capture value by excelling at foundational actions.
• AI plays an important role in decarbonization efforts, and this role is expected to grow further.

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