A sweeping analysis by PwC reveals that sustainability commitments are not only holding steady among corporations—they’re gaining momentum. The latest 2025 State of Decarbonization report shows that 84% of public companies either upheld or strengthened their green targets in 2024, challenging the narrative that corporate sustainability efforts are slowing.
The study evaluated disclosures from more than 4,000 public companies, drawing on environmental data submitted to CDP, along with insights from the Science-Based Targets initiative and financial sources like S&P Capital IQ. PwC used AI tools to analyse over a million data points, offering a wide-angle view of corporate decarbonisation trends.
While 47% of companies maintained their targets, another 37% went further, ramping up their ambition. Only 16% scaled back—and even among those, most were simply recalibrating unrealistic plans made without detailed road maps.
One major development is the surge in environmental action among smaller enterprises. Although the number of businesses setting Scope 1 and 2 emissions goals grew 14% year over year, the average revenue of these goal-setters dropped to $1.3 billion—down from $3.8 billion in 2020. PwC links this trend to increased nature engagement further down the supply chain.
This deeper engagement is most visible in Scope 3 emissions, which encompass indirect emissions across the value chain. In 2024, more than 3,600 companies reported Scope 3 data—an 80% jump from the year before. A growing number are actively involving suppliers and customers, with 72% and 67% reporting such efforts, respectively.
Yet challenges remain. While 67% of firms are on track with Scope 1 and 2 targets, only 54% are hitting their Scope 3 milestones. Companies are seeing faster progress on Scope 2 emissions—largely due to increased adoption of renewable energy, which drove over 40% of operational emissions cuts last year.
Looking ahead, environmental spending is poised to rise significantly. Businesses expect to increase both capital expenditure and operating budgets on green initiatives by 18% and 21%, respectively, by 2030. Already, 60% of companies report having low-carbon products in their portfolios—a trend PwC says could lead to a value uplift of up to 25% when combined with more efficient, low-emissions supply chains.