SBTi Trend Tracker 2025
In January 2026, the Science Based Targets initiative (SBTi) surpassed 10,000 companies with validated science-based targets. Drawing on our latest annual dataset (January 2025 to December 2025), the SBTi Trend Tracker 2025 summarizes the adoption of science-based targets and commitments across regions and sectors —offering insights into how businesses worldwide are aligning with climate science and accelerating the net-zero transition.
Explore the report
Overview
The charts were produced using internal analysis of SBTi data (derived from the Target Dashboard), except for Chart 6, which uses this data alongside publicly available information on financial index and list constituents. The 2025 SBTi data was extracted on December 31st, 2025, with the reporting period for this report corresponding to the full calendar year starting from January 1st, 2025. All growth figures mentioned between 2024 and 2025 reflect changes across this reporting period. Where noted, “companies” includes Corporates, Small and Medium Sized Enterprises (SMEs), and Financial Institutions; “corporates” excludes SMEs and Financial Institutions.
Territorial nomenclature used in this analysis follows the United Nations Statistics Division M49 statistical standard. Territories are treated as statistical units for analytical purposes in line with this framework. Regional classifications from the UN M49 framework were not used, as it was more useful for this analysis to distinguish between North America and Latin America and the Caribbean. Additionally, the term ‘Middle East’ is used to designate a separate region comprising the following territories: Bahrain, the Islamic Republic of Iran, Jordan, Kuwait, Lebanon, Oman, Palestine, Qatar, Saudi Arabia, the Syrian Arab Republic, the United Arab Emirates, and Yemen.
Chart and map notes
Total companies with targets and commitments by type and status
The status of companies with SBTi targets or commitments is categorised into the following three categories:
- Commitment(s) only: The company has an active near-term and/or net-zero commitment, but does not have any validated targets.
- Near-term target only: The company has a validated near-term target and could have a net-zero commitment, but no validated net-zero target.
- Near-term and net-zero targets: The company has both validated near-term and net-zero targets.
Regional distribution and growth
- The waffle chart shows the distribution of companies with targets by region at the end of 2025. The distribution is calculated using the largest remainder method.
- The bar chart shows the percentage growth in cumulative total companies between 2024 and 2025, by region.
Chart and map notes
Territorial distribution and growth by penetration
- The waffle chart shows the distribution of companies with targets by territory at the end of 2025. The distribution is calculated using the largest remainder method. Only the top 10 territories are shown.
- The bar charts show the percentage growth in cumulative total companies between 2024 and 2025, by territory. For territories, the growth is split between ‘Territories with low penetration’ and ‘Territories with high penetration’, corresponding to those territories that had between 10-99 companies or at least 100 with targets at the end of 2024, respectively. Territories with fewer than 10 companies at the end of 2024 were excluded to prevent inflated percentage growth due to small baseline values.
Sector distribution and growth
- The waffle chart shows the distribution of companies with targets by sector at the end of 2025. The distribution is calculated using the largest remainder method.
- The bar chart shows the percentage growth in cumulative total companies between 2024 and 2025, by sector.
- Categorization follows MSCI and S&P Global’s Global Industry Classification Sector Standard (GICS) classifications, except that the Energy and Utilities sectors were combined into one. The exact sector definitions can be found here.
- The sectors listed in the Target Dashboard were mapped one-to-one onto GICS sectors.
Market penetration across financial indices
- The country-level financial indices were chosen to cover the G7 grouping of countries, as well as China and India. In addition to this, the Forbes Global 2000 list of the most valuable companies globally was included to provide a broader global context of the extent of SBTi’s market penetration.
- This analysis was conducted by obtaining index constituent lists for each of the indices at the end of 2025 and then matching these lists with the list of companies that had SBTi targets and/or commitments at the end of 2025.
- Where other company identifiers were not available, the matching was done based on matching company names using a fuzzy matching algorithm.
- The index constituent company lists were obtained, where possible, directly from the stock exchange or organization responsible for that index (eg Deutsche Börse for DAX 40). Where this was not possible, other publicly available financial data sources were used.
- The percentage distribution within each index or list is calculated using the largest remainder method to ensure integer percentages summing to 100. In cases where fractional remainders are equal, ties are resolved deterministically using a fixed left-to-right ordering of categories (Targets, Commitments, Neither), with priority given to the first category in this sequence.
Asian territorial distribution and growth
- The waffle chart shows the total share of companies with targets at the end of 2025.
- The bar charts show the percentage growth in cumulative total companies with validated targets between 2024 and 2025. For territories, the growth is split between ‘Territories with low penetration’ and ‘Territories with high penetration’, corresponding to those territories that had between 10-99 companies or at least 100 with targets at the end of 2024, respectively. Territories with fewer than 10 companies at the end of 2024 were excluded to prevent inflated percentage growth due to small baseline values.
Sectoral growth in key Asian territories
- Data is shown for the 3 territories that have the largest annual emissions in Asia. For each of these territories, the 3 sectors with the largest annual growth in companies are shown.
- Any sectors with less than 10 companies with targets at the end of 2024 were excluded to prevent inflated percentage growth due to small baseline values.
- Sector definitions are based on Global Industry Classification Standard (GICS).
Disclaimer
- The information contained in this document is provided by the Science Based Targets initiative (SBTi) for general informational purposes only. Although reasonable care has been taken in the preparation of this document, SBTi affirms that the document is provided without guarantee, warranty, or representation, either express or implied, as to accuracy, completeness or fitness for purpose.
- SBTi hereby further disclaims any liability, direct or indirect, for damages or loss relating to the use of this document to the fullest extent permitted by law. The information (including data) contained in this document is not intended to constitute or form the basis of any advice (financial or otherwise).
- The contents of this document may be cited by anyone provided that the SBTi is cited as the source of the document. Such permission to use does not represent a license to repackage or resell any of the information included in the document. No repackaging or reselling of any of the contents of the document is permitted without the express prior written permission from the SBTi.
- All information, opinions and views expressed herein by SBTi are based on its judgment at the time this document was prepared and is subject to change without notice due to economic, political, industry, or firm-specific factors.
- “Science Based Targets initiative” and “SBTi” refer to the Science Based Targets initiative, a private company registered in England number 14960097 and registered as a UK Charity number 1205768. © SBTi 2026