Despite increasing awareness of climate risks, only 41% of global companies have published a climate transition plan, according to the 2024 EY Global Climate Action Barometer. This highlights a significant gap in corporate climate action, posing a threat to achieving global environmental goals.

The "Mobilizing Small Businesses to Net Zero" report by SME Climate Hub highlights a growing awareness among small and medium-sized enterprises (SMEs) regarding the importance of reducing greenhouse gas emissions, with 44% showing increased emphasis in 2023. However, SMEs face barriers such as the lack of government policies and financial incentives, cited by 52% and 84% of respondents respectively. Additionally, there's a gap in stakeholder engagement, with 63% of SMEs not prompted by stakeholders to address emissions. Industry leaders stress the need for clear policies, regulations, and financial support to aid SMEs in their climate journey, emphasizing the collaborative effort required from governments, financial institutions, and corporate partners to achieve net-zero emissions and thrive sustainably.