The latest report from the Climate Policy Monitor, a joint initiative between the Blavatnik School of Government and the Oxford Sustainable Law Programme, highlights a global increase in climate regulation since 2020. The Monitor provides an open-access assessment of net-zero regulations in major economies worldwide.
The growth in climate-related rules is seen as essential to maintaining global safety, according to Professor Thomas Hale, co-director of the Climate Policy Monitor and Professor in Global Public Policy. Hale emphasized that "the policies will have to be rigorously implemented, not just exist on the books."
Thom Wetzer, Associate Professor in Law and Finance and co-director of the Climate Policy Monitor, stated, "The global mushrooming of such rules means that even if requirements weaken in certain jurisdictions, as seen currently in the USA, companies operating across borders will still face increasing global compliance obligations."
The report points out that despite the growth, there are significant gaps, and few regulations meet the criteria for ambition, comprehensiveness, and stringency set by the Climate Policy Monitor. Under current policies, the United Nations Environment Programme predicts a temperature increase of approximately 3°C by the end of the century, which is twice the 1.5°C limit agreed upon in the 2015 Paris Agreement.
The Monitor includes the G20 nations and 11 additional countries, evaluating regulations against over 250 data points. Developed through partnerships with 48 law firms, the Monitor tracks climate-related policies imposed on companies and governments. At the Oxford Climate Policy Monitor Annual Symposium, legal experts from 38 major law firms discussed the strategic evolution needed in the legal sector due to climate change.
Despite the repeal of some federal rules in the United States, other countries and sub-national jurisdictions such as California are enforcing stricter regulations. In countries like Australia, Brazil, and the EU, companies are required to disclose climate risks.
Data from the Monitor also shows that 27 countries are greening public procurement processes. For example, Sweden aims for a significant portion of new public transport buses to be electric, and Turkey is limiting emissions in procured cement.
The Climate Policy Monitor Hub, a collaboration including the Oxford Net Zero strategic cluster, was launched in 2023 with funding from the Oxford Martin School and support from the EU Horizon ACHIEVE Project.