India Records 520 Percent Growth in Science-Based Target Adoption During 2023

The total number of companies with science-based targets increased 102 percent in 2023 compared to all prior years, driven largely by exceptional growth in Asia, according to the SBTi Monitoring Report 2023 published in July 2024. India recorded a 520 percent in-year increase in companies setting targets, rising from 15 to 93.

SBTi's Monitoring Report 2023 found that 113 percent more companies set targets during 2023 than in 2022, with the cumulative base doubling in a single year. Companies with validated targets or commitments reached 39 percent of global market capitalisation in 2023, up 2 percentage points from 2022, according to analysis by Oliver Wyman. The global market cap of companies with targets or commitments grew 16 percent, outpacing the estimated 11 percent growth in global market cap overall. There was an 83 percent increase in the number of financial institutions and a 57 percent growth in the number of corporations with validated targets by end-2023.

Japan emerged as the world leader for science-based target setting with 768 validated companies, surpassing the previous leader, the UK, at 693. India's 520 percent in-year growth—from 15 to 93 companies—represented the most impressive proportional surge globally, reflecting growing momentum among Indian corporates amid rising regulatory expectations and supply chain pressures. In the Middle East and North Africa, the number of companies setting targets increased from two in 2022 to 11 in 2023, a 450 percent increase. North America retained the largest market cap coverage but saw penetration dip from 50 to 48 percent.

Sector dynamics shifted notably in 2023, with biotech, healthcare, and pharma recording a 222 percent increase to top growth rankings after finishing last in 2022. Manufacturing and services accounted for 58 percent of companies setting targets. A total of 449 corporations adopted the flagship Corporate Net-Zero Standard in 2023, a 245 percent increase on 2022 figures. Former CEO Luiz Amaral called on companies to set targets and make annual emissions disclosures as a matter of urgency, noting the growing need for instruments enabling corporate decarbonisation at mass scale.

Key figure — 520% in-year growth in Indian companies setting science-based targets in 2023