Businessweek Big Business Is Abandoning Its Climate Goals From Amazon to Wells Fargo, a look at rampant backsliding on climate pledges. By Ben Elgin Illustrations by Cameron Galley June 13, 2025 at 9:00 AM EDT

Bloomberg

16 hours ago

Share this article
For years, many of the world's largest companies have made bold-sounding commitments to help stave off the most devastating impacts of a rapidly overheating planet. In many cases, though, boardroom rhetoric far outpaced actual investments and actions. Now a reckoning is here. With rampant backsliding on climate pledges, dozens of major companies have recently begun abandoning or weakening their targets. The consequences could be dire for a planet hurtling toward ecological disaster. Here's a snapshot.
OIL & GAS
Exxon Mobil
March 2018
The oil giant said it would achieve the 'technical ability' to produce 10,000 barrels of algae biofuels per day by 2025. 'Someday you might be calling me an energy farmer,' declared an Exxon scientist in one of many ads touting the pledge.
February 2023
The company quietly backed out of that goal after yanking funding for several algae research and development projects. 'Algae still needs some more work,' said Vijay Swarup, senior director of climate strategy and technology.
BP
August 2020
The company said it would cut production of fossil fuels by 40% by 2030 while transitioning rapidly to renewables. 'The world's carbon budget is finite and running out fast,' then-Chief Executive Officer Bernard Looney said.
February 2025
BP scaled back the goal in 2023 before ditching it altogether this year, with new CEO Murray Auchincloss saying the company had gone 'too far, too fast.' The oil producer now plans to ramp up spending on oil and gas while investing far less in clean energy.
Equinor
June 2021
The Norwegian company pledged to invest more in clean energy than in fossil fuels by the decade's end, to 'create value as a leader in the energy transition,' CEO Anders Opedal said.
February 2025
Equinor nixed its 2030 goal and lowered its investment plans for renewables, with Opedal citing the 'uneven pace of the energy transition.'
Eneos Holdings
May 2023
The large Japanese oil refiner said it would increasingly focus on lower‑carbon fuels, with a specific plan to supply up to 4 million tons of hydrogen by 2040.
May 2025
Eneos backed away from its hydrogen target, with CEO Tomohide Miyata explaining the full-scale shift toward a carbon-neutral society appears to be slowing.
Shell
February 2021
The oil company vowed to cut the carbon intensity of the energy it sells by 45% by 2035.
March 2024
Shell canceled that target, blaming 'uncertainty in the pace of change in the energy transition.'
BANKING
HSBC
October 2020
The British financial-services company committed to eliminating heat-trapping emissions from its operations by the end of this decade.
February 2025
HSBC pushed back its net-zero target to 2050, citing changes in the economy.
Wells Fargo
March 2021
The bank promised to eliminate emissions associated with its loans by midcentury, with CEO Charlie Scharf declaring climate change 'one of the most urgent environmental and social issues of our time.'
February 2025
Wells Fargo scrapped plans to green its lending activities, stating it would instead meet clients 'where they are in their chosen energy and transition strategies.'
Royal Bank of Canada
February 2021
CEO Dave McKay called climate change 'one of the most pressing issues of our time' and vowed to lend C$500 billion ($365.8 billion) to sustainable projects by 2025.
April 2025
The bank shelved this goal, citing changes in industry practices and government regulations.
UBS
April 2021
The bank pledged to zero out emissions from its operations by 2025. 'We want to set the industry standard for sustainability with clear commitments to helping people and the planet,' said then‑CEO Ralph Hamers.
March 2025
UBS bumped back its target to 2035 after acquiring Credit Suisse.
Transportation
Delta Air Lines
February 2020
The airline said it would spend $1 billion over a decade to become carbon neutral. 'There's no challenge we face that is in greater need of innovation than environmental sustainability,' said CEO Ed Bastian.
March 2022
Delta briefly claimed to be carbon neutral after spending hundreds of millions of dollars on carbon offsets, but it ditched the controversial practice. It now aims to reach net zero by 2050.
Air New Zealand
August 2022
The airline set an ambitious climate goal equating to a 16% reduction in overall emissions by 2030.
July 2024
Air New Zealand pulled back from this target, citing delays to its fleet renewal plan, but still aims to have 10% of its fuel needs covered by sustainable sources by the end of the decade.
FedEx
March 2021
The shipping giant vowed that half of its new delivery-truck purchases would be electric by 2025.
May 2024
Citing the need for further technical advances, FedEx said it was unlikely to reach this near-term target.
RETAIL
Walmart
September 2020
The retailer committed to cutting emissions from its operations by 35% by 2025 and 65% by 2030.
December 2024
Walmart said it would likely miss these targets because of the lack of 'cost-effective low-carbon technologies,' among other challenges.
Tractor Supply
September 2021
The company vowed to achieve net-zero emissions by 2040, with CEO Hal Lawton declaring: 'At Tractor Supply we are a purpose-driven company.'
June 2024
Tractor Supply withdrew its carbon goals along with its diversity, equity and inclusion initiatives. 'We have heard from customers that we have disappointed them,' the company said in a news release. 'We have taken this feedback to heart.'
Amazon
February 2019
The company unveiled 'Shipment Zero,' vowing to make half of all its deliveries carbon-free by 2030. 'It won't be easy to achieve this goal, but it's worth being focused and stubborn on this vision,' one executive wrote.
May 2023
Amazon pulled the plug, promising instead to eliminate all its emissions by 2040. It 'no longer made sense' to have a separate shipping goal, according to a company statement.
FOOD & BEVERAGE
Coca-Cola
February 2021
The beverage titan, which produces more than 137 billion plastic bottles a year, said it would cut its use of new plastic by 3 million tons by 2025 as part of its quest to help reduce global waste.
December 2024
With its use of virgin plastic still growing, Coca‑Cola ditched the goal and set weaker targets for using recycled materials in its bottles. 'We know we will have more chapters in our journey and that we can't do it alone,' said sustainability executive Bea Perez.
JBS
March 2021
The world's biggest meatpacker vowed to eliminate or offset its massive carbon footprint by 2040. 'We must act urgently to combat the negative effects of global warming,' CEO Gilberto Tomazoni said.
January 2025
With little progress to show, a JBS sustainability exec told Reuters its goal was 'never a promise.'
PepsiCo
January 2021
The company vowed to reach net-zero emissions by 2040 and later said it would cut its use of virgin plastic. 'It reflects a new business reality, where consumers are becoming more interested in the future of the planet,' declared CEO Ramon Laguarta.
May 2025
Due to 'external realities and business growth,' the food and beverage heavyweight pushed its climate goal to 2050 and weakened its plastic pledge.
More On Bloomberg