LONDON, June 12 (Reuters) – Corporate plans to slash greenhouse gas emissions fall short of what is needed to combat climate change, with “major credibility gaps” found among the world’s largest companies, according to a new stocktake of net-zero efforts in the public and private sector.

FILE – Water pipes leading to the cooling system of Pacific Gas & Electrics Colusa Generating Station near Maxwell, Calif., on Nov. 15, 2011. The utility on Wednesday, June 8, 2022, outlined a plan to achieve climate goals including net-zero emissions by 2040. The report says natural gas plants like the Colusa generating station are likely to remain online but produce 40% less emissions by 2030 compared to 2015 levels.

Canadian government officials made a C$32.2 million ($25.5 million) investment in the Atlin Hydro Expansion Project. The funding will help enable the facility to build an additional 8.5MW of winter energy capacity and export this new power to Yukon’s grid through a new transmission line.

The UN Secretary-General has appointed a high-level group of experts to increase credibility and accountability for net-zero pledges by businesses, financial institutions, and local and regional governments. The independent group is expected to issue recommendations within 9 to 12 months of its first meeting.