From retailers to banks, carmakers to councils, the bold pledges for carbon-neutral economies are being watered down or scrapped

Almost a year since Donald Trump returned to the White House with a rallying cry to the fossil fuel industry to “drill baby, drill”, a backlash against net zero appears to be gathering momentum.

More companies have retreated from, or watered down, their pledges to cut carbon emissions, instead prioritising shareholder returns over climate action.

Directors blame ‘challenging market conditions’ as losses widen from £25m in 2024 to £33m

Sales at Stella McCartney’s fashion label sank by more than a quarter last year tipping it further into the red and adding to fears it could run out of money by 2028.

Pre-tax losses at the British brand led by the daughter of former Beatle Sir Paul McCartney widened to £33.6m in 2024 from £25m the year before, while sales fell 27% to £16m, according to accounts filed at Companies House.