The world is quite clearly worried about global warming, but only the western world has the wherewithal to shift its resources towards cleaner energy. The idea is that this commitment for Net Zero will help reduce the pace of climate change and help in arresting its intensity. The problem, however, is that the target is framed in terms of Net Zero, or the year when a country stops adding to the extent of CO2 equivalent greenhouse gases already in the atmosphere. Most western countries are choosing 2050 as their Net Zero date, and some like China have promised 2060, India it seems might agree to 2070. And before that date, there is no commitment, so each country can very well do whatever it pleases! But by the time when all are Net Zero, it will be too late, as the latest IPCC report also indicates. And therefore, even after we commit to a Net Zero date, we will need to make more commitments to reduce carbon emissions rapidly.
Net Zero is therefore like an engagement ceremony. Countries are busy making commitments to each other that are not worthwhile commitments at all. The alternative is to commit to a global peak date that is much earlier, say 2025 or 2030, and get the countries with higher incomes (who caused much of the global warming mess) to finance the investment in renewable energy for the poorer countries.