Executives will join world leaders in calling for rapid climate action to avert a catastrophic outcome at the United Nations’ annual Climate Change Conference in Dubai from Nov. 30 to Dec. 12.

However, a new report shows the world’s largest corporations continue to lag behind their own climate commitments, in part because of the lack of regulation governing risk disclosures.

EY’s Global Climate Risk Barometer found nearly half of the 1,500 businesses examined did not disclose a transition plan to reach their commitments, pointing to a disconnect between companies’ climate pledges and their strategies to achieve those goals.

“There's some improvements from the last time we looked, but it's pretty insufficient for what we think is necessary for the rapid decarbonization,” Matthew Bell, EY Global Climate Change and Sustainability Services leader, told Yahoo Finance. “I think there was a big gap between aspiration and reality. And now that organizations have started either to understand the scale of the challenge or have started to understand the complexity of the transformation ... they are at least I think being more transparent and reflective of where they think they will need to get to based on what they know today.”

The report comes as the UN pushes for increased scrutiny around net-zero commitments of businesses and financial institutions to avoid greenwashing, or the practice of misleading consumers and investors about a company’s environmental impact. Last year, the organization issued 10 recommendations to guide transition plans, such as alignment with science-based targets and taking a full account of all greenhouse gas emissions, including those from suppliers and customers.

According to EY’s report, companies demonstrating high-quality transition plans tended to be located in markets with stronger disclosure requirements or proposals, such as the UK, Germany, France, Spain, and the US. Meanwhile, the quality of transition plans for companies in India, China, the Philippines, and Indonesia lagged behind.

While many countries are still playing catch-up, there has been momentum behind the push for greater sustainability-related disclosures. Regulators say that creating a uniform set of international standards would ease the burden on companies that currently must navigate a patchwork of different reporting frameworks and jurisdictions.

While regulators iron out requirements, EY’s Bell noted that companies adopting science-based targets are reaching a “critical mass.” These vetted targets demonstrate a company has a credible plan in place to reduce emissions and manage the risks of transition — which is seen as crucial for net zero, particularly as the window for keeping climate change limited to 1.5 degrees of warming “has narrowed,” according to the International Energy Agency.