Up Next How one of Europe's dirtiest utilities is planning to decarbonize . Most of Europe's major utilities have joined the race to net-zero, shedding their most polluting power plants and setting targets to reduce their carbon footprints. An S&P Global Market Intelligence analysis shows that all but three of the 22 largest power and gas utilities on the continent have now set net-zero emissions targets, and many have already made significant strides toward achieving them. But despite this progress, many of the companies still carry carbon-intensive business profiles. Direct emissions from the five biggest polluters in the sector are larger than those of Italy, the world's eighth-largest economy.