Mission-oriented innovation policies (MOIPs) have reached a critical point, facing pressure to demonstrate their effectiveness. Although many countries have adopted MOIPs, evidence of their impact remains largely anecdotal. This report uses a unique database of 101 "net zero missions" and 17 in-depth case studies to assess how MOIPs support national greenhouse gas reduction goals compared to traditional Science, Technology, and Innovation (STI) policies. MOIPs promote broad, ambitious objectives, but their strategies often lack clear focus, measurable targets, and systematic monitoring. While STI authorities have led mission efforts, they need stronger connections to scaling and deployment actors. To move beyond research and innovation, MOIPs require dedicated, multiannual funding and new financial mechanisms to attract private sector investment. However, proactive and flexible portfolio management practices are still underdeveloped, limiting missions' potential to achieve systemic benefits. Despite progress, MOIPs face three main challenges: an overemphasis on technological innovation (STI Trap), weak influence on broader policy (Orientation Trap), and insufficient engagement with private resources (Policy Trap). These challenges highlight the need for a new generation of missions that more closely integrate a broader array of public and private actors and resources to drive transformative change and achieve national net zero targets.