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Dear John,

We sent out an email earlier today and neglected to clarify in our subject line that while we are starting to see emissions reductions for many of Climate Action 100+’s 168 focus companies, globally emissions are going up. Ceres recognizes that companies and investors must start to reduce absolute emissions to stay on a pathway informed by science to avoid the worst impacts of climate change.

Last Week, Climate Action 100+, the world’s largest investor engagement initiative on climate change, released the 2024 round of focus company assessments: Climate Action 100+ Net Zero Company Benchmark 2.1. The Benchmark assessments were based on the initiative’s three high-level goals: improved governance, emissions reduction and enhanced climate-related disclosures.

Climate Action 100+ Net Zero Company Benchmark 2.1

The vast majority of companies have set net zero 2050 emissions targets for their operations and assigned board responsibility for climate risk oversight, demonstrating widespread recognition that climate risk is financial risk.

This year’s Benchmark includes the first analysis on historical emissions reductions and shows that most of assessed focus companies have reduced their emissions intensity over the past three years. But fewer are reducing emissions at the pace necessary to achieve a 1.5°C aligned pathway.

There is more work to do for companies to disclose comprehensive climate transition plans and to align their business activities with their targets and reporting.

See the Benchmark Results

The bottom line: The clean energy transition is not happening fast enough. Businesses need to turbo charge their actions at a scale and pace far greater than past actions.

The Benchmark draws on distinct analytical methodologies and public and self-disclosed data from companies, categorized into two types of indicators: Disclosure Framework Indicators, which evaluate the adequacy of corporate disclosure and Alignment Assessments, which evaluate the alignment of company actions with the Paris Agreement goals.

We encourage you to explore the most recent company assessments and, as always, welcome hearing from you on ways to improve the tool.

Best Regards,

Cynthia McHale
Senior Director, Investor Network, Shareholder Engagement
Ceres

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