the Climate Action 100+ 2020 Progress Report

Climate Action 100+ Progress Report

In case you have missed it, Wealth Monaco proposes today to access the usefull Climate Action 100+ Progress Report 2020. 


Almost half the focus companies of Climate Action 100+, one of the world’s largest ever investor engagement initiative on climate change, have now established commitments to reach net-zero emissions by 2050 or sooner, its latest progress report reveals.

The Climate Action 100+ Progress Report 2020 outlines the significant growth and evolution of the initiative+ which represents 545 investor signatories, responsible for over USD52 trillion in assets under management and engaging with 167 companies through the initiative.

But despite the significant growth in signatories and net-zero commitments, the report details ongoing gaps in target coverage, with only a small proportion of net-zero goals including the companies’ most material indirect (known as Scope 3) emissions.

The report details sector-level progress for the focus companies that are engaged by investors through Climate Action 100+, which compromise the world’s 100 largest corporate greenhouse gas emitters and over 60 more who are critical to accelerating the transition to net-zero emissions. Company-level progress against the goals of the initiative will be reported in the first quarter of 2021 under the recently announced Climate Action 100+ Net Zero Company Benchmark.

Overall, the Climate Action 100+ 2020 Progress Report makes the statement that:

  • 43% of the initiative’s focus companies now have goals or commitments for net-zero emissions by 2050 or sooner in some form. While 51% also have short-term emissions reduction targets (to 2025) and 38% have medium-term targets (2026-2035).
  • Just 10% of focus companies have net-zero targets that include coverage of their most material Scope 3 emissions.
  • 26% of electricity utility companies on the initiative’s focus list have coal phaseout plans that are consistent with the Paris Agreement goals (up from 13% in 2019).
  • 194 new oil and gas projects sanctioned by focus companies this year are misaligned with the Paris Agreement goals. Further, 68% of planned oil and gas capital expenditure was also inconsistent with these goals.
  • Automotive focus companies are still largely falling short of the investment required to switch technologies at an appropriate pace from internal combustion engines to hybrid and electric vehicles.

According to the Ceres Chief Executive Officer and President, and Climate Action 100+ global Steering Committee member, Mindy Lubber,the Climate Action 100+ initiative has welcome two of the largest U.S. asset managers who will largely amplify global investors efforts to contribute to Net-Zero commitment.

The Climate Action 100+ is providing the momentum, stewardship and analysis to support the world’s highest-emitting companies in the strategic resets they need to make.

 “In the five years since the Paris Agreement was signed, we have seen an explosion of engagement on climate risk. Climate Action 100+ signatories have been in the vanguard of this effort and we are proud to see progress in even the most resistant sectors and countries. In the coming year, we will be evolving our benchmark and our efforts to better reflect the just transition element of our work, without which global progress will be impeded.”

Laetitia Tankwe, Advisor to President Jean-Pierre Costes, Groupe Caisse des Dépôts, Ircantec and Climate Action 100+ global Steering Committee Chair 

The report also details significant progress on climate change from a number of Asian focus companies as a result of cooperative engagement with investors, including the emergence of a raft of net-zero emissions commitments. 

A full copy of the Climate Action 100+ 2020 Progress Report can be found here

Source: IIGCC

Post Author: Wealth Monaco