气候行动100+2024年净零排放公司基准2.1白皮书 Climate Action 100 Net Zero company Benchmark 2.1

ClimateAction100+

NetZeroCompanyBenchmark2.1

2024Results

Disclaimer

ClimateAction100+doesnotrequireorseekcollectivedecision-makingoractionwithrespecttoacquiring,holding,disposingand/orvotingofsecurities.Signatoriesareindependentfiduciariesresponsiblefortheirowninvestmentandvotingdecisionsandmustalwaysactcompletelyindependentlytosettheirownstrategies,policiesandpracticesbasedontheirownbestinterests.Theuseofparticularengagementtoolsandtactics,includingthescopeofparticipationinClimateAction100+

engagements,isatthediscretionofindividualsignatories.ClimateAction100+facilitatestheexchangeofpublicinformation,but

signatoriesmustavoidtheexchangeofnon-public,competitively

sensitiveinformation,includingwithothersignatories,participantsin

engagements,ClimateAction100+itself,anditsinvestornetworks.

Signatoriesmaynotclaimtorepresentothersignatoriesormake

statementsreferencingothersignatorieswithouttheirexpressconsent.Anydecisionbysignatoriestotakeactionwithrespecttoacquiring,

holding,disposingand/orvotingofsecuritiesshallbeattheirsole

discretionandmadeintheirindividualcapacitiesandnotonbehalfofClimateAction100+,itsinvestornetworksortheirothersignatoriesormembers.Signatoriesmustavoidcoordinationofstrategicbehaviorbetweencompetitorsthatimpactsorislikelytoimpactcompetition.

ClimateAction100+anditsinvestornetworksdonotactorspeakon

behalfofeachotherorClimateAction100+signatories.Theyalsodonot

seekdirectlyorindirectly,eitherontheirownoranother’sbehalf,thepowertoactasproxyforasecurityholderanddonotfurnishor

otherwiserequest,oractonbehalfofapersonwhofurnishesor

requests,aformofrevocation,abstention,consentorauthorization.Inaddition,ClimateAction100+doesnotprovideinvestmentorvoting

recommendations,andsignatoriesarenotobligatedbyCA100+tomakeinvestmentorvotingrecommendationsbasedontheinvestmentor

votingbehaviorofothersignatories.

ClimateAction100+anditsinvestornetworksdonotprovide

investment,legal,accountingortaxadvice.ClimateAction100+anditsinvestornetworksdonotnecessarilyendorseorvalidatetheinformationcontainedherein.

Thetermsofengagement,responsibilities,rightsandotherinformationcontainedelsewherehereinareintendedtobeinterpretedinamannerconsistentwiththeforegoing.

ClimateAction100+|AtaGlance

ClimateAction100+isaninvestor-ledinitiativetoensuretheworld’slargestcorporategreenhousegasemitterstakeappropriateactiononclimatechangeinorderto

mitigatefinancialriskandtomaximizethelong-termvalueofassets.

ClimateAction100+isfocusedoncompaniesthatarekeytodrivingtheglobalnetzeroemissionstransition.168focuscompanieshavebeenselectedforengagement.*

ClimateAction100+NetZeroCompanyBenchmarkannuallyassessesfocus

companies'decarbonizationstrategiesandalignmentwitha1.5。Cemissionspathwayasatoolforinvestorstounderstandtheirexposuretoclimate-relatedfinancialrisks

andopportunities.

climate

Actin100+

GlobalInvestorsDrvngBusinessTransition

*AdbriandBoralhavebeenremovedfromtheCA100+focuslistin2024butassessedinthisyear'sBenchmarkassessments.Theirassessmentsareincludedinyear-on-yearcomparisonsaswellascollectivedatasets,butthesecompaniesnolongerhaveindividualscorecardslistedontheCA100+website.FiveRussiancompaniesontheCA100+focuslisthavenotbeenassessedin2024andthereare168companiesontheClimateAction100+focuslistintotal.

Who’sInvolved?

CA100+Net

ZeroBenchmark

ClimateAction100+(CA100+)supports

investorstoengagewithcompaniesonthethreekeyaimsoftheinitiative,drawingon

andprovidingfeedbacktoresearchprovidedwithintheCA100+Benchmark.

CA100+isaninvestor-ledinitiativecomprisedoffivecontributingNetworkseachfocussingondifferentglobalregions:

TransitionPathwayInitiative

IsresponsibleforthemaintenanceofmethodologiesandprovisionofassessmentsofcompaniesagainsttheDisclosureFramework.Theydrawfrom

assessmentsprovidedbytheirpartnerorganisationFTSERussel.

CarbonTrackerInitiative

Researchpartners

manageeachmethodologyaswellastheassessment

ofcompanies.

IsresponsibleforthemaintenanceofmethodologiesandprovisionofassessmentsofcompaniesagainsttheClimateAccountingandAuditandCTICapitalAllocation/TransitionPlanassessmentsforElectricUtilitiesandOilandGascompanies.

RockyMountainInstitute

IsresponsibleforthemaintenanceofmethodologiesandprovisionofassessmentsofcompaniesagainsttheRMICapitalAllocationandTransitionPlan

assessmentsforElectricUtilities,Autos,Steel,CementandAviationcompanies.

InfluenceMap

Isresponsibleforthemaintenanceofmethodologiesandprovisionofassessmentsofcompaniesagainst

theClimatePolicyEngagementAlignmentAssessmentsthatrelatetoIndicator7oftheDisclosureFramework.

29

NetZeroCompany

BenchmarkOverview

TheClimateAction100+NetZeroCompanyBenchmark(henceforththe‘Benchmark’)

evaluatestheperformanceofsomeoftheworld’slargestcorporategreenhousegasemitterswithrespecttotheirnetzerotransition,andtheinitiative’sthreehigh-levelgoals:emissionsreduction,climategovernance,andclimate-relateddisclosure.

TheBenchmarkisnotadisclosuremechanismordatabaseitself,butratheranassessmenttool,drawingondistinctanalyticalmethodologiesanddatasetsfrompublicandself-

discloseddatafromcompanies.

TheBenchmarkiscategorisedintotwotypesofassessments:

DisclosureFrameworkIndicators,assessedbytheTransitionPathwayInitiativeCentreandFTSERussell,anLSEGbusiness,whichevaluatetheadequacyofcorporatedisclosure.

AlignmentAssessments,assessedbytheCarbonTrackerInitiative,InfluenceMapandRMI,whichevaluatethealignmentofcompanyactionswiththeParisAgreementgoals.

YoucanfindmoreinformationaboutthesedifferentassessmentsonourwebsiteandintheAnnexofthispresentation.

Contents

1.ExecutiveSummaryPages8-11

2.DisclosureFrameworkResultsPages13-27

3.AlignmentAssessmentResults

oCapitalAllocationAlignmentAssessments|pages29-38

oClimatePolicyEngagementAlignment|pages40-44

oClimateAccountingandAuditAssessment|pages46-47

oEmissionsIntensityMetrics|page50

4.Annex

BenchmarkoverviewandDisclosureFrameworksectoranalysis|pages52-59

ExecutiveSummary

Mostcompanieshavesetnetzeroby2050emissionstargetsfortheirownoperationsandassignedboardresponsibilityforclimateriskoversight,

demonstratingwidespreadrecognitionthatclimateriskisfinancialrisk.

80%

ofcompanieshavesetanambitiontoreachnetzeroby2050or

sooneronatleast

Scope1and2emissions(Metric1.1.a).

Thisisupfrom51%inthe

firstBenchmarkassessments(March2021).

88%

ofcompaniesare

publiclycommittedtoimplementthe

recommendationsoftheTaskForceon

Climaterelated

FinancialDisclosures

(TCFD)ORInternationalSustainabilityStandardsBoard(ISSB)Standards(Metric10.1.a).

90%

ofallcompanies

assessedcontinueto

discloseevidenceof

Board-level

oversightofthemanagementofclimatechangerisks(Metric8.1.a).

Decarbonisationis

underwayinkeysectors

Forthefirsttime,thisyear’sBenchmarkpublishesanalysisonhistoricalemissionsreductionsandshowsthatmostofassessedfocuscompanieshavereducedtheiremissionsintensityoverthepastthreeyears,but

fewerarereducingemissionsattheratenecessarytobealignedwitha1.5degreescenario(Indicator11).

22outofthe

29assessedelectricutilitiescompaniesreducedtheir

emissionsintensityinthepast3years,12ofthesealignedwith

1.5°C.

All11CA100+

focusassessedintheAutosectorreducedtheiremissions

intensityoverthelast3years,5ofthese

werealignedwith1.5°C.

5outof10diversified

miningcompanieshavereduced

emissionsintensityoverthepast3years,allofwhichare1.5°Caligned.

8of11assessed

cementcompaniesreducedemissionsinthepastthreeyears,3ofthesealignedwith1.5°C.

All5airlines

reducedtheir

emissionsintensityoverthepast3

years,allofthesewerealignedwith1.5°C.

6of9steel

companiesreducedemissionsintensityinthepastthreeyears.

Allcompanieswillneedtokeepaligningtheiremissionsintensityoverthenext5yearstoachievetheIEANZEtargetfortheirsectors.RMIprovidesadditionalassessmentsforSteel,CementandAviationthathelpinvestorstounderstandthis.

Companieshavemadethemostprogressin

disclosureofkeyclimatetransitionplanningmetricsthatareimportanttoinvestors

DecarbonisationStrategy

Morecompaniesarepresentingadecarbonisationstrategythatexplainshowtheyintendto

meettheirmedium-andlong-termGHGreductiontargets

andspecifiestheroleofclimatesolutions(Indicator5).*

Climate

Solutions

Morecompanieshavedisclosedrevenueorproductionalreadygeneratedfromclimate

solutions(Metric5.2.a).Alarge

majorityofthesecompanies

havesetatargettoincrease

revenueorproductionfrom

climatesolutions,signaling

additionalclearcommitmentstoinvest(Metric6.2.b).

Just

Transition

Whilstthereisstillonlyaminorityoffocuscompaniesdisclosing

detailsrelatedtoJustTransition(Indicator9),therehasbeenanincreaseincompaniesdefiningJustTransitionprinciplesand

committingtoretain,retrainandcompensateworkersaffectedbytheirdecarbonisationstrategy,

withtheelectricpowersectorleadingtheway.

*Note:ChemicalsandDiversifiedMiningcompanieshavenotbeenassessedagainstMetrics5.2.a,5.2.b,6.2.a,or6.2.bfor2024

Thereismoreworktodoforcompaniestodisclose

comprehensiveclimatetransitionplansandtoaligntheirbusinessactivitieswiththeirtargetsandreporting.

CarbonTrackerInitiative’sClimateAccountingandAuditAssessmentshowsthatwhilewehaveseensomeimprovementsindisclosures,

therecontinuestobelittleprogressintheintegrationofParis-alignedassumptionsintoaccounts,ortheprovisionofrelevantsensitivities:

Asignificantmajorityofcompaniesandtheirauditorsstillfailtoprovide,andassess,respectively,Paris-alignedsensitivities.Overall,investorsneedmoretimelyand

accurateinformationtomakeinformedinvestmentdecisions.

Despiteimprovementsincompanydisclosure,capitalallocationalignmentassessmentscontinuetoexhibitlimitedprogress.

CTI’sCapitalAllocationAlignmentAssessmentsshowjustoveraquarteroftheelectricpowercompaniesassessedarealigningtheircoalcapacitywiththeirinterpretationof1.5°Calignment.CTIalsoshowsthatthealignmentofoilandgascompanies'capital

expenditureandbroadertransitionstrategieshasregressedsincethe2023

assessments,increasingtheirexposuretofinancialrisksina1.5°C-alignedfuture.RMI’sassessmentsshowthatinaggregate,alltheassessedcompanies’capacityplansare

misalignedwitha1.5°Cpathway.

Companiesarenoteffectivelyreviewingiftheirclimate

policypositionsarealignedwiththeParisAgreement.

2024hasseenamarginalincreasein

companiesproducingand

improvingthequalityoftheirreviewprocess.However,companiesare

stillnoteffectivelyreviewingiftheirclimatepolicypositionsarealignedwiththeParisAgreement.

Additionally,despiteaimprovedalignmentsinceprevious

iterations,thelargemajorityremainpartiallyalignedintheirclimate

policyengagementactions

DisclosureFrameworkAssessments

Summaryof2024results

TheTPICentre

DisclosureFramework

Assessments

TheDisclosureFrameworkassessedbytheTPICentreevaluatestheadequacyofcorporatedisclosureinrelationtokeyactionscompaniescantaketotoreducerisk/maximizeopportunitybyaligningtheirbusinesseswiththe

ClimateAction100+andParisAgreementgoals.The2024DisclosureFrameworkassessmentshaveincludedminimalchangessincethelastassessmentsin2023allowingforgreatertrackingofcompanies’progressyear-on-year.

Thisyear,theDisclosureFrameworkpresentsthefollowinghighlights:

•Over40%ofcompaniesassessedonCarbonPerformancehavesetlong-termtargetsthatarealignedwithacredible1.5。Cpathway(Sub-indicator2.3).Thisfiguredropsbyabout20percentagepointsforcompanies’

interimtargets.Ofthecompaniesassessed,only20%havesetmedium-termtargets(3.3)and21%havesetshort-termtargets(4.3)thatare1.5。C-aligned.

•Companiesaredisclosingmoreinformationabouttheirdecarbonisationstrategiesthanpreviously.59%ofcompaniesnowsetmedium-andlong-termemissionreductiontargetsandidentifythesetofactionsthey

intendtotaketomeetthesetargets(5.1.a),while26%ofassessedcompaniesquantifythecontributionofindividualdecarbonisationleverstomeetingtheirmedium-andlong-termtargets(Metric5.1.b).

•Whilecompaniesstillrarelydiscloseaplantophaseoutcapitalexpenditureinnewunabatedcarbon-intensiveassetsorproductsbyaspecifiedyear(Metric6.1.a),therehasbeenimprovedyear-on-year

disclosurearoundCAPEXonbothcarbonintensiveassets(37%ofcompaniesscoreonMetric6.1.b)andclimatesolutions(38%ofcompaniesscoreonMetric6.2.a)

•Forthefirsttime,1company(Enel)hasmetallcriteriaonJustTransition(Indicator9).ThisyearhasseenparticularimprovementsinthenumberofcompaniescommittingtoanddefiningtheJustTransition.

ResultsbyIndicator

1%

42%

57%

1%

38%

61%

2%

68%

29%

22%

63%

15%

9%

44%

47%

3%

53%

44%

6%

86%

8%

47%

46%

7%

10%

72%

19%

55%

26%

19%

41%

43%

16%

1.Net-zeroby

2050orsooner

ambition

4.Short-term

GHGReduction

Target

3.Medium-term

GHGReduction

Target

6.CapitalAllocationAlignment

7.ClimatePolicy

Engagement

8.ClimateGovernance

9.JustTransition10.Climate-

relatedDisclosure

11.HistoricalGHG

EmissionsReductions

5.

Decarbonisation

Strategy

2.Long-term

GHGReduction

Target

uNo,assessmentcriterianotmetuAssessmentcriteriapartiallymetuYes,assessmentcriteriamet

Note:ThepercentagesreferencedwithinthisgraphhavebeentakenfromthefullsampleofassessedCA100+focusedcompanieswhichaddsuptoatotalof165companies.Therefore,thepercentageswithinthisgraphdiffertothosepresentingcomparisonsfromthelastassessmentinOctober2023.Comparisonsbetween2023and2024assessmentsexcludecompaniesaddedtotheDisclosure

Frameworkin2024,soconsidersasampleof150companies.

Disclosure

Indicator1:

NetZeroGHGEmissionsby2050(orsooner)Ambition

81%oftheworld’slargestcorporateGHGemitters(133outof165

companies)havenowsetanetzerotargetthatcoversatleasttheirScope1and2emissions(Metric1.1.a).

Thishasincreasedby3percentagepointssincelastyear,*andprogress

isdrivenby4companiesintheintheOilandGasandElectricUtilitiessectorswhohavesetnewtargets.

Justunderhalfoffocuscompanies(46%)havesetnetzeroScope3targetsthatcoverthemostrelevantcategoriesfortheirsectors,whereassessed**(Metric1.1.b)however,thishasalsoincreasedsincelastyearby2percentagepoints.*

NocompanieswerefoundtohaverescindedtheirnetzerotargetsacrossScopes1,2or3.

*Comparisonsbetween2023and2024assessmentsexcludecompaniesaddedtotheDisclosureFrameworkin2024,soconsiderasampleof150companies.

**Ofthe165companiesassessedthisiteration,125areassessedonScope3(Metric1.1.b).

Indicator1Breakdown:

NetZeroby2050(orsooner)Ambition

19%

26%

55%

41%

35%

19%

81%

NetZeroAmbition(Indicator1)

Yes,meetscriteria

OverallIndicator

AmbitioncoversScope1and2(Metric1.1.a)AmbitioncoversScope3(Metric1.1.b)

Partial,meetssomecriteriaNo,doesnotmeetcriteria

Disclosure

Indicator2,3and4:

Long-,Medium-andShort-termGHGReductionTarget(s)

Mostfocuscompaniesnowsetlong-term(84%)andmedium-term(85%)GHGreductiontargets(Sub-indicator2.1and3.1).

However,credibleshort-termtargetsetting(Sub-indicator4.1)

continuestopresentachallenge.Thisyear,wehaveseen7companieswhosetargetshaveexpiredand4companieswhohaveremovedtheirshort-termtargets.

Companiesarestillfailingtoaligntheirtargetswiththegoalof

limitingglobalwarmingto1.5°C.*Thisyearnocompanieshave

improvedtheirperformanceonaligningtheirlong-termtargetswitha1.5°Cpathway(Sub-indicator2.3)andtheproportionofcompanieswith1.5°C-alignedtargetsintheshort-termhasdecreasedby3percentagepoints(sub-indicator4.3).However,companieshaveprogressedin

aligningtheirmedium-termtargetsto1.5°CwiththeproportionofcompaniesmeetingallcriteriaonSub-indicator3.3improvingby4percentagepoints.*

*Comparisonsbetween2023and2024assessmentsexcludecompaniesaddedtotheDisclosureFrameworkin2024,soconsidersasampleof150companies.

**ThecomparablesubsetofcompaniesassessedonCarbonPerformanceis112companies.

Note:thenumberofcompaniesassessedonCarbonPerformancethisiterationis120,asthisiswhatisshowninthechartofthe2.3,3.3,and4.3.

Sub-indicators2.1,3.1and4.1Breakdown:

Long-,Medium-andShort-termGHGReductionTarget(s)

16%

84%

15%

85%

55%

45%

Medium-termTarget(Sub-indicator3.1)

Long-termTarget(Sub-

indicator2.1)

Short-termTarget(Sub-

indicator4.1)

Sub-indicators2.3,3.3and4.3Breakdown:

Alignmentoftargetsto1.5°C

59%

80%

79%

41%

20%

21%

No,doesnotmeetcriteria

Yes,meetscriteria

Short-termTarget(Sub-indicator4.3)

Long-termTarget(Sub-indicator2.3)

Medium-termTarget(Sub-indicator3.3)

Yes,meetscriteriaNo,doesnotmeetcriteria

Disclosure

Indicator5:

DecarbonisationStrategy

Companiesaredisclosingmoreinformationabouttheirdecarbonisationdeliverystrategiesandthenumberof

companiesmeetingallcriteriaforIndicator5Metricsishigherin

2024than2023.

2024resultshaveshownthefollowingimprovements:

•Thisyeartherehasbeenanincreaseinthenumberof

companieswhichhavefullyquantifieddecarbonisationstrategiesthatexplainhowtheyintendtomeettheirmedium-andlong-termGHGreductiontargets(Sub-

indicator5.1).7ofthese150companiesscore‘Yes’for5.1asopposedtojust4lastyear).**

•Morecompaniesarereportingeitherexistingsalesand

production,ortargetedsalesandproduction,fromclearly

definedclimatesolutions(Sub-indicator5.2).2024resultshaveshownthattherehasbeenanoverallimprovementacrossall

metricsonSub-indicator5.2(by2-4percentagepoints)since2023.*

*Comparisonsbetween2023and2024considerasampleof133companies.

**Theincreasein‘Yes’scoresonthisSub-indicatorisdespitetheinclusionthisyearofademandingnewmetric(5.1.d)whichwasBetainV2.0andthereforenotpreviouslyincorporatedincompanyscoresfortheSub-indicator.

Note:Metric5.1.cassessmentiscontingentonmeetingcriteriaforMetric5.1.b.

DiversifiedMiningandChemicalscompanieshavenotbeenassessedagainstMetrics5.2.aand5.2.bfor2024.

Sub-indicator5.1Breakdown:

Detailonactions,levers,offsetsandabatementmeasures

74%

26%

2%

93%

5%

90%

10%

41%

55%

4%

41%

59%

Abatement

Measures(Metric

5.1.d)

Sub-indicator5.1Actions(Metric5.1.a)Levers(Metric5.1.b)Offsets(Metric5.1.c)

OverallIndicator

No,doesnotmeetcriteria

Partial,meetssomecriteriaNotApplicable

Sub-indicator5.2Breakdown:

SpecifyingtheRoleofClimateSolutions

12%

18%

50%

21%

12%

67%

22%

12%

49%

37%

Sub-indicator5.2Disclosure(Metric5.2.a)Target(Metric5.2.b)

OverallIndicator

Yes,meetscriteriaNo,doesnotmeetcriteriaPartial,meetssomecriteriaNotAssessedNotApplicable

Disclosure

Indicator6:

CapitalAllocation

Companiesareincreasingtransparencyaroundcapitalallocation(Sub-indicator6.1).

2024resultsshowthefollowingimprovements:

•Threecompanieshaveimprovedtheirperformancebyexplicitly

statingthattheywill(oralreadyhave)phasedoutcapital

expenditureinnewunabatedcarbon-intensiveassetsorproducts(Metric6.1.a).*

•Theproportionofcompaniesdisclosingthestatedvalueoftheir

capitalexpenditurethatisgoingtowardsunabatedcarbon-

intensiveassetsorproductshasincreasedby19percentagepoints(Metric6.1.b).*AroundhalfofthisincreaseisduetoisduetoincreaseddisclosurefromEnergysectorcompanies.

•ForAutos,UtilitiesandOilandGascompanies,RMIandCTI’scapitalallocationassessments,displayedlaterinthepresentation,provideusefulinformationontheextenttowhichcompanies’expenditureisalignedwithnetzero.

*Comparisonsbetween2023and2024assessmentsexcludecompaniesaddedtotheDisclosureFrameworkin2024,soconsidersasampleof150companies.

Sub-indicator6.1Breakdown:

CarbonIntensiveAssets:Phase-outandInvestment

62%

96%

35%

3%

4%

63%

37%

Sub-indicator6.1Phase-out(Metric6.1.a)Investment(Metric

6.1.b)

OverallIndicator

uYes,meetscriteriauPartial,meetssomecriteriauPartial,meetssomecriteria

Duetoroundingofpercentagesinthedataanalysis,thetotalsformetric6.2.bdonotequal100%

Disclosure

Sub-indicator6.2Breakdown:

RecentandfutureCapEx-ClimateSolutions

Indicator6:

1%

12%

46%

20%

22%

12%

55%

32%

12%

56%

33%

CapitalAllocation

AquarterofallassessedcompaniesaredisclosingbothcurrentandfutureCapExonclimatesolutions(Sub-indicator6.2).

In2024:

•Overathirdofassessedcompanies(38%-55of146assessed

companies)aredisclosingthestatedvalueoftheircapital

expenditureallocatedtowardsclimatesolutions(Metric6.2.a).

•Aroughlysimilarportionofassessedcompanies(37%-54of146

assessedcompanies)aredisclosingthestatedvalueoftheircapital

expenditurethattheyintendtoallocatetoclimatesolutionsinthefuture(Metric6.2.b).

Sub-indicator6.2

FutureValueIntended

(Metric6.2.b)

StatedValue

Committed(Metric

6.2.a)

•Alargemajority(78%)ofcompaniesthathavesetatargetto

OverallIndicator

increaserevenueorproductionfromclimatesolutions(inother

wordsreceived‘Yes’onMetric5.2.b)havealsodisclosedatleastsomevalueofCapExtheyintendtoallocatetowardstheseclimate

solutions(Metric6.2.b).

Yes,meetscriteria

NotAssessed

No,doesnotmeetcriteria

Partial,meetssomecriteriaNotApplicable

Note:DiversifiedMiningandChemicalscompanieshavenotbeenassessedagainstMetrics5.2.aand5.2.bfor2024.

Disclosure

Indicator7:

ClimatePolicyEngagement

OnlyonecompanymeetsallcriteriaonIndicator7(Unilever).With42%ofallcompaniesmeetingatleastsomerequirementsthisyear,theproportionofcompaniespartiallymeetingthiscriteriahas

increasedbyabout3percentagepointssince2023.*

Thebiggestimprovementhasbeenseenincompaniespublishingreviewsoftheirtradeassociations’climatepositions/alignment

withtheParisAgreementanddisclosingwhatactionsweretakenasaresult(Metric7.2.b).Ofthe150companiesassessedacrossbothyears,39%ofcompaniesmeetthecriteriain2024whichisanincreaseof4percentagepointssince2023.*

InfluenceMap’sClimatePolicyEngagementAlignmentAssessmentresultscomplementtheseassessmentsandshouldbeviewed

alongsidethem.Youcanreadmoreabouttheseassessmentslaterinthispresentation.

*Comparisonsbetween2023and2024assessmentsexcludecompaniesaddedtotheDisclosureFrameworkin2024,soconsidersasampleof150companies.

Indicator7andSub-indicatorsBreakdown:

ClimatePolicyEngagement

57%

42%

64%

32%

4%

71%

24%

5%

Indicator7

CommitmenttoParis-

alignedlobbying(Sub-

indicator7.1)

Tradeassociationlobbying

consistency(Sub-indicator

OverallIndicator

7.2)

Yes,meetscriteriaPartial,meetssomecriteriaNo,doesnotmeetcriteria

Duetoroundingofpercentagesinthedataanalysis,thetotalsforthisgraphdonotallequal100%

Disclosure

Indicator8:

ClimateGovernance

Thenumberofcompaniesdisclosingontheoversight,incentivesandcompetencyoftheirBoardformanagingclimaterelatedrisk

(Indicator8)hasincreasedfrom5companiesin2023to10in2024.*

90%ofallcompaniesassessedcontinuetodiscloseevidenceof

board-leveloversightofthemanagementofclimatechangerisks(Metric8.1.a).Only51%ofcompanieshadanamedpositionatBoardlevelwithresponsibilityforclimatechange(Metric8.1.b).

Although53%ofassessedcompanieshadclimateperformanceKPIsthatinfluencedthesalaryoftheirCEOorseniorexecutives(Metric8.2.a),theseKPIswereonlylinkedtoprogresstowardsachievingthecompany’spubliclydisclosedGHGreductiontargetsin28%ofcases(Metric8.2.b).

*Comparisonsbetween2023and2024assessmentsexcludecompaniesaddedtotheDisclosureFrameworkin2024,soconsidersasampleof150companies.

Indicator8andSub-indicatorBreakdown:

ClimateGovernance

8%

86%

6%

47%

25%

28%

67%

22%

12%

10%

39%

51%

Boardcapabilities(Sub-indicator8.3)

Indicator8Boardoversight(Sub-

Executive

renumeration(Sub-

OverallIndicator

indicator8.1)

indicator8.2)

uYes,meetscriteriaaPartial,meetssomecriteriauNo,doesnotmeetcriteria

Sub-indicator8.1Breakdown:

BoardOversight

39%

10%

51%

10%

49%

90%

51%

Sub-indicator8.1Boardcommitteeoversight

(Metric8.1.a)

OverallIndicator

Namedpositionresponsibleforclimate(Metric8.1.b)

uYes,meetscriteriauNo,doesnotmeetcriteriauPartial,meetssomecriteria

Disclosure

Indicator8:

ClimateGovernance

Thoughitremainsthetopicwiththelowestperformancefor

companiesonthisIndicator,thenumberofcompaniesassessinganddisclosingtheclimate-relatedcapabilities/competenciesoftheir

Boardsandhowthesearedeveloped(Sub-indicator8.3)hasincreasedfrom8companiesto19companiesin2024.*

ThepercentageofcompaniesdisclosingtheirBoard’scompetencieswithrespecttomanagingclimaterisksandopportunitiesand

disclosingtheresultsofthisassessment(Metric8.3.a)hasincreasedfrom26%to35%in2024*.

ThenumberofcompaniesprovidingdetailsonthecriteriatheyusetoassesstheirBoard’scompetencieswithrespecttomanaging

climaterisksandopportun