US$35 trillion Climate Action 100+ publishes first initiative progress report
– Breakthrough commitments have been achieved, yet step change in broader corporate response to climate change is necessary given US$20 trillion systemic risk to global economy
In the first Climate Action 100+ progress report released today, it is clear that despite significant progress achieved, far more needs to be done by the world’s largest corporate greenhouse gas (GHG) emitters in tackling climate change.
Climate Action 100+ brings together more than 370 global investors with over US$35 trillion in assets under management, seeking to ensure some of the world’s largest companies take necessary action on climate change. The 161 ‘focus companies’ engaged through the initiative are collectively responsible for over two thirds of global industrial GHG emissions and represent a combined market capitalisation in excess of US$8 trillion.
Supported by Climate Action 100+ investor engagement, a range of breakthrough net zero emission commitments are now in place. Significant progress has been seen across a range of industries, many of which are among the most challenging to decarbonise. Examples of focus companies making substantial net zero commitments over just the past seven months alone include; HeidelbergCement, Duke Energy, Nestle, Daimler, VW, Thyssenkrupp, ArcelorMittal, BHP Billiton, Centrica and Saint-Gobain, among others.
Despite these examples of first-wave leadership, the analysis featured in the report shows a significant step change is still required from the majority of focus companies in addressing climate change as a strategic business risk.
The report was released today by the Investor Group on Climate Change (IGCC) and its four global partners: Asia Investor Group on Climate Change (AIGCC); Ceres; Institutional Investors Group on Climate Change (IIGCC) and Principles for Responsible Investment (PRI).