Focus List History

Climate Action 100+ engagement focuses on 168 companies that are critical to the net-zero emissions transition. Investors are responsible for engagement and developing and implementing company–specific engagement strategies. They are supported in the process by five investor networks, who co-founded the initiative, and by technical experts. 

Investor engagement through Climate Action 100+ focuses on companies who have a major role to play in the transition to a net-zero emissions economy. The initiative updates the focus list as required, removing or adding companies to take account of factors such as changes in ownership, and always guided by investor input.  

Phase 1 (2017-2023)

At the outset of the initiative, 100 companies with some of the highest combined direct and indirect (i.e., scopes 1, 2 and 3) greenhouse gas (GHG) emissions globally were identified using MSCI All Country World Index data and CDP modelled and reported data. According to CDP, these initial 100 focus companies were responsible for up to two-thirds of annual industrial carbon dioxide emissions when the initiative launched in 2017.

In July 2018, what became known as the ‘plus (+)’ list was formed. An additional 61 companies were added to the focus list based on an investor survey. Investors were invited to nominate additional focus companies that were deemed material to their investment portfolios, critical to the transition to a net-zero emissions economy, or that may be exposed to climate-related financial risks not captured by emissions data.

In November 2020, nine additional companies were added to the focus list as part of a limited top up, while two others were removed. Throughout this time, the company focus list was adjusted to reflect corporate actions at focus companies. By the end of the initiative’s first phase, 167 companies were engaged via Climate Action 100+.

PHASE 2 (2023 – 2030)

As part of a focus list refresh for Phase 2 of the initiative, thirteen companies were added to the focus list, while ten companies were removed. This update followed the Phase 2 signatory consultation, where it was agreed that the list of companies would remain broadly the same, with only marginal changes to ensure engagement continuity. The announcement in June 2023 originally included fourteen new companies. Due to updated emissions disclosure, Luxshare Precision Industry is no longer eligible for the focus list as it is not a top emitter per CDP data and it has subsequently been removed.

A review of emissions profiles, primarily referencing the latest CDP GHG emissions dataset (scopes 1, 2 and 3), and investor perspectives, among other factors, were taken into consideration to support changes to the company focus list. In addition to reviewing emissions profiles, other key criteria included: sector expertise, investor interest in engaging the company, and potential for engagement impact.  

Phase 2 Additions

The new focus companies are in industries already being engaged through Climate Action 100+, allowing the initiative to build on the sectoral expertise that it has developed to date. The companies added to the focus list in 2023 will not be assessed against the Net Zero Company Benchmark until 2024.
 

*Company engagements may have one or more lead investor(s). Disclosure of lead investor status is at the discretion of each investor organisation.

Phase 2 Removals

Companies were removed from the Climate Action 100+ focus list so that resources and capacity could be re-prioritised and higher emitting companies could be added. Companies that have been removed from the list have not ‘graduated’ from Climate Action 100+ engagement. Their removal should not be viewed as endorsement or recognition of progress. Engagement with these companies is still required to deliver on the global goals set out in the Paris Agreement. Ten companies were removed from the focus list as part of Phase 2, inclusive of two routine corporate actions.

October 2024 Removals