Focus List of Companies

Investors signatories aim to engage systemically important greenhouse gas emitters and other companies across the global economy that have significant opportunities to drive the clean energy transition and help achieve the goal of the Paris Agreement. This entails limiting the rise in average global temperature well below 2 degrees Celsius above pre-industrial levels, and pursuing efforts to limit the temperature increase even further to 1.5 degrees Celsius above pre-industrial levels. Many of these companies are also likely to be exposed to transition and physical risks of climate change.

Companies have been identified using two distinct methodologies for the initial list of 100 focus companies and the + list of 61 focus companies.

Initial list of 100 focus companies:

In December 2017, an initial list of 100 focus companies was identified.  This group of companies was selected from a major global index (MSCI ACWI) that represents 85 percent of global investable equity.  The initial 100 focus companies have the highest combined direct and indirect Scope 1, 2 and 3 emissions (emissions associated with the use of their products) using CDP modelled and reported data. These initial 100 focus companies represent up to two-thirds of annual global industrial greenhouse gas emissions, according to CDP. For companies that do not report to CDP, CDP-modelled greenhouse gas emissions were used so that companies reporting to CDP were not penalized. CDP explains their modelling techniques in detail in here.

The Greenhouse Gas Protocol classifies emissions into three categories known as Scope 1, 2 and 3 emissions.

  • Scope 1 emissions are those directly occurring “from sources that are owned or controlled by the institution, including: on-campus stationary combustion of fossil fuels; mobile combustion of fossil fuels by institution owned/controlled vehicles; and “fugitive” emissions. Fugitive emissions result from intentional or unintentional releases of GHGs, including the leakage of hydrofluorocarbons (HFCs) from refrigeration and air conditioning equipment as well as the release of methane (CH4) from institution-owned farm animals.”
  • Scope 2 emissions are “indirect emissions generated in the production of electricity consumed by the institution.”
  • Scope 3 emissions are all the other indirect emissions that are “a consequence of the activities of the institution, but occur from sources not owned or controlled by the institution, such as commuting; waste disposal; embodied emissions from extraction, production, and transportation of purchased goods; outsourced activities; contractor-owned vehicles; and line loss from electricity transmission and distribution.” This includes emissions from vendors and suppliers in the company’s supply chain.

“+” list of 61 focus companies:

In July 2018, an additional list of 61 companies (known as the “+” list) was added to the focus list of companies. Investors recognize that emissions alone do not demark all opportunities to drive the clean energy transition or exposure to physical risks. Therefore, investor signatories were invited to nominate additional companies that are material to their investment portfolios and have either a significant opportunity to drive the clean energy transition at the global or region level or may be exposed to climate-related financial risks, including risks to physical assets, that are not captured solely by emissions data. To ensure a global distribution of the nominated companies, a minimum of five companies each were included from Asia, Australia, Europe and North America. The companies included on the “+” list represent those that received the most interest among investor signatories in each region, indicated via a voting mechanism.

Focus Companies by Region

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Focus Companies by Sector

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Steps undertaken to identify the focus list of companies are outlined in the table below.

1. Start universe MSCI ACWI: A major global index covering 85 percent of global investable equities was selected to provide a universe of companies to identify focus list of companies.

2. Truncate universe: After several analyses, the universe was truncated to the largest 1000 companies by market capitalization. This step increased the concentration of share ownership of the signatories of the initiative.

3. Emissions ranking: The initial 100 focus companies with the greatest volume of direct and indirect scope 1, 2 and 3 emissions were identified using CDP modelled and reported data. By using these emissions, companies with the greatest opportunity to transform the energy value chain were identified; not just their own operations. CDP’s analysis shows the initial 100 focus companies leverage up to 66 percent of global emissions, and therefore, a substantial opportunity to transform the global energy system and help achieve the goals of the Paris Agreement. Some companies were excluded from the initial list of focus companies for practical reasons. For example, when a listed subsidiary and parent company were included, the subsidiary was excluded to prevent duplications.

4. Nominations for + list of focus companies: Following identification of the initial 100 focus companies, investor signatories were invited to nominate and then vote for a maximum of 10 companies that they consider to have specific opportunities to drive the clean energy transition, that may be exposed to physical risk or that may be crucial at a region or national level, and which were significant in some way to their investment portfolios. This step was undertaken in recognition that emissions alone are not an indicator of opportunity to generate positive impact or exposure to risks related to climate change, in particular physical risks. A minimum of five companies were added by region to ensure global coverage.

Initial list of 100 focus companies include:

A.P. Moller – Maersk
Airbus Group
American Electric Power Company, Inc.
Anglo American
Anhui Conch Cement
Bayer AG
Berkshire Hathaway
BHP Billiton
Boeing Company
Canadian Natural Resources Limited
Caterpillar Inc.
Chevron Corporation
China Petroleum & Chemical Corporation
China Shenhua Energy
Coal India
Cummins Inc.
Daikin Industries, Ltd.
Dow Inc.
Duke Energy Corporation
Ecopetrol Sa
Enel SpA
ENEOS Holdings
Eni SpA
Exelon Corporation
Exxon Mobil Corporation
Fiat Chrysler Automobiles NV
Ford Motor Company
Formosa Petrochemical
General Electric Company
General Motors Company
Glencore plc
Hitachi, Ltd.
Hon Hai Precision Industry
Honda Motor Company
Imperial Oil
International Paper Company
Koninklijke Philips NV
Korea Electric Power Corp
LafargeHolcim Ltd
Lockheed Martin Corporation
Lukoil OAO
LyondellBasell Industries
Marathon Petroleum
Martin Marietta Materials, Inc.
Nippon Steel Corporation
Nissan Motor Co., Ltd.
Oil & Natural Gas
Panasonic Corporation
PepsiCo, Inc.
PETROCHINA Company Limited
Petróleo Brasileiro SA – Petrobras
Phillips 66
PJSC Gazprom
Procter & Gamble Company
Reliance Industries
Rio Tinto
Rosneft Oil Company
Royal Dutch Shell
Saic Motor Corporation
Sasol Limited
Siemens AG
SK Innovation Co Ltd
Southern Copper Corporation
Suncor Energy Inc.
Suzuki Motor Corporation
Teck Resources Limited
Tesoro Corporation
The Southern Company
thyssenkrupp AG
Toray Industries, Inc.
Toyota Motor Corporation
Raytheon Technologies
Valero Energy Corporation
Vedanta Ltd
Volkswagen AG
Volvo Trucks

The initial focus list of 100 companies was developed using CDP (reported and modelling) data on the companies’ combined direct and indirect (scope 1, 2 and 3) emissions, including emissions associated with the use of their products. Members of the Climate Action 100+ Steering Committee thank CDP for their support.


“+” list of 61 focus companies include:

Adelaide Brighton Ltd
AGL Energy Limited
Air France KLM S.A.
American Airlines Group Inc.
Bayerische Motoren Werke Aktiengesellschaft
Bluescope Steel Limited
Boral Limited
Bumi Resources
Bunge Limited
China Steel Corporation
Colgate-Palmolive Company
Compagnie De Saint-Gobain S.A.
Crh Public Limited Company
Daimler AG
Dangote Cement Plc
Danone S.A.
Delta Air Lines, Inc.
Devon Energy Corporation
Dominion Energy, Inc
Enbridge Inc.
Eskom Holdings Soc Limited
Firstenergy Corp.
Fortum Oyj
Heidelbergcement AG
Iberdrola, S.A.
Kinder Morgan, Inc.
Air Liquide S.A
National Grid plc
Nextera Energy, Inc.
NRG Energy, Inc.
Occidental Petroleum Corporation
Origin Energy Limited
Peugeot S.A.
PGE Polska Grupa Energetyczna
Power Assets Holdings Limited
PPL Corporation
Qantas Airways Limited
Renault S.A.
Rwe Aktiengesellschaft
Santos Limited
Severstal’ Pao
South32 Limited
Suzano Papel e Celulose
The Aes Corporation
The Coca-Cola Company
TC Energy
Trane Technologies PLC
Unilever PLC
United Airlines Holdings, Inc.
United Tractors
Vistra Energy Corp.
Walmart, Inc.
WEC Energy Group, Inc.
Weyerhaeuser Company
Woodside Petroleum Ltd.
Woolworths Group Limited
Xcel Energy Inc.

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