METHODOLOGIES: NET ZERO COMPANY BENCHMARK

The Climate Action 100+ Net Zero Company Benchmark annually assesses focus companies’ decarbonisation strategies and alignment with emissions pathways.

These assessments provide a tool for investors to understand their exposure to climate-related financial
risks and opportunities.

 

Structure 

The Net Zero Company Benchmark assessments are structured into the following elements, in order of granularity:  

  • Indicators:  A specific topic area on which the company is assessed (e.g., one of the 11 categories in the Disclosure Framework).
  • Sub-indicators:  Components of an Indicator that break ​it down into more focused areas of assessment (e.g., executive remuneration under Governance).
  • Metrics:  The most granular measurable component, used to assess whether a Sub-indicator’s criteria are met (Yes/No basis).

The CA100+ Benchmark Framework version 2.2

The following is an overview of the full Benchmark Framework for the v2.2 Benchmark assessments released in October 2025.  

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Changes to this year’s framework were updated earlier this year. See here for an overview.

If you would like to learn more about the framework and its history, please contact us at [email protected].

DISCLOSURE FRAMEWORK ASSESSMENTS

Provided by the Transition Pathway Initiative

The Disclosure Framework Indicators, draw on public and self-disclosed data from companies collected from sources such as corporate annual reports, sustainability reports, press releases, and Carbon Disclosure Project disclosures. Most of these assessments are conducted by  TPI Global Climate Transition Centre at the London School of Economics and Political Science, the Transition Pathway Initiative (TPI)’s academic partner.

Download supplementary information specific to Just Transition

CLIMATE POLICY ENGAGEMENT ALIGNMENT

Provided by InfluenceMap

InfluenceMap’s Climate Policy Engagement Alignment Assessments provide detailed analyses of the alignment of company climate policy engagement actions (direct and indirect via their industry associations) with the Paris Agreement goals, as well as the quality and accuracy of company disclosures on their climate policy engagement activities.

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CLIMATE ACCOUNTING & AUDIT

Provided by Carbon Tracker Initiative

CTI’s Climate Accounting and Audit Assessment evaluates whether a focus company’s accounting practices and related disclosures, and the auditor’s report thereon, reflect the effects of climate risk, the global move towards a 2050 (or sooner) net zero emissions pathway, and the Paris Agreement goal of limiting global warming to no more than 1.5°C. 

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Assessments applying only to companies in specific sectors cover the following analysis:

OIL & GAS: TRANSITION PLAN AND CAPITAL ALLOCATION ALIGNMENT

Provided by Carbon Tracker Initiative

For oil and gas focus companies, CTI’s Alignment Assessments analyse companies’ potential capital expenditures (CapEx) for unsanctioned upstream oil and gas carbon-emitting assets relative to a range of climate change scenarios.

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CTI and RMI have in previous years provided assessments for steel, cement, autos, electric utilities and oil and gas companies. In 2025 these measures have not been reassessed, however, previous year’s analysis is available in our historical assessments. 

Capex and Transition Plan analysis provides investors with insights into whether the company’s capital expenditures and/or transition plans are aligned with the Paris Agreement goals. This provides a useful indication of real-world company impact and how exposed a company might be to risks associated with the transition.

 

Scope of assessments

The 2025 Benchmark Disclosure Framework and Climate Policy Engagement Alignment Assessments, cover 164Climate Action 100+ focus companies.

While the full focus list of Climate Action 100+ includes 169 companies, engagements with 5 Russian focus companies are currently paused.

For a full list of changes to the focus list since the start of the initiative, please see our focus list history page.

The Climate Accounting and Audit assessments have been conducted for a reduced number of companies this year. This adjustment allows analysts to focus on sectors and regions where there have been signs of progress. For those companies not reassessed, past assessments are still available in our historical assessments. 

In 2025, the oil and gas assessments provided by CTI cover 33 focus companies in the oil and gas sector. Two companies, PBF Energy Inc. and Teck Resources were not able to be assessed against some metrics within this assessment.

 

All of the above methodologies and framework apply to the October 2025 (V2.2) Benchmark assessments.

Methodologies Archive

Download supporting documents for past iterations of the Net Zero company Benchmark.

THE FOLLOWING IS AN OVERVIEW OF THE FULL BENCHMARK FRAMEWORK FOR THE V2.1 BENCHMARK ASSESSMENTS RELEASED IN OCTOBER 2024.  

 

Download

 

2024 DISCLOSURE FRAMEWORK METHODOLOGY

The methodology used to assess company disclosures, as well as an overview of the Disclosure Framework scoring system, was provided. You could select your language to download the assessment methodology applicable to the October 2024 assessments:

 

English  Simplified Chinese  Traditional Chinese  Japanese

ALIGNMENT ASSESSMENTS

Alignment Assessments complemented the Disclosure Framework Indicators by providing independent evaluations of the alignment of company actions with the goals of Climate Action 100+ and the Paris Agreement.

 

These assessments were conducted by the Carbon Tracker Initiative (CTI), RMI (formerly Rocky Mountain Institute) and InfluenceMap. They were divided into assessments applying to focus companies across industries and assessments applying to specific sectors. All Alignment Assessment methodologies were applicable to both the October 2023 and October 2024 Benchmark assessments.

CLIMATE ACCOUNTING & AUDIT

 

Provided by Carbon Tracker Initiative

 

CTI’s Climate Accounting and Audit Assessment evaluated whether a focus company’s accounting practices and related disclosures, and the auditor’s report thereon, reflected the effects of climate risk, the global move towards a 2050 (or sooner) net zero emissions pathway, and the Paris Agreement goal of limiting global warming to no more than 1.5°C. This assessment was moved out of provisional form in 2023. In addition, from 2023 onwards, this assessment did not apply to rate-of-return regulated electric utilities.

 

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CLIMATE POLICY ENGAGEMENT ALIGNMENT

 

Provided by InfluenceMap

 

InfluenceMap’s Climate Policy Engagement Alignment Assessments provided detailed analyses of the alignment of company climate policy engagement actions (direct and indirect via their industry associations) with the Paris Agreement goals, as well as the quality and accuracy of company disclosures on their climate policy engagement activities. In 2024, these assessments covered 165 focus companies.

 

Download

Alignment Assessments applying to companies in specific sectors covered the following areas:

OIL & GAS: CAPITAL ALLOCATION ALIGNMENT

 

Provided by Carbon Tracker Initiative

 

For oil and gas focus companies, CTI’s Alignment Assessments analysed companies’ potential capital expenditures (CapEx) for unsanctioned upstream oil and gas carbon-emitting assets relative to a range of climate change scenarios. In 2024, these assessments covered 32 focus companies in the oil and gas sector.

 

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ELECTRIC UTILITIES: CAPITAL ALLOCATION ALIGNMENT

 

Provided by Carbon Tracker Initiative

 

For electric utility focus companies, CTI’s Alignment Assessments analysed companies’ announced retirement schedules for coal and gas-fired power generation capacity and new planned additional carbon-emitting assets relative to a range of climate change scenarios. In 2024, these assessments covered 34 focus companies in the electric utility sector.

 

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ELECTRIC UTILITIES, AUTOS, AIRLINES, STEEL AND CEMENT: CAPITAL ALLOCATION ALIGNMENT, TRANSITION PLAN AND EMISSIONS INTENSITY ALIGNMENT

 

Provided by Rocky Mountain Institute

 

For electric utility and autos focus companies, RMI’s alignment assessments analysed focus companies’ planned capital allocation relative to a range of climate change scenario pathways for the electric utilities and autos sectors. RMI’s alignment assessments for airline, cement and steel focus companies analysed their planned economic outputs and associated emissions intensities relative to selected climate change scenarios.

 

In 2024, RMI’s assessments covered 34 focus companies in the electric utility sector; 12 focus companies in the automotive sector; 5 focus companies in the airline sector; 11 focus companies in the cement sector; and 9 focus companies in the steel sector.

 

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2023 DISCLOSURE FRAMEWORK METHODOLOGY

Methodology used to assess company disclosures, as well as an overview of the Disclosure Framework scoring system. Select your language to download the assessment methodology applicable to the October 2023 assessments:  

English  Japanese  Simplified Chinese  Traditional Chinese 

2022 DISCLOSURE FRAMEWORK METHODOLOGY

 

Methodology used to assess company disclosures, as well as an overview of the Disclosure Framework scoring system. Select your language to download the assessment methodology applicable to both the March 2022 and interim October 2022 assessments: 

 

English  Japanese  Korean  Simplified Chinese  Traditional Chinese 

2022 CLIMATE ACCOUNTING AND AUDIT METHODOLOGY

 

Select your language to download the assessment methodology applicable to both the March 2022 and interim October 2022 Climate Accounting and Audit Assessment provided by Carbon Tracker Initiative.  

 

English  Japanese  Korean  Simplified Chinese  Traditional Chinese

2022 ELECTRIC UTILITIES AND OIL & GAS CAPITAL ALLOCATION ALIGNMENT ASSESSMENT METHODOLOGY 

 

Select your language to download the assessment methodology applicable to both the March 2022 and interim October 2022 Capital Allocation Alignment Assessments for electric utility and oil and gas companies provided by Carbon Tracker Initiative.  

 

English  Japanese  Korean  Simplified Chinese  Traditional Chinese

2022 Airlines, Autos, Cement, Electric Utilities, and Steel Capital Allocation Alignment Methodology

 

Select your language to download the assessment methodology applicable to both the March 2022 and interim October 2022 Capital Allocation Alignment Assessments for aviation, auto, cement, electric utility and steel focus companies provided by Rocky Mountain Institute.

 

English  Japanese  Korean  Simplified Chinese  Traditional Chinese

2022 Climate Policy Engagement Alignment Methodology

 

Select your language to download the assessment methodology applicable to both the March 2022 and interim October 2022 Climate Policy Engagement Alignment Assessments provided by InfluenceMap.  

 

English  Japanese  Korean  Simplified Chinese  Traditional Chinese

Summary of Methodology Updates Made Between March 2021 and March 2022

 

This outlines the key enhancements to the Benchmark framework and methodologies between the first iteration in March 2021 and the second iteration in March 2022. It includes an overview of the assessments provided by the Benchmark data providers: Transition Pathway Initiative Centre (TPI Centre), Carbon Tracker Initiative (CTI), 2 Degrees Investing Initiative (2DII) (now referred to as The Rocky Mountain Institute, RMI) and InfluenceMap. Select your language to download the summary:

 

English  Japanese  Korean  Simplified Chinese  Traditional Chinese 

2021 DISCLOSURE FRAMEWORK METHODOLOGY

 

Guidance used to collect company data and assess disclosures, as well as how assessments were presented (i,e., the ‘traffic light system’). Select your language to download the methodology:

 

English  Japanese  Korean  Simplified Chinese  Traditional Chinese

 

No supplementary alignment assessment resources were available at this time.