Focus List History

Focus List History

Investor engagement through Climate Action 100+ focuses on 168  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.

2017-2023: Establishing a Focus List

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+.

2023: Focus List Review & Refresh

Climate Action 100+ was first launched as a five-year initiative, but in 2022 announced that it would run to 2030. Following a consultation with signatory investors, it was agreed that the focus list of companies would remain broadly the same to ensure engagement continuity, but with some minor changes.

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. In June 2023, as a result of this review, thirteen companies were added to the focus list, while ten companies were removed.

Importantly, companies that were removed from the focus list did not ‘graduate’ from Climate Action 100+ engagement. Companies were removed so that resources and capacity could be re-prioritised and higher emitting companies could be added.

2023-2030: Focus list continuity

Following the 2023 review and refresh, engagement continuity remains a priority. The initiative will adjust the focus list as required, removing or adding companies to take account of corporate actions such as changes in ownership (merger/acquisition, spin-off, privatisation, etc), and always guided by investor input. Focus list changes are recorded on the website as they occur.

2023 Focus List Changes

2024 Focus List Changes

2025 Focus List Changes