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Focus List History

Climate Action 100+ engagement focuses on 170 companies that are critical to the net-zero emissions transition. Investors are responsible for engagement and developing and implementing companyspecific 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 Country Sector Rationale for AdditionLead investors include*
Ameren United StatesElectric Utilities Systemically important electric power company with one of the largest coal fleets in the United States. Mercy Investment Services
Baoshan Iron & Steel China  Steel Systemically important in steel production and its value chain in China and globally as a major subsidiary under the world’s largest steel producer, Baowu Group.  APG Asset Management
Carrefour France Consumer Goods & Services Multinational retailer (one of the largest by revenue globally). Contributor to deforestation through its supply chain. Top emitter as per CDP data.  Trusteam Finance, Amundi
EOG Resources  United States Oil & Gas Oil & gas company with a focus on oil & gas exploration. Top emitter as per CDP data. Aequo, Railpen, Mercy Investment Services
EQT Corporation United States  Oil & Gas Oil & gas company with a focus on oil & gas exploration.  Top emitter as per CDP data. Railpen, Wespath Benefits and Investments
Honeywell International United StatesOther Industrials Multinational diversified industrials company. Top emitter as per CDP data.CCLA Investment Management Ltd
JBS Brazil  Consumer Goods & ServicesWorld’s largest meat supplier. Systemically important due to its impacts on global carbon sinks such as the AmazonJGP, BB Asset Management, Marshall Wace LLP
Mitsubishi Heavy Industries Japan Other Industrials Engineering, electrical equipment, and electronics corporation, and important supplier of power generation in Japan. Top emitter as per CDP data.  CalSTRS, Nikko Asset Management Co. Ltd.
PBF Energy United StatesOil & Gas Oil & gas refiner. Top emitter as per CDP data.  CalSTRS
SABIC Saudi Arabia  Chemicals Chemical manufacturing company majority-owned by Saudi Aramco (existing focus company). Top emitter as per CDP data.  
Samsung Electronics Republic of Korea Other Industrials Multinational appliance and consumer electronics company. Strong impact on the global supply chain for electronics. Top emitter as per CDP data. APG Asset Management
Tata Steel India  Steel Largest steel company in India and the second-largest crude steel producer in Europe.Systemically important in steel production. Top emitter as per CDP data DSP Asset Managers (DSPAM), APG Asset Management

The Home Depot 


United States Consumer Goods & Services World’s largest home improvement retailer. Impacts on climate through its supply chain. Top emitter as per CDP data. CCLA Investment Management Ltd

*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.


Company Market Sector Rationale for Removal
Devon Energy United StatesOil & Gas Oil & gas company with a focus on oil & gas exploration. Originally a ‘plus list’ company added in 2018.  
Enbridge CanadaOil & GasOil & gas midstream company. Originally a ‘plus list’ company added in 2018.
Kinder Morgan United StatesOil & GasOil & gas midstream company. Originally a ‘plus list’ company added in 2018.
Koninklijke Philips N.V. Netherlands  Other Industrials Dutch electronics company. In initial 100 focus companies. 
PepsiCo United States  Consumer Goods & Services American food and beverage company. In initial 100 focus companies. 
TC Energy CanadaOil & GasOil & gas midstream company. Originally a ‘plus list’ company added in 2018.
The Coca-Cola Company United StatesConsumer Goods & ServicesAmerican beverage company. Originally a ‘plus list’ company added in 2018. 
Weyerhaeuser Co.United StatesConsumer Goods & Services (Forestry)American timber company. Originally a ‘plus list’ company added in 2018.
Oil SearchAustralia Oil & Gas Corporate action (merger with Santos)
Uniper SE Germany Electric Utilities Corporate action (nationalised by German government)

Removal of Midstream Oil & Gas Companies

Climate Action 100+ and signatory investors continue to view the midstream oil & gas sub-sector as a strategic and critical group to engage, recognizing that midstream companies hold an important role in the overall oil and gas value chain. We recognize that the unique position of midstream companies in this value chain recommends a unique set of strategies. For this reason, although the companies (Enbridge, Kinder Morgan, and TC Energy) will no longer be listed as focus companies, signatory investors can continue to engage midstream companies as part of the Climate Action 100+ global sector strategy workstream. In addition, Enbridge and TC Energy are now on Climate Engagement Canada’s focus list. 


Climate Action 100+ would like to acknowledge CDP’s data contribution in developing the initiative’s company focus list

  • CDP


Climate Action 100+ is focused on companies that are key to driving the global net zero emissions transition. Search focus companies and explore their Net Zero Company Benchmark assessments.

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