Climate Action 100+, a global initiative involving over 500 signatories responsible for more than USD47 trillion assets under management, has expanded the focus list of companies it is engaging with to deliver Paris Agreement-aligned emissions cuts, implement strong climate governance frameworks and improve climate-related disclosures.
The changes to the Climate Action 100+ focus list follows a periodic review by the initiative to ensure the companies engaged remain relevant to confronting the global climate change crisis.
Overall, nine companies have been added to the list, while two have been removed. The net rise in companies engaged globally through Climate Action 100+ takes the total to 167.
Specific company additions to the focus list and the rationale include:
|Grupo Argos S.A
|A major industrial conglomerate with significant cement, energy and coal interests
|Metals & Mining
|The largest diversified miner in Mexico and one of the world’s largest copper producers
|A large multinational manufacturer of explosives, chemicals and fertilisers
|Papua New Guinea
|Oil & Gas
|A large upstream oil & gas producer, listed in Australia and operating predominantly in Papua New Guinea
|One of the world’s largest providers of commercial explosives and blasting systems to mining, quarrying and oil & gas
|Petróleos Mexicanos (PEMEX)
|Oil & Gas
|One of the 20 largest oil & gas companies on the planet, and second largest in Latin America
|Saudi Arabian Oil Company (Aramco)
|Oil & Gas
|The largest oil & gas producer in the world
|One of the world’s largest cement companies
|Major European energy provider
Companies removed from the focus list and the rationale include:
|Mining & Metals
|Replaced by parent organisation Grupo México on the focus list
|De-mergers and asset sales leave Wesfarmers a substantially different company
The recent additions are based on the same criteria for earlier inclusions on the focus list: that a company be a globally significant emitter of greenhouse gases and/or they can play a strategically important role in the transition to net-zero emissions by 2050 or before.
The additional companies are in sectors already being engaged through Climate Action 100+ so as not to overly stretch the focus of the initiative in its first five-year period and to build on practice that has been developed to date.
All additions to the focus list have had lead investors assigned to them to spearhead engagement. These lead investors will be assisted by a team of collaborating investors.
Given the early stages of these engagements, the nine companies added to the focus list will not be subject to the initial round of assessment under the Climate Action 100+ Net-Zero Company Benchmark, to be released next year, but will be included in future assessments.
For further information please contact: [email protected]
A full list of Climate Action 100+ focus companies can be found here.