| 1 |
A.P. Møller-Maersk |
Transport |
—
|
Denmark |
MAERSK-B.CO |
51.0 |
8.0 |
32.3 |
0.2 |
8.0 |
40.5
|
Fast |
2040 — full value chain, aligned with IMO decarbonisation ambition |
| 2 |
ADNOC (Abu Dhabi National Oil Company) |
Energy |
oil
|
United Arab Emirates |
Private |
100.0 |
40.0 |
20.0 |
5.0 |
680.0 |
705.0
|
Slow |
2045 — Scope 1+2 operational; aligned with UAE Net Zero 2050 national strategy; no Scope 3 commitment |
| 3 |
AXA |
Insurance |
—
|
France |
CS.PA |
111.0 |
8.9 |
0.2 |
0.1 |
— |
0.4
|
Fast |
2050 — investment portfolio, operations, and underwriting |
| 4 |
Air France-KLM |
Aviation |
—
|
France / Netherlands |
AF.PA |
31.0 |
3.2 |
18.9 |
0.1 |
1.8 |
20.8
|
Moderate |
2050 — net zero; 2030: 30% CO2 per revenue tonne-km vs 2005 |
| 5 |
Albemarle |
Mining |
—
|
United States |
ALB |
9.6 |
3.8 |
1.1 |
0.4 |
2.0 |
3.5
|
Fast |
2050 — net zero Scope 1+2; 2030: 50% absolute Scope 1+2 reduction vs 2019 |
| 6 |
Allianz SE |
Insurance |
—
|
Germany |
ALV.DE |
175.0 |
14.2 |
0.3 |
0.1 |
— |
0.4
|
Moderate |
2050 — investment portfolio and operations; NZAOA member |
| 7 |
Alphabet (Google) |
Technology |
—
|
United States |
GOOGL |
307.0 |
195.0 |
0.5 |
7.9 |
10.2 |
18.6
|
Fast |
2030 — net zero operations and supply chain; 2030: 24/7 carbon-free energy for all data centres |
| 8 |
American Airlines |
Aviation |
—
|
United States |
AAL |
53.0 |
6.2 |
36.8 |
0.2 |
3.0 |
40.0
|
Slow |
2050 — aligned with IATA net zero commitment |
| 9 |
Anglo American |
Mining |
—
|
United Kingdom |
AAL.L |
30.0 |
9.0 |
7.4 |
1.8 |
95.0 |
104.2
|
Fast |
2040 — Scope 1+2; 2040: 30% absolute Scope 3 reduction |
| 10 |
Apple |
Technology |
—
|
United States |
AAPL |
391.0 |
178.0 |
0.1 |
0.4 |
19.4 |
19.8
|
Fast |
2030 — full supply chain and product life cycle carbon neutral |
| 11 |
ArcelorMittal |
Manufacturing |
—
|
Luxembourg |
MT |
68.0 |
4.5 |
148.0 |
9.8 |
24.0 |
181.8
|
Moderate |
2050 — global operations; 2030: 25% Scope 1+2 intensity reduction |
| 12 |
Archer-Daniels-Midland (ADM) |
Agriculture |
—
|
United States |
ADM |
94.0 |
3.1 |
6.9 |
1.4 |
85.0 |
93.3
|
Moderate |
2050 — Scope 1, 2, and material Scope 3 |
| 13 |
BASF |
Manufacturing |
—
|
Germany |
BASF.DE |
75.0 |
9.2 |
14.8 |
2.8 |
55.0 |
72.6
|
Moderate |
2050 — climate neutral; 2030: 25% GHG reduction vs 2018 |
| 14 |
BHP Group |
Mining |
—
|
Australia / United Kingdom |
BHP |
55.0 |
20.0 |
14.9 |
3.4 |
369.0 |
387.3
|
Moderate |
2050 — Scope 1+2; 2030: 30% reduction vs FY2020; no Scope 3 net zero commitment |
| 15 |
BNP Paribas |
Banking |
—
|
France |
BNP.PA |
56.0 |
21.0 |
0.1 |
0.1 |
— |
0.2
|
Fast |
2050 — net zero financed emissions; NZBA member; 2025 coal exit |
| 16 |
BNSF Railway |
Rail |
—
|
United States |
Berkshire Hathaway (BRK.B) |
23.0 |
8.5 |
18.4 |
0.2 |
4.0 |
22.6
|
Slow |
No formal net zero target; Berkshire Hathaway does not set group targets |
| 17 |
BP |
Energy |
gas
|
United Kingdom |
BP |
213.0 |
18.0 |
30.0 |
6.0 |
372.0 |
408.0
|
Moderate |
2050 — absolute net zero across Scope 1, 2, and 3; 2025 target partially walked back |
| 18 |
Banco Bradesco |
Banking |
—
|
Brazil |
BBDC4.SA |
25.0 |
7.0 |
0.0 |
0.0 |
— |
0.1
|
Moderate |
2050 — net zero financed emissions; deforestation-free agri lending by 2025 |
| 19 |
British Land |
Real Estate |
—
|
United Kingdom |
BLND.L |
0.9 |
0.4 |
0.1 |
0.1 |
1.8 |
2.0
|
Fast |
2030 — operational net zero (already achieved Scope 1+2); 2050 full value chain |
| 20 |
Brookfield Asset Management |
Real Estate |
—
|
Canada |
BAM |
64.0 |
5.0 |
4.2 |
1.8 |
35.0 |
41.0
|
Moderate |
2050 — all owned and operated assets |
| 21 |
Bunge Global |
Agriculture |
—
|
United States |
BG |
59.0 |
2.4 |
3.2 |
0.7 |
140.0 |
143.9
|
Moderate |
2050 — deforestation-free supply chains by 2025 (interim) |
| 22 |
CBRE Group |
Real Estate |
—
|
United States |
CBRE |
31.0 |
2.8 |
0.4 |
0.2 |
8.0 |
8.7
|
Moderate |
2040 — operations and managed properties |
| 23 |
CMA CGM |
Shipping |
—
|
France |
Private |
55.0 |
12.0 |
40.0 |
0.1 |
5.0 |
45.1
|
Moderate |
2050 — net zero across fleet; 2028: first LNG-to-methanol dual-fuel vessels |
| 24 |
CNOOC (China National Offshore Oil Corporation) |
Energy |
oil
|
China |
0883.HK |
47.0 |
16.0 |
18.0 |
2.0 |
300.0 |
320.0
|
Slow |
2050 — operational net zero (Scope 1+2); aligned with China national carbon neutrality target of 2060 |
| 25 |
COSCO Shipping |
Shipping |
—
|
China |
1919.HK |
47.0 |
8.0 |
42.0 |
0.2 |
5.0 |
47.2
|
Slow |
2060 — aligned with China national carbon neutrality target |
| 26 |
CSX Transportation |
Rail |
—
|
United States |
CSX |
14.0 |
5.8 |
8.5 |
0.1 |
2.0 |
10.7
|
Moderate |
2050 — net zero operations |
| 27 |
Cargill |
Agriculture |
—
|
United States |
Private |
177.0 |
6.3 |
3.4 |
0.3 |
250.0 |
253.7
|
Slow |
2050 — focus on forest, land, and agriculture supply chains |
| 28 |
DHL Freight |
Trucking |
—
|
Germany |
DHL.DE |
22.0 |
3.1 |
4.2 |
0.4 |
9.0 |
13.6
|
Fast |
2050 — DHL Group net zero; DHL Freight 2030: zero-emission vehicles in first/last mile |
| 29 |
Delta Air Lines |
Transport |
—
|
United States |
DAL |
58.0 |
3.4 |
26.1 |
0.3 |
4.0 |
30.4
|
Moderate |
2050 — net zero across full value chain |
| 30 |
Deutsche Bahn |
Rail |
—
|
Germany |
State-owned |
50.0 |
3.2 |
7.8 |
2.1 |
12.0 |
21.9
|
Fast |
2040 — climate-neutral rail operations; 100% renewable traction electricity by 2038 |
| 31 |
Deutsche Bank |
Banking |
—
|
Germany |
DBK.DE |
32.0 |
8.0 |
0.1 |
0.1 |
— |
0.2
|
Moderate |
2050 — net zero financed emissions; NZBA member |
| 32 |
Deutsche Post DHL |
Transport |
—
|
Germany |
DHL.DE |
88.0 |
8.4 |
9.4 |
1.8 |
52.0 |
63.2
|
Fast |
2050 — full Scope 1-3; 2030: 29% absolute reduction |
| 33 |
East Japan Railway (JR East) |
Rail |
—
|
Japan |
9020.T |
20.0 |
4.2 |
0.7 |
2.8 |
5.0 |
8.5
|
Fast |
2050 — carbon neutral; 2030: 50% Scope 1+2 vs 2013 |
| 34 |
Emirates |
Aviation |
—
|
United Arab Emirates |
Private |
33.0 |
4.7 |
26.3 |
0.1 |
2.5 |
28.9
|
Slow |
2050 — net zero; aligned with UAE Net Zero 2050 national strategy |
| 35 |
Equinor |
Energy |
oil
|
Norway |
EQNR |
105.0 |
22.0 |
13.0 |
2.0 |
245.0 |
260.0
|
Moderate |
2050 — net carbon intensity from operations and energy production; 2030: 50% reduction in upstream CO2 intensity vs 2015 |
| 36 |
Evergreen Marine |
Shipping |
—
|
Taiwan |
2603.TW |
14.0 |
2.5 |
12.0 |
0.1 |
1.5 |
13.6
|
Moderate |
2050 — aligned with IMO ambition |
| 37 |
ExxonMobil |
Energy |
oil
|
United States |
XOM |
400.0 |
54.0 |
107.0 |
5.0 |
630.0 |
742.0
|
Slow |
2050 — Scope 1+2 operational only; no Scope 3 upstream commitment |
| 38 |
FedEx |
Transport |
—
|
United States |
FDX |
90.0 |
4.8 |
20.1 |
2.7 |
12.0 |
34.8
|
Moderate |
2040 — carbon neutral operations globally |
| 39 |
First Solar |
Energy |
renewable
|
United States |
FSLR |
4.2 |
1.1 |
0.2 |
0.2 |
1.1 |
1.5
|
Fast |
2028 — Scope 1+2; committed to full lifecycle carbon neutrality per module by 2030 |
| 40 |
Freeport-McMoRan |
Mining |
—
|
United States |
FCX |
23.0 |
8.0 |
8.1 |
1.4 |
12.0 |
21.5
|
Moderate |
2050 — net zero Scope 1+2; 2030: 15% GHG intensity reduction |
| 41 |
Glencore |
Mining |
—
|
Switzerland |
GLEN.L |
218.0 |
18.0 |
17.2 |
2.8 |
398.0 |
418.0
|
Moderate |
2050 — Scope 1+2+3; 2035: managed coal decline; first major miner to include Scope 3 coal in net zero target |
| 42 |
HSBC |
Banking |
—
|
United Kingdom |
HSBA.L |
66.0 |
25.0 |
0.1 |
0.1 |
— |
0.2
|
Moderate |
2050 — net zero financed emissions; 2030 interim sectoral targets |
| 43 |
Hapag-Lloyd |
Shipping |
—
|
Germany |
HLAG.DE |
34.0 |
6.5 |
25.0 |
0.1 |
3.0 |
28.1
|
Fast |
2045 — net zero aligned with IMO 1.5°C pathway |
| 44 |
Holcim |
Manufacturing |
—
|
Switzerland |
HOLN.SW |
27.0 |
3.8 |
78.0 |
5.6 |
12.0 |
95.6
|
Moderate |
2050 — full value chain; 2030: 21% net CO2/tonne reduction vs 1990 |
| 45 |
ICBC (Industrial and Commercial Bank of China) |
Banking |
—
|
China |
1398.HK |
202.0 |
55.0 |
0.8 |
1.1 |
— |
1.9
|
Slow |
2060 — aligned with China national carbon neutrality; 2030: green credit target RMB 3tn+ |
| 46 |
Iberdrola |
Energy |
electric
|
Spain |
IBE.MC |
49.0 |
6.8 |
12.6 |
0.5 |
18.0 |
31.1
|
Fast |
2030 — Scope 1; 2040 — full value chain including supply chain |
| 47 |
Infosys |
Technology |
—
|
India |
INFY |
18.0 |
7.4 |
0.2 |
0.3 |
1.2 |
1.7
|
Fast |
2040 — carbon neutral; achieved net zero in 2023 (operations) |
| 48 |
J.B. Hunt Transport Services |
Trucking |
—
|
United States |
JBHT |
14.0 |
3.4 |
3.8 |
0.2 |
6.0 |
10.0
|
Moderate |
2040 — net zero emissions across all operations |
| 49 |
JBS S.A. |
Agriculture |
—
|
Brazil |
JBSS3.SA |
73.0 |
4.2 |
23.5 |
2.1 |
280.0 |
305.6
|
Moderate |
2040 — operations and supply chain |
| 50 |
JPMorgan Chase |
Banking |
—
|
United States |
JPM |
180.0 |
95.0 |
0.1 |
0.2 |
— |
0.4
|
Moderate |
2050 — Paris-aligned; 2030 interim targets for oil & gas, auto, steel, aviation, shipping |
| 51 |
Knight-Swift Transportation |
Trucking |
—
|
United States |
KNX |
8.0 |
2.0 |
5.1 |
0.1 |
4.0 |
9.2
|
Slow |
2045 — aligned with industry commitment |
| 52 |
Lufthansa Group |
Aviation |
—
|
Germany |
LHA.DE |
36.0 |
4.3 |
22.6 |
0.1 |
2.0 |
24.7
|
Moderate |
2050 — net zero; 2030: 50% CO2e per passenger-km vs 2019 |
| 53 |
MSC (Mediterranean Shipping Company) |
Shipping |
—
|
Switzerland |
Private |
80.0 |
18.0 |
58.0 |
0.1 |
6.0 |
64.1
|
Slow |
2050 — aligned with IMO revised ambition |
| 54 |
Meta Platforms |
Technology |
—
|
United States |
META |
135.0 |
113.0 |
0.2 |
5.5 |
6.4 |
12.1
|
Fast |
2030 — net zero operations and value chain |
| 55 |
Microsoft |
Technology |
—
|
United States |
MSFT |
245.0 |
182.0 |
0.3 |
9.7 |
13.8 |
23.8
|
Fast |
2030 — carbon negative; 2050: remove all historical Scope 1+2 emissions since 1975 |
| 56 |
Munich Re |
Insurance |
—
|
Germany |
MUV2.DE |
73.0 |
5.8 |
0.2 |
0.1 |
— |
0.3
|
Fast |
2050 — operations, investments, and underwriting portfolio |
| 57 |
NNPC (Nigerian National Petroleum Corporation) |
Energy |
oil
|
Nigeria |
Private |
28.0 |
5.0 |
45.0 |
3.0 |
200.0 |
248.0
|
Slow |
2060 — aligned with Nigeria national net zero target; no interim targets established |
| 58 |
Network Rail (UK) |
Rail |
—
|
United Kingdom |
State-owned |
8.0 |
1.5 |
1.4 |
1.2 |
6.0 |
8.6
|
Fast |
2045 — operations net zero; aligned with UK national target |
| 59 |
Newmont Corporation |
Mining |
—
|
United States |
NEM |
19.0 |
6.5 |
4.2 |
1.5 |
3.0 |
8.7
|
Fast |
2050 — net zero Scope 1+2; 2030: 30% GHG intensity reduction vs 2020 |
| 60 |
NextEra Energy |
Energy |
electric
|
United States |
NEE |
24.0 |
7.5 |
24.8 |
0.4 |
— |
25.2
|
Fast |
2045 — full value chain |
| 61 |
Norfolk Southern |
Rail |
—
|
United States |
NSC |
12.0 |
4.6 |
7.9 |
0.1 |
2.0 |
10.0
|
Moderate |
2050 — net zero; 2030: 42% GHG intensity reduction vs 2015 |
| 62 |
Old Dominion Freight Line |
Trucking |
—
|
United States |
ODFL |
6.0 |
2.4 |
2.1 |
0.1 |
3.0 |
5.2
|
Moderate |
2040 — net zero operations |
| 63 |
Oldendorff Carriers |
Shipping |
—
|
Germany |
Private |
4.5 |
0.8 |
8.0 |
0.0 |
1.0 |
9.0
|
Fast |
2050 — aligned with IMO; first zero-emission vessel commitment by 2030 |
| 64 |
Pemex (Petróleos Mexicanos) |
Energy |
oil
|
Mexico |
Private |
95.0 |
8.0 |
75.0 |
8.0 |
350.0 |
433.0
|
Slow |
No formal net zero target; Mexican government's energy nationalism strategy prioritises fiscal revenues over decarbonisation |
| 65 |
Petrobras |
Energy |
oil
|
Brazil |
PBR |
124.0 |
45.0 |
68.0 |
3.0 |
360.0 |
431.0
|
Moderate |
2050 — Scope 1+2 only; no upstream Scope 3 net zero commitment; 2030: 32% GHG intensity reduction vs 2015 |
| 66 |
Prologis |
Real Estate |
—
|
United States |
PLD |
8.0 |
3.5 |
0.8 |
1.0 |
18.0 |
19.8
|
Fast |
2040 — full value chain |
| 67 |
QatarEnergy |
Energy |
gas
|
Qatar |
Private |
60.0 |
25.0 |
35.0 |
3.0 |
400.0 |
438.0
|
Slow |
2060 — loosely aligned with Qatar national target; no formal Scope 3 net zero commitment |
| 68 |
Rio Tinto |
Manufacturing |
—
|
Australia / United Kingdom |
RIO |
54.0 |
11.5 |
23.4 |
4.2 |
570.0 |
597.6
|
Fast |
2050 — Scope 1+2; 2030: 50% Scope 1+2 reduction vs 2018 |
| 69 |
Ryanair |
Aviation |
—
|
Ireland |
RYA.I |
13.0 |
2.8 |
14.8 |
0.0 |
1.2 |
16.0
|
Moderate |
2050 — net zero; investing in Boeing 737 MAX fleet renewal |
| 70 |
Samsung Electronics |
Technology |
—
|
South Korea |
005930.KS |
212.0 |
62.0 |
5.4 |
16.4 |
12.0 |
33.8
|
Moderate |
2050 — Scope 1+2+3 net zero; 2030: 100% renewable in US, EU, China |
| 71 |
Saudi Aramco |
Energy |
oil
|
Saudi Arabia |
2222.SR |
440.0 |
156.0 |
66.4 |
11.8 |
1440.0 |
1518.2
|
Slow |
2050 — operational Scope 1+2 only, no upstream Scope 3 commitment |
| 72 |
Schneider National |
Trucking |
—
|
United States |
SNDR |
5.7 |
1.4 |
3.5 |
0.1 |
4.0 |
7.6
|
Fast |
2035 — carbon neutral, most ambitious of major US carriers |
| 73 |
Shell |
Energy |
gas
|
United Kingdom |
SHEL |
316.0 |
27.0 |
63.0 |
13.0 |
1480.0 |
1556.0
|
Moderate |
2050 — net carbon footprint including sold products |
| 74 |
Southwest Airlines |
Aviation |
—
|
United States |
LUV |
26.0 |
2.5 |
16.8 |
0.1 |
1.4 |
18.3
|
Slow |
2050 — net zero |
| 75 |
Standard Chartered |
Banking |
—
|
United Kingdom |
STAN.L |
19.0 |
6.0 |
0.0 |
0.1 |
— |
0.1
|
Moderate |
2050 — net zero financed emissions; NZBA member; 2030 interim targets for power and steel |
| 76 |
Swiss Re |
Insurance |
—
|
Switzerland |
SREN.SW |
45.0 |
3.2 |
0.1 |
0.0 |
— |
0.1
|
Fast |
2030 — operations net zero (achieved); 2050 — underwriting and investments |
| 77 |
TSMC (Taiwan Semiconductor) |
Technology |
—
|
Taiwan |
TSM |
87.0 |
49.0 |
2.1 |
17.2 |
8.0 |
27.3
|
Moderate |
2050 — Scope 1+2 net zero; RE100 member, 100% renewable electricity target by 2050 |
| 78 |
Toyota Motor |
Manufacturing |
—
|
Japan |
7203.T |
305.0 |
42.0 |
8.1 |
1.7 |
282.0 |
291.8
|
Moderate |
2050 — full value chain carbon neutrality |
| 79 |
Tyson Foods |
Agriculture |
—
|
United States |
TSN |
53.0 |
2.1 |
4.8 |
0.9 |
100.0 |
105.7
|
Slow |
2050 — no interim 2030 target established |
| 80 |
Union Pacific |
Transport |
—
|
United States |
UNP |
24.0 |
9.6 |
8.4 |
0.4 |
3.0 |
11.8
|
Moderate |
2050 — Scope 1, 2, 3; 2030: 26% GHG intensity reduction vs 2018 |
| 81 |
United Airlines |
Aviation |
—
|
United States |
UAL |
54.0 |
7.1 |
33.4 |
0.2 |
3.5 |
37.1
|
Moderate |
2050 — 100% carbon neutral via SAF and technology |
| 82 |
Vale |
Mining |
—
|
Brazil |
VALE3.SA |
42.0 |
13.0 |
13.5 |
1.2 |
328.0 |
342.7
|
Moderate |
2050 — net zero Scope 1+2; 2035: 15% absolute reduction |
| 83 |
Vestas Wind Systems |
Energy |
renewable
|
Denmark |
VWS.CO |
17.0 |
1.0 |
0.3 |
0.2 |
6.8 |
7.3
|
Fast |
2030 — Scope 1+2; 2040 — full value chain |
| 84 |
Vonovia |
Real Estate |
—
|
Germany |
VNA.DE |
9.0 |
2.1 |
2.6 |
0.6 |
4.0 |
7.2
|
Moderate |
2045 — full portfolio |
| 85 |
XPO Logistics |
Trucking |
—
|
United States |
XPO |
8.0 |
2.1 |
2.4 |
0.1 |
5.0 |
7.5
|
Moderate |
2040 — net zero operations |
| 86 |
Zurich Insurance Group |
Insurance |
—
|
Switzerland |
ZURN.SW |
84.0 |
5.6 |
0.1 |
0.1 |
— |
0.2
|
Fast |
2050 — Scope 1, 2, 3, and underwriting portfolio |
| 87 |
Ørsted |
Energy |
renewable
|
Denmark |
ORSTED.CO |
14.0 |
1.8 |
0.8 |
0.1 |
4.2 |
5.1
|
Fast |
2040 — full value chain; carbon-neutral by 2025 (operations) |