<div><p>This report compares the 280 largest European Single Market companies on climate crisis action and leadership, measured through participation in the independent Science Based Targets initiative (SBTi), the Climate Group’s RE100 and EP100 initiatives as well as the Net-zero Data Public Utility (NZDPU). Where available, Net Zero Tracker data is included in order to compare corporate pledges and claims to verified and validated targets. Companies making more and better commitments, setting more and better independently verified or validated targets and disclosing more emissions data, rank higher.</p>
<em><p>As with all Spendwell reports, subsidiaries are represented by their parent company.</p></em>
<br />
<div className="report-summary-title"><h3>Key Findings</h3></div>

<ul>
<li><h4>EMISSIONS DISCLOSURE</h4>170 out of 280 (61%) major European companies are currently disclosing five or more years of emissions data through the NZDPU. In total, just three-quarters (209 companies) of major European companies are disclosing through the NZDPU at all, despite most, if not all of these companies, having ready access to this data.</li>

<li><h4>SCIENCE-BASED ZERO</h4>Just 81 (29%) of Europe’s 280 largest companies have set science-based zero targets with SBTi, the collaborative climate commitment program supported by the United Nations. Another 14 companies have active commitments to set science-based zero targets with SBTi.</li>

<p><h4>2040 OR EARLIER TARGET DATES</h4>Only 30 (11%) common market companies have science-based zero target years set for 2040 or earlier.</p>

<p><h4>MISSED DEADLINES & REMOVAL</h4>Conversely, 22 of these 280 companies committed to setting science-based zero targets with SBTi, but failed to set approved targets within the commitment time frame (a minimum of 2 years). SBTi has already removed 19 of these companies from their commitments list.</p>

<p><h4>PLEDGES & CLAIMS VS. VALIDATED</h4>Of these 22 companies that have failed to have their science-based zero targets scientifically validated by SBTi, at least 19 have recently made net-zero or similar claims or pledges in their own company promotional materials, according to data reported by Net Zero Tracker.</p>

<li><h4>NEAR-TERM</h4>162 (58%) companies have managed to set near-term targets with SBTi with another 14 committed to doing so.</li>

<li><h4>RENEWABLE ENERGY</h4>66 (24%) of these companies have made a commitment with a target year to 100% renewable energy through Science Based Targets or Climate Group’s RE100 initiative.</li>

<li><h4>ENERGY EFFICIENCY</h4>Just seven companies have set energy efficiency targets with Climate Group’s EP100 initiative.</li></ul></div>

<div><p><h4>Why 280?</h4>In May of 2025, the monthly atmospheric concentration of CO&#8322; averaged above 430 ppm for the first time in human history as <a href=”https://gml.noaa.gov/ccgg/trends/” target=”_blank”>measured by NOAA at Mauna Loa</a>. <em>Before the industrial revolution, atmospheric CO&#8322; hovered around 280 ppm.</em></p></div>


too many major european companies skipping basic emissions disclosure

<div><p>This report compares the 313 past and present member companies of the UN-convened Net-zero Asset Managers Initiative (NZAMI) on climate crisis action and leadership, measured through participation in the independent Science Based Targets initiative (SBTi), the Climate Group’s RE100 and EP100 initiatives as well as the Net-zero Data Public Utility (NZDPU). Where available, Net Zero Tracker data is included in order to compare corporate pledges and claims to verified and validated targets. Companies making more and better commitments, setting more and better independently verified or validated targets and disclosing more emissions data, rank higher.</p>
<em><p>As with all Spendwell reports, subsidiaries are represented by their parent company.</p></em>
<br />
<div className="report-summary-title"><h3>Key Findings</h3></div>

<ul>
<li><h4>EMISSIONS DISCLOSURE</h4>71 out of 313 NZAMI companies are currently disclosing five or more years of emissions data through the NZDPU. In total, less than a third (104 companies) of NZAMI members are disclosing through the NZDPU at all.</li>

<li><h4>SCIENCE-BASED ZERO</h4>Just five out of 313 NZAMI companies have set science-based zero targets with SBTi, the collaborative climate commitment program supported by the United Nations. Another 16 have active commitments to set science-based zero targets with SBTi.</li>

<p><h4>2040 OR EARLIER TARGET DATES</h4>Four NZAMI companies have science-based zero target years set for 2040 or earlier.</p>

<p><h4>MAJOR GREENWASHING AND REMOVALS</h4>Over four times as many NZAMI members (17) have removed themselves from this or another UN-convened net-zero initiative, failed to set committed-to SBTi targets or both.</p>

<li><h4>NEAR-TERM</h4>21 asset managers have managed to set near-term targets with SBTi with 11 more committed to doing so.</li>

<li><h4>RENEWABLE ENERGY</h4>11 of these companies have made a commitment with a target year to 100% renewable energy through Science Based Targets or Climate Group’s RE100 initiative.</li>

<li><h4>ENERGY EFFICIENCY</h4>Just two NZAMI members have set energy efficiency targets with Climate Group’s EP100 initiative.</li></ul></div>


net zero asset managers pause a lot of inaction

<div><p>This report compares the 141 companies led by the members of the World Economic Forum’s Alliance of CEO Climate Leaders (Alliance). It compares these companies on climate crisis action and leadership, currently measured through participation in the independent Science Based Targets initiative (SBTi) as well as Climate Group’s RE100 and EP100 initiatives. These initiatives represent some of the only globally applicable and accessible, completely independent climate target verification and validation programs for corporate energy efficiency, renewable energy, near-term and net-zero. Where available, Net Zero Tracker data is included in order to compare corporate pledges and claims to verified and validated targets. Companies making more and better commitments and setting more and better independently verified or validated targets, rank higher.</p>

<p>Future quarterly and year-end updates to this report will include relevant new independent initiatives and programs as they emerge. It is anticipated that emissions disclosure and progress will be incorporated into this ranking and report in 2025, for example. See the Methodology section of this report for more information.</p>

<h4>ALLIANCE OF CEO CLIMATE LEADERS</h4>
<p>Established through the World Economic Forum in 2014, the Alliance actively seeks to encourage governments and other companies to set ambitious climate targets, take collective action and reduce emissions. Prior to COP29, the Alliance released an open letter that, in addition to calling for ambitious policy progress, asked other companies to set ambitious science-based climate targets. This report includes companies represented by both current and former Alliance members.</p>

<div className="report-summary-title"><h3>Key Findings</h3></div>


<ul><li><h4>SCIENCE-BASED ZERO</h4>Just 64 (45%, was 56 & 40% last quarter) of the Alliance’s 141 companies have set science-based zero targets with SBTi, the collaborative climate commitment program supported by the United Nations. Another 7 companies have active commitments to set science-based zero targets with SBTi.</li>

<p><h4>2040 OR EARLIER TARGET DATES</h4>Only 32 (23%, was 30 & 21% last quarter) Alliance companies have science-based zero target years set for 2040 or earlier.</p>

<p><h4>MISSED DEADLINES & REMOVAL</h4>Conversely, 23 (was 21 last quarter) of these 141 companies committed to setting science-based zero targets with SBTi, but failed to set approved targets within the commitment time frame (a minimum of 2 years). SBTi has already removed 21 (was 18 last quarter) of these companies from their commitments list.</p>

<p><h4>PLEDGES & CLAIMS VS. VALIDATED</h4>Of these 23 companies that have failed to have their science-based zero targets scientifically validated by SBTi, at least 21 have recently made net-zero or similar claims or pledges in their own company promotional materials, according to data reported by Net Zero Tracker or in some instances, reported by Spendwell.</p>

<li><h4>NEAR-TERM</h4>100 (71%, was 98 & 70% last quarter) companies have managed to set near-term targets with SBTi with another six committed to doing so.</li>

<li><h4>RENEWABLE ENERGY</h4>61, (43% was 60 & 43%) of these companies have made a commitment with a target year to 100% renewable energy through Science Based Targets or Climate Group’s RE100 initiative.</li>

<li><h4>ENERGY EFFICIENCY</h4>Just 10 companies have set energy efficiency targets with Climate Group’s EP100 initiative.</li></ul></div>


One in six wef ceo climate leader companies delinquent on own climate leadership commitments

<div><p>This report compares the 97 companies that constitute the Corporate Alliance for the World Economic Forum’s First Movers Coalition, a global coalition of companies leveraging their purchasing power to decarbonize the world's heavy-emitting sectors. The report compares these companies on climate crisis action and leadership, currently measured through participation in the independent Science Based Targets initiative (SBTi) as well as Climate Group’s RE100 and EP100 initiatives. These initiatives represent some of the only globally applicable and accessible, completely independent climate target verification and validation programs for corporate energy efficiency, renewable energy, near-term and net-zero. Where available, Net Zero Tracker data is included in order to compare corporate pledges and claims to verified and validated targets. Companies making more and better commitments and setting more and better independently verified or validated targets, rank higher.</p>
<p>Future quarterly and year-end updates to this report will include relevant new independent initiatives and programs as they emerge. It is anticipated that emissions disclosure and progress will be incorporated into this ranking and report in 2025, for example. See the Methodology section of this report for more information.</p><p><em>Moeve is a new addition to the First Movers Coalition and will be included in reports starting Q2, 2025. Companies are represented in this report by their parent company and governmental institutions, like the University of Michigan, are not currently tracked by Spendwell.</em></p>

<div className="report-summary-title"><h3>Key Findings</h3></div>


<ul><li><h4>SCIENCE-BASED ZERO</h4>Just 31 (32%) of the Coalitions’s 97 tracked companies have set science-based zero targets with SBTi, the collaborative climate commitment program supported by the United Nations. Another six companies have active commitments to set science-based zero targets with SBTi.</li>

<p><h4>2040 OR EARLIER TARGET DATES</h4>Twelve (12%) First Movers have science-based zero target years set for 2040 or earlier.</p>

<p><h4>MISSED DEADLINES & REMOVAL</h4>Conversely, 17 (18%) of these 97 companies committed to setting science-based zero targets with SBTi, but failed to set approved targets within the commitment time frame (a minimum of 2 years). SBTi has already removed some of these companies from their commitments list.</p>

<p><h4>PLEDGES & CLAIMS VS. VALIDATED</h4>Of these 17 companies that have failed to have their science-based zero targets scientifically validated by SBTi, at least 15 have recently made net-zero or similar claims or pledges in their own company promotional materials, according to data reported by Net Zero Tracker or in some instances, reported by Spendwell.</p>

<li><h4>NEAR-TERM</h4>57 (59%) companies have managed to set near-term targets with SBTi with another four committed to doing so.</li>

<li><h4>RENEWABLE ENERGY</h4>23 (24%) of these companies have made a commitment with a target year to 100% renewable energy through Science Based Targets or Climate Group’s RE100 initiative.</li>

<li><h4>ENERGY EFFICIENCY</h4>Just five companies have set energy efficiency targets with Climate Group’s EP100 initiative.</li></ul></div>


World economic forum corporate first movers still moving backwards on climate

<div><p>This report compares the 280 largest companies in the European Single Market (Europe)* on climate crisis action and leadership, measured through participation in the independent Science Based Targets initiative (SBTi) as well as Climate Group’s RE100 and EP100 initiatives. Where available, Net Zero Tracker data is included in order to compare corporate pledges and claims to verified and validated targets. Companies making more and better commitments and setting more and better independently verified or validated targets, rank higher.</p>

<div className="report-summary-title"><h3>Key Findings</h3></div>


<ul><li><h4>SCIENCE-BASED ZERO</h4>Just 79 (28%) of Europe’s 280 largest companies have set science-based zero targets with SBTi, the collaborative climate commitment program supported by the United Nations. Another 15 companies have active commitments to set science-based zero targets with SBTi.</li>

<p><h4>2040 OR EARLIER TARGET DATES</h4>Only 28 (10%) common market companies have science-based zero target years set for 2040 or earlier.</p>

<p><h4>MISSED DEADLINES & REMOVAL</h4>Conversely, 21 of these 280 companies committed to setting science-based zero targets with SBTi, but failed to set approved targets within the commitment time frame (a minimum of 2 years). SBTi has already removed 19 of these companies from their commitments list.</p>

<p><h4>PLEDGES & CLAIMS VS. VALIDATED</h4>Of these 21 companies that have failed to have their science-based zero targets scientifically validated by SBTi, at least 18 have recently made net-zero or similar claims or pledges in their own company promotional materials, according to data reported by Net Zero Tracker.</p>

<li><h4>NEAR-TERM</h4>162 (58%) companies have managed to set near-term targets with SBTi with another 12 committed to doing so.</li>

<li><h4>RENEWABLE ENERGY</h4>65 (23%) of these companies have made a commitment with a target year to 100% renewable energy through Science Based Targets or Climate Group’s RE100 initiative.</li>

<li><h4>ENERGY EFFICIENCY</h4>Just seven companies have set energy efficiency targets with Climate Group’s EP100 initiative.</li></ul></div>

<div><p><h4>Why 280?</h4>In May of 2025, the monthly atmospheric concentration of CO&#8322; averaged above 430 ppm for the first time in human history as <a href=”https://gml.noaa.gov/ccgg/trends/” target=”_blank”>measured by NOAA at Mauna Loa</a>. <em>Before the industrial revolution, atmospheric CO&#8322; hovered around 280 ppm.</em></p></div>


Most large european companies still failing to match EU’s climate ambitions

<div><p>This report compares the 97 companies that constitute the Corporate Alliance for the World Economic Forum’s First Movers Coalition, a global coalition of companies leveraging their purchasing power to decarbonize the world's heavy-emitting sectors. The report compares these companies on climate crisis action and leadership, currently measured through participation in the independent Science Based Targets initiative (SBTi) as well as Climate Group’s RE100 and EP100 initiatives. These initiatives represent some of the only globally applicable and accessible, completely independent climate target verification and validation programs for corporate energy efficiency, renewable energy, near-term and net-zero. Where available, Net Zero Tracker data is included in order to compare corporate pledges and claims to verified and validated targets. Companies making more and better commitments and setting more and better independently verified or validated targets, rank higher.</p>
<p>Future quarterly and year-end updates to this report will include relevant new independent initiatives and programs as they emerge. It is anticipated that emissions disclosure and progress will be incorporated into this ranking and report in 2025, for example. See the Methodology section of this report for more information.</p><p><em>Moeve is a new addition to the First Movers Coalition and will be included in reports starting Q2, 2025. Companies are represented in this report by their parent company and governmental institutions, like the University of Michigan, are not currently tracked by Spendwell.</em></p>

<h4>SCIENCE-BASED ZERO VS. NET-ZERO</h4>
<p>SBTi’s corporate near-term and net-zero standards disallow carbon credits and offsets in most, if not all circumstances, making these likely the most advanced science-based target standards available to corporations from an independent, science-led organization. Because of this, Spendwell’s ranking methodology heavily weights validation of targets through SBTi compared to other initiatives. You can read more about how Spendwell scores and ranks companies in the Methodology section of this report.</p>

<p>In order to reduce confusion between SBTi’s more rigorous, credit and offset-free net-zero standard and the more common understanding of “net-zero” as credit and offset friendly, Spendwell refers to SBTi’s net-zero standard here and elsewhere as <em>science-based zero.</em></p>

<div className="report-summary-title"><h3>Key Findings</h3></div>


<ul><li><h4>SCIENCE-BASED ZERO</h4>Just 26 (27%) of the Coalitions’s 97 tracked companies have set science-based zero targets with SBTi, the collaborative climate commitment program supported by the United Nations. Another 8 companies have active commitments to set science-based zero targets with SBTi.</li>

<p><h4>2040 OR EARLIER TARGET DATES</h4>Eleven (11%) First Movers have science-based zero target years set for 2040 or earlier.</p>

<p><h4>MISSED DEADLINES & REMOVAL</h4>Conversely, 19 (20%) of these 97 companies committed to setting science-based zero targets with SBTi, but failed to set approved targets within the commitment time frame (a minimum of 2 years). SBTi has already removed some of these companies from their commitments list.</p>

<p><h4>PLEDGES & CLAIMS VS. VALIDATED</h4>Of these 19 companies that have failed to have their science-based zero targets scientifically validated by SBTi, at least 17 have recently made net-zero or similar claims or pledges in their own company promotional materials, according to data reported by Net Zero Tracker or in some instances, reported by Spendwell.</p>

<li><h4>NEAR-TERM</h4>55 (57%) companies have managed to set near-term targets with SBTi with another four committed to doing so.</li>

<li><h4>RENEWABLE ENERGY</h4>23 (24%) of these companies have made a commitment with a target year to 100% renewable energy through Science Based Targets or Climate Group’s RE100 initiative.</li>

<li><h4>ENERGY EFFICIENCY</h4>Just five companies have set energy efficiency targets with Climate Group’s EP100 initiative.</li></ul></div>


beverage producers

These rankings are weighted.

PepsiCo

1/2

Coca-Cola

2/2

beverage producers

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