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COP 28 sponsors failing to lead on climate commitments and targets

This is a 2023 report. It is the most current climate report for COP-28 sponsors available on Spendwell.

rankings

MORE INFO

Companies committing to more independently verifiable action to mitigate their negative impact on the climate rank higher.

key
committed
target set
committed, failed to set target
BA
committed to Business Ambition for 1.5°C, failed to set target
better
renewable energy
energy efficiency
near-term
net-zero
Iberdrola
1/24
Al-Futtaim
2/24
etisalat by e&
2/24
Kuehne + Nagel
4/24
Octopus Group*
5/24
Korea Hydro & Nuclear Power
5/24
Emirates NBD
5/24
Mashreq
5/24
Bank of America
9/24
IBM
9/24
Coursera
9/24
ADIB
9/24
M42
9/24
Dubai Electric and Water Authority
9/24
First Abu Dhabi Bank
9/24
Dubai Islamic Bank
9/24
Goldwind
9/24
Dubai Holding
9/24
Investcorp
9/24
Masdar
9/24
Siemens
BA
*
21/24
EY
BA
*
22/24
Baker Hughes
**fossil fuel industry
24/24
DP World
BA
*
24/24
worse

Summary

Just 1 of the 24 companies currently sponsoring COP 28 in Dubai have set net-zero targets with the Science Based Targets initiative (SBTi), the collaborative climate commitment initiative anchored by the United Nations. Just 5 of these companies have committed to setting net-zero targets with SBTi. Only 4 of these companies have set enough targets for the initiative to effectively grade their commitments on a future-temperature alignment scale. Just 2 of these 18 companies have made a commitment to 100% renewable energy through Science Based Targets or the RE100 initiative. Just 2 again have set targets with Climate Group’s EP100 energy efficiency initiative. This report looks at the 18 companies serving as official sponsors of COP 28. This report compares these companies on their commitments to climate emergency action and leadership, as measured through the independent Science Based Targets as well as Climate Group’s RE100 and EP100 initiatives. Companies making more and better commitments and setting more and better targets, rank better.
Spendwell does not rank the commitments or targets set by subsidiaries unless its parent company or a majority of its subsidiaries have the same or better commitments and targets. This is the case for Octopus Energy, a COP 28 sponsor. It is represented in this report by its parent company, Octopus Group.

about this industry

This report compares COP 28 sponsors including public, private and state-owned companies, but excludes governmental bodies and membership-type organizations with regulatory authority in any jurisdiction.
[beta]*

Ranking Methodology

This Spendwell ranking is predicated on the values-based statement a company should do all that it can to address and ultimately reverse its negative impact on the global climate. Most individual value rankings reported by Spendwell consist of a singular data point or a combination of like data points over set time periods (e.g., executive pay in each of the last 7 years, averaged). Measuring climate and other environmental impacts is significantly more complex.

Adding to this complexity is the third criteria for inclusion of a data point in any individual Spendwell value ranking: the data point should be independently verified. Typically, data points are derived from a company's self-reporting to regulatory bodies. In some instances, data is self-reported to independent, nongovernmental organizations (NGOs) and entities committed to transparency and truth-telling. Measurable climate data points are almost exclusively reported to the latter, complicating the process of compiling a value ranking, as nongovernmental bodies rarely have regulatory authority (e.g., the ability to require self-reporting). Fortunately, public interest in corporate climate impact has fostered a robust, independent NGO-based reporting system that Spendwell can tap into and distill for publicly accessible, directly measurable and independently verified data points.

Two active climate accountability initiatives are currently reported by Spendwell and included in Spendwell’s initial climate impact value rankings:

  1. The Climate Group’s RE100 and EP100 programs focused on renewable energy consumption and efficiency, respectively, and
  2. The Science Based Targets initiative (SBTi), an independent corporate climate action commitment and measurement effort supported by CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature. SBTi is focused on renewable energy, near-term, and net-zero commitments and targets.

Both of these initiatives meet Spendwell’s value-ranking criteria and both demonstrate corporate climate commitment to action. Just as important, these initiatives represent two of the only cross-industry, independent climate change-reporting efforts active on a global scale.

The RE100, EP100 and SBTi initiatives require significant commitments to action by corporations and both involve rigorous, scientifically guided and independently approved goal- and target-setting. Both initiatives produce numerically comparative data points representing corporate commitment to positive climate impacts, level of positive impact attainment, and generally a time-frame for achieving those positive impacts. An approved RE100 commitment or an SBTi renewable electricity commitment consists of a target year for attaining 100% renewable energy consumption. EP100 commitments generally involve a target year, but this varies widely by company and industry. Similarly, an approved SBTi net-zero target consists of a target year for attaining net-zero. SBTi committed targets are assessed by SBTi to align with one of three levels of progressively positive climate impact: an impact level consistent with a “2 degrees Celsius” rise in global temperatures, a “well-below 2 C” rise, or a “1.5 C” or less rise. Points for ranking these complex commitments and targets are as follows:

  • Renewable Energy

    Spendwell assigns a company 50 points for participation in the RE100 initiative or the SBTi renewable electricity target. Companies are awarded a point for each year a 100% renewable energy target is sooner than 2050. For example, if a company's RE100 target year is 2025, they will be awarded 25 bonus points. In the event a company has committed to both initiatives, Spendwell uses only the data from the initiative with the earliest target year.
  • Energy Efficiency

    Spendwell assigns a company 50 points for participation in the EP100 initiative, but because of the significant variation in target years depending on company, industry, and more, Spendwell does not award bonus points for target year nearness.
  • Near-term

    A company gets 25 points for committing to set near-term Science Based Targets. Spendwell does not count commitments to the SBTi version of Business Ambition for 1.5°C unless companies have already set targets. The Business Ambition for 1.5°C commitment initiative closed for commitments over 3 years ago. For more information, see SBTi's final report on its Business Ambition for 1.5°C program.
  • A company gets 25 points each for setting near-term Scope 1, 2 or 3 Science Based Targets.
  • A company gets 50 points for setting Science-Based Targets that align with “2 degrees” of warming, 100 points for targets aligned with “well-below 2 degrees” of warming or 150 points for targets aligned with “1.5 degrees Celsius” of warming.
  • Net-zero

    Companies committing to set net-zero targets with SBTi get 100 points and an additional 150 points when their net-zero targets are approved. Additionally, companies are awarded 5 points for each year a net-zero target is sooner than 2050. For example, if a company’s target year is 2040, they will be awarded 50 bonus points.
  • Missed Deadlines & Removal

    If a company, including its subsidiaries and overseas operations, misses an agreed to deadline for target verification or is removed from the Climate Group or SBTi's commitment list(s) for failure to set or reach approved targets, the company will lose 500 points and any points associated with previously made commitments and/or targets tied to the removed commitment. This includes companies that made Business Ambition for 1.5°C net-zero commitments, but failed to follow through with verification through SBTi. Certain companies, such as financial institutions and certain automobile industry companies, have been granted target setting extensions by SBTi. Spendwell does not currently penalize these companies for having missed target setting dates, but does not grant them commitment points. For more information on SBTi's exceptions, see SBTi's commitment compliance policy.

    Please note: when SBTi notified committed companies in early 2023 about the above compliance policy, SBTi also let companies rescind commitments. If a company made a commitment through the Business Ambition for 1.5°C program, Spendwell's ranking includes that original commitment whether or not it was rescinded during SBTi's commitment compliance policy notice period.

  • Fossil Fuel Companies

    Companies Spendwell classifies as belonging to the fossil fuel industry with no active commitments or targets tracked by Spendwell, lose 500 points. For Spendwell, fossil fuel companies are those actively involved in the production or distribution of fossil fuels. Utilities that consume fossil fuels, but do not produce or distribute them in significant ways are not considered fossil fuel companies for Spendwell's rankings.

You can find out more about each of these independent, science-led climate initiatives through the following links:

RE100 COMMITTED COMPANIES

EP100 COMMITTED COMPANIES

SBTi COMMITTED COMPANIES

The point system used in this ranking was developed by Spendwell in order to weight the importance of each commitment and target.

This ranking is currently focused on independently verifiable climate action commitments and targets. Future updates to this ranking will include measuring a company's transparency regarding its targets as well as demonstrated or verifiable action taken to make those commitments and targets, real and meaningful.

*[All methodologies are in beta. Expect revisions and improvements.]
[beta]*

Ranking Methodology

This Spendwell ranking is predicated on the values-based statement a company should do all that it can to address and ultimately reverse its negative impact on the global climate. Most individual value rankings reported by Spendwell consist of a singular data point or a combination of like data points over set time periods (e.g., executive pay in each of the last 7 years, averaged). Measuring climate and other environmental impacts is significantly more complex.

Adding to this complexity is the third criteria for inclusion of a data point in any individual Spendwell value ranking: the data point should be independently verified. Typically, data points are derived from a company's self-reporting to regulatory bodies. In some instances, data is self-reported to independent, nongovernmental organizations (NGOs) and entities committed to transparency and truth-telling. Measurable climate data points are almost exclusively reported to the latter, complicating the process of compiling a value ranking, as nongovernmental bodies rarely have regulatory authority (e.g., the ability to require self-reporting). Fortunately, public interest in corporate climate impact has fostered a robust, independent NGO-based reporting system that Spendwell can tap into and distill for publicly accessible, directly measurable and independently verified data points.

Two active climate accountability initiatives are currently reported by Spendwell and included in Spendwell’s initial climate impact value rankings:

  1. The Climate Group’s RE100 and EP100 programs focused on renewable energy consumption and efficiency, respectively, and
  2. The Science Based Targets initiative (SBTi), an independent corporate climate action commitment and measurement effort supported by CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature. SBTi is focused on renewable energy, near-term, and net-zero commitments and targets.

Both of these initiatives meet Spendwell’s value-ranking criteria and both demonstrate corporate climate commitment to action. Just as important, these initiatives represent two of the only cross-industry, independent climate change-reporting efforts active on a global scale.

The RE100, EP100 and SBTi initiatives require significant commitments to action by corporations and both involve rigorous, scientifically guided and independently approved goal- and target-setting. Both initiatives produce numerically comparative data points representing corporate commitment to positive climate impacts, level of positive impact attainment, and generally a time-frame for achieving those positive impacts. An approved RE100 commitment or an SBTi renewable electricity commitment consists of a target year for attaining 100% renewable energy consumption. EP100 commitments generally involve a target year, but this varies widely by company and industry. Similarly, an approved SBTi net-zero target consists of a target year for attaining net-zero. SBTi committed targets are assessed by SBTi to align with one of three levels of progressively positive climate impact: an impact level consistent with a “2 degrees Celsius” rise in global temperatures, a “well-below 2 C” rise, or a “1.5 C” or less rise. Points for ranking these complex commitments and targets are as follows:

  • Renewable Energy

    Spendwell assigns a company 50 points for participation in the RE100 initiative or the SBTi renewable electricity target. Companies are awarded a point for each year a 100% renewable energy target is sooner than 2050. For example, if a company's RE100 target year is 2025, they will be awarded 25 bonus points. In the event a company has committed to both initiatives, Spendwell uses only the data from the initiative with the earliest target year.
  • Energy Efficiency

    Spendwell assigns a company 50 points for participation in the EP100 initiative, but because of the significant variation in target years depending on company, industry, and more, Spendwell does not award bonus points for target year nearness.
  • Near-term

    A company gets 25 points for committing to set near-term Science Based Targets. Spendwell does not count commitments to the SBTi version of Business Ambition for 1.5°C unless companies have already set targets. The Business Ambition for 1.5°C commitment initiative closed for commitments over 3 years ago. For more information, see SBTi's final report on its Business Ambition for 1.5°C program.
  • A company gets 25 points each for setting near-term Scope 1, 2 or 3 Science Based Targets.
  • A company gets 50 points for setting Science-Based Targets that align with “2 degrees” of warming, 100 points for targets aligned with “well-below 2 degrees” of warming or 150 points for targets aligned with “1.5 degrees Celsius” of warming.
  • Net-zero

    Companies committing to set net-zero targets with SBTi get 100 points and an additional 150 points when their net-zero targets are approved. Additionally, companies are awarded 5 points for each year a net-zero target is sooner than 2050. For example, if a company’s target year is 2040, they will be awarded 50 bonus points.
  • Missed Deadlines & Removal

    If a company, including its subsidiaries and overseas operations, misses an agreed to deadline for target verification or is removed from the Climate Group or SBTi's commitment list(s) for failure to set or reach approved targets, the company will lose 500 points and any points associated with previously made commitments and/or targets tied to the removed commitment. This includes companies that made Business Ambition for 1.5°C net-zero commitments, but failed to follow through with verification through SBTi. Certain companies, such as financial institutions and certain automobile industry companies, have been granted target setting extensions by SBTi. Spendwell does not currently penalize these companies for having missed target setting dates, but does not grant them commitment points. For more information on SBTi's exceptions, see SBTi's commitment compliance policy.

    Please note: when SBTi notified committed companies in early 2023 about the above compliance policy, SBTi also let companies rescind commitments. If a company made a commitment through the Business Ambition for 1.5°C program, Spendwell's ranking includes that original commitment whether or not it was rescinded during SBTi's commitment compliance policy notice period.

  • Fossil Fuel Companies

    Companies Spendwell classifies as belonging to the fossil fuel industry with no active commitments or targets tracked by Spendwell, lose 500 points. For Spendwell, fossil fuel companies are those actively involved in the production or distribution of fossil fuels. Utilities that consume fossil fuels, but do not produce or distribute them in significant ways are not considered fossil fuel companies for Spendwell's rankings.

You can find out more about each of these independent, science-led climate initiatives through the following links:

RE100 COMMITTED COMPANIES

EP100 COMMITTED COMPANIES

SBTi COMMITTED COMPANIES

The point system used in this ranking was developed by Spendwell in order to weight the importance of each commitment and target.

This ranking is currently focused on independently verifiable climate action commitments and targets. Future updates to this ranking will include measuring a company's transparency regarding its targets as well as demonstrated or verifiable action taken to make those commitments and targets, real and meaningful.

*[All methodologies are in beta. Expect revisions and improvements.]

Ranking



rankings

MORE INFO

Companies committing to more independently verifiable action to mitigate their negative impact on the climate rank higher.

key
committed
target set
committed, failed to set target
BA
committed to Business Ambition for 1.5°C, failed to set target
better
renewable energy
energy efficiency
near-term
net-zero
Iberdrola
1/24
Al-Futtaim
2/24
etisalat by e&
2/24
Kuehne + Nagel
4/24
Octopus Group*
5/24
Korea Hydro & Nuclear Power
5/24
Emirates NBD
5/24
Mashreq
5/24
Bank of America
9/24
IBM
9/24
Coursera
9/24
ADIB
9/24
M42
9/24
Dubai Electric and Water Authority
9/24
First Abu Dhabi Bank
9/24
Dubai Islamic Bank
9/24
Goldwind
9/24
Dubai Holding
9/24
Investcorp
9/24
Masdar
9/24
Siemens
BA
*
21/24
EY
BA
*
22/24
Baker Hughes
**fossil fuel industry
24/24
DP World
BA
*
24/24
worse


This report is based on data collected through 2023-11-30.
Report id: 268--2024-04-21T14:23:14.009Z

Report Disclaimer

Spendwell is a corporate accountability-focused investigative media group that sources all data used in its rankings and reports through government regulatory entities, recognized nongovernmental organizations, news media and independently verifiable company self-reporting. For this climate report, the data used is sourced from the Science Based Targets initiative (SBTi) and the Climate Group, each of which have their own data policy/disclaimer that can be found at the following links: SBTi Disclaimer (see dashboard Key text) and the Climate Group's RE100 terms of service and the Climate Group's general/EP100 terms of service. These disclaimers also apply to the related data in this report.

The veracity of the information sourced from SBTi and the Climate Group is generally excellent, but is reliant, in most instances, on information provided by companies to these NGOs. Spendwell disclaims any liability arising from use of Spendwell’s reporting, rankings or any other content on spendwell.com or otherwise provided by Spendwell. Spendwell does not provide investment advice; therefore, nothing on Spendwell.com or content otherwise provided by Spendwell should be construed as an offering of investment advice. If you believe information reported by Spendwell or included in one of Spendwell’s reports or rankings is inaccurate, please contact Spendwell through the report or ranking in question in order to request an investigation and/or editorial correction.

If you believe this report needs a correction or update, please let Spendwell know.
If you are media or have other questions regarding this report, please contact Spendwell.

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