COP 28 sponsors failing to lead on climate commitments and targets
rankings
Companies doing more to mitigate their negative impact on the climate rank higher.
Iberdrola
climateenvironmental impact
1/24
Siemens
climateenvironmental impact
2/24
EY
climateenvironmental impact
3/24
Al-Futtaim
climateenvironmental impact
4/24
Kuehne + Nagel
climateenvironmental impact
5/24
Mashreq
climateenvironmental impact
6/24(tied)
DP World
climateenvironmental impact
6/24(tied)
Emirates NBD
climateenvironmental impact
6/24(tied)
Korea Hydro & Nuclear Power
climateenvironmental impact
6/24(tied)
etisalat by e&
climateenvironmental impact
10/24
Bank of America
climateenvironmental impact
24/24(tied)
IBM
climateenvironmental impact
24/24(tied)
Octopus Group
climateenvironmental impact
24/24(tied)
Baker Hughes
environmental impact
24/24(tied)
M42
climateenvironmental impact
24/24(tied)
Investcorp
climateenvironmental impact
24/24(tied)
Dubai Islamic Bank
climateenvironmental impact
24/24(tied)
Masdar
climateenvironmental impact
24/24(tied)
Coursera
climateenvironmental impact
24/24(tied)
Dubai Electric and Water Authority
climateenvironmental impact
24/24(tied)
First Abu Dhabi Bank
climateenvironmental impact
24/24(tied)
ADIB
climateenvironmental impact
24/24(tied)
Goldwind
climateenvironmental impact
24/24(tied)
Dubai Holding
climateenvironmental impact
24/24(tied)
report summary
about this industry
Climate Crisis 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 3 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 data 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:
- The Climate Group’s RE100 and EP100 programs focused on renewable energy consumption and efficiency, respectively, and
- 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:
- A company gets 25 points for committing to set 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.
- 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.
- 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.
- 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.
- 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 these exceptions, see SBTi's commitment compliance policy.
Please note: when SBTi notified committed companies about the above compliance policy in early 2023, they also let companies rescind net-zero commitments. If a company made a net-zero 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.
You can find out more about each of these independent, science-led climate initiatives through the following links:
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 climate action targets and commitments. Future updates to this ranking will include measuring a company's transparency regarding its commitments and demonstrated or verifiable action taken to make those targets and commitments, real and meaningful.
Climate Crisis 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 3 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 data 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:
- The Climate Group’s RE100 and EP100 programs focused on renewable energy consumption and efficiency, respectively, and
- 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:
- A company gets 25 points for committing to set 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.
- 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.
- 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.
- 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.
- 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 these exceptions, see SBTi's commitment compliance policy.
Please note: when SBTi notified committed companies about the above compliance policy in early 2023, they also let companies rescind net-zero commitments. If a company made a net-zero 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.
You can find out more about each of these independent, science-led climate initiatives through the following links:
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 climate action targets and commitments. Future updates to this ranking will include measuring a company's transparency regarding its commitments and demonstrated or verifiable action taken to make those targets and commitments, real and meaningful.
Ranking
rankings
Companies doing more to mitigate their negative impact on the climate rank higher.