2024 CDP Scores by Sector


3 Upgrades / 11 Downgrades / 16 same score

DETAILED SCORES EVOLUTION HERE


14 Upgrades / 23 Downgrades / 42 same score

DETAILED SCORES EVOLUTION HERE


8 Upgrades / 26 Downgrades / 22 same score

Best Upgrades


Company 2023 2024
Coca-Cola Europacific Partners No Score A
Kellanova No Score C
Costco C B

The following companies reported to CDP for the first time in 2024:
Kellanova Coca-Cola Europacific Partners

DETAILED SCORES EVOLUTION HERE


0 Upgrades / 12 Downgrades / 14 same score

Worst Downgrades


The following companies stopped publicly reporting to CDP in 2024:
ConocoPhillips Kinder Morgan Inc. Devon Energy Corp. TotalEnergies Shell plc Baker Hughes EOG Resources Hess Corporation

DETAILED SCORES EVOLUTION HERE


11 Upgrades / 32 Downgrades / 65 same score

DETAILED SCORES EVOLUTION HERE


11 Upgrades / 23 Downgrades / 41 same score

Best Upgrades


Company 2023 2024
Boston Scientific No Score B
Cencora No Score B
Moderna No Score C
Revvity No Score C

The following companies reported to CDP for the first time in 2024:
Boston Scientific Cencora

DETAILED SCORES EVOLUTION HERE


19 Upgrades / 35 Downgrades / 59 same score

DETAILED SCORES EVOLUTION HERE


19 Upgrades / 26 Downgrades / 31 same score

Best Upgrades


Company 2023 2024
CDW No Score B
Workday No Score B
Dell Technologies No Score B

The following companies reported to CDP for the first time in 2024:
CDW Fair Isaac ON Semiconductor Palantir Technologies Workday Dell Technologies

DETAILED SCORES EVOLUTION HERE


8 Upgrades / 15 Downgrades / 16 same score

Best Upgrades


Worst Downgrades


The following companies stopped publicly reporting to CDP in 2024:
Dow Inc. Air liquide BASF Heidelberg Materials Symrise Ball Corporation Ecolab LyondellBasell

DETAILED SCORES EVOLUTION HERE


6 Upgrades / 10 Downgrades / 21 same score

Best Upgrades


Company 2023 2024
CoStar Group No Score B-
LondonMetric Property No Score C
Segro B A
Public Storage C B
SBA Communications C B

The following companies reported to CDP for the first time in 2024:
LondonMetric Property

Worst Downgrades


The following companies stopped publicly reporting to CDP in 2024:
Unite Group Federal Realty Host Hotels & Resorts Weyerhaeuser

DETAILED SCORES EVOLUTION HERE


4 Upgrades / 10 Downgrades / 26 same score

Best Upgrades


Company 2023 2024
Vistra No Score C
Engie B A-
Veolia A- A
United Utilities A- A

The following companies reported to CDP for the first time in 2024:
Vistra

DETAILED SCORES EVOLUTION HERE

2024 CDP Scores by Stock


12 Upgrades / 15 Downgrades / 13 same score

Best Upgrades


Company 2023 2024
Bureau Veritas No Score A
Accor No Score C
Eurofins Scientific D C

The following companies reported to CDP for the first time in 2024:
Accor Bureau Veritas

Worst Downgrades


Company 2023 2024
Publicis Groupe B C
Axa B C
Renault A- B
BNP Paribas A A-
ArcelorMittal A- B
Airbus A- B

The following companies stopped publicly reporting to CDP in 2024:
Air liquide TotalEnergies Vinci Carrefour Bouygues Orange Crédit agricole Michelin Hermès International

DETAILED SCORES EVOLUTION HERE




20 Upgrades / 31 Downgrades / 49 same score

DETAILED SCORES EVOLUTION HERE




5 Upgrades / 19 Downgrades / 16 same score

Best Upgrades


Company 2023 2024
Porsche No Score A-
Deutsche Börse C B
Adidas A- A
Bayer A- A
BMW A- A

Worst Downgrades


Company 2023 2024
Vonovia A- B
Rheinmetall B B-
E.ON A A-
Continental A A-
Airbus A- B

The following companies stopped publicly reporting to CDP in 2024:
Allianz BASF Brenntag Deutsche Bank Deutsche Post Heidelberg Materials Henkel Merck MTU Aero Engines Munich Re RWE Sartorius Siemens Healthineers Symrise Zalando

DETAILED SCORES EVOLUTION HERE




2 Upgrades / 15 Downgrades / 13 same score

Best Upgrades


Company 2023 2024
Sherwin-Williams C B
Amgen Inc. B A-

DETAILED SCORES EVOLUTION HERE




7 Upgrades / 45 Downgrades / 48 same score

DETAILED SCORES EVOLUTION HERE




66 Upgrades / 159 Downgrades / 275 same score

Worst Downgrades


The following companies stopped publicly reporting to CDP in 2024:
Dow Inc. Alphabet Inc. Google Union Pacific Corp Southern Company Accenture Amazon.com Inc. BlackRock Inc. Apple Inc. AT&T Inc. Bank of America Boeing Capital One Financial Devon Energy Corp. Citigroup Inc. Colgate-Palmolive Comcast Duke Energy Ford Motor Company General Electric Goldman Sachs Group ConocoPhillips IBM Corp. JPMorgan Chase & Co. MasterCard Inc. McDonald's Corp. Meta Platforms, Inc MetLife Inc. Microsoft Corp. Morgan Stanley Nextera Energy Inc. Procter & Gamble Raytheon Technologies Starbucks Corp. Target Corp. The Walt Disney Company US Bancorp Verizon Communications Wells Fargo Exelon American Electric Power Co. Inc. Cisco Systems Kinder Morgan Inc. eBay Inc. Adobe Inc. Emerson Electric The Bank of New York Mellon T-Mobile (ex T-Mobile US) A. O. Smith Akamai Alliant Energy Ameren Ametek Analog Devices Arthur J. Gallagher & Co. Automated Data Processing Baker Hughes Ball Corporation Blackstone CMS Energy Campbell Soup Company Carnival Carrier Global Cboe Global Markets Charles River Laboratories Cigna Citizens Financial Group Conagra Brands Consolidated Edison DTE Energy Delta Air Lines Discover Financial Dominion Energy EOG Resources Ecolab Enphase Entergy Evergy Eversource F5, Inc. Federal Realty Fifth Third Bank FirstEnergy Hess Corporation Hilton Worldwide Host Hotels & Resorts Huntington Bancshares Illinois Tool Works Incyte Intercontinental Exchange Juniper Networks KeyCorp Las Vegas Sands Live Nation Entertainment Lululemon Athletica LyondellBasell M&T Bank MSCI Match Group Mettler Toledo Motorola Solutions NRG Energy Nasdaq, Inc. NiSource Northern Trust PNC Financial Services PPL Corporation Palo Alto Networks Pinnacle West Raymond James Regions Financial Corporation Republic Services Roper Technologies Sempra Energy State Street Corporation Tractor Supply Truist Tyson Foods United Airlines Holdings WEC Energy Group Western Digital Weyerhaeuser Zebra Technologies Zimmer Biomet Zoetis HP Inc (ex Hewlett-Packard) Hewlett Packard Enterprise

DETAILED SCORES EVOLUTION HERE



2024 CDP Scores by Company


Worst Downgrades


The following companies stopped publicly reporting to CDP in 2024:
Target Corp. NRG Energy Nextera Energy Inc. Sartorius Enphase Juniper Networks BASF Air liquide Emerson Electric Carrefour Meta Platforms, Inc Kinder Morgan Inc. BlackRock Inc. Allianz Truist Accenture Merck Verizon Communications Starbucks Corp. Goldman Sachs Group Microsoft Corp. LyondellBasell EOG Resources Tractor Supply Carrier Global International Airlines Group Match Group United Airlines Holdings CMS Energy Siemens Healthineers Bunzl General Electric Heidelberg Materials MTU Aero Engines HP Inc (ex Hewlett-Packard) Cisco Systems Experian Illinois Tool Works Citizens Financial Group Incyte Deutsche Bank Schroders Tyson Foods Cigna Analog Devices Charles River Laboratories Discover Financial Lululemon Athletica Zimmer Biomet Weyerhaeuser Vinci KeyCorp Amazon.com Inc. Ecolab Southern Company US Bancorp NatWest Group Nasdaq, Inc. Deutsche Post Colgate-Palmolive State Street Corporation DTE Energy Consolidated Edison Brenntag JPMorgan Chase & Co. AstraZeneca The Walt Disney Company Western Digital Fifth Third Bank Conagra Brands NiSource Raymond James MSCI Standard Chartered M&T Bank Hilton Worldwide Zoetis Crédit agricole Symrise Huntington Bancshares Carnival Exelon Auto Trader Group IBM Corp. ConocoPhillips Ametek Michelin Federal Realty Unite Group Dominion Energy Entergy Delta Air Lines Melrose Industries Motorola Solutions Capital One Financial Ameren Eversource Campbell Soup Company Hewlett Packard Enterprise A. O. Smith Union Pacific Corp Blackstone F5, Inc. Zalando WEC Energy Group Palo Alto Networks Alliant Energy Shell plc RWE Arthur J. Gallagher & Co. Unilever AT&T Inc. Raytheon Technologies MasterCard Inc. Regions Financial Corporation Hess Corporation Adobe Inc. Zebra Technologies Devon Energy Corp. Host Hotels & Resorts Mettler Toledo FirstEnergy The Bank of New York Mellon Comcast Apple Inc. Roper Technologies Admiral Group Imperial Brands Republic Services Alphabet Inc. Google PPL Corporation Evergy Boeing eBay Inc. Las Vegas Sands Henkel Cboe Global Markets Morgan Stanley Baker Hughes Hikma Pharmaceuticals T-Mobile (ex T-Mobile US) Northern Trust Taylor Wimpey MetLife Inc. Sempra Energy Intercontinental Exchange Akamai Ball Corporation Procter & Gamble Hermès International Duke Energy Citigroup Inc. Pinnacle West Automated Data Processing PNC Financial Services Ford Motor Company Weir Group Berkeley Group Holdings Dow Inc. American Electric Power Co. Inc. Bank of America McDonald's Corp. Bouygues Wells Fargo Munich Re TotalEnergies Orange Live Nation Entertainment

DETAILED SCORES EVOLUTION HERE



Still Low Transparency in Carbon Reporting

Note: Based on S&P 100 companies



Science-Based Targets: The Gold Standard

60.9%

SBTi

% companies that committed or set science-based targets as validated by SBTi.

Note: Based on global companies tracked by Net0Tracker and SBTi latest report



Net Zero is Becoming Mainstream

Top 10 Revenue without Net Zero Target


Company Revenue (USD) Ranking
picture_2 Berkshire Hathaway Inc. 276.1 billion #97
picture_2 AbbVie Inc. 56.2 billion #52
picture_2 Caterpillar Inc. 51.0 billion #89
picture_2 Abbott Laboratories 43.1 billion #57
picture_2 Capital One Financial 32.0 billion #34
picture_2 Broadcom 27.5 billion #99
picture_2 Altria Group Inc 21.1 billion #12
picture_2 Charles Schwab Corp 19.0 billion #96
picture_2 Advanced Micro Devices 16.4 billion #33
picture_2 American Tower 9.4 billion #65

Note: Based on S&P 100 companies



Still A long Way to Go to Reach Net Zero by 2050

Current Methodology:

  • For each S&P 100 company, a GHG emission trajectory from 2019 to 2050 is calculated
  • Historical GHG emissions (usually 2019-2021) are either based on self-reported data or an estimate when GHG reporting is either incomplete or absent.
  • Future GHG emissions are calculated based on reduction targets that are publicly committed
  • Two types of targets are considered: gross absolute emissions reduction and net zero targets.
  • Net Zero targets are converted in gross emission reduction assuming a 90% decrease vs. 2020 (See Net Zero Standard by SBTi)
  • Targets including incomplete scope 3 categories are excluded.



Is ESG Rating consistent with Climate Performance?

Analysis based on the Top 100 largest US companies (S&P 100)

ESG Ratings

In the analysis below, we'll use MSCI ESG ratings

  • LAGGARD (CCC/B): A company lagging its industry based on its high exposure and failure to manage significant ESG risks
  • AVERAGE (BB/BBB/A) A company with a mixed or unexceptional track record of managing the most significant ESG risks and opportunities relative to industry peers
  • LEADER (AA/AAA) A company leading its industry in managing the most significant ESG risks and opportunities

Climate Alignment Ratings

We'll use the Implied Temperature Rise (ITR) from MSCI to measure the temperarure alignment of companies with global temperature goals. It is a forward-looking metric, expressed in degrees Celsius.

By computing the ESG rating and ITR score for each company, we can classify companies into 4 groups:
  • True Leaders: Companies are combining strong ESG rating and climate-aligned goals.
  • Climate/ESG Leader: Companies are leaders either in ESG or climate.
  • Average: Companies have average ESG and climate scores.
  • Laggards: Companies are laggards in either ESG or climate scores.

These charts were inspired by a conversation with Christine Uri on LinkedIn(LinkedIn) about the possibility of achieving ESG without sustainability and vice-versa. She was absolutely right.
Many thanks to MSCI ESG Ratings & Climate Search Tool for providing free access to this data. Here's the Oct-22 MSCI Net Zero Tracker report with additional insights.



Carbon Intensity Ranking

Carbon intensity is measured as the amount of Scope 1-2 GHG Emissions (expressed in metric tons of CO2 equivalent) per Million of Revenue (in USD)

Most carbon-intensive companies (all sectors)


Company Year CO2e (S1+S2) Revenue (USD) Intensity
picture_2 Southern Company 2021 82.6 million 23.2 billion 3,557
picture_2 Duke Energy 2021 78.1 million 24.6 billion 3,172
picture_2 Nextera Energy Inc. 2021 43.0 million 21.3 billion 2,023
picture_2 ArcelorMittal 2021 138.6 million 76.6 billion 1,808
picture_2 Linde plc 2021 39.9 million 30.8 billion 1,295
picture_2 Air liquide 2022 39.3 million 31.5 billion 1,246
picture_2 Veolia 2021 30.5 million 33.7 billion 904
picture_2 Dow Inc. 2021 32.2 million 55.0 billion 586
picture_2 Union Pacific Corp 2021 9.5 million 21.8 billion 434
picture_2 Exxon Mobil 2021 117.0 million 280.5 billion 417

Most carbon-intensive companies by sector


Company Sector Year CO2e (S1+S2) Revenue (USD) Intensity
picture_2 Southern Company Utilities 2021 82.6 million 23.2 billion 3,557
picture_2 ArcelorMittal Materials 2021 138.6 million 76.6 billion 1,808
picture_2 Union Pacific Corp Industrials 2021 9.5 million 21.8 billion 434
picture_2 Exxon Mobil Energy 2021 117.0 million 280.5 billion 417
picture_2 American Tower Real Estate 2021 1.1 million 9.4 billion 119
picture_2 Texas Instruments Information Technology 2021 2.1 million 18.3 billion 113
picture_2 Michelin Consumer Discretionary 2022 2.3 million 30.1 billion 76
picture_2 PepsiCo Inc. Consumer Staples 2021 4.3 million 79.5 billion 53
picture_2 AT&T Inc. Communication Services 2021 5.5 million 134.0 billion 41
picture_2 EssilorLuxottica Health Care 2021 772,593 23.5 billion 32
picture_2 US Bancorp Financials 2021 138,873 21.8 billion 6


Net0Tracker Scores are Getting Better