367 Institutions Worth US$33 Trillion Back CDP Campaign Targeting 2,100 High-Emitting Companies

CDP has launched its annual Science-Based Targets campaign with the backing of 367 financial institutions and multinational companies with a combined US$33 trillion in assets and spending power, targeting over 2,100 high-emitting companies to set 1.5 degree-aligned emissions reduction targets. The target companies collectively generate over 8.3 gigatonnes of scope 1 and 2 CO2 equivalent annually.

The 2,100-plus targeted companies include FedEx, General Electric, Dow Chemical, Eskom, Nippon Steel, Rio Tinto and JD.com, and together represent 32 percent of the MSCI All Country World Index with approximately US$28 trillion in market capitalisation. The campaign is supported by 307 financial institutions and 60 multinational corporations. Key backers include Legal and General Investment Management, Nomura Asset Management, Credit Agricole, New York State Common Retirement Fund, British Columbia Investment Management Corporation and Cathay Financial Holdings, alongside CDP Supply Chain members Bayer, BMW and L'Oreal. The number of financial institutions supporting the campaign has more than doubled since its 2020 launch.

The final progress report on the 2022-23 campaign, released simultaneously, shows that 99 new companies with a combined market capitalisation of US$3.57 trillion joined the Science Based Targets initiative through CDP's campaign in the last cycle. Since 2020, over 470 high-emitting companies targeted through the campaign have joined SBTi. Japanese companies led in the latest cycle, representing 28 percent of the total emissions of companies joining SBTi through the campaign. European companies continue to lead on target-setting overall, while China and the United States — the two largest emitting economies — remain significantly behind.

CDP has nearly doubled the number of targeted companies in this campaign cycle to accelerate action toward halving global greenhouse gas emissions by 2030 and achieving 90 to 95 percent reductions by 2050. The manufacturing sector showed increased engagement, representing 12 percent of emissions from companies joining SBTi after CDP campaign targeting. CDP calls for a dramatic scale-up in science-based target-setting globally, noting that companies with SBTi commitments currently represent only 34 percent of the global economy by market capitalisation. Ambitious action from major emitting markets including India, China and the United States is identified as the critical gap.

Key figure — 8.3 gigatonnes of scope 1 and 2 CO2e emitted annually by the 2,100+ targeted companies