Climate Action 100+

Thematic engagement amidst the current U.S. policy landscape Investors in North America began a thematic engagement on science-based greenhouse gas (GHG) targets in 2023, focused on supporting companies to strengthen emissions reduction targets and contributing to the development of target-setting frameworks.Some investors are also actively tracking and responding to target regressions, as well as instances where companies claim alignment with climate science, but independent assessments...

Climate Action 100+, the world’s largest investor engagement initiative on climate change, has released an updated Net Zero Company Benchmark framework for 2026. The revised framework is designed to improve clarity and usability for investors while maintaining the same level of ambition and focus on meaningful company progress.

Investors and their representatives (‘investors’) engaging Centrica through Climate Action 100+* (EOS at Federated Hermes Limited and Redwheel) recognise the company’s progress in strengthening its Climate Transition Plan (CTP). The company’s updated CTP, released in January 2025, refined its transition strategy to capture climate opportunities, including updated targets and details on its decarbonisation approach. This was informed by ongoing, collaborative engagement with investors.

Nippon Steel, the fourth largest steel producer in the world*, has improved its climate policy engagement disclosures and announced additional investment in electric arc furnaces (EAFs) in 2025.

Climate Action 100+, the world’s largest investor engagement initiative focused on addressing climate change, has released the latest round of company assessments using the Net Zero Company Benchmark. This year, the Benchmark evaluated the performance of 164 Climate Action 100+ focus companies in line with the initiative’s three high-level goals: emissions reduction, climate governance, and climate-related disclosure.

In today’s era of rapid technological and geopolitical change, compounded by the growing impacts of the energy transition, companies’ financial statements, which are built on assumptions about the future, must be transparent and strategically aligned with existing reporting. However, the current state of climate-related information in U.S. oil and gas companies’ financial statement reporting is poor, exposing investors to unquantifiable financial and transition risks.

Investors engaging with RWE AG through Climate Action 100+ (UBS Asset Management, Aberdeen, Phoenix Group, MN) have welcomed the company’s progress on its 2030 coal phase-out commitment, having closed six lignite-fired power plant units in 2024.

Investors engaging RWE AG through Climate Action 100+ welcome the company’s progress on phasing out coal and the “1.5-degree” validation of its emission reduction targets by the Science Based Targets initiative (SBTi) in January 2025. Moving forward, the company states that achieving the 2040 net zero target will not only involve completing the coal exit by 2030 but also exploring the use of hydrogen- or CCS-ready flexible gas generators, alongside the expansion of renewables.

Unilever, one of the world’s largest consumer goods companies has made strong progress on climate-related lobbying transparency in part shaped by sustained engagement by Climate Action 100+ investors. CCLA has acted as co-lead for Unilever since 2021. Engagement History At its 2021 AGM, Unilever became the first FTSE 100 company to put its climate transition plan to a shareholder vote, After this, a second vote on an updated plan followed, in 2024.

By Michael Cohen, outgoing chair of the Climate Action 100+ global Steering Committee. Introduction March marked the end of my tenure as chair of the Climate Action 100+ global Steering Committee. As Valeria Piani, Head of Stewardship at Phoenix Group, prepares to take over as the initiative’s incoming chair, I wanted to take a moment and reflect on the past year. This past year has marked a turning point for Climate Action 100+.