A line of five women stand in front of a cooling fan in Rome during the August 2022 heatwave
Fan club: a group of women cool off in Rome during a record-breaking heatwave in August 2022 © AFP via Getty Images

For any business leader hoping that climate issues could be quietly parked during the energy crisis, the March update from the UN Intergovernmental Panel on Climate Change offered a sharp corrective. Its summary for policymakers said: “All global modelled pathways that limit warming to 1.5C . . . involve rapid and deep and, in most cases, immediate greenhouse gas emissions reductions in all sectors this decade.”

And, while the 500 companies listed in this third edition of Europe’s Climate Leaders — compiled by the Financial Times in partnership with Statista — appear to be moving in the right direction, there is no sign that the pressure to curb emissions is about to abate.

Both the EU and the UK have set a target of 2050 for achieving net zero emissions, and further impetus for a greener economy has come from two external shocks last year: Russia’s invasion of Ukraine, which led to a steep fall in gas imports; and the US’s Inflation Reduction Act, which offers $369bn in subsidies for clean energy, and which the EU is keen to match.

Meanwhile, regulators are taking a harder line on greenwashing — when companies make inflated claims about their environmental credentials — although consumer groups have criticised the European Commission’s proposed new rules on this for lacking clarity.

But perhaps the biggest catalyst for action is the climate itself: last year’s summer was the hottest ever recorded in Europe, with adverse consequences for farmers — including a smaller cereal harvest — and intense wildfires. This year, drought is already afflicting southern Europe.

The upshot is that companies face growing scrutiny from consumers and regulators over their environmental performance, and the methodology for this year’s Climate Leaders list has been tightened accordingly.

Europe’s Climate Leaders 2023
CompanyCountrySectorScoreReduction of core emissions intensity (Scope 1 and 2)
YoY 2016-21 [1]
Core emissions intensity (GHGs in tonnes
per $mn revenue) [2]
Core emissions in tonnes (CO₂ equivalent) [2]Total reduction of core emissions [3]Scope 3 emissions reported? [4]CDP rating [5]Participation in Science Based Targets initiative (SBTi) [6]
Tele2 [c]SwedenTelecommunications86.956.4%1.02,59498.5%YesATargets set, 1.5°C
Telia Company [c]SwedenTelecommunications84.046.7%1.513,00095.5%YesA-Targets set, 1.5°C
Deutsche Telekom [a]GermanyTelecommunications81.544.9%2.3246,58192.5%YesATargets set, 1.5°C
Indra Sistemas [a]SpainTechnology & electronics80.133.5%1.13,65683.7%YesATargets set, 1.5°C
Porsche [a]GermanyAutomobiles & components79.448.2%0.39,09094.4%YesA-Committed
Inditex [c]SpainApparel & luxury goods79.337.8%2.262,34588.9%YesATargets set, 1.5°C
Intermediate Capital Group [a]UKFinancial services79.243.8%0.18191.2%YesA-Targets set, 1.5°C
Currys [c]UKRetail & ecommerce77.431.4%1.821,34685.4%YesA-Targets set, 1.5°C
KeringFranceApparel & luxury goods77.330.9%1.730,50877.6%YesATargets set, 1.5°C
Nykredit [e]DenmarkFinancial services77.240.6%0.372790.9%YesA-Committed
WPPUKMedia & advertising77.223.9%2.335,13277.3%YesA-Targets set, 1.5°C
ElisaFinlandTelecommunications77.230.6%1.53,04180.3%YesA-Targets set, 1.5°C
AccentureIrelandBusiness & professional services77.130.3%1.579,90972.5%YesATargets set, 1.5°C
DeloitteUKBusiness & professional services77.123.6%0.52,18462.6%YesA-Targets set, 1.5°C
London Stock Exchange Group (LG) [e]UKFinancial services77.146.8%0.54,13881.8%YesBTargets set, 1.5°C
SegroUKProperty76.835.9%6.54,22079.2%YesA-Targets set, 1.5°C
Superdry [a]UKApparel & luxury goods76.839.2%0.323493.3%YesACommitted
Logitech International [c]SwitzerlandTechnology & electronics76.749.1%0.31,46191.6%YesBCommitted
ZalandoGermanyRetail & ecommerce76.434.7%1.010,10466.2%YesA-Targets set, 1.5°C
AtosFranceBusiness & professional services76.220.5%9.097,91971.7%YesATargets set, 1.5°C
Sopra SteriaFranceBusiness & professional services76.120.3%0.94,27759.9%YesATargets set, 1.5°C
RichemontSwitzerlandApparel & luxury goods75.732.3%1.019,98874.4%YesA-Targets set, 1.5°C
CapgeminiFranceBusiness & professional services75.525.0%3.563,80265.6%YesATargets set, 1.5°C
ArcadisNetherlandsBusiness & professional services75.123.8%2.78,99073.9%YesA-Targets set, 1.5°C
L’OréalFrancePersonal & household goods75.123.7%1.238,30066.5%YesATargets set, 1.5°C
Nordic SemiconductorNorwayTechnology & electronics75.126.8%0.840635.3%YesACommitted
Philips [e]NetherlandsTechnology & electronics75.023.4%1.730,00081.6%YesATargets set, 1.5°C
BoschGermanyMachines & industrial equipment74.923.1%11.5907,00071.0%YesATargets set, 1.5°C
BATUKFood, beverage & tobacco74.916.2%16.2495,00028.0%YesATargets set, 1.5°C
MangoSpainApparel & luxury goods74.842.7%9.621,40293.9%Yes-Targets set, 1.5°C
AvivaUKInsurance74.715.8%0.916,27073.0%YesA-Targets set, 1.5°C
Ricardo [e]UKBusiness & professional services74.732.2%7.63,45584.5%YesBTargets set, 1.5°C
IcadeFranceProperty74.414.8%4.57,54550.0%YesA-Targets set, 1.5°C
AstraZenecaUKPharmaceuticals74.421.4%8.1267,01751.3%YesATargets set, 1.5°C
United UtilitiesUKEnergy & utilities74.321.1%61.3135,93666.5%YesA-Targets set, 1.5°C
NovartisSwitzerlandPharmaceuticals74.314.4%14.3647,00051.0%YesATargets set, 1.5°C
VallourecFranceMachines & industrial equipment74.224.0%273.1939,87270.5%YesA-Targets set, well below 2°C
Kion Group [c]GermanyMachines & industrial equipment74.040.0%14.5148,82185.6%YesA--
OrklaNorwayFood, beverage & tobacco74.020.0%23.4117,33055.5%YesA-Targets set, 1.5°C
NatWest GroupUKFinancial services73.929.8%7.088,16771.1%YesBTargets set, 1.5°C
UBS [c]SwitzerlandFinancial services73.939.7%0.514,30089.9%YesA-
TelefónicaSpainTelecommunications73.913.0%14.6536,73759.6%YesATargets set, 1.5°C
VattenfallSwedenEnergy & utilities73.919.5%594.310,400,00056.3%YesA-Targets set, 1.5°C
MonclerItalyApparel & luxury goods73.819.5%2.24,40333.3%YesA-Targets set, 1.5°C
ABBSwitzerlandTechnology & electronics73.819.3%15.9404,70070.7%YesA-Targets set, 1.5°C
ICA Gruppen [a]SwedenRetail & ecommerce73.735.7%1.417,34786.4%YesNot scored (F)Targets set, well below 2°C
Johnson ControlsIrelandTechnology & electronics73.625.4%31.9664,22973.7%YesA-Targets set, 1.5°C
Swiss ReSwitzerlandInsurance73.632.0%0.12,72684.5%YesBCommitted
Energias de PortugalPortugalEnergy & utilities73.612.0%706.010,578,00045.7%YesATargets set, 1.5°C
LogistaSpainTransport, logistics & packaging73.628.6%4.347,00679.2%YesA-Targets set, 2°C
SThreeUKBusiness & professional services73.628.6%0.573774.8%YesBTargets set, 1.5°C
AfrySwedenBusiness & professional services73.518.5%2.44,71134.6%YesA-Targets set, 1.5°C
KlépierreFranceProperty73.324.2%17.217,28179.2%YesATargets set, 1.5°C
ITVUKMedia & advertising73.217.5%2.811,64156.9%YesATargets set, 1.5°C
EDFFranceEnergy & utilities73.214.1%323.227,300,00044.4%YesATargets set, well below 2°C
ProximusBelgiumTelecommunications73.110.4%4.826,60045.0%YesATargets set, 1.5°C
Alperia [a]ItalyEnergy & utilities73.140.2%36.872,66187.6%Yes-Committed
Pets at Home GroupUKRetail & ecommerce73.126.8%8.112,73166.9%YesBTargets set, 1.5°C
JD Sports FashionUKApparel & luxury goods73.023.5%4.344,0085.6%YesA-Targets set, 1.5°C
AsteaItalyEnergy & utilities73.056.8%298.814,69799.1%Yes-Targets set, well below 2°C
EricssonSwedenTelecommunications73.023.3%7.8177,00072.0%YesATargets set, 1.5°C
SyngentaSwitzerlandChemicals & materials73.026.6%29.4728,00053.1%YesA-Targets set, well below 2°C
Pennon Group [e]UKEnergy & utilities72.936.4%111.1104,68293.9%YesBCommitted
WHSmith [d]UKRetail & ecommerce72.923.1%6.36,68480.3%YesATargets set, 1.5°C
SignifyNetherlandsTechnology & electronics72.99.7%23.2159,00042.2%YesATargets set, 1.5°C
EnecoNetherlandsEnergy & utilities72.916.4%287.31,477,78420.4%YesA-Targets set, 1.5°C
Tokmanni GroupFinlandRetail & ecommerce72.816.2%6.16,92539.0%YesA-Targets set, 1.5°C
SacyrSpainConstruction & building materials72.816.1%84.2393,65431.9%YesATargets set, 1.5°C
Croda InternationalUKChemicals & materials72.89.3%81.2182,4636.9%YesA-Targets set, 1.5°C
RightmoveUKInternet, cloud & software72.728.9%0.519974.8%YesNot scored (F)Targets set, 1.5°C
NexansFranceTechnology & electronics72.615.5%30.3223,21845.3%YesA-Targets set, 1.5°C
Siemens Gamesa Renewable EnergySpainEnergy & utilities72.615.5%2.828,8054.5%YesATargets set, 1.5°C
EngieFranceEnergy & utilities72.618.6%681.839,451,37068.2%YesA-Targets set, 2°C
SiemensGermanyTechnology & electronics72.615.3%9.5594,00065.8%YesA-Targets set, 1.5°C
Husqvarna GroupSwedenPersonal & household goods72.625.2%10.246,54269.4%YesBTargets set, 1.5°C
ExperianIrelandBusiness & professional services72.521.8%3.016,40057.5%YesA-Targets set, 1.5°C
IberdrolaSpainEnergy & utilities72.515.1%392.915,368,99240.9%YesATargets set, 1.5°C
AteaNorwayInternet, cloud & software72.518.2%1.56,28651.6%YesA-Targets set, well below 2°C
Elia GroupBelgiumEnergy & utilities72.334.4%40.8116,71860.1%YesBTargets set, well below 2°C
Tetra PakSwedenTransport, logistics & packaging72.214.1%12.4138,00054.3%YesATargets set, 1.5°C
DecathlonFranceApparel & luxury goods72.223.9%5.373,16464.7%YesBTargets set, 1.5°C
Wihlborgs FastigheterSwedenProperty72.020.0%10.12,99350.5%YesA-Targets set, 1.5°C
De La Rue [c]UKFinancial services72.029.9%23.810,63086.2%YesBTargets set, 1.5°C
Derwent LondonUKProperty71.926.3%8.72,49173.1%YesBTargets set, well below 2°C
Trane TechnologiesIrelandMachines & industrial equipment71.812.7%25.6318,71847.1%YesATargets set, 1.5°C
HermèsFranceApparel & luxury goods71.712.5%4.237,38111.4%YesA-Targets set, 1.5°C
LandsecUKProperty71.712.2%11.49,20554.7%YesATargets set, 1.5°C
WorkspaceUKProperty71.712.2%53.58,45636.4%YesA-Targets set, 1.5°C
WereldhaveNetherlandsFinancial services71.621.9%14.62,78979.4%YesATargets set, well below 2°C
Oriflame CosmeticsSwedenPersonal & household goods71.621.8%5.35,40276.3%YesBTargets set, 1.5°C
PumaGermanyApparel & luxury goods71.515.1%5.436,59117.1%YesATargets set, well below 2°C
ASMNetherlandsTechnology & electronics71.525.0%6.611,43034.2%YesBCommitted
VestasDenmarkEnergy & utilities71.511.6%6.5102,00017.7%YesATargets set, 1.5°C
Morgan Sindall GroupUKConstruction & building materials71.414.8%3.613,59543.7%YesATargets set, 2°C
Ibercaja bancoSpainFinancial services71.444.7%0.987494.7%Yes--
BankinterSpainFinancial services71.434.7%0.81,55983.1%YesB-
Sainsbury’sUKRetail & ecommerce71.411.3%21.4762,11937.5%YesATargets set, 1.5°C
Maisons du MondeFranceRetail & ecommerce71.428.0%3.64,80971.1%YesBTargets set, 1.5°C
National GridUKEnergy & utilities71.47.9%341.77,500,00018.5%YesATargets set, well below 2°C
AccionaSpainConstruction & building materials71.331.0%21.3172,79378.9%NoATargets set, 1.5°C
Kindred GroupMaltaTravel, leisure & entertainment71.321.0%1.21,83628.9%YesBTargets set, 1.5°C
Ernst & Young (EY)UKBusiness & professional services71.324.2%1.23,81067.9%Yes-Targets set, 1.5°C
SGSSwitzerlandBusiness & professional services71.110.4%18.7115,30338.3%YesA-Targets set, 1.5°C
EonGermanyEnergy & utilities71.110.2%122.09,440,000-18.4%YesATargets set, 1.5°C
Taylor WimpeyUKConstruction & building materials71.010.1%3.919,73631.5%YesA-Targets set, 1.5°C
Alma MediaFinlandMedia & advertising71.010.0%1.849054.0%YesA-Targets set, 1.5°C
PostNLNetherlandsTransport, logistics & packaging71.09.9%9.834,00024.4%YesATargets set, 1.5°C
WorldlineFranceFinancial services71.016.5%2.48,9932.5%YesA-Targets set, 1.5°C
Aveva GroupUKInternet, cloud & software70.919.8%4.25,971-82.7%YesBTargets set, 1.5°C
ContinentalGermanyAutomobiles & components70.916.2%31.11,050,00065.5%YesA-Targets set, 1.5°C
SantanderSpainFinancial services70.822.6%1.883,09770.7%YesA-
Georg FischerSwitzerlandMachines & industrial equipment70.815.9%76.1273,00058.3%YesA-Targets set, 1.5°C
Gruppo HeraItalyEnergy & utilities70.722.2%93.91,028,41139.2%YesBTargets set, well below 2°C
Coca-Cola HBCSwitzerlandFood, beverage & tobacco70.78.9%59.4425,79227.5%YesA-Targets set, 1.5°C
BloomsburyUKMedia & advertising70.625.5%0.923462.9%YesBTargets set, 1.5°C
DNB Group [f]NorwayFinancial services70.628.7%0.136081.8%YesA-
HenkelGermanyPersonal & household goods70.68.7%23.7475,00031.9%YesA-Targets set, 1.5°C
SanofiFrancePharmaceuticals70.68.6%17.5660,48128.8%YesATargets set, 1.5°C
NovozymesDenmarkFood, beverage & tobacco70.68.5%125.9253,00032.4%YesATargets set, 1.5°C
Vodafone GroupUKTelecommunications70.515.0%24.11,100,00057.5%YesATargets set, 1.5°C
KBC GroupBelgiumFinancial services70.525.0%3.723,40072.3%YesACommitted
Royal BAM GroupNetherlandsConstruction & building materials70.48.2%14.5106,20531.5%YesATargets set, 1.5°C
GivaudanSwitzerlandFood, beverage & tobacco70.48.0%26.3170,6986.5%YesATargets set, 1.5°C
Estée LauderFrancePersonal & household goods70.324.4%1.724,14064.4%YesBTargets set, 1.5°C
DSMNetherlandsChemicals & materials70.37.7%126.71,200,00020.0%YesATargets set, 1.5°C
SymriseGermanyFood, beverage & tobacco70.37.7%75.2287,65911.6%YesATargets set, 1.5°C
SchrodersUKFinancial services70.37.5%1.75,8886.7%YesATargets set, 1.5°C
RexelFranceRetail & ecommerce70.37.5%6.087,62024.6%YesA-Targets set, 1.5°C
GecinaFranceProperty70.314.2%14.38,75543.0%YesATargets set, 1.5°C
ElectroluxSwedenPersonal & household goods70.227.5%8.4103,00079.2%NoA-Targets set, 1.5°C
LVMHFranceApparel & luxury goods70.210.6%5.9375,7402.6%YesATargets set, 1.5°C
Man GroupUKFinancial services70.230.6%1.41,84471.2%YesB-
KonecranesFinlandMachines & industrial equipment70.17.1%18.559,000-3.9%YesA-Targets set, 1.5°C
H&M GroupSwedenApparel & luxury goods70.17.0%2.650,07837.8%YesA-Targets set, 1.5°C
C&C GroupIrelandFood, beverage & tobacco70.126.9%16.824,19646.3%YesBTargets set, well below 2°C
CarrefourFranceRetail & ecommerce70.110.2%20.01,483,00045.0%YesATargets set, well below 2°C
ASRNetherlandsInsurance70.026.8%0.178569.6%YesBCommitted
EpirocSwedenMachines & industrial equipment70.06.8%8.633,000-3.1%YesA-Targets set, 1.5°C
BTUKTelecommunications70.06.7%7.3180,93338.9%YesATargets set, 1.5°C
Volvo GroupSwedenAutomobiles & components69.96.5%9.9359,00011.8%YesATargets set, 1.5°C
CorbionNetherlandsFood, beverage & tobacco69.96.4%144.8155,00015.8%YesA-Targets set, 1.5°C
NestléSwitzerlandFood, beverage & tobacco69.96.3%59.34,980,00029.9%YesA-Targets set, 1.5°C
Novo NordiskDenmarkHealthcare & medical technology69.96.3%4.993,5469.0%YesATargets set, 1.5°C
Saint-GobainFranceConstruction & building materials69.96.3%233.210,300,00018.3%YesATargets set, 1.5°C
PuigSpainApparel & luxury goods69.96.3%1.11,96721.0%YesA-Targets set, 1.5°C
AtresmediaSpainMedia & advertising69.919.6%2.62,46768.3%YesBCommitted
CarlsbergDenmarkFood, beverage & tobacco69.96.2%67.0600,00022.8%YesATargets set, 1.5°C
MondiUKMachines & industrial equipment69.86.1%562.74,345,58115.3%YesA-Targets set, 1.5°C
GetlinkFranceTransport, logistics & packaging69.812.7%43.133,36560.7%YesA-Targets set, 1.5°C
UPM-KymmeneFinlandChemicals & materials69.86.0%509.55,000,00026.7%YesATargets set, 1.5°C
EnelItalyEnergy & utilities69.816.0%635.255,900,00047.9%YesATargets set, 1.5°C
Berkeley GroupUKProperty69.85.9%2.87,83236.4%YesA-Targets set, 1.5°C
SKFSwedenMachines & industrial equipment69.79.1%46.6369,88130.3%YesA-Committed
Ontex GroupBelgiumPersonal & household goods69.712.2%16.934,15446.9%YesATargets set, 1.5°C
British LandUKProperty69.622.0%17.28,37679.9%YesBTargets set, 1.5°C
DNV [c]NorwayBusiness & professional services69.628.7%2.75,70081.0%Yes-Committed
Jerónimo MartinsPortugalRetail & ecommerce69.615.4%37.7786,97637.9%YesACommitted
PearsonUKMedia & advertising69.615.3%7.831,72967.2%YesBTargets set, 1.5°C
Holcim GroupSwitzerlandConstruction & building materials69.55.1%4,869.1126,000,00023.2%YesATargets set, 1.5°C
Wates Construction (Wates Grp)UKConstruction & building materials69.518.4%2.95,64959.0%Yes-Targets set, 1.5°C
Citycon [a]FinlandProperty69.521.6%52.410,60581.9%YesBTargets set, 1.5°C
VaisalaFinlandTechnology & electronics69.531.6%0.835779.4%YesBCommitted
Garrigues [a]SpainBusiness & professional services69.438.1%0.831789.2%Yes--
Schaeffler GruppeGermanyMachines & industrial equipment69.411.3%50.8703,00043.0%YesATargets set, 1.5°C
Go-AheadUKTransport, logistics & packaging69.311.0%141.8684,47132.4%YesA-Targets set, 1.5°C
LindeGermanyChemicals & materials69.314.3%1,473.639,894,000-35.2%YesATargets set, well below 2°C
CeweGermanyMedia & advertising69.310.9%9.96,83234.4%YesA-Targets set, 1.5°C
CaixabankSpainFinancial services69.214.2%1.010,65828.7%YesACommitted
SkanskaSwedenConstruction & building materials69.210.8%15.5216,00044.1%YesA-Targets set, 1.5°C
AenaSpainTransport, logistics & packaging69.224.0%19.946,18584.1%YesACommitted
Barratt DevelopmentsUKConstruction & building materials69.23.9%4.025,0747.4%YesATargets set, 1.5°C
HaysUKBusiness & professional services69.213.9%1.07,00036.9%YesBTargets set, 1.5°C
Sage GroupUKInternet, cloud & software69.123.6%2.35,38767.7%YesBCommitted
Schindler GroupSwitzerlandMachines & industrial equipment69.13.5%17.3187,0633.1%YesATargets set, 1.5°C
Hochtief [d]GermanyConstruction & building materials69.133.5%14.4308,67086.1%YesB-
BritvicUKFood, beverage & tobacco69.010.1%23.338,98042.2%YesA-Targets set, 1.5°C
Schneider ElectricFranceTechnology & electronics69.03.2%16.2468,589-0.3%YesATargets set, 1.5°C
BMWGermanyAutomobiles & components68.913.2%7.5834,56241.6%YesA-Targets set, well below 2°C
Mettler-ToledoSwitzerlandTechnology & electronics68.96.5%19.463,327-6.0%YesBTargets set, 1.5°C
PradaItalyApparel & luxury goods68.913.1%12.641,78848.2%YesBTargets set, 1.5°C
NokiaFinlandTelecommunications68.99.7%15.7348,80043.6%YesA-Targets set, 1.5°C
SwisscomSwitzerlandTelecommunications68.96.4%1.314,42930.9%YesBTargets set, 1.5°C
ElecnorSpainConstruction & building materials68.96.4%20.563,959-10.5%YesA-Targets set, well below 2°C
MichelinFranceAutomobiles & components68.86.0%116.42,770,00016.6%YesA-Targets set, well below 2°C
AurubisGermanyChemicals & materials68.89.3%98.51,606,000-5.5%YesA-Targets set, 1.5°C
Groupe La PosteFranceTransport, logistics & packaging68.75.7%14.6504,921-10.5%YesATargets set, 1.5°C
SalzgitterGermanyChemicals & materials68.75.7%882.68,621,0007.9%YesA-Committed
DanoneFranceFood, beverage & tobacco68.79.0%40.3978,00030.8%YesATargets set, 1.5°C
NatsUKTransport, logistics & packaging68.611.9%16.214,48256.7%YesBTargets set, 1.5°C
SiltronicGermanyTechnology & electronics68.611.8%169.8238,64219.8%YesBTargets set, 1.5°C
KingfisherUKRetail & ecommerce68.58.5%13.7214,25524.5%YesATargets set, 1.5°C
Schibsted [d]NorwayMedia & advertising68.531.8%0.572486.4%YesB-
VeoliaFranceEnergy & utilities68.55.0%1,069.930,500,0009.8%YesATargets set, well below 2°C
Viaplay GroupSwedenMedia & advertising68.428.1%0.91,06183.8%YesNot scored (F)Targets set, 1.5°C
Reckitt Benckiser GroupUKPersonal & household goods68.417.9%8.3130,02950.1%YesBTargets set, 1.5°C
Rémy CointreauFranceFood, beverage & tobacco68.411.2%5.47,13933.4%YesA-Targets set, 1.5°C
VivendiFranceMedia & advertising68.417.9%4.038,19467.0%YesA-Committed
CTT Correios de PortugalPortugalTransport, logistics & packaging68.44.5%18.916,0083.5%YesA-Targets set, well below 2°C
Caixa Geral de DepósitosPortugalFinancial services68.327.8%6.97,72875.7%YesBCommitted
LegrandFranceTechnology & electronics68.311.1%19.8138,72422.5%YesBTargets set, 1.5°C
Rathbone BrothersUKFinancial services68.331.0%0.944572.5%YesB-
CommercialUKBusiness & professional services68.217.4%2.923847.6%YesBTargets set, 1.5°C
Posti GroupFinlandTransport, logistics & packaging68.213.9%29.547,06153.1%Yes-Targets set, 1.5°C
EquinixFranceInternet, cloud & software68.127.1%46.0305,50062.2%NoATargets set, 1.5°C
BAE SystemsUKAerospace & defence68.020.1%17.7410,97664.3%YesBCommitted
AmcorSwitzerlandTransport, logistics & packaging68.010.0%147.31,883,3815.8%YesA-Committed
Danske BankDenmarkFinancial services68.013.3%1.23,57351.0%YesBCommitted
STMicroelectronicsSwitzerlandTechnology & electronics68.016.6%85.0954,00026.1%YesBTargets set, 1.5°C
Mediaset EspañaSpainMedia & advertising68.03.2%0.97906.6%YesBTargets set, 1.5°C
KutxabankSpainFinancial services68.039.9%0.775391.0%YesNot scored (F)-
Stora EnsoFinlandMachines & industrial equipment68.06.5%230.22,340,00025.9%YesA-Targets set, 1.5°C
Hilton Food GroupUKFood, beverage & tobacco67.93.2%14.757,565-127.9%YesA-Targets set, well below 2°C
Severn TrentUKEnergy & utilities67.96.4%143.4331,44023.4%YesA-Targets set, 1.5°C
FastwebItalyTelecommunications67.936.4%0.81,87686.1%Yes-Targets set, 1.5°C
BillerudKorsnäsSwedenEngineering, manufacturing67.96.3%54.2138,00012.7%YesA-Targets set, 1.5°C
Coca-Cola Europacific PartnersUKFood, beverage & tobacco67.89.2%18.1209,64021.6%YesATargets set, 1.5°C
Hannover ReGermanyInsurance67.722.4%0.12,51754.0%YesB-
PirelliItalyAutomobiles & components67.68.8%112.9636,19028.6%YesATargets set, 1.5°C
Capital & Counties PropertiesUKProperty67.68.6%6.653366.0%YesBTargets set, 1.5°C
KoneFinlandMachines & industrial equipment67.55.0%12.4130,9007.6%YesATargets set, 1.5°C
Hibernia Real Estate GroupIrelandProperty67.411.5%27.92,03014.8%YesA--
Lloyds Banking GroupUKFinancial services67.414.8%2.4108,40157.5%YesA-Committed
KeskoFinlandRetail & ecommerce67.44.6%3.438,01011.6%YesA-Targets set, 1.5°C
CeconomyGermanyRetail & ecommerce67.424.5%3.676,00076.1%YesB-Committed
Kier GroupUKConstruction & building materials67.417.9%9.435,07771.6%YesBCommitted
Wüstenrot & WürttembergischeGermanyFinancial services67.331.1%0.73,44781.6%YesNot scored (F)-
RelxUKMedia & advertising67.321.0%1.512,94167.7%YesB-
VinciFranceConstruction & building materials67.27.4%45.62,253,97011.8%YesATargets set, well below 2°C
Standard CharteredUKFinancial services67.113.8%9.385,66357.2%YesA-Committed
Mercedes-Benz GroupGermanyAutomobiles & components67.113.6%8.61,147,00036.8%YesATargets set, well below 2°C
Piraeus GroupGreeceFinancial services67.113.5%10.224,18954.6%YesBTargets set, 1.5°C
Willmott DixonUKConstruction & building materials67.016.7%1.92,51963.9%Yes-Targets set, 1.5°C
Mitie GroupUKBusiness & professional services66.922.9%4.320,59648.7%YesBCommitted
Nokian TyresFinlandAutomobiles & components66.96.2%60.2103,24010.5%YesA-Targets set, well below 2°C
Just GroupUKFinancial services66.815.9%0.138073.0%YesBCommitted
FirstGroupUKTransport, logistics & packaging66.815.9%150.4821,28965.8%YesBCommitted
Travis PerkinsUKRetail & ecommerce66.712.4%14.277,75062.0%YesBTargets set, 1.5°C
Dassault SystèmesFranceInternet, cloud & software66.712.4%2.914,16418.0%YesBTargets set, 1.5°C
Groupe RenaultFranceAutomobiles & components66.75.7%17.7816,20332.8%YesA-Targets set, 2°C
NextUKRetail & ecommerce66.712.3%17.389,95044.6%YesBTargets set, 1.5°C
LanxessGermanyChemicals & materials66.712.2%342.92,591,00048.8%YesATargets set, 1.5°C
N Brown GroupUKRetail & ecommerce66.622.0%2.72,31677.1%YesBCommitted
Johnson MattheyUKChemicals & materials66.68.5%21.0399,90614.7%YesBTargets set, well below 2°C
Deutsche BahnGermanyTransport, logistics & packaging66.58.4%141.36,654,00025.2%YesATargets set, 2°C
A2AItalyEnergy & utilities66.515.0%617.37,129,116-0.4%YesA-Targets set, 2°C
Intesa SanpaoloItalyFinancial services66.55.0%4.580,531-5.8%YesACommitted
DSV PanalpinaDenmarkTransport, logistics & packaging66.58.3%10.4254,000-74.0%YesBTargets set, well below 2°C
Volkswagen GroupGermanyAutomobiles & components66.58.3%28.67,163,01025.3%YesA-Targets set, 2°C
APG SGASwitzerlandMedia & advertising66.55.0%4.01,02934.6%YesA-Committed
RockwoolDenmarkConstruction & building materials66.54.9%557.01,720,000-8.9%YesA-Targets set, well below 2°C
DürrGermanyMachines & industrial equipment66.54.9%13.748,37223.1%YesBTargets set, 1.5°C
ArcelorMittalLuxembourgChemicals & materials66.511.6%1,810.1138,600,00027.1%YesA-Committed
BrenntagGermanyRetail & ecommerce66.48.1%16.8242,25510.3%YesBCommitted
UmicoreBelgiumChemicals & materials66.411.2%35.2846,437-26.9%YesB-Targets set, 1.5°C
CastellumSwedenProperty66.411.2%10.55,72531.5%YesBTargets set, 1.5°C
Naturgy Energy GroupSpainEnergy & utilities66.37.7%607.613,452,30736.2%YesA--
WebuildItalyConstruction & building materials66.310.9%55.1353,48438.6%YesA-Targets set, 1.5°C
BolloréFranceTransport, logistics & packaging66.314.2%17.2339,6118.6%YesBCommitted
Crest NicholsonUKConstruction & building materials66.24.0%4.23,90135.5%YesBTargets set, 1.5°C
Applus ServicesSpainBusiness & professional services66.23.9%35.663,2978.3%YesBTargets set, 1.5°C
A1 GroupAustriaTelecommunications65.93.1%41.6197,6563.8%YesATargets set, 1.5°C
Legal and General Investment Management (LGIM)UKFinancial services65.99.8%0.316,05065.1%YesA-Committed
RTL GroupLuxembourgMedia & advertising65.922.9%1.912,50070.9%YesB-
SavillsUKProperty65.812.7%2.66,73724.9%YesBCommitted
Royal Mail GroupUKTransport, logistics & packaging65.75.8%37.7570,9003.7%YesBCommitted
SuezFranceEnergy & utilities65.722.3%147.21,108,72286.1%YesNot scored (F)Targets set, 1.5°C
SalMarNorwayFood, beverage & tobacco65.68.8%11.316,884-5.4%YesBTargets set, 1.5°C
NesteFinlandChemicals & materials65.612.1%154.32,337,00031.9%YesA--
Groupe BPCEFranceFinancial services65.612.0%1.743,39643.9%YesA--
BaswareFinlandInternet, cloud & software65.621.9%1.319370.1%YesB-
BCC (Grupo Cajamar)SpainFinancial services65.611.9%0.563428.2%YesA-
ScaniaSwedenAutomobiles & components65.611.9%7.5106,00025.4%Yes-Targets set, 1.5°C
OutokumpuFinlandChemicals & materials65.58.2%241.21,859,77311.9%YesBTargets set, 1.5°C
SkyUKMedia & advertising65.511.5%2.646,47333.1%Yes-Targets set, 1.5°C
Alfa LavalSwedenMachines & industrial equipment65.421.3%7.228,45865.2%NoBTargets set, 1.5°C
InvestecUKFinancial services65.411.2%10.524,82432.7%YesA--
BarmeniaGermanyInsurance65.334.5%1.024582.1%Yes--
Speedy HireUKBusiness & professional services65.311.0%35.616,38335.2%YesBCommitted
FerrexpoSwitzerlandChemicals & materials65.331.0%475.61,053,00060.0%YesNot scored (F)-
AxaFranceInsurance65.317.5%0.655,35962.0%YesBCommitted
Ted BakerUKApparel & luxury goods65.27.5%4.92,51245.4%YesBTargets set, 1.5°C
Altarea CogedimFranceProperty65.230.6%0.61,82354.4%YesNot scored (F)-
S GroupFinlandRetail & ecommerce65.217.3%16.1125,80057.3%Yes-Targets set, 1.5°C
PandoxSwedenProperty65.010.2%19.26,11251.5%YesBCommitted
Clas OhlsonSwedenRetail & ecommerce65.020.2%1.51,26064.3%YesB-
GrängesSwedenMachines & industrial equipment65.010.2%246.6434,400-47.3%YesBCommitted
ItalgasItalyEnergy & utilities65.020.1%121.8166,90068.4%YesA-
PersimmonUKConstruction & building materials65.06.8%6.226,44718.9%YesBTargets set, 1.5°C
Prysmian GroupItalyTechnology & electronics65.010.1%53.2677,8620.9%NoA-Targets set, 1.5°C
Pernod RicardFranceFood, beverage & tobacco65.03.4%34.2301,70714.4%YesBTargets set, well below 2°C
AP Møller-MærskDenmarkTransport, logistics & packaging65.010.0%684.337,173,000-2.8%YesA--
Gruppo TIMItalyTelecommunications65.06.6%34.2533,04641.8%YesBTargets set, 1.5°C
Ferrovie dello Stato ItalianoItalyTransport, logistics & packaging65.09.8%175.72,063,48711.5%YesA-Committed
BBVASpainFinancial services65.019.8%4.291,99467.0%YesBCommitted
SpectrisUKTechnology & electronics64.96.4%20.631,70331.1%YesBTargets set, 1.5°C
SodexoFranceBusiness & professional services64.99.6%5.290,78948.1%YesBTargets set, 1.5°C
Big Yellow GroupUKBusiness & professional services64.916.3%13.12,66335.5%YesBCommitted
Red EléctricaSpainEnergy & utilities64.99.6%336.6657,27539.0%YesA-
JupiterUKFinancial services64.819.4%0.212147.5%NoA--
SeverfieldUKConstruction & building materials64.89.4%22.99,8957.1%YesBCommitted
CNH IndustrialNetherlandsMachines & industrial equipment64.89.3%11.3332,69318.4%NoA-Committed
Deutsche BankGermanyFinancial services64.812.6%3.280,05956.8%YesB-
LandsvirkjunIcelandEnergy & utilities64.79.1%81.940,25717.4%YesA-
Aareal BankGermanyFinancial services64.719.0%2.72,40865.2%YesB-
AmadeusSpainInternet, cloud & software64.79.0%5.113,72862.8%YesBCommitted
VoestalpineAustriaChemicals & materials64.75.6%1,005.115,000,0000.9%YesA-Committed
ProSieben Sat.1GermanyMedia & advertising64.612.0%0.83,65137.5%YesB-
Atrium LjungbergSwedenProperty64.618.6%12.23,65252.1%YesB-
Telenet GroupBelgiumTelecommunications64.68.6%3.69,33331.8%YesBCommitted
OTEGreeceTelecommunications64.518.5%7.625,45368.9%YesB-
Infineon TechnologiesGermanyTechnology & electronics64.58.4%89.8993,678-10.0%YesA--
Provident FinancialUKFinancial services64.58.2%1.91,23970.5%YesB-Committed
RandstadNetherlandsBusiness & professional services64.48.1%2.458,40021.9%YesBCommitted
PlaytechUKTravel, leisure & entertainment64.48.0%6.88,249-12.0%YesBCommitted
ThalesFranceAerospace & defence64.44.6%11.5186,00014.0%YesA-Committed
InmarsatUKTelecommunications64.34.4%8.09,53518.7%YesBTargets set, 1.5°C
FLSmidthDenmarkMachines & industrial equipment64.24.1%14.734,73721.4%YesBTargets set, 1.5°C
CranswickUKFood, beverage & tobacco64.27.4%53.1126,865-9.9%NoA-Targets set, 1.5°C
HalmaUKTechnology & electronics64.217.3%6.411,66038.7%YesB-
BASFGermanyChemicals & materials64.27.2%256.820,185,0005.8%YesA--
Burberry GroupUKApparel & luxury goods64.17.1%8.227,70129.3%NoATargets set, 1.5°C
OrionFinlandPharmaceuticals64.113.8%19.820,56353.7%YesBCommitted
SonaePortugalBusiness & professional services64.17.1%28.4190,3579.9%YesA--
ChiesiItalyPharmaceuticals64.13.7%18.845,527-27.5%YesATargets set, 1.5°C
L&TFinlandBusiness & professional services64.06.8%44.936,50013.5%YesBTargets set, well below 2°C
Landis GyrSwitzerlandEnergy & utilities64.016.7%6.88,80064.7%YesNot scored (F)Committed
HiscoxUKInsurance64.016.7%0.51,54444.9%YesB-
Evonik IndustriesGermanyChemicals & materials64.03.2%428.06,400,0000.0%YesA-Committed
StockmannFinlandRetail & ecommerce63.913.2%19.217,24665.9%YesBCommitted
CofinimmoBelgiumProperty63.913.1%23.87,12130.6%YesBTargets set, 1.5°C
Grosvenor Property UKUKProperty63.86.1%128.729,63737.4%Yes-Targets set, 1.5°C
Spirax-Sarco EngineeringUKMachines & industrial equipment63.86.0%24.939,893-30.0%YesBCommitted
ElkemNorwayEngineering, manufacturing63.85.9%958.33,160,925-71.7%YesA--
KronesGermanyEngineering, manufacturing63.715.8%5.419,58443.4%NoBTargets set, 1.5°C
Bank MillenniumPolandFinancial services63.615.4%34.525,00830.8%YesB-
IrenItalyEnergy & utilities63.65.4%809.04,009,436-14.5%YesA-Targets set, well below 2°C
HelicalUKProperty63.615.3%17.01,03677.7%YesB-
BertelsmannGermanyMedia & advertising63.511.6%18.2340,20040.6%YesBTargets set, 1.5°C
Groupe M6FranceMedia & advertising63.424.7%0.448873.1%YesNot scored (F)-
HuhtamäkiFinlandMachines & industrial equipment63.34.4%197.2705,0000.3%YesBTargets set, well below 2°C
Imperial BrandsUKFood, beverage & tobacco63.27.5%6.2239,97719.6%NoATargets set, 2°C
3i GroupUKFinancial services63.224.0%0.127026.2%YesB-
Banco BPMItalyFinancial services63.214.0%4.016,917-43.7%YesB-
PostNordSwedenTransport, logistics & packaging63.210.5%19.376,26239.3%Yes-Targets set, 1.5°C
Lonza GroupSwitzerlandPharmaceuticals63.113.8%90.1470,00037.7%YesB--
SAPGermanyInternet, cloud & software63.110.4%4.0110,00027.1%NoA-Targets set, 1.5°C
DiageoUKFood, beverage & tobacco63.13.7%30.4691,999-1.6%NoATargets set, 1.5°C
Spire Healthcare GroupUKHealthcare & medical technology63.113.6%21.127,77742.6%YesB-
JungheinrichGermanyMachines & industrial equipment63.113.6%9.942,16633.9%NoBCommitted
ThyssenkruppGermanyMachines & industrial equipment63.13.5%720.324,500,00027.5%YesATargets set, well below 2°C
UniqaAustriaInsurance63.03.5%1.48,599-8.9%YesB-Committed
Serco GroupUKBusiness & professional services63.013.4%39.6208,63928.5%NoA-Committed
AssystemFranceBusiness & professional services63.010.1%4.72,25370.2%YesBCommitted
EVN GroupAustriaEnergy & utilities63.03.2%1,404.83,364,2880.5%YesA-Targets set, well below 2°C
Deutsche KreditbankGermanyFinancial services62.916.3%0.338150.6%Yes--
QuadientFranceBusiness & professional services62.912.9%9.39,52755.7%YesB-
Specialfastigheter SverigeSwedenProperty62.919.5%12.72,68458.1%Yes-Targets set, 1.5°C
Swiss LifeSwitzerlandInsurance62.912.9%0.49,10143.6%YesB-
InvestorSwedenFinancial services62.812.7%0.07734.7%YesB-
Posten NorgeNorwayTransport, logistics & packaging62.89.3%27.166,84538.7%Yes-Targets set, 1.5°C
DCCIrelandRetail & ecommerce62.812.5%4.186,00027.1%YesB-
TarkettFranceConstruction & building materials62.89.2%63.6177,46737.1%NoA-Targets set, 1.5°C
MTU Aero EnginesGermanyAerospace & defence62.75.7%12.251,30033.9%YesB-
ESB GroupIrelandChemicals & materials62.712.3%5.630,22612.7%YesB-
TalanxGermanyInsurance62.712.2%0.521,50623.8%YesB-
RocheSwitzerlandPharmaceuticals62.712.2%6.7422,79534.6%YesNot scored (F)Committed
Banca GeneraliItalyFinancial services62.511.5%1.71,1893.3%YesA--
UponorFinlandConstruction & building materials62.418.0%8.511,10055.8%NoBTargets set, 1.5°C
NN GroupNetherlandsFinancial services62.424.6%0.48,00063.6%NoB-
Rothschild & CoFranceFinancial services62.320.9%0.51,35248.8%YesB-
Millennium bcpPortugalFinancial services62.210.6%16.038,42834.7%YesB-
INGNetherlandsFinancial services62.217.2%1.018,00058.8%Yes-Committed
Anglian WaterUKEnergy & utilities62.210.5%144.2249,28538.2%YesB-
RabobankNetherlandsFinancial services62.113.7%7.154,07566.0%Yes--
VerbundAustriaEnergy & utilities62.120.4%148.4709,00045.4%YesB-
Aigües de BarcelonaSpainEnergy & utilities62.110.3%33.313,46443.8%Yes-Committed
DOF GroupNorwayTransport, logistics & packaging62.110.3%693.9439,73927.5%YesA--
BremboItalyAutomobiles & components62.010.1%123.3342,50028.5%YesA-
InformaUKMedia & advertising62.06.6%3.57,5084.8%NoA-Targets set, 1.5°C
igd SiiQItalyProperty61.919.7%45.46,89863.5%Yes--
Kuehne und NagelSwitzerlandTransport, logistics & packaging61.99.6%6.5230,000-10.6%Yes-Targets set, well below 2°C
Société GénéraleFranceFinancial services61.99.5%5.2135,39638.1%YesB-
AF GruppenNorwayConstruction & building materials61.89.5%13.236,682-42.5%YesB-
SynthomerUKChemicals & materials61.816.1%101.4281,1197.7%NoBCommitted
UCBBelgiumPharmaceuticals61.89.4%5.833,22715.6%YesBTargets set, well below 2°C
UniCreditItalyFinancial services61.819.3%5.394,91568.6%YesB-
SydbankDenmarkFinancial services61.812.5%3.01,92745.5%YesNot scored (F)-
Edmond de RothschildSwitzerlandFinancial services61.712.4%1.61,46816.4%YesNot scored (F)-
ValiantSwitzerlandFinancial services61.68.8%3.51,42325.5%YesB--
BraemarUKTransport, logistics & packaging61.518.5%2.226473.9%YesNot scored (F)-
TrelleborgSwedenEngineering, manufacturing61.58.5%106.1349,2009.3%NoA-Committed
Arla FoodsDenmarkFood, beverage & tobacco61.55.1%65.4733,00010.3%Yes-Targets set, 1.5°C
MapfreSpainInsurance61.58.4%0.821,18035.2%YesB-
SBBSwitzerlandTransport, logistics & packaging61.55.0%8.480,00015.2%Yes-Targets set, 1.5°C
IMIUKEngineering, manufacturing61.58.3%19.944,13026.5%YesB-
AudiGermanyAutomobiles & components61.518.2%4.4233,06167.3%NoA--
Chr HansenDenmarkFood, beverage & tobacco61.44.7%34.642,1289.7%YesBTargets set, 1.5°C
EnexisNetherlandsEnergy & utilities61.411.3%283.0462,41134.6%YesNot scored (F)-
ProCredit GroupGermanyFinancial services61.417.9%21.44,74564.1%Yes-Committed
VontobelSwitzerlandFinancial services61.411.2%0.51,003-10.0%YesNot scored (F)-
Colas GroupFranceConstruction & building materials61.37.8%151.22,000,00020.0%Yes-Targets set, well below 2°C
JMSwedenProperty61.37.6%2.94,16035.6%YesB-
KemiraFinlandChemicals & materials61.34.2%320.1856,0008.5%YesBCommitted
GreggsUKFood, beverage & tobacco61.224.1%27.540,23065.4%NoBCommitted
WendelFranceFinancial services61.217.3%17.1128,00064.8%Yes--
DebekaGermanyInsurance61.210.6%0.34,83932.4%Yes--
TÜV RheinlandGermanyBusiness & professional services61.217.3%21.344,45257.8%Yes--
AttendoSwedenHealthcare & medical technology61.227.2%35.244,10074.2%Yes--
GeberitSwitzerlandConstruction & building materials61.06.8%65.0217,00913.2%YesB-
Petra DiamondsUKChemicals & materials61.06.5%1,138.9402,84733.3%YesB-
Heathrow AirportUKTransport, logistics & packaging60.96.4%20.129,09168.9%YesNot scored (F)Committed
Maire TecnimontItalyEngineering, manufacturing60.96.3%20.659,07015.1%YesB-
Surteco GroupGermanyEngineering, manufacturing60.926.2%39.429,82074.1%No-Committed
Smurfit Kappa GroupIrelandTransport, logistics & packaging60.86.1%302.13,053,0009.5%NoA-Targets set, well below 2°C
Daily Mail & General Trust [b]UKMedia & advertising60.715.6%5.45,70080.3%Yes--
Frasers GroupUKRetail & ecommerce60.715.6%13.978,99037.0%YesNot scored (F)Committed
Mediclinic InternationalUKHealthcare & medical technology60.75.6%55.1211,969-15.0%YesB-
Network RailUKTransport, logistics & packaging60.615.5%15.2173,00434.1%No-Targets set, 1.5°C
Bayerische LandesbankGermanyFinancial services60.615.4%0.61,66946.0%YesNot scored (F)-
Deutsche Apotheker und ÄrztebankGermanyFinancial services60.615.3%2.62,26550.1%Yes--
RubisFranceTransport, logistics & packaging60.65.3%43.6200,300-16.4%YesB-
VesuviusUKEngineering, manufacturing60.65.2%201.2393,23210.2%YesB-
WärtsiläFinlandTechnology & electronics60.54.9%19.090,77322.5%YesB--
Deka-GruppeGermanyFinancial services60.418.1%1.24,19040.4%Yes--
Nassauische HeimstätteGermanyProperty60.48.0%307.8113,55018.9%Yes--
James Hardie IndustriesIrelandConstruction & building materials60.34.4%259.1662,727-34.2%YesB-
ReweGermanyRetail & ecommerce60.317.7%14.51,009,09542.7%YesNot scored (F)-
Groupe BelFranceFood, beverage & tobacco60.37.5%54.0182,50022.2%No-Targets set, 1.5°C
VonoviaGermanyProperty60.24.0%6.021,915-33.6%YesB-
GerresheimerGermanyTransport, logistics & packaging60.23.9%329.9494,20110.9%YesA--
Manchester Airports GroupUKTransport, logistics & packaging60.117.1%25.313,92978.5%YesNot scored (F)-
RotorkUKMachines & industrial equipment60.110.3%12.28,29143.9%NoBTargets set, 1.5°C
Hikma PharmaceuticalsUKPharmaceuticals60.03.3%52.0116,778-10.9%YesB-
The Co-operative GroupUKRetail & ecommerce60.013.2%14.9198,00042.1%No-Targets set, 1.5°C
Sparkassen VersicherungGermanyInsurance59.96.3%0.62,64215.9%Yes--
EspritGermanyApparel & luxury goods59.912.9%4.44,08876.5%Yes--
AdifSpainTransport, logistics & packaging59.832.8%50.028,63339.5%No--
Artsana GroupItalyPersonal & household goods59.85.9%22.514,07638.7%Yes--
AllianzGermanyInsurance59.719.1%0.783,38861.6%Yes-Committed
Hill & Smith HoldingsUKConstruction & building materials59.79.1%77.064,59718.8%YesBCommitted
Eimskipafelag Islands hfIcelandTransport, logistics & packaging59.65.5%337.4297,786-29.5%Yes--
Naval GroupFranceAerospace & defence59.612.0%5.924,11630.8%Yes--
TakktGermanyRetail & ecommerce59.65.2%8.39,77619.8%YesNot scored (F)-
Whistl UKUKTransport, logistics & packaging59.511.5%14.714,40324.6%Yes--
Brunello CucinelliItalyApparel & luxury goods59.48.1%5.94,208-2.1%YesBCommitted
istaGermanyEnergy & utilities59.411.3%7.87,60537.3%Yes--
BeazleyIrelandInsurance59.411.2%0.39142.6%YesB-
Gruppo AimagItalyEnergy & utilities59.220.5%81.034,30839.9%Yes--
BayWaGermanyEnergy & utilities59.17.1%6.9137,53910.8%YesBCommitted
Motorpoint GroupUKRetail & ecommerce59.110.3%1.32,0506.8%YesNot scored (F)-
Feralpi GroupItalyConstruction & building materials59.09.9%515.0992,993-22.9%Yes--
Carl ZeissGermanyHealthcare & medical technology58.93.0%35.1264,324-32.2%NoA--
Modern Times Group (MTG) [a]SwedenTravel, leisure & entertainment58.79.0%2.41,25480.8%YesNot scored (F)-
Royal & Sun Alliance InsuranceUKInsurance58.68.8%1.14,38668.3%Yes--
Zumtobel GroupAustriaTechnology & electronics58.47.9%11.613,37341.5%Yes--
Grupo CorreosSpainTransport, logistics & packaging58.27.4%18.738,86619.7%YesB-
Greene KingUKFood, beverage & tobacco58.17.1%66.3105,74558.2%No-Targets set, 1.5°C
Fingerprint CardsSwedenTechnology & electronics58.17.0%2.94,16035.6%Yes--
ConstelliumFranceEngineering, manufacturing58.17.0%178.31,097,0009.7%YesB-
Gruppo CapItalyEnergy & utilities58.023.3%54.720,90970.7%No-Committed
HKScanFinlandFood, beverage & tobacco58.013.2%30.355,00052.2%Yes-Committed
Precious WoodsSwitzerlandChemicals & materials57.96.5%0.315,1456.0%Yes--
Société des Bains de MerMonacoTravel, leisure & entertainment57.96.2%6.83,61816.1%Yes--
Crédit CoopératifFranceFinancial services57.816.0%1.557463.5%Yes--
Merlin Entertainments GroupUKTravel, leisure & entertainment57.75.6%57.085,55235.0%Yes--
Sol GroupItalyChemicals & materials57.625.2%293.0334,903-26.0%No--
SulzerSwitzerlandMachines & industrial equipment57.55.1%20.763,08715.5%Yes-Committed
WhitbreadUKTravel, leisure & entertainment57.55.0%34.469,72957.5%NoBCommitted
SickGermanyTechnology & electronics57.54.9%6.613,032-12.1%Yes--
National ExpressUKTransport, logistics & packaging57.54.9%283.1730,88819.8%YesB-
DeutzGermanyAutomobiles & components57.424.7%12.420,05769.0%NoNot scored (F)-
PSP Swiss PropertySwitzerlandProperty57.34.4%26.99,84718.8%YesB-
Bauer GruppeGermanyMachines & industrial equipment57.34.3%10.114,42717.8%NoA-
StraumannSwitzerlandHealthcare & medical technology57.34.3%5.510,804-77.1%NoBCommitted
LindabSwedenEngineering, manufacturing57.113.7%17.516,38041.3%No-Committed
Dassault AviationFranceAerospace & defence57.123.7%6.547,00448.8%NoNot scored (F)-
SartoriusGermanyPharmaceuticals57.013.3%12.342,506-30.2%NoB-
WincantonUKTransport, logistics & packaging56.86.1%197.6334,2007.0%NoB-
FraportGermanyTransport, logistics & packaging56.612.1%53.2114,10045.5%YesNot scored (F)-
trans-o-flexGermanyTransport, logistics & packaging56.612.1%20.8ociéte40.8%Yes--
BrimIcelandFood, beverage & tobacco56.612.0%185.071,766-1.7%Yes--
Erste Group BankAustriaFinancial services56.411.5%6.044,41442.3%NoB-
Morgan Advanced MaterialsUKEngineering, manufacturing56.47.9%203.3229,88736.4%NoBCommitted
RenfeSpainTransport, logistics & packaging56.421.2%89.1136,40080.1%No--
Arion BankiIcelandFinancial services56.311.1%0.411341.0%Yes--
Ashtead GroupUKMachines & industrial equipment56.311.0%47.1329,820-39.2%NoB-
SASSwedenAerospace & defence56.24.0%876.81,189,00071.2%NoB--
KärcherGermanyPersonal & household goods56.210.7%9.428,92724.3%No-Committed
Ocado GroupUKRetail & ecommerce56.210.6%39.5117,461-12.3%NoB-
ElementisUKChemicals & materials56.27.2%359.7278,3621.7%NoBCommitted
HeijmansNetherlandsConstruction & building materials56.210.5%16.027,99546.7%NoB-
Ergo GroupGermanyInsurance56.110.4%2.850,99939.4%Yes--
Banco DesioItalyFinancial services55.99.6%11.81,44076.9%Yes--
Cairo CommunicationItalyMedia & advertising55.99.5%21.323,647-15.6%Yes--
Beckers GroupGermanyChemicals & materials55.89.3%29.518,46426.9%Yes--
KRKASloveniaPharmaceuticals55.819.2%22.435,04654.1%No--
Panaria GroupItalyConstruction & building materials55.719.1%309.2124,30162.9%No--
FerrariItalyAutomobiles & components55.75.7%22.495,514-2.6%NoBCommitted
Amag Austria MetallAustriaChemicals & materials55.68.5%85.28107,40010.9%Yes--
Fourlis Group of CompaniesGreecePersonal & household goods55.58.5%1.727573.1%Yes--
Raiffeisen SchweizSwitzerlandFinancial services55.37.8%0.026,66513.4%Yes--
IndusGermanyFinancial services55.37.8%0.0712519.5%YesNot scored (F)-

In previous editions, the companies listed have simply been those that achieved the greatest reduction in their Scope 1 and 2 greenhouse gas (GHG) emissions intensity over a five-year period. Scope 1 and 2 emissions — “core emissions” in the table — come respectively from a company’s own operations and from the energy it uses, while intensity is defined as tonnes of emissions of CO₂-equivalent per €1mn of revenue.

Scope 3 emissions, which arise elsewhere in companies’ value chains, are harder to factor in. There is no standard metric and reliable data from suppliers and customers may be elusive, so companies do not always disclose them. Yet they typically far outweigh Scope 1 and 2 emissions and mandatory reporting — detailed in new guidance from global standard-setter the International Sustainability Standards Board — looks inevitable in many jurisdictions.

So this year — for the first time — we have not only calculated companies’ performance in cutting their Scope 1 and 2 emissions intensity, for the period 2016-21, but have also assigned a score to reflect their transparency on Scope 3, plus other indicators of commitment to reducing emissions.

These include collaboration with environmental performance monitor CDP, and with the Science Based Targets initiative (SBTi), which assesses emissions reduction plans.

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These two factors — reduction of emissions intensity, and the commitment criteria, weighted at 80 per cent and 20 per cent respectively — are combined to produce an overall score for each company.

The editors reserved the right to exclude companies if their broader environmental record — on non-GHG pollution, for example, or deforestation — was sufficiently disputed to undermine any claim to be a “climate leader”. Energy companies prospecting for new fossil fuel reserves and businesses rapped by regulators for greenwashing fell into this category.

The business with the highest score was Swedish telecommunications provider Tele2, with 86.9 points, followed by fellow Swedish telco Telia, German telco Deutsche Telekom and Spanish technology company Indra Sistemas. As in previous years, financial services accounted for the greatest number of companies, with 12.2 per cent. Next came transport, logistics, and packaging (7.6 per cent) and energy and utilities (7.2 per cent).

The UK was home to 25 per cent of companies on the list, followed by Germany with 14.6 per cent and France with 11.4 per cent — much the same pattern as last year.

Although the revised methodology — further details of which can be found in the panel below and on Statista’s website — means it is now harder to become a climate leader, the ranking still has shortcomings. In particular, because the intensity calculation is based on emissions relative to revenue, some rapidly growing companies on the list actually increased their absolute emissions over the five-year period but achieved a relative cut.

What is more, some of the key data this research relies on — companies’ own carbon accounting, plus information submitted to CDP — may also be flawed, whether because of inconsistent emissions figures or insufficient detail on carbon offsets. To help compensate for this, the figures reported for 2016 and 2021 by the biggest emissions cutters, in terms both of intensity and absolute emissions, have been scrutinised by GreenWatch, a sustainability research team based at University College Dublin. Its findings have been added to the table as footnotes.

Though it is better to be a climate leader than a climate laggard, such caveats matter because, as the IPCC points out, the Earth’s “carbon budget” is running perilously low: if annual GHG emissions in 2020-2030 average out at 2019 levels, it says, there is a 50 per cent likelihood that global warming will hit the 1.5C ideal limit set down as part of the Paris climate accord.

Last year’s extreme weather came as warming reached at least 1.1C above pre-industrial levels — and “every increment”, the IPCC warns, “will intensify multiple and concurrent hazards”. Businesses that are already serious about tackling their emissions have more power than most to prevent those increments mounting up.

A print and online report on Europe’s Climate Leaders will be published on May 30, containing articles analysing the issues that this research raises.

The Europe’s Climate Leaders table has been amended since first publication, with the result that Tele2 now has the highest overall score. The single set of Scope 2 figures for 2016 that Tele2 reported was originally incorrectly assumed to be location-based (derived from the average emissions intensity of the grid in the country where the energy is consumed) rather than market-based (reflecting emissions from the actual suppliers that a company has chosen). Since figures for both ways of reporting Scope 2 emissions were reported in 2021, the 2016-21 comparison has changed, to Tele2’s advantage. The introductory text has also been updated to reflect this.

Footnotes

[1] Compound annual reduction rate (CARR) based on the sum of Scope 1 and 2 emissions and adjusted by revenue growth between 2016-2021.

[2] Calculated for 2021.

[3] Absolute change in GHG emissions between 2016 and 2021. Positive values reflect a reduction in emissions, negative values an increase. All the companies on the list have, however, cut their emissions intensity.

[4] Within annual report or sustainability report; some companies do, however, supply Scope 3 figures to CDP (see note 5). Scope 3 refers to indirect emissions, which can be reported for some or all of 15 categories and thus vary enormously. This is why absolute figures are left out here.

[5] CDP is a non-profit organisation that assesses how well companies and other bodies report on and reduce their environmental impact.

[6] SBTi is a partnership between CDP, the UN Global Compact, the World Resources Institute and WWF and helps companies set targets for reducing greenhouse gas emissions.


GreenWatch assessment

[a] This company’s core emissions intensity performance might have been different if the Scope 1 and 2 emissions detailed in its annual report were fully consistent with the figures it submitted to CDP, and if it had provided more comprehensive disclosures on the use of renewable energy products to offset Scope 2 emissions.

[b] This company’s core emissions intensity performance might have been different if the Scope 1 and 2 emissions detailed in its annual report were fully consistent with the figures it submitted to CDP.

[c] This company’s core emissions intensity performance might have been different if the Scope 2 emissions detailed in its annual report were fully consistent with the figures it submitted to CDP, and if it had provided more comprehensive disclosures on the use of renewable energy products to offset Scope 2 emissions.

[d] This company’s core emissions intensity performance might have been different if the Scope 2 emissions detailed in its annual report were fully consistent with the figures it submitted to CDP.

[e] This company’s core emissions intensity performance might have been different if additional information about the use of renewable energy products to offset Scope 2 emissions had been disclosed.

[f] Having reviewed this entry, GreenWatch does not have a material comment on this company’s core emissions intensity performance.

Methodology

Europe’s Climate Leaders 2023 is a list of 500 European companies that have achieved the greatest reduction in their greenhouse gas (GHG) emissions intensity and made further climate-related commitments. These two factors are combined to produce an overall score for each company.

For the first of these, the compilers looked for the businesses whose GHG emissions intensity fell the most between 2016 and 2021. Emissions intensity is defined as tonnes of Scope 1 and Scope 2 emissions of CO₂-equivalent per €1mn in revenue. The 2016 and 2021 figures were used to calculate the compound annual rate of reduction, expressed as a percentage, which contributed 80 per cent of the overall score.

For the second, the compilers assigned a score based on: transparency and extent of Scope 3 emissions reporting; use of offsets; and collaboration with CDP and SBTi. This accounted for 20 per cent of the overall score

All European companies — defined as having headquarters in one of 33 European countries — with a minimum revenue of €40mn or £36mn in 2021 were eligible for consideration. For non-euro countries, the currency value equivalent as of 31/12/2021 was the threshold.

A call for entries in November 2022 invited prospective participants to complete a short questionnaire about their GHG emissions between 2016 and 2021, and their revenue over the same period (or, for banks and insurance companies, total income). Statista also conducted independent research, scrutinising data from about 1,500 companies and inviting possible candidates to register.

For businesses with a rating from CDP, only those with a score of at least B- were considered. Companies that do not work with CDP were still eligible, but for any company annually emitting more than 2mn tonnes of CO₂-equivalent, a CDP rating of at least A- was mandatory.

The editors also reserved the right to exclude companies if their broader environmental records, beyond reported Scope 1 and 2 emissions, were sufficiently disputed to undermine any claim to be a “climate leader”.

All companies for which relevant data was found — both those that registered and those independently identified — were contacted so that they could review the data. Of those, the 500 with the greatest reduction in emissions intensity have made it into the final list of European Climate Leaders 2023.

Fuller information about the methodology is available from Statista. Although extensive research was carried out, the list does not claim to be complete, as some companies did not publish their figures or did not participate.

Copyright The Financial Times Limited 2023. All rights reserved.
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