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November 2024 issue. For previous issues, click here
1.5°C slipping away?
Listed companies would deplete their share of the global carbon-emissions budget for limiting temperature rise to 1.5°C by November 2026, based on their Scope 1 emissions as of Aug. 31, 2024.
- To limit warming to 1.5°C, companies would need to collectively cap future Scope 1 emissions at 24.8 Gt of CO2e emissions by 2050. On their current trajectory, companies would deplete their remaining emissions budget in 2 years and 3 months from Aug. 31, 2024.
- To limit warming to 2°C, listed companies would need to collectively cap future Scope 1 emissions at 196.3 Gt of CO2e by 2050. On their current trajectory, companies would deplete their remaining emissions budget in 17 years and 10 months from Aug. 31, 2024.
27 months
remaining at current rate to achieve +1.5°C
214 months
remaining at current rate to achieve +2.0°C
Total carbon budget remaining
Source: MSCI ESG Research, data as of Aug. 31, 2024
{
"chart1":{
"Telecommunication Services":[27,16,22,42,23,31,37,41,46,31,10,10,4,8,3,1,1,6,5,2,1,1,1,0,0,0,0,0,2,0,0,0,0,0,0,0,0,0,0,0,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0],
"Consumer Discretionary":[8,5,17,17,24,29,32,49,42,30,40,66,71,51,43,31,53,77,50,31,15,17,18,15,18,21,27,19,11,4,10,4,2,4,2,1,2,3,2,0,5,4,2,0,1,1,3,1,1,2,0,1,0,1,1,2,0,0,0,1,0,0,1,2,1,1,0,0,1,0,0,0,0,0,1,0,0,0,0,0,0,2,0,0,1,0,0,45],
"Consumer Staples":[10,8,19,25,24,24,29,48,33,30,17,26,28,21,14,16,13,8,13,9,14,8,7,10,8,5,8,5,3,5,8,4,1,5,3,1,4,2,0,2,5,1,2,1,0,1,1,1,0,3,4,2,1,1,1,0,1,0,0,0,0,0,0,1,0,0,0,0,0,0,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,10],
"Energy":[5,7,6,9,12,8,13,6,6,1,6,2,5,3,3,4,3,5,1,2,7,5,3,2,3,4,3,1,8,3,3,3,4,1,6,2,2,2,2,2,3,9,5,0,3,4,6,4,2,2,0,1,1,0,2,1,3,1,0,2,1,2,2,1,2,0,0,1,1,0,1,0,1,0,0,0,3,2,1,2,0,0,0,1,1,0,0,76],
"Financials":[54,65,149,97,157,144,36,45,43,36,27,35,42,35,26,26,16,19,14,7,11,4,4,2,3,4,2,2,5,3,0,2,3,0,1,2,1,3,2,0,0,0,0,0,0,0,0,0,2,0,0,0,0,0,0,0,0,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1,0,0,0,0,0,0,0,4],
"Health Care":[18,18,62,83,106,41,42,49,42,37,32,32,37,12,11,19,3,6,4,4,1,2,2,1,3,6,2,5,4,1,2,5,1,2,3,2,0,0,10,4,2,2,1,5,1,1,2,0,3,2,2,2,0,0,2,1,0,0,1,1,0,1,0,1,0,1,1,0,0,0,0,0,0,0,1,0,0,0,0,0,0,0,0,1,0,0,0,18],
"Industrials":[73,63,36,49,91,88,79,73,78,59,76,52,51,57,50,71,48,42,22,26,24,20,10,13,5,16,6,8,8,7,11,6,9,7,5,4,6,8,4,3,3,6,3,8,4,3,4,5,2,9,8,1,1,0,1,0,3,1,4,4,1,4,3,2,3,2,1,1,1,0,0,0,0,0,0,0,0,1,0,2,4,0,2,0,0,0,1,59],
"Information Technology":[23,25,22,133,113,50,32,29,26,20,46,33,33,34,43,64,40,25,26,19,23,20,22,21,10,8,3,5,4,5,3,3,1,2,2,2,2,0,2,1,0,0,0,1,1,0,1,0,1,1,0,0,1,0,1,1,2,0,0,0,0,1,1,0,0,1,2,0,0,1,0,0,1,0,0,0,0,0,2,0,0,0,1,0,0,0,0,6],
"Materials":[38,35,21,13,15,8,21,16,16,21,13,13,22,15,16,24,30,17,15,16,24,11,11,12,12,6,8,10,8,12,7,11,7,7,10,6,8,5,9,9,9,7,5,4,5,6,5,4,10,3,3,6,7,1,3,5,3,3,3,2,3,3,1,0,2,6,1,2,2,1,4,1,3,4,1,3,1,3,1,4,2,3,1,2,1,1,2,84],
"Real Estate":[4,0,4,8,17,13,22,26,36,38,23,30,34,23,28,30,22,24,21,26,26,20,14,17,7,12,10,5,4,10,1,6,0,2,2,1,0,2,1,0,3,0,0,2,0,0,1,1,0,0,0,0,1,0,0,1,0,1,0,0,0,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0],
"Utilities":[33,20,10,12,10,16,16,16,12,7,7,9,3,2,3,4,6,2,0,4,6,3,4,2,2,2,1,2,1,1,1,1,0,2,0,0,3,2,0,1,1,2,0,0,0,2,1,1,1,0,0,1,1,0,0,1,0,3,2,0,0,0,0,0,0,0,0,1,1,0,0,0,1,0,0,0,0,0,2,0,0,0,0,0,0,1,0,39]
},
"companies": {
"Telecommunication Services":[["Alphabet Inc","Meta Platforms Inc","Tencent Holdings Ltd","Comcast Corporation","Verizon Communications Inc."],["Netflix Inc","Walt Disney Co","AT&T Inc.","Activision Blizzard Inc","Charter Communications Inc"],["Nintendo Co., Ltd","Universal Music Group NV","JYP Entertainment Corp","Axiata Group Bhd","Mobile Telecommunications Co Su Arb SJSC"],["Intouch Holdings PCL","","","",""]],
"Consumer Discretionary":[["LVMH Moet Hennessy Louis Vuitton SE","McDonald's Corp","Alibaba Group Holding Ltd - ADR","Nike Inc","Sony Group Corp"],["Amazon.com, Inc.","Tesla Inc","Home Depot Inc","Lowe's Companies Inc","Starbucks Corp"],["TJX Companies Inc","Compagnie Financiere Richemont SA","Meituan","Hermes International SCA","Mercedes Benz Group AG"],["Toyota Motor Corp","O'Reilly Automotive Inc","Autozone Inc","Hilton Worldwide Holdings Inc","Aptiv PLC"]],
"Consumer Staples":[["Procter & Gamble Co","Philip Morris International Inc.","Unilever plc","L'Oreal SA","Diageo plc"],["Nestle SA","PepsiCo, Inc.","Walmart Inc","Estee Lauder Companies Inc","Danone SA"],["Coca-Cola Co","Costco Wholesale Corporation","Mondelez International Inc","General Mills Inc","Monster Beverage Corp"],["Alimentation Couche-Tard Inc","Kraft Heinz Co","Lamb Weston Holdings Inc","Bunge Ltd","China Mengniu Dairy Company Limited"]],
"Energy":[["SK Innovation Co Ltd","Gaztransport et Technigaz SA","TGS ASA","Liberty Energy Inc","Nextier Oilfield Solutions Inc"],["Shell PLC","TotalEnergies SE","Schlumberger NV","Eni SpA","Baker Hughes Co"],["Reliance Industries Ltd","Targa Resources Corp","PTT Public Company Limited","OMV AG","Southwestern Energy Co"],["Exxon Mobil Corp","Chevron Corporation","ConocoPhillips","BP plc","Enbridge Inc"]],
"Financials":[["Bank of America Corp","Wells Fargo & Co","HSBC Holdings plc","Royal Bank of Canada","S&P Global Inc"],["JPMorgan Chase & Co","AIA Group Ltd","Morgan Stanley","UBS Group AG","ICICI Bank Ltd"],["Mitsubishi UFJ Financial Group Inc","BNP Paribas SA","China Construction Bank Corporation","Bank of Nova Scotia","Bank of Montreal"],["Brookfield Corp","Lloyds Banking Group PLC","Industrial and Commrcl Bank of China Ltd","Skandinaviska Enskilda Banken AB","Mega Financial Holding Co Ltd"]],
"Health Care":[["UnitedHealth Group Inc","Merck & Co Inc","Novo Nordisk A/S","AstraZeneca plc","Pfizer Inc."],["Johnson & Johnson","Eli Lilly And Co","AbbVie Inc","Roche Holding AG","Thermo Fisher Scientific Inc"],["Abbott Laboratories","Medtronic PLC","Stryker Corp","Becton Dickinson and Co","HOYA CORPORATION"],["Intuitive Surgical, Inc.","DexCom, Inc.","Resmed Inc","Insulet Corporation","Fisher & Paykel Healthcare Corporatn Ltd"]],
"Industrials":[["Siemens AG","Schneider Electric SE","Uber Technologies Inc","Emerson Electric Co","Deutsche Post AG"],["Rtx Corp","United Parcel Service, Inc.","Airbus SE","Waste Management, Inc.","CSX Corporation"],["Union Pacific Corp","Deere & Company","Canadian Pacific Kansas City Ltd","Canadian National Railway Company","ABB Ltd (ADR)"],["Honeywell International Inc","Boeing Co","General Electric Co","Caterpillar Inc.","Lockheed Martin Corp"]],
"Information Technology":[["Apple Inc","Microsoft Corp","Taiwan Semiconductor Manufacturng Co Ltd","Visa Inc","Mastercard Inc"],["Broadcom Inc","Advanced Micro Devices, Inc.","KEYENCE CORPORATION","Analog Devices, Inc.","Synopsys Inc"],["NVIDIA Corp","ASML Holding NV","Samsung Electronics Co Ltd","Texas Instruments Inc","Intel Corporation"],["Applied Materials, Inc.","BE Semiconductor Industries NV","Universal Display Corporation","Xinyi Solar Holdings Ltd","Fabrinet"]],
"Materials":[["Ecolab Inc","Newmont Corporation","Dsm BV","Reliance Steel & Aluminum Co","FMC Corp"],["Glencore PLC","Dow Inc","Holcim AG","Nucor Corporation","Vulcan Materials Company"],["L'Air Liqud Soct Ae pr l'Edeetl'EndsPsGe","Sherwin-Williams Co","Freeport-McMoRan Inc","Sika AG","Corteva Inc"],["BHP Group Ltd","Rio Tinto plc","Air Products & Chemicals, Inc.","Shin-Etsu Chemical Co Ltd","Vale SA"]],
"Real Estate":[["Prologis Inc","American Tower Corp","Crown Castle Inc","SBA Communications Corp","Mitsui Fudosan Co Ltd"],["Equinix Inc","Public Storage","Realty Income Corp","Simon Property Group Inc","VICI Properties Inc"],["CBRE Group Inc","Ke Holdings Inc","Wharf Real Estate Investment Company Ltd","Americold Realty Trust Inc","Capitaland Investment Ltd"],["Zillow Group Inc","Rayonier Inc","Potlatchdeltic Corp","Corporate Office Properties Trust","Re/Max Holdings Inc"]],
"Utilities":[["Iberdrola SA","Enel SpA","Edison International","SSE PLC","Entergy Corp"],["Duke Energy Corp","National Grid plc","American Electric Power Company Inc","Dominion Energy Inc","American Water Works Company Inc"],["NextEra Energy Inc","Southern Co","Consolidated Edison, Inc.","WEC Energy Group Inc","Constellation Energy Corp"],["Sempra","Exelon Corp","Xcel Energy Inc","Public Service Enterprise Group Inc.","PG&E Corporation"]]
},
"chart2": {
"Telecommunication Services":[-23.01,-7.86,29.51,1.37],
"Health Care":[-5.72,-15.66,15.4,5.97],
"Financials":[-32.03,12.64,18.5,0.89],
"Real Estate":[-12.1,-50.09,37.44,24.75],
"Information Technology":[-31.25,13.16,7.1,10.99],
"Consumer Staples":[-2.61,-4.07,3.8,2.89],
"Utilities":[11.22,1.55,-10.24,-2.54],
"Consumer Discretionary":[-6.61,-18.87,17.34,8.15],
"Industrials":[-1.66,-3.81,3.39,2.08],
"Materials":[7.33,-0.53,-11.44,4.64],
"Energy":[1.15,4.25,-0.02,-5.38],
"All sectors":[-10.58,-5.51,10.39,5.71]
}
}
Eleven percent of listed companies align with a 1.5°C pathway
1.5 aligned
2.0 aligned
Misaligned
Strongly misaligned
Source: MSCI Research, data as of May 31, 2024
Estimate is based on MSCI's Implied Temperature Rise metric, which estimates the rise in average global temperatures if the whole economy had the same carbon-budget overshoot or undershoot as the company or portfolio in question.More companies are setting science-based climate targets
Nearly one-quarter (24%) of listed companies have published an SBTi-approved or committed target as of Sept. 30, 2024 — that is, one that would reduce all of their financially relevant GHG emissions to net-zero in line with the corporate net-zero standard developed by the Science Based Targets initiative (SBTi), an arbiter of corporate climate targets. That’s an increase of two percentage points from a year earlier.
Source: MSCI ESG Research, data as of Sept. 30, 2024