Transparency

CDP Scores Evolution up to 2025

🌱🏆Climate Champions Circle🏆🌱

CDP Climate score A for the past 3 years
Best Buy
Cisco Systems
Ecolab
Ingersoll Rand
Johnson Controls
Moody's Corporation
Trane Technologies
Zimmer Biomet
BT Group
Coca-Cola Europacific Partners
Coca-Cola HBC
J SAINSBURY PLC
Vodafone Group
Weir Group
Beiersdorf
Capgemini
Danone
Deutsche Telekom
Hermès International
Kering
L'Oréal
LVMH
Safran
Siemens
Siemens Energy
Thales


2025 CDP Scores by Sector


6 Upgrades / 5 Downgrades / 18 same score

Best Upgrades


Company 2024 2025
News Corp F C
Trade Desk No Score D
Publicis Groupe C B
Auto Trader Group C B
Live Nation Entertainment C B

The following companies reported to CDP for the first time in 2025:
AT&T Inc. Meta Platforms, Inc Verizon Communications News Corp Trade Desk

Worst Downgrades


Company 2024 2025
Electronic Arts B- C

DETAILED SCORES EVOLUTION HERE


9 Upgrades / 13 Downgrades / 53 same score

Best Upgrades


Company 2024 2025
Berkeley Group Holdings B A
Accor C B
Barratt Redrow B A

The following companies reported to CDP for the first time in 2025:
Amazon.com Inc. Starbucks Corp. eBay Inc. Hilton Worldwide

Worst Downgrades


Company 2024 2025
Aptiv A B
O'Reilly Auto Parts B- C
Lowe's Companies, Inc. A- B

The following companies stopped publicly reporting to CDP in 2025:
BMW Carnival Expedia Group Las Vegas Sands

DETAILED SCORES EVOLUTION HERE


12 Upgrades / 17 Downgrades / 25 same score

Best Upgrades


Company 2024 2025
Mondelez International C A
Target Corp. D B
Henkel C A
Imperial Brands C A

The following companies reported to CDP for the first time in 2025:
Colgate-Palmolive Campbell Soup Company Conagra Brands

Worst Downgrades


Company 2024 2025
J.M. Smucker Company (The) B C
Archer-Daniels-Midland B C
Costco B C

The following companies stopped publicly reporting to CDP in 2025:
PepsiCo Inc. The Hershey Company Sysco

DETAILED SCORES EVOLUTION HERE


2 Upgrades / 1 Downgrades / 22 same score

Best Upgrades


Company 2024 2025
Diamondback Energy C B
Schlumberger Ltd. B A-

The following companies reported to CDP for the first time in 2025:
Kinder Morgan Inc. Devon Energy Corp. TotalEnergies EOG Resources

The following companies stopped publicly reporting to CDP in 2025:
Marathon Petroleum

DETAILED SCORES EVOLUTION HERE


15 Upgrades / 17 Downgrades / 77 same score

Best Upgrades


Company 2024 2025
Standard Chartered F A
Aon D B
Arthur J. Gallagher & Co. F D

The following companies reported to CDP for the first time in 2025:
Bank of America BlackRock Inc. Capital One Financial Citigroup Inc. Goldman Sachs Group JPMorgan Chase & Co. MasterCard Inc. MetLife Inc. Morgan Stanley The Bank of New York Mellon Wells Fargo Allianz Standard Chartered Arthur J. Gallagher & Co. Cboe Global Markets Citizens Financial Group Fifth Third Bank Huntington Bancshares Intercontinental Exchange KeyCorp M&T Bank Northern Trust Truist

Worst Downgrades


Company 2024 2025
St. James's Place plc B C
Deutsche Börse B C
Fiserv B- C
BNP Paribas A- B

The following companies stopped publicly reporting to CDP in 2025:
Visa Inc. Charles Schwab Corp 3i Phoenix Group Chubb Limited

DETAILED SCORES EVOLUTION HERE


22 Upgrades / 9 Downgrades / 43 same score

Best Upgrades


Company 2024 2025
Cigna F A-
Solventum F B
Bio-Techne F C
Fresenius Medical Care F C

The following companies reported to CDP for the first time in 2025:
Bio-Techne Cigna Incyte Solventum Fresenius Medical Care

Worst Downgrades


Company 2024 2025
Eurofins Scientific C D
Agilent Technologies C D
Thermo Fisher Scientific A- B
Johnson & Johnson A- B
Amgen Inc. A- B

DETAILED SCORES EVOLUTION HERE


23 Upgrades / 23 Downgrades / 69 same score

Best Upgrades


Company 2024 2025
General Electric F B
Veralto F C
Howmet Aerospace D B

The following companies reported to CDP for the first time in 2025:
Boeing General Electric International Airlines Group A. O. Smith Veralto

Worst Downgrades


Company 2024 2025
BAE Systems B D
Uber B C
Jacobs Solutions B C
Diploma B C

The following companies stopped publicly reporting to CDP in 2025:
Airbus MTU Aero Engines Rentokil Initial EasyJet

DETAILED SCORES EVOLUTION HERE


12 Upgrades / 10 Downgrades / 53 same score

Best Upgrades


Company 2024 2025
Western Digital D A-
Cognizant D B
Oracle C B
Texas Instruments C B
NXP Semiconductors C B

The following companies reported to CDP for the first time in 2025:
Apple Inc. Microsoft Corp. Analog Devices Tyler Technologies

Worst Downgrades


Company 2024 2025
Palantir Technologies C D
Trimble Inc. B C
TE Connectivity B C
STMicroelectronics A B

The following companies stopped publicly reporting to CDP in 2025:
Broadcom

DETAILED SCORES EVOLUTION HERE


6 Upgrades / 11 Downgrades / 22 same score

Best Upgrades


Company 2024 2025
Ball Corporation C A-
Freeport-McMoRan Inc C B
BASF B A
Heidelberg Materials B A
International Paper C B

Worst Downgrades


Company 2024 2025
Sherwin-Williams B C
PPG Industries C D
Mondi A A-
Steel Dynamics B- C
Symrise A A-

The following companies stopped publicly reporting to CDP in 2025:
Anglo American plc Rio Tinto International Flavors & Fragrances Mosaic Company (The) Newmont

DETAILED SCORES EVOLUTION HERE


4 Upgrades / 10 Downgrades / 23 same score

Best Upgrades


Company 2024 2025
LondonMetric Property C A-
Regency Centers C B
British Land Company B A

The following companies reported to CDP for the first time in 2025:
Weyerhaeuser

Worst Downgrades


Company 2024 2025
Public Storage B C

The following companies stopped publicly reporting to CDP in 2025:
Unibail-Rodamco-Westfield AvalonBay Communities Camden Property Trust Equinix Equity Residential Extra Space Storage Essex Property Trust Ventas

DETAILED SCORES EVOLUTION HERE


5 Upgrades / 4 Downgrades / 32 same score

Best Upgrades


Company 2024 2025
Metlen Energy & Metals No Score B
Eversource C B
Vistra C B

The following companies reported to CDP for the first time in 2025:
Duke Energy Exelon Nextera Energy Inc. American Electric Power Co. Inc. Consolidated Edison Dominion Energy Evergy NRG Energy NiSource Pinnacle West Sempra Energy WEC Energy Group Metlen Energy & Metals

Worst Downgrades


Company 2024 2025
United Utilities A A-
National Grid plc A A-
RWE A- B

DETAILED SCORES EVOLUTION HERE

2025 CDP Scores by Stock


9 Upgrades / 6 Downgrades / 25 same score

Best Upgrades


Company 2024 2025
Axa C B
Carrefour B A
Publicis Groupe C B
Accor C B

The following companies reported to CDP for the first time in 2025:
TotalEnergies

Worst Downgrades


Company 2024 2025
Eurofins Scientific C D
STMicroelectronics A B
Bureau Veritas A A-
BNP Paribas A- B

The following companies stopped publicly reporting to CDP in 2025:
Unibail-Rodamco-Westfield Airbus

DETAILED SCORES EVOLUTION HERE




21 Upgrades / 15 Downgrades / 64 same score

Best Upgrades


Company 2024 2025
Standard Chartered F A
Metlen Energy & Metals No Score B
Imperial Brands C A

The following companies reported to CDP for the first time in 2025:
International Airlines Group Standard Chartered Metlen Energy & Metals

Worst Downgrades


Company 2024 2025
BAE Systems B D
St. James's Place plc B C
Diploma B C

The following companies stopped publicly reporting to CDP in 2025:
3i Anglo American plc Phoenix Group Rentokil Initial Rio Tinto EasyJet

DETAILED SCORES EVOLUTION HERE




9 Upgrades / 7 Downgrades / 22 same score

Best Upgrades


Company 2024 2025
Fresenius Medical Care F C
Henkel C A
BASF B A
Deutsche Bank B A
Heidelberg Materials B A

The following companies reported to CDP for the first time in 2025:
Allianz Fresenius Medical Care

Worst Downgrades


Company 2024 2025
Deutsche Börse B C
Symrise A A-
RWE A- B
Rheinmetall B- C

The following companies stopped publicly reporting to CDP in 2025:
BMW Airbus MTU Aero Engines

DETAILED SCORES EVOLUTION HERE




1 Upgrades / 13 Downgrades / 16 same score

Best Upgrades


Company 2024 2025
Home Depot B A-

The following companies reported to CDP for the first time in 2025:
Amazon.com Inc. Apple Inc. Boeing Goldman Sachs Group JPMorgan Chase & Co. Microsoft Corp. Verizon Communications

Worst Downgrades


Company 2024 2025
Sherwin-Williams B C
Procter & Gamble A A-
Johnson & Johnson A- B
Amgen Inc. A- B

The following companies stopped publicly reporting to CDP in 2025:
Visa Inc.

DETAILED SCORES EVOLUTION HERE




15 Upgrades / 28 Downgrades / 57 same score

Best Upgrades


Company 2024 2025
General Electric F B
Mondelez International C A
Target Corp. D B

The following companies reported to CDP for the first time in 2025:
Amazon.com Inc. BlackRock Inc. Apple Inc. AT&T Inc. Bank of America Boeing Capital One Financial Citigroup Inc. Colgate-Palmolive Duke Energy General Electric Goldman Sachs Group JPMorgan Chase & Co. MasterCard Inc. Meta Platforms, Inc MetLife Inc. Microsoft Corp. Morgan Stanley Nextera Energy Inc. Starbucks Corp. Verizon Communications Wells Fargo The Bank of New York Mellon

Worst Downgrades


Company 2024 2025
Palantir Technologies C D
Uber B C
Costco B C

The following companies stopped publicly reporting to CDP in 2025:
PepsiCo Inc. Visa Inc. Broadcom Charles Schwab Corp

DETAILED SCORES EVOLUTION HERE




77 Upgrades / 93 Downgrades / 327 same score

Best Upgrades


Company 2024 2025
Cigna F A-
General Electric F B
Solventum F B

The following companies reported to CDP for the first time in 2025:
Amazon.com Inc. BlackRock Inc. Apple Inc. AT&T Inc. Bank of America Boeing Capital One Financial Devon Energy Corp. Citigroup Inc. Colgate-Palmolive Duke Energy General Electric Goldman Sachs Group JPMorgan Chase & Co. MasterCard Inc. Meta Platforms, Inc MetLife Inc. Microsoft Corp. Morgan Stanley Nextera Energy Inc. Starbucks Corp. Verizon Communications Wells Fargo Exelon American Electric Power Co. Inc. Kinder Morgan Inc. eBay Inc. The Bank of New York Mellon A. O. Smith Analog Devices Arthur J. Gallagher & Co. Bio-Techne Campbell Soup Company Cboe Global Markets Cigna Citizens Financial Group Conagra Brands Consolidated Edison Dominion Energy EOG Resources Evergy Fifth Third Bank Hilton Worldwide Huntington Bancshares Incyte Intercontinental Exchange KeyCorp M&T Bank NRG Energy NiSource Northern Trust News Corp Pinnacle West Sempra Energy Truist Tyler Technologies Veralto WEC Energy Group Weyerhaeuser Solventum Trade Desk

Worst Downgrades


Company 2024 2025
Palantir Technologies C D
Uber B C
Trimble Inc. B C
TE Connectivity B C
Sherwin-Williams B C
Public Storage B C
PPG Industries C D
Jacobs Solutions B C
J.M. Smucker Company (The) B C
Archer-Daniels-Midland B C
Aptiv A B
Agilent Technologies C D
Costco B C

The following companies stopped publicly reporting to CDP in 2025:
PepsiCo Inc. Visa Inc. Broadcom Charles Schwab Corp AvalonBay Communities Camden Property Trust Carnival Chubb Limited Equinix Equity Residential Expedia Group Extra Space Storage International Flavors & Fragrances Essex Property Trust Las Vegas Sands Marathon Petroleum Mosaic Company (The) Newmont The Hershey Company Sysco Ventas

DETAILED SCORES EVOLUTION HERE



2025 CDP Scores by Company


Best Upgrades


Company 2024 2025
Standard Chartered F A
Cigna F A-
General Electric F B
Solventum F B
Metlen Energy & Metals No Score B

The following companies reported to CDP for the first time in 2025:
NRG Energy Nextera Energy Inc. News Corp Meta Platforms, Inc Kinder Morgan Inc. BlackRock Inc. Allianz Truist Verizon Communications Starbucks Corp. Goldman Sachs Group Microsoft Corp. EOG Resources International Airlines Group Bio-Techne General Electric Tyler Technologies Citizens Financial Group Incyte Cigna Analog Devices Weyerhaeuser KeyCorp Amazon.com Inc. Colgate-Palmolive Consolidated Edison JPMorgan Chase & Co. Fifth Third Bank Conagra Brands NiSource Standard Chartered M&T Bank Hilton Worldwide Huntington Bancshares Trade Desk Exelon Dominion Energy Veralto Capital One Financial Campbell Soup Company A. O. Smith WEC Energy Group Fresenius Medical Care Arthur J. Gallagher & Co. AT&T Inc. MasterCard Inc. Devon Energy Corp. The Bank of New York Mellon Metlen Energy & Metals Apple Inc. Evergy Boeing eBay Inc. Cboe Global Markets Morgan Stanley Northern Trust MetLife Inc. Sempra Energy Intercontinental Exchange Duke Energy Citigroup Inc. Pinnacle West American Electric Power Co. Inc. Solventum Bank of America Wells Fargo TotalEnergies

Worst Downgrades


Company 2024 2025
BAE Systems B D
Eurofins Scientific C D
Palantir Technologies C D
Uber B C
Trimble Inc. B C
TE Connectivity B C
Sherwin-Williams B C
Public Storage B C
PPG Industries C D
Jacobs Solutions B C
J.M. Smucker Company (The) B C
Archer-Daniels-Midland B C
Aptiv A B
Agilent Technologies C D
St. James's Place plc B C
Diploma B C
Deutsche Börse B C
STMicroelectronics A B
Costco B C

The following companies stopped publicly reporting to CDP in 2025:
Rio Tinto Rentokil Initial Anglo American plc Camden Property Trust Equity Residential BMW Mosaic Company (The) MTU Aero Engines Marathon Petroleum Visa Inc. Newmont Unibail-Rodamco-Westfield AvalonBay Communities Airbus Sysco Carnival International Flavors & Fragrances Essex Property Trust Extra Space Storage Broadcom Equinix The Hershey Company EasyJet Chubb Limited PepsiCo Inc. Las Vegas Sands Charles Schwab Corp 3i Phoenix Group Ventas Expedia Group

DETAILED SCORES EVOLUTION HERE



Still Low Transparency in Carbon Reporting

Note: Based on S&P 100 companies



Commitments

Science-Based Targets: The Gold Standard

61.5%

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 #98
picture_2 AbbVie Inc. 56.2 billion #52
picture_2 Caterpillar Inc. 51.0 billion #90
picture_2 Abbott Laboratories 43.1 billion #57
picture_2 Capital One Financial 32.0 billion #34
picture_2 Broadcom 27.5 billion #97
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.



Results

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


Scores

Net0Tracker Scores are Getting Better