Investor initiative Climate Action 100+ announced the addition of nine new companies to its focus list of major greenhouse gas emitters that will be targeted for engagement.

Climate Action 100+ is an investor initiative, with over 500 investors representing more than $47 trillion in assets, that targets the world’s largest corporate greenhouse gas emitters to promote taking necessary action on climate change, including delivering Paris Agreement-aligned emissions cuts, implementing strong climate governance frameworks and improving climate-related disclosures.

Following a periodic review ensure the companies engaged remain relevant to confronting the global climate change crisis, the initiative announced the addition of nine companies, and the removal of two, bringing the focus list to 167. Additions include construction materials conglomerate Grupo Argos (Colombia), diversified mining company Grupo México (Mexico), multinational chemicals and fertilizer manufacturer Incitec Pivot (Australia), oil and gas producer Oil Search (Papua New Guinea), chemicals company Orica (Australia), oil and gas major PEMEX (Mexico), the largest oil and gas producer in the world, Aramco (Saudi Arabia), cement company UltraTech Cement (India), and energy provider Uniper (Germany). The initiative removed Southern Copper (replaced by parent Grupo México) and Wesfarmers (following demergers and asset sales) from the list.

According to Climate Action 100+, companies are added to the list if they are a serious GHG emitter, and/or can play a strategically important role in the transition to net-zero emissions. The initiative stated that the new additions to the list have already had lead investors assigned to them to spearhead engagement, who will be assisted by a team of collaborating investors.

In September 2020, Climate Action 100+ announced the launch of a new benchmark that it will use to evaluate company action and ambition demonstrated in tackling climate change. The initiative also sent letters to the CEO and boards of focus companies, calling on them to put in place net-zero business strategies and define targets to support delivery, and informing them that their companies will be assessed on progress made in becoming net-zero businesses.

Given the early stages of these engagements, the nine companies added to the focus list will not be subject to the initial round of assessment under the Climate Action 100+ Net-Zero Company Benchmark, to be released next year, but will be included in future assessments.

Climate Action 100+ Chair and Adviser to Ircantec President Jean-Pierre Costes, Groupe Caisse des dépôts, Laetitia Tankwe, said:

“Climate Action 100+ is an investor-driven global collaboration that in a short time has accelerated the capacity for engagement among hundreds of investors, with impressive results. These additions present a strategic opportunity to further curb emissions and enable the transition to a net-zero future by 2050. We welcome the opportunity to support signatories in these new engagements. Our teams are working with focus companies to identify a pathway to, and design a just transition for, a sustainable future.”