Visualized: The Climate Targets of Fortune 500 Companies
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Visualizing the Climate Targets of Fortune 500 Companies

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Fortune 500 Climate Commitments

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Visualized: The Climate Targets of Fortune 500 Companies

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The Fortune Global 500 is a ranking of the world’s 500 largest companies by revenue. In 2019, this influential group employed 70 million people and generated revenues of over $33 trillion.

Given their size and influence, many of these companies are taking climate action quite seriously. For example, 30% of the group have either achieved a climate goal or are publicly committed to doing so by 2030—a significant increase from just 6% in 2016.

In this infographic, we’ve used data from Natural Capital Partners to provide a holistic view of when Fortune Global 500 companies plan to meet their stated climate goals.

Climate Action Takes Several Forms

When taking climate action, businesses have a variety of targets they can pursue. Three of the most common ones include carbon neutrality, RE100, and science based targets (SBT).

Climate target typeDescription
Carbon neutralAchieved when a company completely offsets its greenhouse gas (GHG) emissions.
RE100Achieved when a company relies on 100% renewable energy.
Science based targets (SBT) Emissions are reduced in line with the need to keep global warming below 2ºC.

After choosing a target, businesses can also set a date for when they intend to achieve it. As the above graphic shows, many companies are targeting 2030, a year that is frequently touted as a deadline for meeting the goals of the Paris Agreement.

A fourth target known as “net zero emissions” is also used, though its exact definition tends to vary. For the purposes of this infographic, we’ve considered a commitment to net zero emissions to be the same as achieving carbon neutrality.

A Complete Overview

The following table summarizes the climate actions of Fortune Global 500 companies. Firms that made commitments without a target date have been noted in the table with a “C”.

Company NameHeadquartersCarbon Neutral (target date)RE100 (target date)SBT (target date)
Commonwealth Bank of Australia🇦🇺Australia2030
Westpac Banking🇦🇺Australia20132025
Woolworths Group🇦🇺AustraliaC
Anheuser-Busch InBev🇧🇪Belgium20252025
Banco Bradesco🇧🇷Brazil2019
Banco do Brasil🇧🇷Brazil2019
Caixa Econômica Federal🇧🇷Brazil2018
Vale🇧🇷Brazil2050
Bank of Montreal🇨🇦Canada2010
Royal Bank of Canada🇨🇦Canada2017
Toronto-Dominion Bank🇨🇦Canada2010
Lenovo Group🇨🇳China2030
Xiamen ITG Holding Group🇨🇳ChinaC
Maersk Group🇩🇰Denmark2050
Nokia🇫🇮Finland2030
Auchan Holding🇫🇷France
AXA🇫🇷France2025
BNP Paribas🇫🇷France2017
Carrefour🇫🇷France2030
CMA CGM🇫🇷France2050
Crédit Agricole🇫🇷FranceC
Danone🇫🇷France205020302030
Electricité de France🇫🇷France2050
Engie🇫🇷France2030
L'Oréal🇫🇷France20202027
La Poste🇫🇷France201220202025
Michelin🇫🇷France2030
Orange🇫🇷France2040
Renault🇫🇷France2030
Saint-Gobain🇫🇷France2025
Sanofi🇫🇷France2030
Schneider Electric🇫🇷France202520302030
Siemens🇫🇷France2030
Société Générale🇫🇷FranceC
Veolia Environnement🇫🇷France2034
Vinci🇫🇷France2050
Adidas🇩🇪Germany2050
Allianz🇩🇪Germany20122023
Bayer🇩🇪Germany2030
BMW Group🇩🇪Germany2050
Bosch Group🇩🇪Germany2020
Continental🇩🇪Germany20402030
Daimler🇩🇪Germany2039
Deutsche Bahn🇩🇪Germany20502030
Deutsche Bank🇩🇪Germany2013
Deutsche Post DHL Group🇩🇪Germany2050
Deutsche Telekom🇩🇪Germany205020212030
E.ON🇩🇪Germany2040
Metro🇩🇪Germany2030
Munich Re Group🇩🇪Germany2015
SAP🇩🇪Germany202520142025
ThyssenKrupp🇩🇪Germany2030
Uniper🇩🇪Germany2035
Volkswagen🇩🇪Germany2050
ZF Friedrichshafen🇩🇪Germany2040
State Bank of India🇮🇳India2030
Tata Motors🇮🇳India2030
Accenture🇮🇪Ireland20232025
CRH🇮🇪Ireland2050
Johnson Controls International🇮🇪IrelandC
Enel🇮🇹Italy20502030
ENI🇮🇹Italy2030
AEON🇯🇵Japan205020302027
Dai-ichi Life Holdings🇯🇵Japan2050
Daiwa House Industry🇯🇵Japan20402030
Fujitsu🇯🇵Japan20502030
Hitachi🇯🇵JapanC
Mitsubishi Electric🇯🇵Japan2030
NEC🇯🇵Japan20502030
Nissan Motor🇯🇵Japan2050
Panasonic🇯🇵Japan20502030
Sompo Holdings🇯🇵JapanC
Sony🇯🇵Japan20402020
Sumitomo Electric Industries🇯🇵Japan2050
Takeda Pharmaceutical🇯🇵Japan20192025
Tokio Marine Holdings🇯🇵Japan2011
Toshiba🇯🇵Japan
Toyota Motor🇯🇵Japan2050
América Móvil🇲🇽Mexico2050
Achmea🇳🇱Netherlands2011
Aegon🇳🇱Netherlands2016
Heineken Holding🇳🇱NetherlandsC
ING Group🇳🇱Netherlands20072020
Equinor🇳🇴Norway2030
Anglo American🇿🇦South Africa2040
Hyundai Motor🇰🇷South Korea2050
LG Electronics🇰🇷South Korea2030
Banco Bilbao Vizcaya Argentaria🇪🇸Spain20202030
Banco Santander🇪🇸Spain2020
Iberdrola🇪🇸Spain20502030
Inditex🇪🇸SpainC
Mapfre Group🇪🇸Spain2030
Naturgy Energy Group🇪🇸SpainC
Telefónica🇪🇸Spain203020302025
Volvo🇸🇪Sweden2025
ABB🇨🇭Switzerland2018
Adecco Group🇨🇭Switzerland2030
Coop Group🇨🇭Switzerland2023
Credit Suisse Group🇨🇭Switzerland20102025
LafargeHolcim🇨🇭Switzerland2030
Migros Group🇨🇭SwitzerlandC
Nestlé🇨🇭Switzerland2020
Novartis🇨🇭Switzerland20252030
Swiss Re🇨🇭Switzerland20032020
Zurich Insurance Group🇨🇭Switzerland20142022
Fubon Financial Holding🇹🇼TaiwanC
PTT🇹🇭ThailandC
Aviva🇬🇧UK20062025
Barclays🇬🇧UK2030
British American Tobacco🇬🇧UK20302028
BT Group🇬🇧UK20202030
Compass Group🇬🇧UKC
GlaxoSmithKline🇬🇧UK20502027
HSBC Holdings🇬🇧UK2030
J. Sainsbury🇬🇧UK2040
Linde🇬🇧UKC
Phoenix Group Holdings🇬🇧UK2030
Tesco🇬🇧UK205020302027
Unilever🇬🇧UK20202030
Vodafone Group🇬🇧UK2025
3M🇺🇸USA2050
Alphabet🇺🇸USA20072017
Amazon.com🇺🇸USA204020252040
American Express🇺🇸USA2018
Anthem🇺🇸USA2025
Apple🇺🇸USA20202020
AT&T🇺🇸USA2028
Bank of America🇺🇸USA20202020
Best Buy🇺🇸USA20502030
Capital One Financial🇺🇸USA20182019
Cisco Systems🇺🇸USA2022
Citigroup🇺🇸USA2020
Coca-Cola🇺🇸USA2030
CVS Health🇺🇸USA2028
Dell Technologies🇺🇸USA20402020
Delta Air Lines🇺🇸USA2020
Dow🇺🇸USA2050
Facebook🇺🇸USA2020
Ford Motor🇺🇸USA2050
General Motors🇺🇸USA2050
Goldman Sachs Group🇺🇸USA20152020
Hewlett Packard Enterprise🇺🇸USA2025
HP🇺🇸USA20352025
Intel🇺🇸USA2030
Johnson & Johnson🇺🇸USA2050
JPMorgan Chase🇺🇸USA2020
Lowe's🇺🇸USA2025
MetLife🇺🇸USA2016
Microsoft🇺🇸USA201220172030
Mondelez International🇺🇸USA2025
Morgan Stanley🇺🇸USA20222022
Nike🇺🇸USA20252030
PepsiCo🇺🇸USA2030
Pfizer🇺🇸USA2020
Philip Morris International🇺🇸USA20502030
Procter & Gamble🇺🇸USA203020302030
Schlumberger🇺🇸USAC
Starbucks🇺🇸USA2020
Target🇺🇸USA20302028
Tyson Foods🇺🇸USA2030
Verizon Communications🇺🇸USA2035
Walmart🇺🇸USA20252027
Wells Fargo🇺🇸USA20192020

Note: This data was aggregated from various sources throughout 2020, and as a result, may not include the latest climate commitments announced by companies within the Fortune Global 500.

As of October 2020, 163 companies from the Fortune Global 500 have publicly committed to achieving at least one of these climate targets. That represents 32.6% of the total group.

The most common target is carbon neutrality, which has 91 companies on board. In second place is science based targets (SBT), which has 74 companies committed—of those, 16 have not declared a target date. RE100 was the least common, with 56 companies committed. Because some companies are committed to multiple targets, these figures add to more than 163.

Climate Action is on the Rise

Private-sector awareness around climate change and other sustainability issues has gained strong momentum in recent years.

Since 2011, the number of S&P 500 companies publishing sustainability reports increased from 20% in 2011, to 90% in 2019. This was likely due to investor demand and a broader acceptance of environmental, social, and governance (ESG) criteria.

Governments around the world are also taking a more proactive approach to climate action. The Biden administration, for example, seeks to make a $2 trillion investment to help a variety of U.S. industries become more sustainable.

“We have the opportunity to build a more resilient, sustainable economy – one that will put the United States on an irreversible path to achieve net-zero emissions…by no later than 2050.”
– Biden-Harris campaign

America’s goal of reaching net-zero emissions by 2050 is shared with a handful of other advanced economies, including Japan and the EU. The UK has taken these pledges one step further, becoming the first G7 country to pass a law that requires itself to bring emissions to net zero by 2050.

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Environment

Animation: Visualizing 140 Years of Global Surface Temperatures

Here’s a look at 140 years of global surface temperatures, highlighting the ten coldest and warmest years since 1880.

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Average surface temperature since 1800

Average surface temperatures since 1800

Animated: 140 Years of Global Surface Temperatures

For hundreds of years, Earth’s average surface temperature has been steadily increasing. And over the last decade, this global heating appears to have intensified.

Since 1880, the global average temperature has risen by an average of 0.08°C (0.14°F) every 10 years, according to the National Oceanic and Atmospheric Administration (NOAA).

But since 1981, warming has been occurring at more than twice that rate, by about 0.18°C (0.32°F) per decade.

This graphic by Pablo Alvarez shows 140 years of global surface temperatures, highlighting the 10 coldest and warmest years from 1880-2021 using data from NOAA.

Global Surface Temperatures Over Time

Over the last century and a half, there have been fluctuations in global surface temperatures, with some of the coolest years on record occurring in the late 19th century and early 20th century.

Average surface temperature since 1800

However, the last two decades have seen unprecedented warming, with the 10 warmest years on record all occurring within the last 20 years. Here’s a look at the 10 hottest years since 1800, and how they compared to the 20th century average:

The 10 Warmest Years

RankYearDeviation from 20th Century Avg. (°C)
#12016+0.99
#22020+0.97
#32019+0.94
#42015+0.93
#52017+0.9
#62018+0.82
#72014+0.74
#82010+0.72
#92013+0.67
#102005+0.66

As of this article’s publication, the warmest year on record was 2016, when temperatures were +0.99°C (1.78°F) above the 20th century average. After 2016, the second warmest year was 2020, when surface temperatures reached +0.97°C (1.75°F) higher than the previous century’s average.

What Factors Impact Earth’s Climate?

There are a number of natural factors that influence global surface temperatures, including phenomena such as:

  • Volcanic activity
  • Changes in the Earth’s orbit
  • Shifts in ocean currents

However, scientists believe that our current rate of warming has been undoubtedly caused by human influence, especially because of our carbon and other greenhouse gas (GHG) emissions.

According to the most recent report by the Intergovernmental Panel on Climate Change (IPCC), “observed increases in well-mixed greenhouse gas (GHG) concentrations since around 1750 are unequivocally caused by human activities.”

In other words, while Earth’s surface temperature naturally fluctuates over the years, our actions have undoubtedly contributed to recent changes in Earth’s climate.

What Are The Consequences?

We’re already seeing the impact of this warming, as the world struggles with extreme climate events like droughts, heatwaves, floods, and an influx of wildfires in places like Europe, the United States, and Australia.

These extreme weather patterns could become the new normal if left unchecked, which is why companies and policymakers around the world are embarking on different solutions—from targeting net zero goals to implementing technological innovations that could reduce emissions.

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Energy

The U.S. Utilities Decarbonization Index

This graphic quantifies and compares the state of decarbonization among the 30 largest investor-owned utilities in the United States.

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decarbonization index
The NPUC Annual Utility Decarbonization Report

Introducing the NPUC Annual Utility Decarbonization Report 2022
Created in partnership by Visual Capitalist and Motive Power.

Download the Free Report
decarbonization index

The U.S. Utilities Decarbonization Index

With the Biden administration targeting a zero-emissions power sector for the U.S. by 2035, how are the nation’s largest electric power providers faring in terms of decarbonization? 

Together, Visual Capitalist and our sponsor National Public Utilities Council have developed the Annual Utility Decarbonization Index. The index quantifies and compares the status of decarbonization among the 30 largest investor-owned utilities in the United States.

Decarbonization is quantified by scoring companies on six emissions-related metrics based on publicly available data from 2020 (the latest available).

Why the 30 Largest IOUs?

Why does the Decarbonization Index specifically look at the 30 largest IOUs by electricity generation? 

Well, these 30 utilities collectively generated around 2.3 billion megawatt hours (MWh) of electricity (including purchased power), making up over half of U.S. net electricity generation in 2020. Moreover, they also served over 90 million customers, accounting for roughly 56% of all electric customers in the country.

30 largest utilities in the U.S.

Therefore, it’s safe to say that the 30 largest IOUs have an important role in decarbonizing both the power sector and the U.S. economy. Since the residential, commercial, industrial, and agricultural sectors all use electricity, the decarbonization of utilities—the providers of electric power—can enable emissions reduction throughout the economy.

Decarbonization Index Methodology

For each of the six metrics used in the Decarbonization Index, utilities are scored on a scale of 1 (lowest) to 5 (highest), indicating whether they are trailing or leading, respectively. Scores for each metric are based on the range of figures for each metric divided into five equal buckets that the utilities fall into. 

For simplicity, let’s suppose that the lowest reported total emissions figure is zero metric tons of carbon dioxide (CO2) and the highest is 100 metric tons. In that case, companies that emit fewer than 20 metric tons of CO2 will receive the highest score of 5. Those that emit between 20 and 40 metric tons of CO2 will receive a 4, and so on.

A utility’s overall decarbonization score is an average of their scores across the six metrics, summarized below:

  1. Fuel Mix:
    The share of low-carbon sources (renewables, nuclear, and fuel cells) in the utility’s owned net electricity generation. We’ve assumed that the share of low-carbon sources can range from 0% to 100%, and scores are assigned based on that range.
  2. CO2 Emissions Intensity:
    The amount of CO2 emitted per megawatt-hour of owned and purchased electricity generation.
  3. Total CO2 Emissions:
    The sum of absolute CO2 emissions from owned and purchased electricity generation. While this overlooks the differing sizes of utilities, the rationale is that smaller unconsolidated utilities may find it easier to decarbonize than larger peers.
  4. CO2 Emissions per Capita:
    The amount of CO2 emitted from owned and purchased electricity generation per retail customer served in 2020.
  5. Decarbonization Goals:
    An evaluation of the utility’s interim greenhouse gas (GHG) emissions reduction goals and net-zero targets. The baseline for this is 50% GHG emissions reduction by 2030 and net-zero emissions by 2050 (utilities with baseline targets get a score of 2.5/5).
  6. Low-Carbon Investment:
    The share of planned capital expenditure (CAPEX) for electricity generation that is allocated to low-carbon sources. We’ve assumed that the share of CAPEX for low-carbon sources can range from 0% to 100%, and scores are assigned based on that range.

The data for these metrics comes from various sources including company sustainability reports, quantitative reporting templates from the Edison Electric Institute, and the Climate Disclosure Project’s Climate Change Questionnaire filings.

Explore all six metrics of the U.S. Utility Decarbonization Index

NPUC Annual Utility Decarbonization Report

Download The NPUC Annual Utility Decarbonization Report for free.

The Annual Utility Decarbonization Index 2022

Before looking at numbers, it’s important to note that the Decarbonization Index is relative and compares the 30 largest IOUs to each other. Therefore, a score of 5 does not indicate full decarbonization or net-zero emissions. Instead, it suggests that the utility is doing particularly well relative to its peers. 

With that in mind, here’s a look at the Annual Utility Decarbonization Index 2022: 

Rank
CompanyDecarbonization Score
#1Public Service Enterprise Group4.7
#2NextEra Energy Resources4.7
#3Pacific Gas and Electric4.5
#4Avangrid4.2
#5Exelon4.1
#6Portland General Electric3.7
#7Dominion Energy3.6
#8Florida Power and Light3.6
#9PNM Resources3.5
#10Alliant Energy3.4
#11Consolidated Edison3.4
#12Fortis Inc.3.4
#13American Electric Power3.3
#14Consumers Energy3.3
#15Evergy3.0
#16NRG Energy3.0
#17AES Corporation2.9
#18Xcel Energy2.9
#19WEC Energy2.9
#20DTE Energy2.8
#21Duke Energy2.8
#22Entergy2.8
#23TransAlta2.8
#24Emera2.7
#25Ameren2.6
#26Berkshire Hathaway Energy2.5
#27Oklahoma Gas & Electric Company2.4
#28Southern Company2.3
#29PPL Corporation2.2
#30Vistra Corp.2.0

A small number of companies did not report data on certain metrics and have been excluded from scoring for those metrics (denoted as N/A). In such cases, the decarbonization score is an average of five metrics instead of six.

Public Service Enterprise Group (PSEG), headquartered in New Jersey, tops this year’s rankings thanks to its low-emissions profile and ambitious climate goals. The company is aiming to achieve net-zero emissions from operations by 2030—five years ahead of the Biden Administration’s target and faster than any other utility on the list.

Tied with PSEG is NextEra Energy Resources, the clean energy-focused subsidiary of NextEra Energy. The company is the world’s largest producer of solar and wind power and generated 97% of its net electricity from low-carbon sources in 2020.

In third place is California’s largest utility, the Pacific Gas and Electric Company (PG&E). PG&E had the lowest emissions per capita of the 30 largest IOUs at 0.5 metric tons of CO2 per retail customer in 2020. That figure is significantly lower than the average of 11.5 metric tons across the 30 IOUs. 

Rounding out the top five are Avangrid, a renewables-focused U.S. subsidiary of the Spanish Iberdrola Group, and Exelon, the nation’s largest utility by number of retail customers. Avangrid had one of the cleanest fuel mixes with 87% of its owned net electricity coming from low-carbon sources. Exelon is the nation’s largest provider of emissions-free electricity, generating around 157 million MWh or 86% of its owned net electricity from nuclear power.

Download the Full Utility Decarbonization Report

While the Decarbonization Index provides a look at the current status of utility decarbonization, there’s much more to uncover in the full report, including:

  • The obstacles that utilities face on the path to decarbonization
  • The detailed data behind the six individual metrics
  • The U.S. utilities ESG report card
  • The solutions and strategies that can help accelerate decarbonization

>> Click here to download the full report and find out everything you need to know about utility decarbonization.

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