CA100: start of a second phase that still fails to address the climate emergency

Reclaim Finance assesses the transition of Climate Action 100+ (CA100+) into its second phase (running until 2030), claiming the initiative's first phase was a failure. The organization highlights that most target companies have not aligned capital expenditure with a 1.5°C trajectory and that investors have failed to use voting power to sanction inadequate climate strategies. While noting new accountability requirements for lead investors, Reclaim Finance argues the framework remains too focused on disclosure rather than implementation and calls for robust escalation strategies and systematic sanctions for non-compliant companies.

• The first phase of Climate Action 100+ failed to meet transparency expectations for target companies: only 51% of net-zero commitments covered all emission scopes, 64% lacked short-term reduction targets for all scopes, and 91% did not align capital expenditure with a 1.5°C trajectory.
• Investors within the coalition have not effectively used their voting power at Annual General Meetings to penalize companies with insufficient climate strategies, with no shareholder climate resolution on the CA100+ "Flagged Votes" page ever being approved.
• Despite a stated shift toward the implementation of transition plans in its second phase, the CA100+ benchmark remains primarily focused on disclosure, with 11 out of 14 indicators dedicated to this purpose.
• New requirements for lead investors to disclose their identity, publish vote justifications, and prepare annual engagement plans are viewed as insufficient because they do not apply to all signatories and lack a mechanism to exclude non-compliers.
• Reclaim Finance urges CA100+ members to adopt an escalation strategy with systematic sanctions, define time-bound demands based on scientific recommendations, and suspend bond investments in companies that fail to meet fundamental climate criteria.

APA

Martin, L. (2023). CA100: start of a second phase that still fails to address the climate emergency. Reclaim Finance. https://reclaimfinance.org/site/en/2023/06/27/ca100-start-of-a-second-phase-that-still-fails-to-address-the-climate-emergency/

Chicago

Martin, Léo. CA100: start of a second phase that still fails to address the climate emergency. Reclaim Finance, 2023. https://reclaimfinance.org/site/en/2023/06/27/ca100-start-of-a-second-phase-that-still-fails-to-address-the-climate-emergency/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=CA100: start of a second phase that still fails to address the climate emergency |publisher=Reclaim Finance |date=27 June 2023 |url=https://reclaimfinance.org/site/en/2023/06/27/ca100-start-of-a-second-phase-that-still-fails-to-address-the-climate-emergency/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2023ca100, author = {Martin, Léo}, title = {{CA100: start of a second phase that still fails to address the climate emergency}}, publisher = {Reclaim Finance}, year = {2023}, month = jun, url = {https://reclaimfinance.org/site/en/2023/06/27/ca100-start-of-a-second-phase-that-still-fails-to-address-the-climate-emergency/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }