The CA100+ Benchmark: still some way to go - Reclaim Finance

Reclaim Finance evaluates the CA100+ Net-Zero Company Benchmark, noting improvements such as the adoption of the IEA's Net Zero Emissions scenario and expanded scope. However, it criticizes the tool for being overly complex, focusing too much on commitments rather than absolute alignment, and using flawed methodologies for GHG emissions targets. The organization urges investors to use a simplified version of the framework to ensure voting behavior aligns with benchmark results, citing the 2021 TotalEnergies AGM as an example of this disconnect.

• The 2022 revision of the CA100+ Benchmark introduces several improvements, including the adoption of the IEA’s Net Zero Emissions (NZE) scenario by 2050 for available sectors, replacing the less ambitious “Beyond 2 Degrees” scenario. It also expands its scope by eight companies and adds indicators for climate policy engagement, lobbying, "Just Transition", and climate accounting.
• The Benchmark is criticized for being too complex and failing to distinguish between essential transition markers, such as CAPEX alignment and GHG emissions reduction targets, and merely desirable criteria like reporting and governance.
• Reclaim Finance identifies significant gaps in the Benchmark's alignment assessments, noting a heavy reliance on disclosure and commitments. Specifically, the oil and gas assessment fails to check if companies have stopped new investments in exploration and production, which is a requirement for a 1.5°C pathway according to the IEA.
• The methodology for GHG emissions reduction targets is described as questionable because it relies on carbon intensity rather than absolute emissions, potentially allowing companies to increase absolute emissions while still meeting criteria.
• There is a documented disconnect between the use of the Benchmark for engagement and actual investor voting. For example, during the 2021 AGM season, investors like Amundi and AXA IM approved TotalEnergies' climate plan despite 34 investors having previously criticized the company based on CA100+ Benchmark indicators.

APA

admin (2022). The CA100+ Benchmark: still some way to go - Reclaim Finance. Reclaim Finance. https://reclaimfinance.org/site/en/2022/01/07/ca100-benchmark/

Chicago

admin. The CA100+ Benchmark: still some way to go - Reclaim Finance. Reclaim Finance, 2022. https://reclaimfinance.org/site/en/2022/01/07/ca100-benchmark/.

Wikipedia

{{cite press release |last1=admin |title=The CA100+ Benchmark: still some way to go - Reclaim Finance |publisher=Reclaim Finance |date=7 January 2022 |url=https://reclaimfinance.org/site/en/2022/01/07/ca100-benchmark/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2022ca100, author = {admin}, title = {{The CA100+ Benchmark: still some way to go - Reclaim Finance}}, publisher = {Reclaim Finance}, year = {2022}, month = jan, url = {https://reclaimfinance.org/site/en/2022/01/07/ca100-benchmark/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }