We launched a three-year engagement program on climate change in 2018. The objective of our dialogue with 49 oil and gas and utilities companies is to support the transition to a low carbon economy.
From the start of the program through to the end of 2019, we've organized 128 meetings with the companies in the focus list. 29 of the 49 target companies have been engaged collaboratively through Climate Action 100+ (CA100+). We're also leading an increased number of CA 100+ coalitions: seven in 2019, compared to five in 2018.
In-depth analysis on the companies in the focus list has been completed to assess:
- Alignment with the Taskforce on Climate-related Financial Disclosure (TCFD) recommendations
- Evidence of the Board's oversight of climate related risks and opportunities and integration in remuneration packages and board selection processes
- Evidence of integration of climate change in risk management
- Existence of scenario analysis and reflections on impact on the business model
- Disclosure on strategy and initiatives for reducing GHG emissions
- Disclosure of goals and progress to reduce normalized GHG emissions
- Ensure consistency of indirect and direct lobbying activities on climate change with the Paris Agreement
Based on this original assessment we've identified tailored engagement objectives for each company in the list. After more than 18 months of dialogue with the companies, we have been able to assess progress against these objectives for 26 companies.
For the remaining 23, we decided to coordinate at least another additional meeting with management before being able to assess the current level of responsiveness.
The table below summarizes our measure of progress in the engagement focus list so far:
A summary of our measure of progress in the engagement focus list so far with 15% good with 50-75% of objectives met, 19% excellent with 75-100% of objectives met, 27% have been limited with 0-25% of objectives met and 39% where only some objective met (25-50%).