TAKING THE TEMPERATUREASSESSING AND SCALINGUP CLIMATE AMBITION IN THE - PDF document

1 TAKING THE TEMPERATUREASSESSING AND SCAL
TAKING THE TEMPERATUREASSESSING AND SCALING-UP CLIMATE AMBITION IN THE G7 BUSINESS SECTOR DEVELOPED BY 2 CONTENTSExecutive Summary Introduction Part I: Taking Stock of Climate Ambition at the Corporate Level: A G7 Equity Index Temperature Rating Part II:The Role of Science-Based Target Setting in Closing the Ambition Gap Part III: Four Levers to Unlock Breakthrough Climate Action through Science-Based Targets The Path Ahead Snapshots of Corporate Climate Action GRAPHS SHOWING THIS SYMBOL HAVE INTERACTIVE AREAS.PLEASE CLICK ON THE GRAPH ELEMENTS TO REVEAL MORE INFORMATION.Partner organizations A Science Based Targets initiative Report by the United Nations Global Compact and CDP SBTi “Taking the Temperature” Report, June 2021 SUMMARY 4 EXECUTIVE SUMMARYThe world’s nations agreed in Paris in 2015 that averting the worst impacts of climate change calls for temperature rise to be held to 1.5°C above pre-industrial levels. That means cutting greenhouse gas emissions in half by 2030 and reaching net-zero emissions by 2050. To get there, countries and companies must step up their actions to meet the Paris Agreement’s goals, as a dramatic mitigation gap still remains despite recent announcements and pledges. This new report from the Science Based Targets initiative (SBTi) prepared by the United Nations Global Compact and CDP, takes stock of corporate climate ambition in the Group of Seven (G7), an intergovernmental organization consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The report assesses the temperature ratings of the leading equity indexes of these countries’ markets. Analysis is based on emissions-reduction target data submitted by companies to CDP and the SBTi. It focuses on midterm, rather than long-term targets, given the urgency to halve emissions by 2030. The report frames science-based target setting as the solution to bridge the ambition gap, outlining four levers to unlock breakthrough climate mitigation action through science-based targets. Stock indexes serve as benchmarks to understand market trends and performance. If leading country indexes are unaligned with climate goals, so too will be all the capital passively invested in them. When companies listed in an index move toward more ambitious action, this market shift has the potential to inuence the wider economy. Yet with the current level of corporate climate ambition, all leading market indexes of the G7 economies are on temperature pathways that remain far from aligning with the climate goals set in Paris. No index scorecard reaches down to 2.0°C, much less the 1.5°C that is so urgently needed. Indexes score worse when all emissions scopes are taken into account, showing there is a particular ambition gap surrounding scope 3, the corporate emissions stemming from their value chains. Across all indexes, more than three quarters of companies are missing in action from setting the most ambitious target — aligning with 1.5°C to reach net zero by 2050. A huge mitigation potential can be unlocked. Indexes with a higher share of emissions covered by science-based targets have better overall temperature ratings. The increasing use of science-based target setting, especially in the heaviest emitting sectors, has the potential

2 to move entire country indexes towards P
to move entire country indexes towards Paris alignment. Science-based targets are the near-term, breakthrough mitigation measures the corporate sector needs to reach the Paris goals. All actors working together to mainstream science-based target setting can unlock exponential mitigation potential in all sectors and regions. 5 0°C1.C2.C3.C4.C1.5°C2.5°C3.5°C0.5°C 0°C1.C2.C3.C4.C1.5°C2.5°C3.5°C0.5°C INDEX TEMPERATURE SCORECARDTemperature rating methodology applied to market indexes in G7 countries, taking into account emissions from companies’ own operations and across their value chains (scopes 1, 2 and 3). As of 30 April 2021 Governments, nancial institutions and investors need to leverage their regulatory power and inuence to incentivize the adoption of science-based targets across all industries. Corporate actors with validated targets need to double down on climate advocacy and implement measures that trigger cascading ambition by addressing the indirect emissions that occur in their value chains and engaging with suppliers. Businesses and Governments must work together to harness the “ambition loop”— a positive feedback loop where private sector and Government climate action reinforce each other. They must also address the negative corporate lobbying holding back ambition and slowing down the transformation to a fossil-free world. COMPANIES WITH SCIENCE-BASED TARGETS ARE ALREADY CUTTING EMISSIONS AT SCALE — ALL BUSINESSES MUST NOW ALIGN WITH SCIENCE JOIN THE RACE TO ZERO VIA THE BUSINESS AMBITION FOR 1.5°C CAMPAIGN. SBTi “Taking the Temperature” Report, June 2021 INTRODUCTION 7 THE 2030 EMISSIONS GAP Adapted from latest Climate Action Tracker analysis INTRODUCTIONThe Make-or-Break Year to Tackle the Climate EmergencyClimate science is crystal clear that to hold o some of the worst climate impacts and avoid irreversible damage to societies, economies and the planet, temperature rise must be held to 1.5°C above pre-industrial levels. This requires short-term action and long-term strategies to halve greenhouse gas (GHG) emissions by 2030 and reach net-zero emissions by 2050. An increasing number of companies are stepping up and pledging to respond to the challenges of climate change. Responsible for almost half of global GDP, G7 countries have recently committed to deeper cuts in emissions over the next decade, through enhanced Nationally Determined Contributions (NDCs) that align with their net-zero commitments. The environmental ministers of the G7 countries have explicitly called for businesses and investors to set science-based, net-zero targets.However, a dramatic gap in ambition remains when it comes to 2030 targets set by corporations and countries. Recent analysis shows a signicant dierence — a gap of 20 gigatons to 23 gigatons of carbon dioxide (GtCO2e) — between the level of GHG emissions expected in 2030, under current policies and country commitments, and where they should be to limit global warming to 1.5°C. G7 Climate and Environment Ministers’ Meeting,May 2021: Communiqué;; https://www.g7uk.org/g7-climate-and-environment-ministers-communique/Carbon dioxide equivalent (CO2e) provides a common scale for measuring the warming eect of dierent greenhouse gases. 

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;\r 8 LIMITING WARMING TO 1.5°C CAN STILL BE ACHIEVED IF THE WORLD ACTS SWIFTLY AND DECISIVELY. BUSINESS HAS A KEY ROLE TO PLAY IN THIS TRANSFORMATION. The private sector has a critical responsibility in the transformation to a sustainable, zero-carbon, climate-resilient economy. No solution to the climate crisis exists without businesses taking credible steps to decarbonize, being accountable for their impact on the environment and harnessing their power to transform the global economy.ABOUT THIS REPORT This report takes stock of 2030 climate ambition for the corporate sector in G7 countries and gauges the gap remaining to reach the 1.5°C goal of the Paris Agreement. To do so, it measures the climate ambition for companies listed in the leading equity indexes across G7 countries. Corporate ambition is determined by assessing companies’ potential future emissions trends, based on their emission-reduction target data submitted to the CDP and to the Science Based Targets initiative (SBTi). The analysis focuses only on mid-term targets — GHG reduction targets for the target years between 2025 and 2035 — given the urgency to halve emissions by 2030. Targets are considered “science-based” if they are in line with what climate science deems necessary to meet the Paris Agreement’s goals and limit warming to 1.5°C.At the SBTi, targets are validated by a panel of experts and each company’s targets are translated into a Paris-aligned temperature rating (2°C, well-below 2°C, 1.5°C). Led by the SBTi in partnership with the United Nations Global Compact and the We Mean Business coalition, the Business Ambition for 1.5°C campaigninvites corporate leaders to set net-zero, science-based, emissions-reduction targets aligned with a 1.5°C future.Companies are also adopting emissions-reduction targets outside the framework of the SBTi. Through its annual disclosure process, CDP collects data on these targets each year. Based on the information on targets disclosed by companies, CDP assesses the ambition of the targets.The methodology discerns between science-based targets and other public targets. When corporations report to CDP, they must disclose the scopes covered by their target: direct (Scope 1); indirect (Scope 2); and value chain emissions (Scope 3)); boundary coverage (which percentage of emissions is covered by the target); and timeframe of the targets, in order to assess the ambition of targets. While targets are often reported publicly in other forms, as in annual sustainability reports, this information is typically insucient as the full breadth of supporting information on scope, boundary coverage and timeframe is often not disclosed. The CDP target database represents the most comprehensive source of non-veried target information. Learn more here 9 Each company can be assigned a temperature rating depending on the type of target disclosed: SCIENCE-BASED TARGETS (SBTIf the company has an approved science-based target,

4 the temperature classications of t
the temperature classications of the company is taken directly from the SBTi.PUBLICLY DISCLOSED TARGETS VIA CDPIf the company does not have an approved science-based target, but has disclosed a target to CDP, the ambition of the target is translated to a temperature rating via the CDP-WWF temperature rating methodology.method uses a warming function, built on Intergovernmental Panel on Climate Change (IPCC) scenarios, that enables the translation of corporate targets into temperature ratings across sectors, target types and time frames.NO VALID TARGETS If the company does not have an approved science-based target or any other target disclosed through CDP that fulls certain minimum criteria*, the company is given a default temperature rating of 3.2°C. This rating is based on 2100 warming projections based on current country pledges (66 per cent probability).From there, the temperature rating of each company can be weighted in terms of its emissions, relative to those of an overall group.This report uses the example of G7 countries as most companies disclosing information about their emissions-reduction targets are based in a G7 country. Of all corporate GHG targets disclosed to CDP in 2020, 64 per cent of targets are set by companies headquartered in G7 countries, 26 per cent set by companies in other G20 countries, and 10 per cent disclosed by companies headquartered outside the DISTRIBUTION OF DISCLOSED COMPANY TARGETS PER COUNTRYThis temperature rating analysis uses mid-term targets (GHG-reduction targets for target years between 2025 and 2035). To be included in the analysis, these targets must be forward-looking, meaning that they have not already been achieved, and must be suciently disclosed with corresponding information on target ambition, timeframe, scope coverage and boundary coverage within scopes.The Intergovernmental Panel on Climate Change (IPCC) is a United Nations body tasked with providing policymakers with the latest assessment of the science related to climate change. According to the latest IPCC report, to limit global warming to 1.5°C above pre-industrial levels and avoid the most catastrophic impacts of climate change, the world must halve CO2 emissions by around 2030 and reach net-zero CO2 emissions by mid-century.Only mid-term public targets disclosed through CDP, with target years between 2025-2035, with complete disclosure on scope, ambition, and boundary coverage are considered valid and included in this assessment. 26%10%64%    10 This report looks specically at seven leading equity indexes of the G7, also referred to as stock market indexes. Composed of stocks of the most signicant companies listed on a country’s largest exchange, the indexes serve as benchmarks to understand market trends and performance.As long as leading country indexes are unaligned with climate goals, so will all the capital passively invested in them. But when companies listed in an index move toward more ambitious action, the market shift has the potential to inuence the wider economy.Despite the undeniable momentum in corporate climate action among listed companies in the G7 indexes, signicant gaps remain. Overall, only 38 per cent of liste

5 d companies in G7 indexes disclose publi
d companies in G7 indexes disclose public targets. Of these targets, just 50 per cent have been validated to be in line with the level of ambition required to deliver on the Paris Agreement’s goals.Within G7 countries, the rates of target disclosure vary. Across all the major indexes that were assessed, less than 50 per cent of companies have approved science-based targets. In many indexes, the rate of target disclosure remains low. G7 INDEXES TARGET DISCLOSURE RATES (SCOPES 1+2) Equity index composition as of 1 March 2021. \r\f\n\b\n    SBT approved Public targetsNo gets 0% 20% 40% 60% 80%  G7 INDEXES TARGET DISCLOSURE RATES (SCOPE 1+2) 11 Corporate GHG emissions are separated into three broad categories: Scope 1 are direct emissions from a company’s operations; Scope 2 are indirect emissions from purchased energy sources; and Scope 3 are value chain emissions. Companies setting science-based targets must set ambitious targets, including for their value chain emissions if these emissions sources are signicant. However, outside the SBTi, few companies are publicly reporting a target aimed at reducing their value chain emissions. Looking at all relevant emissions scopes together, target disclosure rates are considerably lower compared to frameworks covering only scopes 1 and 2.G7 INDEXES TARGET DISCLOSURE RATES (SCOPES 1+2+3) G7 INDEXES TARGET DISCLOSURE RATES (SCOPE 1+2) \r\f\n\b\n  SBT approved Public targetsNo gets 0% 20% 40% 60% 80%  12 SBTi “Taking the Temperature” Report, June 2021 PART ITAKING STOCK OF CLIMATE AMBITION AT THE CORPORATE LEVEL: A G7 EQUITY INDEX TEMPERATURE RATING 13 PART ITAKING STOCK OF CLIMATE AMBITION AT THE CORPORATE LEVEL: A G7 EQUITY INDEX TEMPERATURE RATING Today, more and more businesses are seeing opportunities in the zero-carbon economy. Corporate GHG emissions reduction targets have gone mainstream, mostly in G7 countries. Unfortunately, with the current level of corporate climate ambition, all of the G7 market indexes fall short, far from aligning with the Paris Agreement’s climate goals. No index scorecard reached down to 2.0°C, much less the 1.5°C that is so critically needed.INDEX TEMPERATURE SCORECARD Temperature-rating methodology applied to market indexes in G7 countries, taking into account emissions from companies’ own operations and across their value chains (scopes 1+2+3), as of 30 April 0°C1.C2.C3.C4.C1.5°C2.5°C3.5°C0.5°C 0°C1.C2.C3.C4.C1.5°C2.5°C3.5°C0.5°C 14 When looking at the percentage of companies falling into dierent temperature ranges, t

6 here is an important variability between
here is an important variability between indexes:On France’s CAC 40, Germany’s DAX 30, Japan’s Nikkei 225 and the UK’s FTSE 100, 50 per cent or more companies score below 3°C. But on the US’ S&P 500, Italy’s FTSE MIB and Canada’s SPTSX 60, more than 70 percent of companies score above 3°C. INDEX COMPANIES TEMPERATURE SCORES (SCOPES 1+2) 01234567891 No.of companisIndex Compais S+2 Temp Ratig 1 Well-elow 2 2 �3o agets FranceCCGermanyDAX JapanNIKI UKFTSE USAS& ItalyFTSE IBCanadaS&P/SX As of 30 April 2021. 15 As of 30 April 2021. As of 30 April 2021INDEX COMPANIES TEMPERATURE SCORES (SCOPES 1+2+3) 01234567891FranceCCGermanyDAX JapanNIKI UKFTSE USAS& ItalyFTSE IBCanadaS&P/SX No.of companisIndex Compais S+2+3Temp Ratig 1 Well-elow 2 2 �3o agets Indexes score worse when all emissions scopes are taken into account. For the majority of companies, the largest sources of emissions lie upstream and/or downstream of their core operations (scope 3). More companies have been setting ambitious targets for emissions coming from their own direct operations (scopes 1+2 emissions), but when considering the entire value chain, all indexes report less than 30 per cent of their companies with targets at or below 2°C. For instance, looking at France’s CAC 40, if only emissions from a company’s own operations (Scopes 1+2) are considered, more than 40 per cent of companies in the index would align with 1.5°C, or well below 2°C. When including value chain emissions in the analysis, this drops to 10 per cent. 16 SECTOR CONTRIBUTION TO INDEX TEMPERATURE SCORES BASED ON EMISSIONS \r\f\t\b
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% SECTOR CONTRIBUTION TO INDEX TEMPERATURE RATINGS As of 30 April 2021 Disaggregated analysis reveals the contribution of each sector to the overall index temperature rating, showing which sectors are most responsible for pushing temperature scores in the wrong direction. Contributing sectors to the nal temperature rating are spread across 12 key categories: apparel, biotechnology healthcare and pharmaceuticals, fossil fuels, food beverage and agriculture, hospitality, infrastructure, manufacturing, materials, power generation, retail, services and transportation services. 17 The key sectors contributing to most emissions in each index vary signicantly and reect the dierent economies:France’s CAC 40 emissions are dominated by fossil fuels, manufacturing and materials production.Germany’s DAX 30 emissions come primarily from manufacturing and materials’ industrial footprint. Japan’s Nikkei 225 is a more varied index, but dominated by manufacturing, followed by materials, retail and fossil fuels. The UK’s FTSE 100 has emissions concentrated in materials, followed by fossil fuels is another varied index but dominated by emissions from fossil fuels, followed by manufacturing, materials and retail.Italy’s FTSE MIB sees its emissions most concentrated in fossil fuels and infras

7 tructure, followed by manufacturing.Cana
tructure, followed by manufacturing.Canada’s SP/TSX 60 is the index most dominated by fossil fuels, followed to a lesser extent by materials. These two sectors alone account for nearly 70 per cent of the index temperature rating. The analysis shows which sectors need to prioritize setting science-based targets to achieve index temperature ratings aligned with the 1.5°C Paris goal. It also clearly shows that fossil fuel-dependency continues to impede the transformation to a 1.5°C future. This echoes the International Energy Agency’s new roadmap to net-zero emissions by 2050, which urges all new oil, methane gas and coal exploration projects and investments to stop now. 17 18 SBTi “Taking the Temperature” Report, June 2021 PART IITHE ROLE OF SCIENCE-BASED TARGET SETTING IN CLOSING THE 19 PART IITHE ROLE OF SCIENCE-BASED TARGET SETTING IN CLOSING THE AMBITION GAP The current level of corporate climate ambition within G7 market indexes is strikingly insucient. This is because many companies have yet to set targets, and the targets already set are not equal in ambition. While there is a growing trend towards long-term target setting and net-zero pledges, most targets lack the credibility and grounding in science needed to meet the Paris Agreement’s goals.Many targets might sound ambitious, but are actually not leading to Paris-aligned emissions reductions. Research from the NewClimate Institute revealed that only 8 per cent of companies with net-zero targets have interim targets. Long-term promises are empty if not backed up by near-term plans to cut down emissions in absolute terms. Public reporting that lends transparency and accountability, while allowing for aggregation of eorts, is also crucial. AT THE SCIENCE-BASED TARGETS INITIATIVE, TARGETS ARE CONSIDERED CREDIBLE AND AMBITIOUS ENOUGH IF THEY ARE: Science-based: in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement. Comprehensive: covering the most relevant sources of emissions. For a target to be ocially validated by the SBTi, companies whose scope 3 emissions cover more than 40 per cent of their total emissions need to set scope 3 targets. Actionable: aligned with long-term goals, leading to action in the short term. To address this challenge, the SBTi is developing a science-based standard for companies to set net-zero targets in line with a 1.5°C future. Transparent: publicly available with regular reporting on progress. Independently assessed: veried and validated by a set of external, independent experts. 20 3.0°C 2.7°C 3.1°CShort-term action paired with long-term plans that are aligned with climate science is what the world needs and exactly what science-based targets deliver on. NET-ZERO, 1.5°C-ALIGNED SCIENCE-BASED TARGETS ARE ULTIMATELY TO BUSINESSES, WHAT NATIONALLY DETERMINED CONTRIBUTIONS (NDCS) ARE TO COUNTRIES. THEY ARE “BUSINESS NDCS” By setting science-based targets, companies upgrade their climate plans in the short term, similar to when countries enhance their 2030 national climate plans, or NDCs, to the Paris Agreement. Companies also embed the longer-term goal to achieve net-zero emissions by 2050 into their business models, mirroring the long-term decarbonization strategies countries are advancin

8 g to back up their net-zero, 2050 vision
g to back up their net-zero, 2050 vision.And it works. The latest SBTi Progress report has shown how companies setting science-based targets are delivering large scale and measurable emissions reductions that far outstrip those in the wider global economy. Companies in the SBTi have reduced their Scope 1 and 2 emissions by 25 per cent over the last ve years, while overall global emissions from energy and industrial processes have increased. Indexes with a higher share of emissions covered by science-based targets ultimately result in a lower overall temperature rating. For example, more than 70 per cent of emissions generated by companies in the German DAX 30 are currently covered by science-based targets. This is the highest percentage when compared to other indexes, explaining how DAX scores the best temperature rating of 2.2°C.EMISSIONS COVERED BY SCIENCE-BASED TARGETS AND INDEX TEMPERATURE SCORESAs of 30 April 2021 2.7°C 71% | 3.0°C 3.1°C 21 Canada 3%7%3% CANADA | S&P/TSX 60 Italy 15%8%10% ITALY | FTSE MIB UK 26%22%35% UK | FTSE 100 US 16%8%8% US | S&P 500 FRANCEFrance CAC 40 SBT committed: 28%1.5 campaign : 30%SBT approved: 50%Non SBTiGermany DAX 30SBT committed: 10%1.5 campaign: 20%SBT approved: 40%Non SBTiSBT committed: 7%1.5 campaign: 5%SBT approved: 21%Non SBTiUK FTSE 100SBT committed: 22%1.5 campaign: 34%SBT approved: 26%Non SBTiSBT committed: 8%1.5 campaign: 7%SBT approved: 16%Non SBTiItaly FTSE MIBSBT committed: 10%1.5 campaign: 10%SBT approved: 13%Non SBTiCanada S&P/TSX 60SBT committed: 7%1.5 campaign: 3%SBT approved: 3%Non SBTi 50%28%30% Germany 40%10%20% 21%7%5% FRANCE | CAC 40GERMANY | DAX 30JAPAN | NIKKEI 225 THE GOOD NEWS: MORE AND MORE COMPANIES IN G7 INDEXES AND THE OVERALL ECONOMIES ARE SETTING SCIENCE-BASED TARGETS.Across indexes, many companies have yet to set science-based targets, but have committed to do so and signed onto the Business Ambition for 1.5°C campaign. This signals a potential for improved temperature scores in the near future. SCIENCE-BASED TARGETS COMMITMENT AND BUSINESS AMBITION FOR 1.5°C CAMPAIGN UPTAKE As of 30 April 2021Companies committed to the SBTi Companies with SBTi approved targets Other companies Companies committed to align with 1.5°C and net-zero, through the SBTi’s Business Ambition for 1.5°C campaign 22 Yet, across all indexes, more than three quarters of companies are missing in action regarding the most ambitious target — aligning with 1.5°C to reach net zero by 2050.There is a huge potential to increase science-based target uptake to close the current mitigation gap, especially in the sectors with the heaviest emissions. Almost all sectors can set science-based emissions reduction targets through the SBTi. A new methodology is being developed for companies that extract fossil fuels to set science-based targets. Until then, the SBTi is unable to validate targets for companies in the oil and gas sector. TO UNLOCK EXPONENTIAL MITIGATION POTENTIAL AND SPUR THE TRANSFORMATION OF G7 ECONOMIES, COMPANIES IN THE SECTORS WITH THE HEAVIEST EMISSIONS IN EACH INDEX NEED TO SET SCIENCE-BASED TARGETS AND JOIN THE RACE TO ZERO VIA THE BUSINESS AMBITION FOR 1.5°C CAMPAIGN TO DELIVER SECTORAL BREAKTHROUGHS 22 23 SBTi “Taking the Temperature” Report, June 2021 PART IIIFOUR LEVERS TO UNLOCK BREAKTHROUGH CLIMATE ACTION

9 THROUGH SCIENCE-BASED TARGETS 24 PART II
THROUGH SCIENCE-BASED TARGETS 24 PART IIIFOUR LEVERS TO UNLOCK BREAKTHROUGH CLIMATE ACTION THROUGH SCIENCE-BASED TARGETSScience-based targets are already driving system-wide change and GHG-emission reductions in the real economy, in G7 countries and beyond. There is a huge mitigation potential to be unlocked. When heavy emitters set science-based, emissions-reduction targets, this would shift entire country indexes towards alignment with a 1.5°C future, lighting the way for the rest of the economy to follow. The SBTi now counts more than 1,400 committed companies from 60 countries, representing 20 per cent of total global market capitalization. In several countries, at least 20 per cent of companies with a substantial impact on global emissions are now part of the initiative. This creates a critical mass that can trigger a domino eect in those markets. WHAT IS NEEDED TO UNLOCK BREAKTHROUGH CLIMATE ACTIONCREATE A CASCADING EFFECT OF COMPANIES SETTING AMBITIOUS TARGETS?SCIENCE-BASED TARGET SETTING FOR FINANCIAL INSTITUTIONSThe nance sector is key to unlocking the systemic change needed to reach net-zero. A recent CDP analysis showed so-called portfolio in the nance sector were more than 700 times larger than operational emissions. There is growing awareness among nancial actors of the material risks posed by a changing climate, and the vital role nancial institutions can play in redirecting capital to green solutions and technologies. Financial institutions need to align their portfolios with a net-zero world.Financial institutions can now set science-based targets and align their lending and investment activities with the Paris Agreement through the SBTi’s Financial Sector Framework and its target setting tool for Temperature Scoring and Portfolio Coverage methods. More than 80 nancial institutions — banks, investors, insurance companies, pension funds and others — have publicly committed to set emissions reduction targets through the SBTi. Financial actors now need to use the methodology to set credible short and mid-term targets to deliver exponential impact for the climate.Portfolio emissions, or “nanced emissions”, are emissions from the investing and lending activities of nancial institutions, in contrast to emissions from a company’s own opera 1 25 Setting portfolio-level, science-based targets inuences nancial institutions’ strategic security selection and allocation decisions. This has the potential to create a cascading eect in all sectors of the economy by shifting investment ows and engaging with underlying assets. Financial institutions also need to address scope 3 emissions by using their leverage as shareholders to prod corporate managers to set more ambitious targets that reduce their companies’ impact on the climate. Especially in hard-to-abate sectors, mobilizing investors to incentivize the adoption of science-based targets will be key to encourage industries that are lagging behind on climate ambition.EXPANDING SCIENCE-BASED TARGETS THROUGH SUPPLY CHAIN ENGAGEMENT AND PUBLIC PROCUREMENT Another potential key booster for corporate action lies in supply chain engagement and addressing scope 3 emissions. Companies with credible, science-based targets need to tackle emissions i

10 n their value chain by engaging with sup
n their value chain by engaging with suppliers. Large companies focusing on emission reductions in their supply chains send strong demand signals for low-carbon innovation and technologies to developers of these solutions. For a target to be ocially validated by the SBTi, companies whose scope 3 emissions cover more than 40 per cent of their total emissions need to set scope 3 targets. The SBTi has developed a scope 3 guidanceto showcase the most eective options for addressing these emissions. One way to incentivize supply chain partners to align with a 1.5°C future is for companies to include climate goals, such as science-based target setting, in procurement contracts. This can be done as a pre-competitive requirement or as a negotiated term of the contract. Companies also can actively work with suppliers to help them reduce their own emissions. That way, scope 3 emissions reduction eorts by one company can lead to emissions reductions in other companies’ operations, cascading ambition throughout the economy.SCALING-UP ACCESS TO CAPITAL FOR SETTING AND IMPLEMENTING SCIENCE-BASED TARGETS Science-based targets are increasingly used as a benchmark for investments to help assess carbon risks and ensure disclosures for climate action. Companies with validated science-based targets are making a strong statement about their future and can then tap the market for investors to nance their strategies. This pushes the sustainable debt capital market toward nancing the transformation the world needs. In response to expanding demand for sustainable investment tools, momentum has shifted toward embedding science-based targets into sustainability linked bonds and banking facilities. An example is linking lines of credit to SBTi-veried targets.In October 2020, 137 nancial institutions have requested 1800 most emitting companies to set a science-based target via the CDP SBT Campaign. 2 3 26 More and more indexes identifying companies that demonstrate the best Environmental, Social and Governance (ESG) practices are also being launched. Rewarding science-based target setting in the assessment of environmental (‘E’) practices could unlock additional mitigation potential. So would embedding science-based target setting in relevant climate nancial market standards. This could include reporting on climate-related nancial risks through the Task Force on Climate-related Financial Disclosures (TCFD), eorts to mobilize bond markets for climate change solutions through the Climate Bonds initiative, or Green Taxonomy frameworks classifying environmentally sustainable activities to orient investment.AMBITIOUS COUNTRY COMMITMENTS AND ROBUST POLICY FRAMEWORKSTo fully decarbonize the global economy and build a truly resilient and sustainable future, regions, businesses and Governments must work together to harness the Ambition Loop — a positive feedback loop in which private sector and Government climate action reinforce each other. When companies listed in an index move toward more ambitious action, they create a shift that can inuence the real economy beyond indexes and send strong market signals to policymakers. By setting more ambitious NDCs, Governments in turn send strong signals to companies and investors, encouraging them to ramp up their

11 climate action.A predictable regulatory
climate action.A predictable regulatory environment is crucial to accelerate the trend for businesses and markets to shift gears towards a 1.5°C future. NDCs, long-term strategies and climate policy roadmaps need to be in line with limiting warming to 1.5°C. They must also be backed up by well-designed regulatory and taxation frameworks, which provide incentives, fair rules and a level playing eld for all corporate actors. Government investments in renewable energies and a just transition are crucial to help businesses achieve their targets. In turn, companies need to play their part by investing in renewables and energy eciency, and contribute to a just transition to support climate plans. In a time when countries need to come up with enhanced NDCs and concrete implementation plans, Governments can use science-based target-setting as a tool to increase their climate policies and ambition in the lead up to COP26 and beyond. Governments can use their regulatory power to incentivize the adoption of science-based targets across all industries. For example, the Government of Finland took a resolution in April 2020 explicitly citing the UN Global Compact and the Science Based Targets initiative as Corporate Social Responsibility frameworks with which companies should comply.recently, the US Government issued an executive order encouraging the requirement for major federal suppliers to set science-based targets.Corporate social responsibility and sustainability, Section 3, Government Resolution on the State Ownership Policy, April 2020; https://valtioneuvosto./documents/10616/1221497/Periaatep%C3%A4%C3%A4t%C3%B6s+engl+nal+2020.pdf/6cf1bd04-05ad-da4b-0c94-728ea043bde7/Periaatep%C3%A4%C3%A4t%C3%B6s+engl+nal+2020.pdf?t=1587737886000Executive Order on Climate-Related Financial Risk, May 2021. https://www.whitehouse.gov/brieng-room/presidential-actions/2021/05/20/executive-order-on-climate-related- 4 27 Ambitious corporate leaders need to double down on climate policy advocacy. Strong signals from business to Government in support of ambitious climate policy can catalyze more ambitious climate goals at the country level. Negative corporate lobbying by a powerful minority of private actors, especially the fossil fuel industry, is a long standing barrier to the Ambition Loop. G7 Governments and companies need to tackle irresponsible policy engagement that is holding back climate ambition. Any company still lobbying their Government to slow the transformation to a fossil-free world needs to immediately cease these activities. All businesses must also address misalignments between their own climate advocacy and their trade groups and industry associations. Corporate leaders need to make sure their investments and advocacy spendings are going to the actors that are pushing for Paris-aligned policies, not those slowing down progress. Guide for Responsible Corporate Engagement in Climate Policy, A Caring for Climate report, 2013; https://d306pr3pise04h.cloudfront.net/docs/issues_doc%2Fenvir,onment%2Fclimate%2FGuide_Responsible_Corporate_Engagement_Climate_Policy.pdfSBTi “Taking the Temperature” Report, June 2021 28 THE PATH AHEADScience-based targets are the near-term, breakthrough mitigation measures the world needs to reach the Paris climate goals. Go

12 vernments, nancial institutions and
vernments, nancial institutions and investors can leverage their regulatory power and inuence to incentivize the adoption of science-based targets across all industries. Corporate actors which already have a science-based target set can trigger cascading ambition by addressing their scope 3 emissions and working with their suppliers. All actors working together to mainstream science-based target setting can unlock the exponential mitigation potential the world so urgently needs to keep the 1.5*C goal within reach, in all sectors and geographies. Companies with science-based targets are already cutting emissions at scale — all businesses must now align with science and join the Race to Zero via the Business Ambition for 1.5°C campaign. “We urge businesses and investors to join the Race to Zero, align their portfolios with the goals of the Paris Agreement and set science-based net-zero targets of 2050 at the latest.”G7 Climate and Environment Ministers, May 2021. 29 ACKNOWLEDGMENTS A Science Based Targets initiative Report by the United Nations Global Compact and CDP UN Global Compact Contributors:Heidi Huusko, Anna Kruip, Chloe Baumeswww.unglobalcompact.orgCDP Contributors: Alberto Carrillo Pineda, Eoin White, Tom Dowdall https://www.cdp.net/enThe authors wish to thank UN Global Compact Climate Action Platform companies and partner organizations who provided input and support during the development of this report.Action Platform on Climate Ambition: Patrons: Iberdrola S.A., AstraZenecaParticipants: Accenture, ARM Holdings, Baker Hughes Company, Bayer AG, Biogen, Bristol-Myers Squibb, Charoen Pokphand Group, China Petroleum and Chemical Corporation - Sinopec, Colgate Palmolive Company, Danone, Enel, Essity Aktiebolag, Global Green Chemicals, Global Impact Initiative, Impossible Foods, Jayco Interface Technology, LEO Pharma, McCormick & Company, Moody’s Corporation, Nestlé, Novozymes, Ørsted, PJSC PhosAgro, PTT Global Chemical Public Company Limited, ROCKWOOL International A/S, Safaricom, Schneider Electric SE, SUMITOMO CHEMICAL, Unilever, UPM Kymmene, VELUX Group, Walgreens Boots Alliance. Special thanks to: World Wildlife Funds (WWF), World Resources Institute (WRI), United Nations Framework Convention on Climate Change (UNFCCC), United Nations Environment Programme (UNEP), NewClimate Institute (NCI).Disclaimer: The views expressed in this publication are not necessarily those of the United Nations Global Compact, CDP, SBTi or the participants of the Action Platform on Climate Ambition. The inclusion of company examples in this publication is intended strictly for learning purposes and does not constitute an endorsement of the individual companies by the United Nations and authors of this report. The material in this publication may be quoted and used provided there is proper attribution.As of 30 April 2021, dataset is available in the appendix herePartner organizations 30 SBTi “Taking the Temperature” Report, June 2021 SNAPSHOTS OF CORPORATE CLIMATE ACTION 31 SNAPSHOTS OF CORPORATE CLIMATE ACTION Companies look for inspiration among their peers, in their country and industry on how to take their climate ambition to the next level. Recognizing and promoting good sustainability practices aimed at decarbonization, NDC enhancement, and supply chain engage

13 ment is at the core of the work of the &
ment is at the core of the work of the “Action Platform on Climate Ambition.”following section gives examples of best practices and inspiration from Action Platform companies that are part of the SBTi’s Business Ambition for 1.5°C campaign.JUST TRANSITIONIberdrola: The transition towards a fully decarbonized economy will negatively impact certain regions and sectors that are highly dependent on fossil fuels in the short term. Yet, “no one should be left disadvantaged by necessary climate action,” said United Nations Secretary-General Antonio Guterres during the Climate Action Summit held at United Nations headquarters in 2019. Iberdrola has joined the Business Pledge for Just Transition and Decent Green Jobs. Companies use this pledge to demonstrate their commitment to four key labour standards across their global businesses as they transition to a zero-carbon economy. The standards are: social dialogue with workers and their unions; workers rights, including International Labour Organization core labour standards and occupational health and safety standards; social protections, including pension and health insurance; and wage guarantees.In Spain, the Government is developing a just transition strategy to support the phase-out of coal,using a collaborative approach among public administration ocials, unions and companies. In the last 20 years, Iberdrola has closed all its coal and fuel-oil plants and signed local agreements to protect the employment of impacted workers. Iberdrola has been working closely with local authorities, communities and unions to transition employees into new jobs and transform their skills while revitalizing local industries.A just transition not only implies social dialogue and labour rights. It also includes crucial investments for the most impacted communities, including funds for reskilling and upskilling. Iberdrola is helping to nance the Just Transition, including more than 120 million invested in the last 20 years in renewables, smart networks and energy storage. Iberdrola is now accelerating its investments with 75 billion by 2025 to create more jobs and stimulate the economy. In 2020, Iberdrola awarded record purchases of 14 billion, supporting the creation of 400,000 jobs globally through its supply chain, adding close to 4,000 people to its own workforce, and dedicating 53 hours of training per employee (four times the European average). The company also invested nearly 360 million in innovation. 32 GREENING BUSINESS MODELS AND SUPPLY CHAINS AstraZeneca: Launched at the World Economic Forum in January 2020, Ambition Zero Carbon is AstraZeneca’s $1 billion commitment to achieving zero-carbon emissions from its global operations by 2025 and creating a carbon-negative value chain by 2030. By 2025, AstraZeneca will double its energy productivity; use 100 per cent renewable energy for power and heat; eliminate F-gas emissions from its sites; launch next-generation respiratory inhalers to treat asthma and chronic obstructive pulmonary disease with near-zero climate impact propellants; and plant 50 million trees under the AZ Forest programme. To become carbon negative across its entire value chain by 2030, AstraZeneca will ‘’design in’’ carbon neutrality across its orga

14 nization and use the latest science to a
nization and use the latest science to actively engage its supply chain to reduce emissions. The delivery of Ambition Zero Carbon is not just about engineering and responsible sourcing. It will rely on scientic innovation, re-imagining healthcare in a low-carbon society, changing working methods and developing new partnerships and relationships across the company’s value chain. The choices being made today will shape the company’s 2030 environmental footprint. These choices will encompass the building blocks for innovative medicines that are still in development, digital innovation, the choice of reactants and processes used to make medicines, the types of devices and diagnostics accompanying products, and the sustainability credentials of the company’s strategic partners. AstraZeneca will advocate for change within the pharmaceutical sector and beyond. Its supply chain will need to set science-based targets with a clear path to net-zero emissions. The company embraces the opportunities that the transition to a low-carbon economy can bring to patients, healthcare and society. AstraZeneca is using a systems approach to identify how it can deliver improved standards of care, with better patient and societal outcomes and a lower environmental impact, than through established healthcare pathways.Ørsted: The company’s vision is a world run entirely on green energy. Ørsted demonstrates that change is possible. Over a decade, Ørsted transformed itself from being a largely fossil fuel company into a major renewable energy company by aligning its business with science, setting ambitious targets and implementing them.ENABLING REGULATORY AND POLICY ENVIRONMENT : FOSTERING AMBITION LOOPS Enel: Governments can create eective incentives for low-carbon investment by creating a stable and credible long-term decarbonisation vision and investment framework, built on appropriate policies. More ambitious, harmonized and synergic climate and energy policies are needed to provide companies with crucial long-term signals and guidance.”Nestlé: Ambitious NDCs enshrined in law would help its company decarbonize faster if they focus on supply chain transformation in agriculture. Like many food and beverage companies, the vast majority of the company’s carbon footprint is located in its Tier 3 supply chain. That means farmers need support in transitioning to more sustainable ways of producing food. 33 UPM Kymmene: With regard to NDCs, UPM promotes expanded recognition of product substitution and its role in decarbonizing various industries. UPM advocates strongly for an increased role for climate positive, advanced biomaterials in replacing fossil products with renewable raw materials, without compromising biodiversity. Substitution impact should be more strongly recognized in global, regional and national climate policies. Novozymes: To harness the potential of all stakeholders to enhance NDCs, some countries have created partnership and consultation frameworks. For example, Novozymes has been involved in the Climate Partnership for Life Science & Biotech, one of 13 climate partnerships put forward by the Danish Government. The partnerships will provide recommendations on how each industrial sector can contribute to the Danish target of a 70 per cent GHG-emission reduction b

15 y 2030. Through this partnership, Novozy
y 2030. Through this partnership, Novozymes has advocated for the many solutions biotechnology oers to mitigate climate change.RESPONSIBLE POLICY ENGAGEMENT AND CORPORATE ADVOCACY Unilever: The company has taken a proactive approach to address advocacy misalignments by sending open letters to its industry associations. Unilever asks for conrmation of the associations’ climate positions and activities to ensure they are not conicting with the 1.5°C ambition of the company. For general information and technical queries:info@sciencebasedtargets.orgsciencebasedtargets.org@ScienceTargets/science-based-targetsPartner organizations SBTi “Taking the Temperature” Report, June 2021 Japan NIKKEI 225 Germany DAX 30 France CAC 40 Canada SPTSX 60 USA S&P 500 Italy FTSE MIB 2.7˚C 2.7˚C UK FTSE 100 SBTi “Taking the Temperature” Report, June 2021 2.7˚C Germany DAX 30 France CAC 40 Japan NIKKEI 225 UK FTSE 100 Canada SPTSX 60 USA S&P 500 Italy FTSE MIB 2.7˚C x x x Ajinomoto Co.Inc. Asahi Group Holdings, Ltd.Hitachi, Ltd. Kirin Holdings Co Ltd Marui Group Co., Ltd. Nippon Suisan Kaisha Ltd NTT Data Corporation Rakuten,Inc. Ricoh Co., Ltd. Shiseido Co., Ltd. Sony Corporation Takeda Pharmaceutical Company Limited Covestro AG Delivery Hero SE Deutsche Bank AGDeutsche Börse AG Deutsche Wohnen SE Fresenius Medical Care AG & Co. KGaA Fresenius SE & Co. KGaA Merck KGaA MTU Aero Engines AG Munich Re Casio Computer Co., Ltd.Daiichi Sankyo Co., Ltd. FUJIFILM Holdings Corporation J. Front Retailing Co., Ltd. Mitsubishi Estate Co., Ltd. Mitsui Fudosan Co., Ltd. NEC Corporation Nippon Telegraph & Telephone Corporation (NTT) SCREEN Holdings CO., Ltd. Sekisui House, Ltd. Sharp Corporation Shimizu Corporation Shionogi & Co., Ltd. SoftBank Corp. SoftBank Group Corp Terumo Corporation The Kansai Electric Power Co., Inc. Yamaha Corporation x x BASF SE Deutsche Post DHL GroupLinde PLC Vonovia SE x x x Carrefour Pernod Ricard Renault Saint-Gobain Thales VINCI Worldline SA Bank of Nova Scotia (Scotiabank)Loblaw Companies Limited Saputo Inc. x AGC Inc. Recruit Holdings Co.,Ltd.ALPS ALPINE CO LTD. Amada Co Ltd ANA Holdings Inc.Aozora Bank, Ltd.BANDAI NAMCO Holdings Inc.Central Japan Railway CompanyChubu Electric Power Co., Inc.Chugai Pharmaceutical Co., Ltd.Comsys Holdings Corporation Concordia Financial Group Credit Saison Co., Ltd. CyberAgent, Inc. Daiwa Securities Group Inc.DeNA Co., Ltd.Denso CorporationDowa Holdings Co., Ltd.ENEOS Holdings, Inc. Fanuc CorporationFast Retailing Co., Ltd.Fukuoka Financial Group, Inc.Haseko CorporationHino Motors, Ltd.Hitachi Zosen CorporationHonda Motor Co., Ltd.IHI Corporation Inpex Corporation Isuzu Motors Limited ITOCHU Corporation Japan Exchange Group JGC Holdings CorporationKeio Corporation Keisei Electric Railway Co., Ltd. Kobe Steel., Ltd. Konami Holdings Corporation Kuraray Co., Ltd. Kyowa Hakko Kirin Co., Ltd. Maruha Nichiro CorpMatsui Securities Co., LtdMazda Motor CorporationMinebeaMitsumi Inc.Mitsubishi Chemical Holdings CorporationMitsubishi Heavy Industries, Ltd.Mitsubishi Logistics CorporationMitsubishi Materials CorporationMitsubishi Motors CorporationMitsubishi UFJ Financial Group, Inc.Mitsui & Co., Ltd.Mitsui Engineering & Shipbuilding Co LtdMitsui O.S.K. Lines Ltd Mizuho Financial Group, Inc.NEXON Co., Ltd.NGK Insulators, Ltd

16 .NH Foods Ltd.Nippon Electric Glass Co.,
.NH Foods Ltd.Nippon Electric Glass Co., Ltd.Nippon Light Metal Holdings Company, LtdNippon Paper Industries Co LtdNissan Chemical CorporationNisshinbo Holdings Inc.Nomura Holdings, Inc.NTN Corporation Obayashi Corporation Odakyu Electric Railway Co., Ltd. Oji Holdings Corporation Oki Electric Industry Co., Ltd Okuma Corporation Olympus Corporation Osaka Gas Co., Ltd. Pacic Metals Co., Ltd.Resona Holdings, Inc.Shin-Etsu Chemical Co., Ltd. Shinsei Bank, LimitedSKY Perfect JSAT Holdings Inc. Sojitz CorporationSumco Corporation Sumitomo CorporationSumitomo Dainippon Pharma Co., Ltd.Sumitomo Electric Industries, Ltd.Sumitomo Heavy Industries. Ltd.Sumitomo Metal Mining Co., Ltd. Sumitomo Mitsui Trust Holdings, Inc.Sumitomo Osaka Cement Co., Ltd.Sumitomo Realty & Development Co., Ltd.Suzuki Motor Corporation Taiheiyo Cement CorporationTaiyo Yuden Co., Ltd.Takara Holdings Inc.Takashimaya Company, LimitedThe Chiba Bank, Ltd.The Japan Steel Works, Ltd.The Shizuoka Bank, Ltd. The Tokyo Electric Power Company Holdings, Inc (TEPCO)The Yokohama Rubber Co., Ltd.Tobu Railway Co., Ltd.Toho Co., Ltd.Toho Zinc Co LtdTokai Carbon Co., Ltd.Tokio Marine Holdings, Inc.Tokuyama CorporationTokyo Gas Co., Ltd.Tokyo Tatemono Co., Ltd.Tokyu CorporationTokyu Fudosan Holdings CorporationToto Ltd.Toyo Seikan Group Holdings, Ltd.Trend Micro Incorporated.Unitika Ltd.West Japan Railway CompanyYamato Holdings Co., Ltd.Yaskawa Electric CorporationZ Holdings Corporation ArcelorMittal BNP Paribas Credit Agricole Dassault Systemes EssilorLuxottica LVMH Orange Société Générale Stellantis N.V.Teleperformance x Advantest CorporationAeon Co., Ltd. Astellas Pharma Inc. Bridgestone Corporation Citizen Watch Co.,Ltd. Dai Nippon Printing Co., Ltd. Daiwa House Industry Co., Ltd. Dentsu Inc. Eisai Co., Ltd. Fujitsu Limited Furukawa Electric Co., Ltd. Hitachi Construction Machinery Co., Ltd. Isetan Mitsukoshi Holdings Ltd. Japan Tobacco Inc. KAO Corporation Kawasaki Kisen Kaisha, Ltd. Kikkoman Corporation Komatsu Ltd. Konica Minolta, Inc. Kyocera Corporation Meiji Holdings Co Ltd Mitsubishi Electric Corporation Nikon Corporation Nippon Sheet Glass Company, Ltd Nippon Yusen Kaisha Line OMRON Corporation Otsuka Holdings Co., Ltd. Panasonic Corporation Secom Co., Ltd. Seiko Epson Corporation Sumitomo Chemical Co., Ltd. Taisei Corporation Toppan Printing Co., Ltd. x LEGRAND Publicis Groupe SAVeolia Environnement SA Vivendi SA Agnico-Eagle Mines Limited Algonquin Power & Utilities Corporation Alimentation Couche-Tard Inc. Bank of Montreal BCE Inc. Brookeld Asset Management Inc. Brookeld Infrastructure Partner L.P. Brookeld Property PartnersCameco Corporation Canadian Natural Resources Limited Canadian Pacic Railway Canadian Tire Corporation, Limited Canopy Growth Corp CAPREIT CCL Industries CGI Group Inc. Constellation Software Inc Dollarama Inc Enbridge Inc. First Quantum Minerals Limited Fortis Inc. Franco-Nevada Corporation Imperial Oil Inter Pipeline Ltd. Kinross Gold Corporation Kirkland Lake Gold Inc. Magna International Inc. Manulife Financial Corp. National Bank of CanadaMetro Inc. Nutrien Ltd. OpenText Corporation Pembina Pipeline Corporation Restaurant Brands International Royal Bank of Canada Shaw Communications Inc. SNC-Lavalin Group Inc. Sun Life Financial Inc. TC Energy TD Bank Group Teck Resources Lim

17 ited Telus Corporation Waste Connections
ited Telus Corporation Waste Connections, Inc. Wheaton Precious Metals x Alstom Atos SE AXA GroupKering L’Oréal SANOFI Schneider Electric STMicroelectronics International NV Unibail-Rodamco-Westeld AO SmithCharles Schwab CorporationChloé BaumesChloé BaumesLamb Weston Holdings, Inc.Leggett & Platt, Inc.LeidosLennar CorporationLincoln National CorporationLive Nation Entertainment, IncLockheed Martin CorporationLoews CorporationM&T Bank CorporationMarathon Oil CorporationMarathon PetroleumMARKETAXESS HOLDINGS INCMarsh & McLennan Companies, Inc.Martin Marietta Materials, Inc.Masco CorporationMaxim Integrated Products, Inc.McKesson CorporationMetLife, Inc.Mettler-Toledo International Inc.Microchip TechnologyMohawk Industries, Inc.MONOLITHIC POWER SYSTEMS, INC.Monster Beverage CorporationMotorola SolutionsMSCINational Oilwell Varco, Inc.NetApp Inc.Netix, Inc.Newmont Mining CorporationNextEra Energy, Inc.Norfolk Southern Corp.Northern TrustNorthrop Grumman CorpNortonLifeLock IncNucor CorporationNVIDIA CorporationNVR Inc.Old Dominion Freight LineOmnicom Group Inc.Oneok Inc.Otis Worldwide CorpO’Reilly AutomotivePACCAR IncPackaging Corporation Of AmericaParker-Hannin CorporationPaychex, Inc.Paycom Software, Inc.People’s United Financial, IncPerkinElmer, Inc.Pioneer Natural ResourcesPPL CorporationPrincipal Financial Group, Inc.Progressive CorporationPrudential Financial, Inc.Public Service Enterprise Group Inc.Public StoragePulteGroup IncQuanta Services IncQuest Diagnostics IncorporatedRaymond James FinancialRaytheon Technologies CorporationRealty Income Corp.Regions Financial CorporationResMedRobert Half International Inc.Rockwell AutomationRollins IncRoper Technologies, IncRoss Stores IncSBA Communications Corp.Sealed Air Corp.ServiceNow IncSherwin-Williams CompanyShow lessSkyworks Solutions, Inc.SL Green Realty Corp.Snap-On IncSouthwest Airlines Co.Starbucks CorporationState Street CorporationStryker CorporationSVB Financial GroupSynchrony FinancialSynopsys, Inc.Sysco CorporationT. Rowe Price Associates, Inc.Take-Two Interactive Software, IncTELEDYNETeleex IncorporatedTeradyne Inc.Tesla Motors, Inc.Texas Instruments IncorporatedTextron Inc.The J.M. Smucker CompanyThe Mosaic CompanyThe Travelers Companies, Inc.Tractor Supply Co.TransDigm Group IncorporatedTrimble Inc.Truist Financial Corp.Twitter IncTyler Technologies IncU.S. BancorpUlta Beauty Inc.UnitedHealth Group IncUnited RentalsUniversal Health ServicesUnum GroupValero Energy CorporationVarian Medical Systems IncVerisign Inc.Verisk Analytics IncVertex Pharmaceuticals IncViacomCBS IncVisaVornado Realty TrustVulcan Materials CompanyWabtec Corp.Walgreens Boots AllianceWells Fargo & CompanyWestern Digital CorpWestern Union CoWest Pharmaceutical ServicesWeyerhaeuser CompanyWynn Resorts, LimitedXcel Energy Inc.Xilinx IncXylem IncZebra Technologies Corp.Zimmer Biomet Holdings, Inc.Zions BancorporationZoetis IncLaboratory Corporation of America LKQ CorpL Brands, Inc.The Kraft Heinz CompanyKinder Morgan Inc.Kimco RealtyKeysight Technologies IncKansas City SouthernKLAJPMorgan Chase & Co.IQVIAIntuitive Surgical Inc.Interpublic Group of Companies, Inc.International Paper CompanyIntercontinental Exchange IncIntel CorporationIngersoll Rand Inc.Incyte CorpIDEXX Laboratories, Inc.IDEX CorporationIPG Photonics CorpHuntingt

18 on Ingalls Industries, Inc.J.B. Hunt Tra
on Ingalls Industries, Inc.J.B. Hunt Transport Services, Inc.Howmet Aerospace Inc.Hormel FoodsHoneywell International Inc.Hologic, Inc.HollyFrontier Corp.Hess CorporationThe Hartford Financial Services Group, Inc.Halliburton CompanyHCAW.W. Grainger, Inc.Goldman Sachs Group Inc.Globe Life Inc.Global Payments, Inc.Genuine Parts CompanyGeneral Electric CompanyGeneral Dynamics CorporationGartner, Inc.Arthur J. Gallagher & Co.Freeport-McMoRan Inc.Franklin Resources, Inc.Twenty-First Century FoxFortune Brands, Inc.FORTINET INCFlowserve CorporationFleetCor Technologies, Inc.FirstEnergy CorporationFiserv, Inc.First Republic BankFifth Third BancorpShow lessChloé BaumesChloé Baumes5:30 PM May 26Fidelity National Information ServicesF5 Networks, Inc.FedEx CorporationFederal Realty Investment TrustFastenal CompanyFacebookFLIR Systems, Inc.Exxon Mobil CorporationExtra Space Storage IncExpeditors International of WashingtonExelon CorporationEvergy, Inc.Essex Property Trust, Inc.Equity ResidentialEquifax Inc.Emerson Electric Co.Electronic Arts Inc.Edwards Lifesciences CorpEdison InternationalEastman Chemical CompanyEOG Resources, Inc.Duke Realty CorpDover CorporationDomino’s Pizza, Inc.Dollar Tree IncDollar General CorporationDish Network CorpDiscovery, Inc.Discover Financial ServicesWalt Disney CompanyDiamondback Energy IncDexCom, Inc.Dentsply Sirona Inc.Delta Air LinesDeere & CompanyDaVita Inc.Darden Restaurants, Inc.Danaher CorporationDXC TechnologyD.R. Horton, Inc.Crown Castle International CorpCostco Wholesale CorporationCorteva IncCorning IncorporatedCopart, Inc.Cooper Companies, Inc.Constellation Brands, Inc.Cognizant Technology Solutions Clorox CompanyCitrix SystemsCitizens Financial Group IncCitigroup Inc.Cintas CorporationCincinnati Financial CorporationChipotle Mexican GrillChevron CorporationCharter Communications IncCenterPoint Energy, Inc.Centene CorporationCelanese CorporationCaterpillar Inc.Catalent, Inc.CarMax Inc.Cardinal Health Inc.Cadence Design Systems, Inc.Cabot Oil & Gas CorporationCMS Energy CorporationCME Group Inc.C.H. RobinsonCF Industries Holdings, Inc.CDW CorporationCboe Global Markets, Inc.Brown-Forman CorporationBroadcom Inc.Bristol-Myers SquibbBoston Scientic CorporationBooking HoldingsBlackRockBio-Rad Laboratories Inc.Berkshire HathawayW.R. Berkley Corp.Becton, Dickinson and Co.Baxter International Inc.Avery Dennison CorporationAutoZone, Inc.Automatic Data Processing, Inc.Atmos Energy CorpAssurant, Inc.Arista NetworksApplied Materials Inc.Apache CorporationAnthem IncAnsys Inc.Amphenol CorporationShow lessChloé BaumesChloé Baumes5:33 PM May 26Ametek, Inc. Ameriprise Financial, Inc. AmerisourceBergen Corp. American International Group, Inc. (AIG) American Electric Power Company, American Airlines Group Inc Amazon.com Inc Alphabet, Inc. The Allstate Corporation Align Technology, Inc. Alexion Pharmaceuticals Albemarle Corp. Alaska Air Group Akamai Technologies Inc Air Products & Chemicals, Inc. Agilent Technologies Inc. Advance Auto Parts Inc Activision Blizzard Abiomed Inc Abbott Laboratories The AES Corporation Carnival Corporation LyondellBasell Industries N.V. Royal Caribbean Cruises Ltd Linde AG Medtronic PLC Pentair plc Perrigo Company plc Steris plc Allegion Plc Willis Towers Watson Nielsen Holdings Garmin Ltd TE Connectivity Norwegian Cruise Line Holdings Lt

19 d Invesco Ltd IHS Markit Ltd. Everest Re
d Invesco Ltd IHS Markit Ltd. Everest Re Group Ltd Canadian National Railway Company x x Asahi Kasei CorporationDai-ichi Life Holdings, Inc. Daikin Industries, Ltd. Denka Company Limited DIC Corporation East Japan Railway Company Ebara Corporation Fuji Electric Co., Ltd. Fujikura Ltd. GS Yuasa Corporation Idemitsu Kosan Co., Ltd. Japan Post Holdings JTEKT Corporation Kajima Corporation Kawasaki Heavy Industries, Ltd. KDDI Corporation Kubota Corporation Marubeni Corporation Mitsubishi Corporation Mitsui Mining & Smelting Co., Ltd. MS&AD Insurance Group Holdings, Inc. Nichirei Corporation Nippon Express Co., Ltd. NIPPON STEEL CORPORATION Nissan Motor Co., Ltd. Nisshin Seifun Group Inc. Nitto Denko Corporation NSK Ltd. Sapporo Holdings Limited Seven & I Holdings Co., Ltd. Showa Denko K.K. Sompo Holdings, Inc SUBARU CORPORATION Sumitomo Mitsui Financial Group T&D Holdings, Inc. TDK Corporation Teijin Ltd. Tokyo Electron Ltd. Toray Industries, Inc. Tosoh Corporation Toyobo Co., Ltd. Toyota Motor Corporation Toyota Tsusho Corporation Ube Industries, Ltd. Yamaha Motor Co., Ltd. Yokogawa Electric Corporation x Thomson Reuters Corporation Barrick Gold CorporationBausch Health Cos. Inc. Canadian Imperial Bank of Commerce (CIBC) Cenovus Energy Inc. Emera Inc. George Weston Limited Power Corporation of Canada Rogers Communications Inc. Suncor Energy Inc. x x x x x x x x x x CNH Industrial NV HeraPirelli UniCredit x Eni SpA x Amplifon SpA Assicurazioni Generali Spa AtlantiaAzimut Holding Banca Generali SpA Banca Mediolanum Banco BPM SpA Buzzi Unicem Davide Campari-Milano N.V. Diasorin SpA Exor N.V. Ferrari Finecobank Interpump Group SpA Intesa Sanpaolo S.p.A Inwit (Infrastrutture Wireless Italiane SpA) Leonardo Mediobanca Nexi Poste Italiane Prysmian SpA Recordati SpA Saipem Stellantis N.V. Tenaris S.A. Terna Unipol Gruppo x x x AstraZeneca Barclays Barratt Developments plc Berkeley Group British Land Company BT Group Burberry Group Coca-Cola HBC AGGlaxoSmithKline HSBC Holdings plc Intermediate Capital Group Landsec London Stock Exchange Group NatWest Group plc Pearson Reckitt Benckiser SEGRO St. James Place Standard Chartered Standard Life Aberdeen Taylor Wimpey Plc Tesco Vodafone Group WM Morrison Supermarkets Plc British American TobaccoLegal and General Imperial Brands Intercontinental Hotels Group Severn Trent Mondi PLC x Associated British Foods Croda International DS Smith Plc International Consolidated Airlines Group, S.A.Johnson Matthey Rio Tinto Royal Dutch Shell Schroders Whitbread Plc Advanced Micro Devices, Inc American Tower Corp. Autodesk, Inc. Campbell Soup Company Cisco Systems, Inc. Comerica Incorporated Conagra Brands Inc CSX Corporation Digital Realty Trust Inc Healthpeak Properties, Inc. Host Hotels & Resorts, Inc. International Flavors & Fragrances Kellogg Company Kimberly-Clark Corporation L3Harris Technologies INC Las Vegas Sands Corporation Lumen Technologies Mondelez International Inc Newell Brands NiSource Inc. PayPal Holdings Inc Procter & Gamble Company Republic Services, Inc. Seagate Technology PLCTrane Technologies Union Pacic Corporation Ventas Inc Walmart, Inc. WestRock Company Whirlpool Corporation Accenture Adobe, Inc. Altria Group, Inc. American Express Analog Devices, Inc. Ball Corporation Best Buy Co., Inc. Biogen Inc. Boston Properties CBRE Group, Inc. Co

20 lgate Palmolive Company CVS Health Eaton
lgate Palmolive Company CVS Health Eaton Corporation eBay Inc. Ecolab Inc. EQUINIX, INC. Estee Lauder Companies Inc. Etsy, Inc. Eversource Energy Ford Motor Company General Mills Inc. Hewlett Packard Enterprise Company Intuit Inc. Jacobs Engineering Group Inc. Johnson & Johnson Lam Research Corp. Mastercard Incorporated Merck & Co., Inc. Micron Technology, Inc. Microsoft Corporation Molson Coors Brewing Company Moody’s Corporation Morgan Stanley News Corp NIKE Inc. NRG Energy Inc PepsiCo, Inc. Pzer Inc. Philip Morris International PVH Corp Ralph Lauren Corporation Regency Centers Corporation Salesforce.com, Inc. Schlumberger LimitedSimon Property Group Stanley Black & Decker, Inc. The Hershey Company TJX Companies, Inc. T Mobile USA inc Verizon Communications Inc. VF Corporation Waters Corporation Xerox Corporation Bouygues Hermes InternationalSafran Total x 3i Group Admiral Group AntofagastaAshtead Group Auto Trader Group Avast PLC Aveva Group Aviva plc B&M European Value Retail SA BAE Systems Bunzl plc DCC PLC Evraz PLC Experian Group Ferguson plc Flutter Entertainment PLC Fresnillo plc Glencore plc GVC Holdings Hargreaves Lansdown Hikma Pharmaceuticals Intertek Group JD Sports Fashion Just Eat Lloyds Banking Group M&G PLC Melrose PLC Ocado Group Pennon Group Pershing Square Holdings Persimmon Phoenix Group Holdings Polymetal Prudential plc RELX Group Plc Rentokil Initial Rightmove Rolls-Royce Sage Group Scottish Mortgage Investment Trust Plc Smiths Group Smurt Kappa Group PLC Spirax-Sarco Engineering United Utilities AbbVie Inc AFLAC IncorporatedAlexandria Real Estate Equities Inc. AT&T Inc. AvalonBay Communities Baker Hughes Company BNY Mellon Broadridge Financial Solutions Inc Dominion Energy DuPont de Nemours, Inc. Expedia Group Gilead Sciences, Inc. Hilton Worldwide, Inc. Huntington Bancshares Incorporated Iron Mountain Inc. Juniper Networks, Inc. KeyCorp Kroger Lowe’s Companies, Inc. McCormick & Company, Incorporated McDonald’s Corporation MGM Resorts International Mid-America Apartment Communities Inc Oracle Corporation PNC Financial Services Group, Inc. Prologis QUALCOMM Inc. Target Corporation The Coca-Cola Company Thermo Fisher Scientic Inc. The Southern Company Tyson Foods, Inc. Waste Management, Inc. WEC Energy Group 3M Company Alliant Energy Corporation Amcor plc Ameren Corporation American Water Works Archer Daniels Midland Boeing Company BorgWarner Chubb LimitedChurch & Dwight Co., Inc Comcast Corporation ConocoPhillips Consolidated Edison, Inc. Devon Energy Corporation DTE Energy Company Duke Energy Corporation Entergy Corporation Fortive General Motors Company Hanesbrands Inc. Hasbro, Inc. Illinois Tool Works Inc. International Business Machines (IBM) Johnson Controls International plc Marriott International, Inc. Occidental Petroleum Corporation Pinnacle West Capital Corporation PPG Industries, Inc. Regeneron Pharmaceuticals, Inc. Sempra Energy Tapestry Inc The Dow Chemical Company The Home Depot, Inc. United Airlines Holdings Welltower Inc. Williams Companies, Inc. Yum! Brands, Inc. x STMicroelectronics International NVTelecom Italia Snam S.P.A Diageo PlcInforma plc National Grid PLC Next RSA Insurance Group WPP Group adidas AG Bayer AG Beiersdorf AG BMW AGContinental AG Deutsche Telekom AG Henkel AG & Co. KGaA Inneon SAP SE Siemen

21 s AG x x Daimler AG E.ON SE HeidelbergC
s AG x x Daimler AG E.ON SE HeidelbergCement AG RWE AG Volkswagen AG x AGC Inc. ALPS ALPINE CO LTD. Amada Co Ltd Aozora Bank, Ltd.BANDAI NAMCO Holdings Inc.Comsys Holdings Corporation Concordia Financial Group Credit Saison Co., Ltd. CyberAgent, Inc. Dowa Holdings Co., Ltd.Fanuc CorporationFast Retailing Co., Ltd.Fukuoka Financial Group, Inc.Haseko CorporationHino Motors, Ltd.Hitachi Zosen CorporationHonda Motor Co., Ltd.IHI Corporation Inpex Corporation Isuzu Motors Limited ITOCHU Corporation Japan Exchange Group JGC Holdings CorporationKeio Corporation Keisei Electric Railway Co., Ltd. Kobe Steel., Ltd. Konami Holdings Corporation Kuraray Co., Ltd. Kyowa Hakko Kirin Co., Ltd. Maruha Nichiro CorpMatsui Securities Co., LtdMazda Motor CorporationMinebeaMitsumi Inc.Mitsubishi Chemical Holdings CorporationMitsubishi Heavy Industries, Ltd.Mitsubishi Logistics CorporationMitsubishi Materials CorporationMitsubishi Motors CorporationMitsubishi UFJ Financial Group, Inc.Mitsui & Co., Ltd.Mitsui Engineering & Shipbuilding Co LtdMitsui O.S.K. Lines Ltd Mizuho Financial Group, Inc.NEXON Co., Ltd.NGK Insulators, Ltd.NH Foods Ltd.Nippon Electric Glass Co., Ltd.Nippon Light Metal Holdings Company, LtdNippon Paper Industries Co LtdNissan Chemical CorporationNisshinbo Holdings Inc.Nomura Holdings, Inc.NTN Corporation Obayashi Corporation Odakyu Electric Railway Co., Ltd. Oji Holdings Corporation Oki Electric Industry Co., Ltd Okuma Corporation Olympus Corporation Osaka Gas Co., Ltd. Recruit Holdings Co.,Ltd.Shin-Etsu Chemical Co., Ltd. Shinsei Bank, LimitedSKY Perfect JSAT Holdings Inc. Sumco Corporation Sumitomo Mitsui Trust Holdings, Inc.The Japan Steel Works, Ltd.The Shizuoka Bank, Ltd. The Yokohama Rubber Co., Ltd.Toho Co., Ltd.Toho Zinc Co LtdTokio Marine Holdings, Inc.Tokuyama CorporationToyo Seikan Group Holdings, Ltd.Trend Micro Incorporated.Unitika Ltd.West Japan Railway CompanyYamato Holdings Co., Ltd.Yaskawa Electric CorporationZ Holdings CorporationTobu Railway Co., Ltd.Toto Ltd.Tokyo Tatemono Co., Ltd.Tokyu CorporationTokyo Gas Co., Ltd.Tokyu Fudosan Holdings CorporationCentral Japan Railway CompanyTokai Carbon Co., Ltd.Denso CorporationDeNA Co., Ltd.Chubu Electric Power Co., Inc.Chugai Pharmaceutical Co., Ltd.The Chiba Bank, Ltd.Daiwa Securities Group Inc.Resona Holdings, Inc.Sumitomo Dainippon Pharma Co., Ltd.Takara Holdings Inc.Takashimaya Company, LimitedTaiyo Yuden Co., Ltd.Taiheiyo Cement CorporationPacic Metals Co., Ltd.ANA Holdings Inc.Sumitomo Realty & Development Co., Ltd.Sumitomo Electric Industries, Ltd.Sumitomo Heavy Industries. Ltd.Sumitomo CorporationSumitomo Metal Mining Co., Ltd.Sumitomo Osaka Cement Co., Ltd.Suzuki Motor Corporation x Advantest Corporation Aeon Co., Ltd.Asahi Kasei Corporation Astellas Pharma Inc. Bridgestone Corporation Citizen Watch Co.,Ltd.Dai-ichi Life Holdings, Inc.Daiichi Sankyo Co., Ltd.Daikin Industries, Ltd.Dai Nippon Printing Co., Ltd.Daiwa House Industry Co., Ltd. Denka Company Limited DIC CorporationEast Japan Railway Company Ebara CorporationEisai Co., Ltd.ENEOS Holdings, Inc.Fuji Electric Co., Ltd. Fujikura Ltd. Fujitsu Limited Furukawa Electric Co., Ltd. GS Yuasa CorporationHitachi, Ltd. Hitachi Construction Machinery Co., Ltd. Isetan Mitsukoshi Holdings Ltd. Japan Post Holdings Japan Tobacco Inc. JTEKT CorporationKajima CorporationKAO Corpo

22 rationKawasaki Heavy Industries, Ltd.KDD
rationKawasaki Heavy Industries, Ltd.KDDI Corporation Kikkoman CorporationKubota CorporationKyocera CorporationMarubeni Corporation Meiji Holdings Co Ltd Mitsubishi Corporation Mitsubishi Electric Corporation Mitsui Mining & Smelting Co., Ltd. MS&AD Insurance Group Holdings, Inc. Nichirei Corporation Nikon Corporation Nippon Express Co., Ltd. NIPPON STEEL CORPORATIONNippon Suisan Kaisha Ltd Nippon Telegraph & Telephone Corporation (NTT) Nissan Motor Co., Ltd. Nisshin Seifun Group Inc. Nitto Denko Corporation NSK Ltd. OMRON CorporationOtsuka Holdings Co., Ltd.Panasonic Corporation Rakuten,Inc. Ricoh Co., Ltd. Sapporo Holdings LimitedSCREEN Holdings CO., Ltd.Secom Co., Ltd.Seiko Epson CorporationSeven & I Holdings Co., Ltd.Shimizu CorporationShiseido Co., Ltd.Showa Denko K.K.SoftBank Corp. SoftBank Group CorpSompo Holdings, IncSUBARU CORPORATION Sumitomo Chemical Co., Ltd.Sumitomo Mitsui Financial Group T&D Holdings, Inc. Taisei CorporationTDK Corporation Teijin Ltd. Terumo Corporation The Kansai Electric Power Co., Inc.The Tokyo Electric Power Company Holdings, Inc (TEPCO) Tokyo Electron Ltd. Toppan Printing Co., Ltd. Toray Industries, Inc. Tosoh Corporation Toyobo Co., Ltd. Toyota Motor Corporation Toyota Tsusho Corporation Ube Industries, Ltd.Yamaha Motor Co., Ltd. Yokogawa Electric Corporation Idemitsu Kosan Co., Ltd. x Landsec PearsonSEGRO Vodafone Group x Reckitt Benckiser RSA Insurance Group Standard Chartered x British Land CompanyBT Group Diageo Plc Legal and General Mondi PLC National Grid PLC x Associated British Foods AstraZeneca Barclays Barratt Developments plc Berkeley Group British American Tobacco Burberry Group Coca-Cola HBC AGCroda International DS Smith Plc GlaxoSmithKline HSBC Holdings plc Imperial Brands Informa plc Intercontinental Hotels Group Intermediate Capital Group International Consolidated Airlines Group, S.A. Johnson Matthey Lloyds Banking Group NatWest Group plc Next Rio Tinto Royal Dutch Shell Schroders Severn Trent St. James Place Standard Life Aberdeen Taylor Wimpey Plc Tesco Whitbread Plc WM Morrison Supermarkets Plc WPP Group x 3i Group Admiral Group AntofagastaAshtead Group Auto Trader Group Avast PLC Aveva Group Aviva plc B&M European Value Retail SA BAE Systems Bunzl plc DCC PLC Evraz PLC Experian Group Ferguson plc Flutter Entertainment PLC Fresnillo plc Glencore plc GVC Holdings Hargreaves Lansdown Hikma Pharmaceuticals Intertek Group JD Sports Fashion Just Eat London Stock Exchange Group M&G PLC Melrose PLC Ocado Group Pennon Group Pershing Square Holdings Persimmon Phoenix Group Holdings Polymetal Prudential plc RELX Group Plc Rentokil Initial Rightmove Rolls-Royce Sage Group Scottish Mortgage Investment Trust Plc Smiths Group Smurt Kappa Group PLC Spirax-Sarco Engineering United Utilities x Colgate Palmolive Company Philip Morris International Trane Technologies x SAP SE x BMW AGVolkswagen AG x adidas AG Continental AGHeidelbergCement AG RWE AG x BASF SE Bayer AG Beiersdorf AGDaimler AG Deutsche Post DHL Group Deutsche Telekom AG E.ON SE Henkel AG & Co. KGaA Inneon Linde PLC Siemens AG Vonovia SE x Covestro AG Delivery Hero SE Deutsche Bank AGDeutsche Börse AG Deutsche Wohnen SE Fresenius Medical Care AG & Co. KGaA Fresenius SE & Co. KGaA Merck KGaA MTU Aero Engines AG Munich Re x NTT Data CorporationSojitz Corporation x J. Front

23 Retailing Co., Ltd. Shionogi & Co., Ltd.
Retailing Co., Ltd. Shionogi & Co., Ltd. x Ajinomoto Co.Inc. Casio Computer Co., Ltd. Dentsu Inc. FUJIFILM Holdings Corporation Kawasaki Kisen Kaisha, Ltd. Kirin Holdings Co Ltd Komatsu Ltd. Konica Minolta, Inc. Marui Group Co., Ltd. Mitsubishi Estate Co., Ltd. Mitsui Fudosan Co., Ltd. NEC Corporation Nippon Sheet Glass Company, Ltd Nippon Yusen Kaisha Line Sekisui House, Ltd. Sharp Corporation Sony Corporation Takeda Pharmaceutical Company Limited Asahi Group Holdings, Ltd.Yamaha Corporation x Autodesk, Inc.Boston Properties CSX Corporation Ford Motor Company Host Hotels & Resorts, Inc. Intuit Inc. Las Vegas Sands Corporation Mastercard Incorporated Republic Services, Inc. Union Pacic Corporation x DuPont de Nemours, Inc. General Mills Inc. Healthpeak Properties, Inc. Lumen Technologies Molson Coors Brewing Company NRG Energy Inc PepsiCo, Inc. Ralph Lauren Corporation Seagate Technology PLCStanley Black & Decker, Inc. Target Corporation The Hershey Company Verizon Communications Inc. VF Corporation WestRock Company Xerox Corporation x 3M CompanyAbbVie Inc Accenture Adobe, Inc. Advanced Micro Devices, Inc AFLAC Incorporated Alexandria Real Estate Equities Inc. Alliant Energy Corporation Altria Group, Inc. Amcor plc Ameren Corporation American Express American Tower Corp. American Water Works Analog Devices, Inc. Archer Daniels Midland AT&T Inc. AvalonBay Communities Baker Hughes Company Ball Corporation Best Buy Co., Inc. Biogen Inc. BNY Mellon Boeing CompanyBorgWarnerBroadridge Financial Solutions IncCampbell Soup CompanyCBRE Group, Inc.Chubb Limited Church & Dwight Co., IncCisco Systems, Inc.Comcast CorporationComerica IncorporatedConagra Brands IncConocoPhillipsConsolidated Edison, Inc.CVS HealthDevon Energy CorporationDigital Realty Trust IncDominion EnergyDTE Energy CompanyDuke Energy CorporationEaton Corporation eBay Inc.Ecolab Inc.Entergy CorporationEQUINIX, INC.Estee Lauder Companies Inc.Etsy, Inc.Eversource EnergyExpedia GroupFortiveGeneral Motors CompanyGilead Sciences, Inc.Hanesbrands Inc.Hasbro, Inc.Hewlett Packard Enterprise CompanyHilton Worldwide, Inc.Huntington Bancshares IncorporatedIllinois Tool Works Inc.International Business Machines (IBM)International Flavors & Fragrances Inc.Iron Mountain Inc.Jacobs Engineering Group Inc.Johnson & JohnsonJohnson Controls International plc Juniper Networks, Inc.Kellogg CompanyKeyCorpKimberly-Clark CorporationKrogerL3Harris Technologies INCLam Research Corp.Lowe’s Companies, Inc.Marriott International, Inc.McCormick & Company, IncorporatedMcDonald’s CorporationMerck & Co., Inc.MGM Resorts InternationalMicron Technology, Inc.Microsoft CorporationMid-America Apartment Communities IncMondelez International IncMoody’s CorporationMorgan StanleyNewell BrandsNews CorpNIKE Inc.NiSource Inc.Occidental Petroleum CorporationOracle CorporationPzer Inc.Pinnacle West Capital CorporationPNC Financial Services Group, Inc.PPG Industries, Inc.Procter & Gamble CompanyPrologisPVH CorpQUALCOMM Inc.Regency Centers CorporationRegeneron Pharmaceuticals, Inc.Salesforce.com, Inc.Schlumberger LimitedSempra EnergySimon Property GroupTapestry IncThe Coca-Cola CompanyThe Dow Chemical CompanyThe Home Depot, Inc.Thermo Fisher Scientic Inc.The Southern CompanyTJX Companies, Inc.T Mobile USA incTyson Foods, Inc.United Airlines HoldingsWalma

24 rt, Inc.Waste Management, Inc.Waters Cor
rt, Inc.Waste Management, Inc.Waters CorporationWEC Energy GroupWelltower Inc.Whirlpool CorporationWilliams Companies, Inc.Yum! Brands, Inc. x STMicroelectronics International NV x Hera x CNH Industrial NV Eni SpA Pirelli Snam S.P.ATelecom Italia UniCredit x Amplifon SpA Assicurazioni Generali Spa AtlantiaAzimut Holding Banca Generali SpA Banca Mediolanum Banco BPM SpA Buzzi Unicem Davide Campari-Milano N.V. Diasorin SpA Exor N.V. Ferrari Finecobank Interpump Group SpA Intesa Sanpaolo S.p.A Inwit (Infrastrutture Wireless Italiane SpA) Leonardo Mediobanca Nexi Poste Italiane Prysmian SpA Recordati SpA Saipem Stellantis N.V. Tenaris S.A. Terna Unipol Gruppo x Canadian National Railway Company x Atos SESTMicroelectronics International NV x Unibail-Rodamco-Westeld x Carrefour Publicis Groupe SARenault Saint-Gobain Schneider Electric Veolia Environnement SA Worldline SA x Alstom AXA Group Bouygues Hermes International Kering LEGRAND L’Oréal Pernod Ricard Safran SANOFI Thales Total VINCI Vivendi SA x ArcelorMittal BNP Paribas Credit Agricole Dassault Systemes EssilorLuxottica LVMH Orange Société Générale Stellantis N.V.Teleperformance x Bank of Nova Scotia (Scotiabank)Barrick Gold Corporation Bausch Health Cos. Inc. Canadian Imperial Bank of Commerce (CIBC) Cenovus Energy Inc. CGI Group Inc. Emera Inc. George Weston Limited Loblaw Companies Limited Power Corporation of Canada Rogers Communications Inc. Saputo Inc. Suncor Energy Inc. Thomson Reuters Corporation x Agnico-Eagle Mines Limited Algonquin Power & Utilities Corporation Alimentation Couche-Tard Inc. Bank of MontrealBCE Inc. Brookeld Asset Management Inc. Brookeld Infrastructure Partner L.P. Brookeld Property PartnersCameco Corporation Canadian Natural Resources Limited Canadian Pacic Railway Canadian Tire Corporation, Limited Canopy Growth Corp CAPREIT CCL Industries Constellation Software Inc Dollarama Inc Enbridge Inc. First Quantum Minerals Limited Fortis Inc. Franco-Nevada Corporation Imperial Oil Inter Pipeline Ltd. Kinross Gold Corporation Kirkland Lake Gold Inc. Magna International Inc. Manulife Financial Corp. Metro Inc. National Bank of Canada Nutrien Ltd. OpenText Corporation Pembina Pipeline Corporation Restaurant Brands International Royal Bank of Canada Shaw Communications Inc. SNC-Lavalin Group Inc. Sun Life Financial Inc. TC Energy TD Bank Group Teck Resources Limited Telus Corporation Waste Connections, Inc. Wheaton Precious Metals Abbott Laboratories Abiomed Inc Activision Blizzard Advance Auto Parts Inc Agilent Technologies Inc. Air Products & Chemicals, Inc. Akamai Technologies Inc Alaska Air Group Albemarle Corp. Alexion Pharmaceuticals Align Technology, Inc. Allegion Plc Alphabet, Inc. Amazon.com Inc American Airlines Group Inc American Electric Power Company, Inc. American International Group, Inc. (AIG) Ameriprise Financial, Inc. AmerisourceBergen Corp. Ametek, Inc. Amphenol Corporation Ansys Inc.Anthem IncAO SmithApache CorporationApplied Materials Inc.Arista NetworksArthur J. Gallagher & Co.Assurant, Inc.Atmos Energy CorpAutomatic Data Processing, Inc.AutoZone, Inc.Avery Dennison CorporationBaxter International Inc.Becton, Dickinson and Co.Berkshire HathawayBio-Rad Laboratories Inc.BlackRockBooking HoldingsBoston Scientic CorporationBristol-Myers SquibbBroadcom Inc.Brown

25 -Forman CorporationC.H. RobinsonCabot Oi
-Forman CorporationC.H. RobinsonCabot Oil & Gas CorporationCadence Design Systems, Inc.Cardinal Health Inc.CarMax Inc.Carnival Corporation Catalent, Inc.Caterpillar Inc.Cboe Global Markets, Inc.CDW CorporationCelanese CorporationCentene CorporationCenterPoint Energy, Inc.CF Industries Holdings, Inc.Charles Schwab CorporationCharter Communications IncChevron CorporationChipotle Mexican GrillCincinnati Financial CorporationCintas CorporationCitigroup Inc.Citizens Financial Group IncCitrix SystemsClorox CompanyCME Group Inc.CMS Energy CorporationCognizant Technology Solutions Corp.Constellation Brands, Inc.Cooper Companies, Inc.Copart, Inc.Corning IncorporatedCorteva IncCostco Wholesale CorporationCrown Castle International CorpD.R. Horton, Inc.Danaher CorporationDarden Restaurants, Inc.DaVita Inc.Deere & CompanyDelta Air LinesDentsply Sirona Inc.DexCom, Inc.Diamondback Energy IncDiscover Financial ServicesDiscovery, Inc.Dish Network CorpDollar General CorporationDollar Tree IncDomino’s Pizza, Inc.Dover CorporationDuke Realty CorpDXC TechnologyEastman Chemical CompanyEdison InternationalEdwards Lifesciences CorpElectronic Arts Inc.Emerson Electric Co.EOG Resources, Inc.Equifax Inc.Equity ResidentialEssex Property Trust, Inc.Everest Re Group LtdEvergy, Inc.Exelon CorporationExpeditors International of WashingtonExtra Space Storage IncExxon Mobil CorporationF5 Networks, Inc.FacebookFastenal CompanyFederal Realty Investment TrustFedEx CorporationFidelity National Information ServicesFifth Third BancorpFirstEnergy CorporationFirst Republic BankFiserv, Inc.FleetCor Technologies, Inc.FLIR Systems, Inc.Flowserve CorporationFORTINET INCFortune Brands, Inc.Franklin Resources, Inc.Freeport-McMoRan Inc.Garmin Ltd Gartner, Inc.General Dynamics CorporationGeneral Electric CompanyGenuine Parts CompanyGlobal Payments, Inc.Globe Life Inc.Goldman Sachs Group Inc.Halliburton CompanyHCAHess CorporationHollyFrontier Corp.Hologic, Inc.Honeywell International Inc.Hormel FoodsHowmet Aerospace Inc.Huntington Ingalls Industries, Inc.IDEX CorporationIDEXX Laboratories, Inc.IHS Markit Ltd. Incyte CorpIngersoll Rand Inc.Intel CorporationIntercontinental Exchange IncInternational Paper CompanyInterpublic Group of Companies, Inc.Intuitive Surgical Inc.Invesco Ltd IPG Photonics CorpIQVIAJ.B. Hunt Transport Services, Inc.JPMorgan Chase & Co.Kansas City SouthernKeysight Technologies IncKimco RealtyKinder Morgan Inc.KLALaboratory Corporation of America Lamb Weston Holdings, Inc.L Brands, Inc.Leggett & Platt, Inc.LeidosLennar CorporationLincoln National CorporationLinde AG Live Nation Entertainment, IncLKQ CorpLockheed Martin CorporationLoews CorporationLyondellBasell Industries N.V. M&T Bank CorporationMarathon Oil CorporationMarathon PetroleumMARKETAXESS HOLDINGS INCMarsh & McLennan Companies, Inc.Martin Marietta Materials, Inc.Masco CorporationMaxim Integrated Products, Inc.McKesson CorporationMedtronic PLC MetLife, Inc.Mettler-Toledo International Inc.Microchip TechnologyMohawk Industries, Inc.MONOLITHIC POWER SYSTEMS, INC.Monster Beverage CorporationMotorola SolutionsMSCINational Oilwell Varco, Inc.NetApp Inc.Netix, Inc.Newmont Mining CorporationNextEra Energy, Inc.Nielsen Holdings Norfolk Southern Corp.Northern TrustNorthrop Grumman CorpNortonLifeLock IncNorwegian Cruise Line Holdings Ltd Nucor CorporationNVIDIA Co

26 rporationNVR Inc.Old Dominion Freight Li
rporationNVR Inc.Old Dominion Freight LineOmnicom Group Inc.Oneok Inc.Otis Worldwide CorpO’Reilly AutomotivePACCAR IncPackaging Corporation Of AmericaParker-Hannin CorporationPaychex, Inc.Paycom Software, Inc.PayPal Holdings IncPentair plc People’s United Financial, IncPerkinElmer, Inc.Perrigo Company plc Pioneer Natural ResourcesPPL CorporationPrincipal Financial Group, Inc.Progressive CorporationPrudential Financial, Inc.Public Service Enterprise Group Inc.Public StoragePulteGroup IncQuanta Services IncQuest Diagnostics IncorporatedRaymond James FinancialRaytheon Technologies CorporationRealty Income Corp.Regions Financial CorporationResMedRobert Half International Inc.Rockwell AutomationRollins IncRoper Technologies, IncRoss Stores IncRoyal Caribbean Cruises Ltd SBA Communications Corp.Sealed Air Corp.ServiceNow IncSherwin-Williams CompanySkyworks Solutions, Inc.SL Green Realty Corp.Snap-On IncSouthwest Airlines Co.Starbucks CorporationState Street CorporationSteris plc Stryker CorporationSVB Financial GroupSynchrony FinancialSynopsys, Inc.Sysco CorporationT. Rowe Price Associates, Inc.Take-Two Interactive Software, IncTE Connectivity TELEDYNETeleex IncorporatedTeradyne Inc.Tesla Motors, Inc.Texas Instruments IncorporatedTextron Inc.The AES Corporation The Allstate Corporation The Hartford Financial Services Group, The J.M. Smucker CompanyThe Kraft Heinz CompanyThe Mosaic CompanyThe Travelers Companies, Inc.Tractor Supply Co.TransDigm Group IncorporatedTrimble Inc.Truist Financial Corp.Twenty-First Century FoxTwitter IncTyler Technologies IncU.S. BancorpUlta Beauty Inc.UnitedHealth Group IncUnited RentalsUniversal Health ServicesUnum GroupValero Energy CorporationVarian Medical Systems IncVentas IncVerisign Inc.Verisk Analytics IncVertex Pharmaceuticals IncViacomCBS IncVisaVornado Realty TrustVulcan Materials CompanyW.R. Berkley Corp.W.W. Grainger, Inc.Wabtec Corp.Walgreens Boots AllianceWalt Disney CompanyWells Fargo & CompanyWestern Digital CorpWestern Union CoWest Pharmaceutical ServicesWeyerhaeuser CompanyWillis Towers Watson Wynn Resorts, LimitedXcel Energy Inc.Xilinx IncXylem IncZebra Technologies Corp.Zimmer Biomet Holdings, Inc.Zions BancorporationZoetis Inc x FO BE&AUU\r\n\t\b\b\b­ x PEGI\r\f\t\b\r\f \t€‚ x REA\r\f\t\b
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28 22;FOSIFU&
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\n­€ x 01.02.03.04.01.52.53.50.5 S1+2+3 Emissions (tonnes CO2e)% Emissions covered by SBTs 5.5Gt Temperature rating 3.1°C 7% x 01.02.03.04.01.52.53.50.5 S1+2+3 Emissions (tonnes CO2e)% Emissions covered by SBTs 12Gt Temperature rating 3.0°C 16% x 01.02.03.04.01.52.53.50.5 S1+2+3 Emissions (tonnes CO2e)% Emissions covered by SBTs 0.69Gt Temperature rating 2.7°C 41% x 01.02.03.04.01.52.53.50.5 S1+2+3 Emissions (tonnes CO2e)% Emissions covered by SBTs 1.87Gt Temperature rating 3.1°C 1% USAS&P 500 ITALYFTSE MIB CANADASPTSX 60 FRANCECAC 40 DAX 30 JAPAN FTSE 100 x 01.02.03.04.01.52.53.50.5 S1+2+3 Emissions (tonnes CO2e)% Emissions covered by SBTs 1.9Gt S1+2+3 Weighted 2.7°C 41% x 01.02.03.04.01.52.53.50.5 S1+2+3 Emissions (tonnes CO2e)% Emissions covered by SBTs 1.68Gt Temperature rating 2.2°C 71% x 01.02.03.04.01.52.53.50.5 S1+2+3 Emissions (tonnes CO2e)% Emissions covered by SBTs 4.7Gt Temperature rating 3.0°C 12% x x Companies that signed up to the Business Ambition for 1.5°C campaign. This group includes both companies that have committed to set a 1.5 target, and companies that have already set a target and aim to upgrade it to align with a 1.5 trajectoryAjinomoto Co.Inc. Asahi Group Holdings, Ltd. Hitachi, Ltd. KAO Corporation Kirin Holdings Co Ltd Marui Group Co., Ltd. Nikon Corporation NTT Data Corporation Ricoh Co., Ltd. Secom Co., Ltd. Sony Corporation x Non SBTiToyota Motor CorporationENEOS Holdings, Inc.ITOCHU CorporationNissan Motor Co., Ltd.Honda Motor Co., Ltd.Idemitsu Kosan Co., Ltd.Mitsubishi CorporationNIPPON STEEL CORPORATIONMitsui & Co., Ltd.Bridgestone CorporationInpex CorporationSuzuki Motor CorporationEbara CorporationHino Motors, Ltd.CorporationDaikin Industries, Ltd.Mitsubishi Heavy Industries, Ltd.Showa Denko K.K.Marubeni CorporationToyota Tsusho CorporationSumitomo CorporationSojitz CorporationTokyo Gas Co., Ltd.Mazda Motor CorporationThe Kansai Electric Power Co., Inc.Mitsubishi Motors CorporationSUBARU CORPORATIONOsaka Gas Co., Ltd.Taiheiyo Cement CorporationSumitomo Heavy Industries. Ltd.Ube Industries, Ltd.Kobe Steel., Ltd.Isuzu Motors LimitedKubota CorporationMitsubishi Materials CorporationToray Industries, Inc.Shin-Etsu Chemical Co., Ltd.The Yokohama Rubber Co., Ltd.AGC Inc.Denso CorporationThe Tokyo Electric Power Company Holdings, Inc (TEPCO)IHI CorporationAsahi Kasei CorporationMitsui O.S.K. Lines LtdTosoh CorporationTDK CorporationKawasaki Heavy Industries, Ltd.Oji Holdings CorporationNippon Paper Industries Co LtdMinebeaMitsumi Inc.Toho Zinc Co LtdYaskawa Electric CorporationChubu Electric Power Co., Inc.ALPS ALPINE CO LTD.JTEKT CorporationMitsui Engineering & Shipbuilding Co LtdNH Foods Ltd.Sumitomo Osaka Cement Co., Ltd.Tokuyama CorporationSumitomo Metal Mining Co., Ltd.Nisshin Seifun Group Inc.Fujikura Ltd.East Japan Railway CompanyKuraray Co., Ltd.KDDI CorporationPacic Metals Co., Ltd.Central Japan Railway CompanyAmada Co LtdMitsui Mining & Smelting Co., Ltd.DIC CorporationTokyo Electron Ltd.Toyo Seikan Group Holdings, Ltd.Maruha Nichiro CorpJapan Post Holdi

29 ngsSumco CorporationFuji Electric Co., L
ngsSumco CorporationFuji Electric Co., Ltd.Nippon Light Metal Holdings Company, LtdDowa Holdings Co., Ltd.Hitachi Zosen CorporationT&D Holdings, Inc.Taiyo Yuden Co., Ltd.Tokai Carbon Co., Ltd.Nippon Electric Glass Co., LtdKajima Corporation Denka Company Limited Yamato Holdings Co., Ltd. West Japan Railway Company Nippon Suisan Kaisha Ltd Tokyu Corporation Sumitomo Realty & Development Co., Ltd. Nippon Express Co., Ltd. The Japan Steel Works, Ltd. Nitto Denko CorporationHaseko Corporation SoftBank Corp. Takashimaya Company, Limited Okuma Corporation Isetan Mitsukoshi Holdings Ltd. Shiseido Co., Ltd. NSK Ltd. NGK Insulators, Ltd. NTN Corporation Nichirei Corporation GS Yuasa Corporation Nisshinbo Holdings Inc. JGC Holdings Corporation Tobu Railway Co., Ltd. Citizen Watch Co.,Ltd. Obayashi Corporation Odakyu Electric Railway Co., Ltd. Fanuc Corporation Otsuka Holdings Co., Ltd. Comsys Holdings Corporation Toyobo Co., Ltd. BANDAI NAMCO Holdings Inc. Oki Electric Industry Co., Ltd Z Holdings Corporation Unitika Ltd. Keio Corporation Takara Holdings Inc. Nissan Chemical Corporation Konami Holdings Corporation Yokogawa Electric Corporation Keisei Electric Railway Co., Ltd. Sapporo Holdings Limited Chugai Pharmaceutical Co., Ltd. Mitsubishi Logistics Corporation Rakuten,Inc. Sumitomo Mitsui Financial Group Olympus Corporation Mizuho Financial Group, Inc. Tokyo Tatemono Co., Ltd. Mitsubishi UFJ Financial Group, Inc. Kikkoman Corporation Credit Saison Co., Ltd. Sumitomo Dainippon Pharma Co., Ltd. Recruit Holdings Co.,Ltd. Kyowa Hakko Kirin Co., Ltd. Nomura Holdings, Inc. Dai-ichi Life Holdings, Inc. NEXON Co., Ltd. Resona Holdings, Inc. Shinsei Bank, Limited Toho Co., Ltd. Trend Micro Incorporated. Fukuoka Financial Group, Inc. Daiwa Securities Group Inc. DeNA Co., Ltd. SKY Perfect JSAT Holdings Inc. Concordia Financial Group The Chiba Bank, Ltd. The Shizuoka Bank, Ltd. Japan Exchange Group CyberAgent, Inc. Aozora Bank, Ltd. Sumitomo Mitsui Trust Holdings, Inc. Matsui Securities Co., Ltd x Companies that are committed to set Paris-aligned targets through the SBTiAuto Trader Group Aviva plc Croda International Entain Plc HSBC Holdings plc International Consolidated Airlines Group, S.A.Intertek Group JD Sports Fashion Johnson Matthey Legal and General NatWest Group plc Phoenix Group Holdings Rightmove Rolls-Royce Schroders Severn Trent Smurt Kappa Group PLC Standard Chartered United Utilities WPP Group x Companies with SBTi approved targets AstraZeneca Barratt Developments plc Berkeley Group British American Tobacco British Land Company BT Group Burberry Group Coca-Cola HBC AG Diageo Plc GlaxoSmithKline Imperial Brands Informa plc Intercontinental Hotels Group Landsec London Stock Exchange Group Mondi PLC National Grid PLC Pearson Reckitt Benckiser Taylor Wimpey Plc Tesco Vodafone Group Non SBTi3i Group Admiral Group Antofagasta Ashtead Group Associated British Foods Avast PLC Aveva Group B&M European Value Retail SA BAE Systems Barclays Bunzl plc DCC PLC DS Smith Plc Evraz PLC Experian Group Ferguson plc Flutter Entertainment PLC Fresnillo plc Glencore plc Hargreaves Lansdown Hikma Pharmaceuticals Intermediate Capital Group Just Eat Lloyds Banking Group M&G PLC Melrose PLC Next Ocado Group Pennon Group Pershing Square Holdings Persimmon Polymetal Prudential plc RELX Group Plc Rentokil Initial Rio

30 Tinto Royal Dutch Shell RSA Insurance G
Tinto Royal Dutch Shell RSA Insurance Group Sage Group Scottish Mortgage Investment Trust PlcSEGRO Smiths Group Spirax-Sarco Engineering St. James Place Standard Life Aberdeen Whitbread Plc WM Morrison Supermarkets Plc x Companies that are committed to set Paris-aligned targets through the SBTiAdvance Auto Parts Inc Amazon.com Inc Analog Devices, Inc. Anthem Inc Applied Materials Inc. Campbell Soup Company Chipotle Mexican Grill Clorox Company DaVita Inc. eBay Inc. Facebook General Motors Company Gilead Sciences, Inc. Halliburton Company Hanesbrands Inc. Hormel FoodsInternational Paper Company Interpublic Group of Companies, Inc. Kansas City Southern MetLife, Inc. MGM Resorts International Netix, Inc. Newmont Mining Corporation Norfolk Southern Corp. PACCAR Inc Principal Financial Group, Inc. The J.M. Smucker Company The Kraft Heinz Company Twitter Inc VisaVornado Realty Trust Waste Management, Inc. Yum! Brands, Inc. Zebra Technologies Corp. Zimmer Biomet Holdings, Inc. Schlumberger Limited x Companies with SBTi approved targets Advance Auto Parts Inc Amazon.com Inc Analog Devices, Inc. Anthem Inc Applied Materials Inc. Campbell Soup Company CenturyLink, Inc.Chipotle Mexican Grill Clorox Company DaVita Inc. eBay Inc. Facebook General Motors Company Gilead Sciences, Inc. Halliburton Company Hanesbrands Inc. International Paper Company Interpublic Group of Companies, Inc. Johnson Controls International Kansas City Southern Kimco RealtyMetLife, Inc. MGM Resorts International Netix, Inc. Newmont Mining Corporation Norfolk Southern Corp. PACCAR Inc Principal Financial Group, Inc. Schlumberger LimitedStarbucks Corporation The J.M. Smucker Company The Kraft Heinz Company Twitter Inc VisaVornado Realty Trust Waste Management, Inc. Yum! Brands, Inc. Zebra Technologies Corp. Zimmer Biomet Holdings, Inc. Companies that signed up to the Business Ambition for 1.5°C campaign. This group includes both companies that have committed to set a 1.5 target, and companies that have already set a target and aim to upgrade it to align with a 1.5 trajectoryAccentureAdobe, Inc. Analog Devices, Inc. Applied Materials Inc. Autodesk, Inc. Biogen Inc. Colgate Palmolive Company Digital Realty Trust Inc Ecolab Inc. Etsy, Inc. Facebook Ford Motor Company General Mills Inc. General Motors Company Hewlett Packard Enterprise Company International Flavors & Fragrances Inc. Interpublic Group of Companies, Inc. Intuit Inc. Jacobs Engineering Group Inc. Johnson Controls International plc Mastercard Incorporated Microsoft Corporation Moody’s Corporation Netix, Inc. News Corp NRG Energy Inc PayPal Holdings Inc PepsiCo, Inc. Philip Morris International PVH Corp Ralph Lauren Corporation Salesforce.com, Inc. Trane TechnologiesTwitter Inc VF Corporation Visa Walmart, Inc. Yum! Brands, Inc. x Companies with SBTi approved targets Alstom Atos SE Carrefour Kering LEGRAND L’Oréal Pernod Ricard Publicis Groupe SARenault Saint-Gobain SANOFI Schneider Electric STMicroelectronics International NV Unibail-Rodamco-Westeld Veolia Environnement SA Worldline SA x Companies that signed up to the Business Ambition for 1.5°C campaign. This group includes both companies that have committed to set a 1.5 target, and companies that have already set a target and aim to upgrade it to align with a 1.5 trajectoryAtos SE LEG

31 RAND L’Oréal Orange Publicis Group
RAND L’Oréal Orange Publicis Groupe SARenault Saint-Gobain Schneider Electric STMicroelectronics International NV Unibail-Rodamco-Westeld x Non SBTiArcelorMittalSafranThalesTotalVINCIBouyguesEssilorLuxotticaStellantis N.V. x Companies that are committed to set Paris-aligned targets through the SBTiE.ON SE Deutsche Post DHL Group Linde PLC x Companies with SBTi approved targets adidas AG Bayer AG Beiersdorf AG BMW AG Continental AG Deutsche Telekom AG HeidelbergCement AG Henkel AG & Co. KGaA RWE AG SAP SE Siemens AG Volkswagen AG x Companies that signed up to the Business Ambition for 1.5°C campaign. This group includes both companies that have committed to set a 1.5 target, and companies that have already set a target and aim to upgrade it to align with a 1.5 trajectoryBayer AG Beiersdorf AGDeutsche Telekom AG E.ON SE Henkel AG & Co. KGaA SAP SE x Non SBTiBASF SE Covestro AG Daimler AG Delivery Hero SE Deutsche Bank AG Deutsche Börse AGDeutsche Wohnen SE Fresenius Medical Care AG & Co. KGaA Fresenius SE & Co. KGaA Inneon Merck KGaA MTU Aero Engines AG Munich Re Vonovia SE x Companies that are committed to set Paris-aligned targets through the SBTiYamaha Motor Co., Ltd. Meiji Holdings Co Ltd Tokio Marine Holdings, Inc. MS&AD Insurance Group Holdings, Fast Retailing Co., Ltd. Toto Ltd. Tokyu Fudosan Holdings Corporation Teijin Ltd. SoftBank Group Corp ANA Holdings Inc. Seven & I Holdings Co., Ltd. Secom Co., Ltd. Sumitomo Electric Industries, Ltd. Shionogi & Co., Ltd. OMRON Corporation Sompo Holdings, Inc Advantest Corporation x Companies with SBTi approved targets Ricoh Co., Ltd. Yamaha Corporation Astellas Pharma Inc. Mitsubishi Electric Corporation Mitsubishi Estate Co., Ltd. Mitsui Fudosan Co., Ltd. Marui Group Co., Ltd. Panasonic Corporation Furukawa Electric Co., Ltd. Fujitsu Limited FUJIFILM Holdings Corporation Hitachi, Ltd. Hitachi Construction Machinery Co., Ltd. Nippon Yusen Kaisha Line Nippon Telegraph & Telephone Corporation (NTT) NEC Corporation Japan Tobacco Inc. Nippon Sheet Glass Company, Ltd Nikon Corporation Toppan Printing Co., Ltd. Dentsu Inc. Terumo Corporation Daiwa House Industry Co., Ltd.SCREEN Holdings CO., Ltd. Dai Nippon Printing Co., Ltd. Daiichi Sankyo Co., Ltd. Takeda Pharmaceutical Company Limited Taisei Corporation Sony Corporation Sekisui House, Ltd. Seiko Epson Corporation Sumitomo Chemical Co., Ltd. Aeon Co., Ltd. J. Front Retailing Co., Ltd. Sharp Corporation Shimizu Corporation Komatsu Ltd. Konica Minolta, Inc. Kirin Holdings Co Ltd Kyocera Corporation Kawasaki Kisen Kaisha, Ltd. Casio Computer Co., Ltd. KAO Corporation NTT Data Corporation Eisai Co., Ltd. Ajinomoto Co.Inc. Asahi Group Holdings, Ltd. Companies with SBTi approved targets HeraPirelli STMicroelectronics International NV x x x x x Non SBTiAgnico-Eagle Mines Limited Algonquin Power & Utilities Corporation Alimentation Couche-Tard Inc. Bank of Montreal Bank of Nova Scotia (Scotiabank) Barrick Gold Corporation Bausch Health Cos. Inc. BCE Inc. Brookeld Asset Management Inc. Brookeld Infrastructure Partner L.P. Brookeld Property Partners Cameco Corporation Canadian Imperial Bank of Commerce (CIBC) Canadian Natural Resources Limited Canadian Tire Corporation, Limited Canopy Growth Corp CAPREIT CCL Industries Cenovus Energy Inc. Constellation Software Inc Dollara

32 ma Inc Emera Inc. Enbridge Inc. First Qu
ma Inc Emera Inc. Enbridge Inc. First Quantum Minerals Limited Fortis Inc. Franco-Nevada Corporation George Weston Limited Imperial Oil Inter Pipeline Ltd. Kinross Gold Corporation Kirkland Lake Gold Inc. Loblaw Companies Limited Magna International Inc. Manulife Financial Corp. Metro Inc. National Bank of Canada OpenText Corporation Pembina Pipeline Corporation Power Corporation of Canada Restaurant Brands International Rogers Communications Inc. Royal Bank of Canada Saputo Inc. Shaw Communications Inc. SNC-Lavalin Group Inc. Suncor Energy Inc. Sun Life Financial Inc. TC Energy TD Bank Group Teck Resources Limited Waste Connections, Inc.Wheaton Precious Metals x Companies that are committed to set Paris-aligned targets through the SBTiLVMHOrange x x x x x x Companies that signed up to the Business Ambition for 1.5°C campaign. This group includes both companies that have committed to set a 1.5 target, and companies that have already set a target and aim to upgrade it to align with a 1.5 trajectoryAstraZeneca Aviva plc Barratt Developments plc Berkeley Group British Land Company BT Group Burberry Group Croda International Diageo Plc Entain PlcGlaxoSmithKline GVC Holdings International Consolidated AirlinesIntertek GroupGroup, S.A.JD Sports Fashion Johnson Matthey Landsec Legal and General London Stock Exchange Group National Grid PLC NatWest Group plc Pearson Phoenix Group Holdings Reckitt Benckiser Rightmove Rolls-Royce Schroders Tesco United Utilities Vodafone Group WPP Group x Non SBTi 3M CompanyAbbott LaboratoriesAbbVie IncAbiomed Inc Activision BlizzardAFLAC Incorporated Agilent Technologies Inc.Air Products & Chemicals, Akamai Technologies Inc Alaska Air GroupAlbemarle Corp.Alexandria Real Estate Equities Inc. Alexion PharmaceuticalsAlign Technology, Inc.Allegion PlcAlliant Energy CorporationAlphabet, Inc.Amcor plcAmeren CorporationAmerican Airlines Group American Electric Power Company, Inc.American ExpressAmerican International Group, Inc. (AIG) American Tower Corp.American Water WorksAmeriprise Financial, Inc. AmerisourceBergen Corp.Ametek, Inc.Amphenol CorporationAnsys Inc. AO SmithApache CorporationArcher Daniels MidlandArista NetworksArthur J. Gallagher & Co.Assurant, Inc. Atmos Energy CorpAutomatic Data Processing, AutoZone, Inc.Avery Dennison CorporationBaker Hughes CompanyBaxter International Inc.Becton, Dickinson and Co.Berkshire HathawayBio-Rad Laboratories Inc.BlackRockBNY MellonBoeing CompanyBooking HoldingsBorgWarnerBoston Scientic CorporationBristol-Myers SquibbBroadcom Inc.Broadridge Financial Brown-Forman CorporationC.H. RobinsonCabot Oil & Gas CorporationCadence Design Systems, Cardinal Health Inc.CarMax Inc.Carnival CorporationCatalent, Inc.Caterpillar Inc.Cboe Global Markets, Inc. CDW CorporationCelanese CorporationCentene Corporation CenterPoint Energy, Inc.CF Industries Holdings, Inc.Charles Schwab Corporation Charter Communications Chevron CorporationChubb Limited Church & Dwight Co., IncCincinnati Financial Corporation Cintas CorporationCitigroup Inc.Citizens Financial Group Inc Citrix Systems CME Group Inc. CMS Energy CorporationCognizant Technology Comcast CorporationComerica Incorporated ConocoPhillipsConsolidated Edison, Inc.Constellation Brands, Inc.Cooper Companies, Inc.Copart, Inc.Corning IncorporatedCorteva IncCostco Wholesale CorporationCrown Cas

33 tle International D.R. Horton, Inc.Danah
tle International D.R. Horton, Inc.Danaher CorporationDarden Restaurants, Inc.Deere & CompanyDelta Air LinesDentsply Sirona Inc.Devon Energy CorporationDexCom, Inc.Diamondback Energy IncDiscover Financial ServicesDiscovery, Inc.Dish Network CorpDollar General CorporationDollar Tree IncDominion EnergyDomino’s Pizza, Inc.Dover CorporationDTE Energy CompanyDuke Energy CorporationDuke Realty CorpDuPont de Nemours, Inc.DXC TechnologyCompanyEdison InternationalEdwards Lifesciences CorpElectronic Arts Inc.Emerson Electric Co.Entergy CorporationEOG Resources, Inc.Equifax Inc. EQUINIX, INC.Equity ResidentialEssex Property Trust, Inc. Everest Re Group Ltd Evergy, Inc.Eversource EnergyExelon CorporationExpedia GroupExpeditors International of WashingtonExtra Space Storage Inc Exxon Mobil CorporationF5 Networks, Inc.Fastenal CompanyFederal Realty Investment Trust FedEx CorporationFidelity National Information ServicesFifth Third Bancorp FirstEnergy CorporationFirst Republic Bank Fiserv, Inc.FleetCor Technologies, Inc. FLIR Systems, Inc.Flowserve CorporationFORTINET INC FortiveFortune Brands, Inc.Franklin Resources, Inc. Freeport-McMoRan Inc.Garmin LtdGartner, Inc.General Dynamics CorporationGeneral Electric CompanyGenuine Parts CompanyGlobal Payments, Inc. Globe Life Inc. Goldman Sachs Group Inc.Hasbro, Inc.HCAHess CorporationHollyFrontier Corp.Hologic, Inc.Honeywell International Inc.Howmet Aerospace Inc.Huntington Bancshares Incorporated Huntington Ingalls Industries, Inc.IDEX CorporationIDEXX Laboratories, Inc.IHS Markit Ltd. Illinois Tool Works Inc.Incyte Corp Ingersoll Rand Inc.Intel CorporationIntercontinental Exchange International Business Machines (IBM)Intuitive Surgical Inc.Invesco Ltd IPG Photonics CorpIQVIAJ.B. Hunt Transport Services, JPMorgan Chase & Co.Juniper Networks, Inc.KeyCorp Keysight Technologies IncKinder Morgan Inc.KLAKrogerL3Harris Technologies INCLaboratory Corporation of Lamb Weston Holdings, Inc.Lam Research Corp.L Brands, Inc.Leggett & Platt, Inc.LeidosLennar CorporationLincoln National Corporation Linde AGLive Nation Entertainment, LKQ CorpLockheed Martin CorporationLoews CorporationLowe’s Companies, Inc.LyondellBasell Industries N.V.M&T Bank Corporation Marathon Oil CorporationMarathon PetroleumMARKETAXESS Marriott International, Inc.Marsh & McLennan Companies, Inc. Martin Marietta Materials, Masco CorporationMaxim Integrated Products, McKesson CorporationMedtronic PLCMerck & Co., Inc.Mettler-Toledo International Microchip TechnologyMicron Technology, Inc.Mid-America Apartment Communities Inc Mohawk Industries, Inc.MONOLITHIC POWER SYSTEMS, INC.Twenty-First Century Fox Monster Beverage CorporationMorgan StanleyMotorola SolutionsMSCI National Oilwell Varco, Inc.NetApp Inc.Newell BrandsNextEra Energy, Inc.Nielsen HoldingsNiSource Inc.Northern Trust Northrop Grumman CorpNorwegian Cruise Line Holdings LtdNucor CorporationNVIDIA CorporationNVR Inc.Occidental Petroleum CorporationOld Dominion Freight LineOmnicom Group Inc.Oneok Inc.Oracle CorporationOtis Worldwide CorpO’Reilly AutomotivePackaging Corporation Of Parker-Hannin CorporationPaychex, Inc. Paycom Software, Inc. Pentair plcPeople’s United Financial, PerkinElmer, Inc.Perrigo Company plcPinnacle West Capital CorporationPioneer Natural ResourcesPNC Financial Services Group, Inc.PPG Industries, Inc.PP

34 L CorporationProgressive Corporation Pru
L CorporationProgressive Corporation Prudential Financial, Inc.Public Service Enterprise Group Inc.Public Storage PulteGroup IncQUALCOMM Inc.Quanta Services IncQuest Diagnostics IncorporatedRaymond James Financial Raytheon Technologies CorporationRealty Income Corp. Regency Centers CorporationRegeneron Pharmaceuticals, Inc.Regions Financial CorporationResMedRobert Half International Rockwell AutomationRollins Inc Roper Technologies, IncRoss Stores IncRoyal Caribbean Cruises LtdSBA Communications Corp.Sealed Air Corp.Sempra EnergyServiceNow IncSherwin-Williams CompanySkyworks Solutions, Inc.SL Green Realty Corp. Snap-On IncSouthwest Airlines Co.State Street Corporation Steris plcStryker CorporationSVB Financial Group Synchrony FinancialSynopsys, Inc. Sysco CorporationT. Rowe Price Associates, Take-Two Interactive Software, Inc Tapestry IncTE ConnectivityTELEDYNETeleex IncorporatedTeradyne Inc.Tesla Motors, Inc.Texas Instruments IncorporatedTextron Inc.The AES CorporationThe Allstate Corporation The Dow Chemical CompanyThe Hartford Financial Services Group, Inc. The Home Depot, Inc.The Mosaic CompanyThermo Fisher Scientic The Southern CompanyThe Travelers Companies, TJX Companies, Inc.Tractor Supply Co.TransDigm Group IncorporatedTrimble Inc.Truist Financial Corp.Tyler Technologies Inc U.S. BancorpUlta Beauty Inc.United Airlines HoldingsUnitedHealth Group IncUnited RentalsUniversal Health ServicesUnum Group Valero Energy CorporationVarian Medical Systems IncVerisign Inc. Verisk Analytics Inc Vertex Pharmaceuticals IncViacomCBS IncVulcan Materials CompanyW.R. Berkley Corp. W.W. Grainger, Inc.Wabtec Corp.Walgreens Boots AllianceWalt Disney CompanyWaters CorporationWEC Energy GroupWells Fargo & CompanyWelltower Inc.WestRock CompanyWestern Digital CorpWestern Union Co West Pharmaceutical Services Weyerhaeuser CompanyWilliams Companies, Inc.Willis Towers WatsonWynn Resorts, LimitedXcel Energy Inc.Xilinx IncXylem IncZions Bancorporation Zoetis Inc Non SBTiAmplifon SpA Assicurazioni Generali Spa Atlantia Azimut Holding Banca Generali SpA Banca Mediolanum Banco BPM SpA Buzzi Unicem CNH Industrial NV Davide Campari-Milano N.V. Diasorin SpA Eni SpA Exor N.V. Ferrari Finecobank Interpump Group SpA Intesa Sanpaolo S.p.A Inwit (Infrastrutture Wireless Italiane SpA) Leonardo Mediobanca Nexi Recordati SpA Saipem Snam S.P.A Stellantis N.V.Telecom Italia Tenaris S.A. UniCredit Unipol Gruppo Companies that signed up to the Business Ambition for 1.5°C campaign. This group includes both companies that have committed to set a 1.5 target, and companies that have already set a target and aim to upgrade it to align with a 1.5 trajectoryPoste Italiane Prysmian SpA STMicroelectronics International NV Companies that are committed to set Paris-aligned targets through the SBTiPoste Italiane Prysmian SpA Terna Companies that are committed to set Paris-aligned targets through the SBTiCanadian Pacic RailwayCGI Group Inc.Nutrien Ltd. Telus Corporation Companies with SBTi approved targets Canadian National Railway CompanyThomson Reuters Corporation Companies that signed up to the Business Ambition for 1.5°C campaign. This group includes both companies that have committed to set a 1.5 target, and companies that have already set a target and aim to upgrade it to align with a 1.5 trajectoryCGI Group Inc.Telus