Over 200 global financial institutions holding $29.3tr in assets have called on world’s highest impact companies to urgently set science-based emissions reduction targets in line with 1.5 warming scenarios.

Some of the 1,600 companies are high profile household names, including companies specifically asked such as BASF, Hyundai Motor Company, Lufthansa, Samsung and Tata Steel.

Coordinated by CDP, the 2021 SBT Campaign is the world’s largest investor engagement campaign specifically requesting companies to set science-based targets through the science-based targets. The group includes some of the world’s biggest investors and lenders like Allianz, Amundi, Cathay Financial Holding Co, Credit Agricole, Insight Investment Management, Legal & General Investment Management, Manulife Investment Management.

Joining the financial institutions are 26 CDP supply chain including L’Oréal, Renault Group, AstraZeneca and HP, with $500bn in annual procurement.

The businesses targeted have a market capitalization of over $41tr, make up 36 per cent of the entire MSCI World Index, and account for 11.9Gt of emissions (scope 1 and scope 2), equivalent to more than the annual total of the US and EU combined.

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