State of the Corporate Transition 2025

The State of the Corporate Transition 2025 report evaluates the climate action performance of 2,000 of the world’s highest-emitting publicly listed companies. The report provides one of the most comprehensive assessments of corporate climate transition progress, covering approximately three-quarters of global listed equity markets by market capitalisation (US$87 trillion).

Since last year’s edition, we have doubled the size of our company universe, significantly expanding coverage across high-emitting sectors and global markets. The report presents updated results from the TPI Centre’s two core assessment frameworks: Management Quality and Carbon Performance and introduces enhanced analysis to evaluate the credibility of corporate net zero transition plans.

The report finds some progress in corporate climate commitments, including a growing share of companies aligning with long-term climate targets, but highlights significant gaps in implementation. Most companies lack credible transition plans and capital alignment, and are collectively projected to overshoot 1.5°C emissions pathways, underscoring the gap between ambition and action.

As part of TPI Centre’s flagship State of Transition series, the report provides an investor-focused benchmark of corporate climate performance, helping identify leaders and laggards while supporting engagement and decision-making in the transition to a net zero global economy.