Publication of updated TPI MQ data and upcoming fivefold expansion in 2026

15/12/2025

The TPI Global Climate Transition Centre (TPI Centre) at the London School of Economics and Political Science (LSE) has released updated Management Quality (MQ) assessments for around 2,000 companies on the TPI tool. Alongside Carbon Performance, MQ is one of two ways in which the TPI Centre evaluates companies, focusing on corporate climate-related governance and carbon management practices (see TPI’s Methodology Version 5.0). The latest companies assessed have a combined market capitalisation of $99 trillion[1].  

The MQ framework uses data provided by LSEG, the data partner of the Transition Pathway Initiative (TPI), a global asset owner led initiative supported by asset managers. The TPI Centre is the academic partner of TPI. 

More than half (55%)of companies in the TPI universe score Level 3, confirming that integrating climate considerations into operational decision-making is common practice (see figure below). Companies are scored on a scale from Level 0 (‘Unaware’) to Level 5 (‘Transition planning and implementation’). The share of companies on Level 3 is the same as in the previous assessment cycle.

Furthermore, there are noteworthy shifts in the distribution of companies below and above Level 3: 
  • Lower-scoring companies (Levels 0-2): In total, 18% are on Levels 0-2, down from 22% in last year’s analysis. Companies at these levels have failed to do one or more of the following: acknowledge climate change, establish a climate policy, disclose operational emissions or set an emissions target. 
  • Higher-scoring companies (Levels 4-5): The combined share of companies on Level 4 and 5 is 27%, up from 24% last year, driven by an increase in companies reaching Level 5. These are companies that have started to undertake transition planning and implementation. 
Overall, these headline results underline that, although there are continued gaps in the robustness of companies’ transition plans and in their alignment with stated climate ambition, there is progress. 
2025 MQ results for the TPI universe.png 641.72 KB

Looking ahead, the corporate TPI MQ universe will increase fivefold to around 10,000 in the first quarter of 2026. The expansion is a major milestone in the TPI tool’s scale and relevance, bringing its coverage much closer to the full breadth of global listed markets. It opens up the data to new use cases, particularly for diversified investors across major index benchmarks. 

The universe expansion extends our coverage beyond the highest-emitting sectors. Companies are now grouped into 11 industries, but continue to align with the Industry Classification Benchmark (ICB): Basic Materials, Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Real Estate, Technology, Telecommunications and Utilities. They are distributed across more than 60 sectors. This updated classification applies from today’s release.

The larger universe will allow for more granular analysis by region and company size and give investors a consistent framework for engaging with a wider range of companies.A comprehensive analysis of MQ results, reflecting this broader coverage, will be published in the new year.

MQ data will be uploaded once a year on the TPI Centre website and remain publicly viewable and accessible as per the TPI Centre’s terms of use. Starting from 2026, in response to investor demand, more frequent updates will be available directly from LSEG. For more information on how to access the LSEG data, please contact tpimqaccess@lseg.com.

For any questions related to the TPI MQ data or methodology, please contact TPI.Centre@lse.ac.uk. 


[1] The market capitalisation values are calculated based on data from FTSE Russell as of September 2025.