The latest Carbon Performance data for the world’s largest
paper and
cement companies are now available on the
TPI tool. This update covers 33
paper and 44
cement companies.[1] Together, these companies represent a combined market capitalisation of over $270 billion as of June 2025.
The industrials and materials cluster [2] remains a critical focus for global decarbonisation efforts. While the paper industry accounts for a relatively small share of global CO₂ emissions, the cement sector remains a major emitter. According to the
International Energy Agency (IEA), the cement industry released 2.4 Gt of CO₂ in 2023 - representing 6.5% of global CO₂ emissions from energy combustion and industrial processes. The Transition Pathway Initiative Centre (TPI Centre) methodology assesses historical and projected greenhouse gas (GHG) emissions, comparing them against sector-specific benchmarks to evaluate their alignment with the goals of the Paris Agreement.
For the specific methodology for each sector, click the links below:
The Transition Pathway Initiative (TPI) is supported by over 150 asset owners and asset managers globally. Its research and data are produced by the TPI Centre at the London School of Economics and Political Science (LSE), the academic partner of the initiative.
For any questions related to the Carbon Performance data or methodology, please email:
tpi@lse.ac.uk[1] These assessments cover TPI companies outside the
Climate Action 100+ (CA100+) universe, allowing earlier publication of results. This ensures investors have up-to-date data well ahead of the typical Q3 publication of CA100+ company assessments.
[2] For the TPI Centre, the “industrials and materials” cluster refers to sectors including aluminium, cement, diversified mining, paper and steel.
