The latest Carbon Performance data for the world’s largest
electricity utilities, oil & gas, and diversified mining companies are now available on the
TPI tool. This update covers 73
electricity utilities, 15
oil & gas, and 10
diversified mining companies.[1] Together, these companies represent a combined market capitalisation of over $1.7 trillion as of July 2025.[2]
Power generation and oil & gas are among the most carbon-intensive industries globally. According to the
International Energy Agency (IEA), in 2023, the power and oil & gas sectors released 15.3 Gt and 18.8 Gt of CO2 emissions, respectively. The power sector accounted for 40.6% of global CO2 emissions from energy combustion and industrial processes – mainly driven by coal power plants, which represented over a third of power generation in 2023. Meanwhile, almost half (54%) of 2023 global CO2 emissions were attributable to oil & gas-related combustion activities.[3]
The diversified mining sector is also a major contributor to global carbon emissions, responsible for 4% to 7% of total greenhouse gas (GHG) emissions from its direct operations and 28% of emissions from the downstream processing and end-use of mined products.[4]
The TPI Global Climate Transition Centre (TPI Centre) methodology assesses historical and projected GHG emissions, comparing them against sector-specific benchmarks to evaluate their alignment with the goals of the Paris Agreement.
Explore the results of relevant companies now on the TPI tool:
For the specific methodology for each sector, click the links below:
The TPI Centre is the academic partner of the Transition Pathway Initiative (TPI), a global investor-led initiative supported by over 150 asset owners and asset managers. Based at the London School of Economics and Political Science, it is an independent and authoritative source of research and data into the progress being made by corporate and sovereign entities in the transition to a low-carbon economy.
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] Market capitalisation coverage is calculated for the companies for which this sector represents their primary activity. The calculation can change due to fluctuating corporate valuations, the size of the company universe assessed, or due to company sectoral reclassifications.
[3] We do not add emissions from the power and oil & gas sectors to estimate their combined contribution to global CO₂ emissions, since some oil & gas use-phase emissions are already included within the power sector. Adding them together would result in double-counting end-use combustion emissions.
[5] Please note that, where applicable, electricity utilities may also be compared against regional benchmarks in our tool - see the
“Regional Benchmarks” toggle on the company webpage. This applies when a utility derives more than 90% of its revenue from one of the four defined regions (European Union, North America, OECD and non-OECD), as outlined in our
methodology note.
