In summary, Planet Tracker assessed Syngenta Group as most aligned with a +2.0°C pathway by 2030. Investors should call on the company to develop a Scope 3 target and provide detail on how it will deliver emissions reductions.
In summary, Planet Tracker assessed Mosaic as most aligned with a +2.0°C pathway by 2030. Investors should call on the company to provide more transparency on its current efforts to lower emissions, including more detail on the size, nature and timing of intended investments and how they will drive emissions reductions.
Planet Tracker assessed Corteva as most aligned with a +2.0°C pathway by 2030. Investors should call on the company to provide more detail on its decarbonisation strategy, including costs and timelines, and to incorporate sustainability delivery into long-term executive compensation.
Air Liquide is expected to remain aligned with a 2°C pathway by 2030. Operational emissions (Scope 1 and 2, market-based) have declined by 11.1% since 2020, supporting its 33% reduction target by 2035. However, total emissions fell only 2.7% between 2020 and 2024, as a 67% rise in upstream Scope 3 emissions offset reductions elsewhere. Scope 3 represents 40% of the footprint and remains without a quantified medium-term reduction target.
Toray is most likely aligned with a 2°C warming scenario by 2030. The company continues to target carbon neutrality by 2050, and its operational emissions (Scopes 1 and 2) fell 6.3% year-on-year in FY2024, with GHG intensity per unit of revenue now 42.8% below FY2013 levels. However, these gains are concentrated in the company’s own operations, which represent only about 22% of its total footprint. No absolute Scope 3 reduction target has been publicly disclosed.
Dyno Nobel is expected to be on track for a 1.5°C pathway by 2030. Following the divestment of its fertilisers business and repositioning as a pure-play industrial explosives company, Dyno Nobel reduced its reported emissions footprint by 66%, from 10.9 MTCO2e to 3.5 MTCO2e, materially improving the feasibility of its transition. By FY2025, the company delivered a 39% like-for-like reduction in Scope 1 and 2 emissions versus its divestment-adjusted 2020 baseline, delivering its original 2030 target several years early.
SABIC maintains its 2050 carbon neutrality goal and continues to target a 20% reduction in Scope 1 and 2 GHG emissions by 2030 from a 2018 baseline. Although SABIC has achieved a 13.95% reduction in emissions since its 2018 baseline, this progress came entirely in the first few years and has stalled more recently; with absolute Scopes 1 and 2 emissions having declined by 3% since 2021, and increased marginally (0.4%) year-over-year in 2024.
Dow remains aligned with a 3°C warming scenario by 2030, meaning its climate strategy falls short of the Paris-aligned goals. It’s 2030 emission reduction target of ~15% from 2020 levels – already reached – is well below science-based benchmarks and behind leading peers. Furthermore, this target only covers Scope 1 and 2 emissions, which represent just 28% of Dow’s total emission footprint.
LyondellBasell could align with a below-2°C pathway by 2030. The company aims to achieve carbon neutrality by 2050, with interim targets to cut Scope 1 and 2 emissions by 42% and Scope 3 emissions by 30% by 2030, from a 2020 baseline. However, total GHG emissions rose 7.6% between 2020 and 2024, driven by Scope 3 growth linked to higher production volumes. Achieving the planned reductions will therefore require accelerated mitigation measures and full delivery of planned mitigation initiatives.
In the best case scenario, BASF is expected to align with a 2°C pathway by 2030. The company’s pathway to 2030 is now better evidenced, supported by tangible actions in renewable sourcing, efficiency, and pilot-scale low-carbon technologies. However, reliance on post-2030 technological deployment, weak Scope 3.1 targets with incomplete coverage, and modest transition capex commitments mean that BASF is not aligned with a 1.5°C pathway.
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