2025 Annual Data Update

November 27, 2025

This annual update comes shortly after our annual updates to Machine Learning models, and adds a few small-scale method updates that see improved coverage and data.

Expected date of changes: within November 2025

Summary of changes:

Re-processing of the last 12 months of company data with new ML models, for more accurate emissions estimates (includes new data for last 3 months, and 9 months of re-stated data)
Fixed Income coverage has increased from 552k to 658k securities as a result of some small changes to processing methods
Details of observed changes in trends / aggregates of data will be provided after the data update

Impact Analysis

Based on a popular 500 company index, these are the observable changes that have occured:

Metric, Old, New

S1 Emissions mean 2024, 2,865,074 tCO₂, 2,877,618 tCO₂

S2 Emissions mean 2024, 413,531 tCO₂, 473,972 tCO₂

S3 Emissions mean 2024, 38,751,610 tCO₂, 38,014,498 tCO₂

Mean S1 PCAF 2024, 2.65, 2.53

Mean S2 PCAF 2024, 2.69, 2.54

Mean S3 PCAF 2024, 3.00, 2.80

NGFS Below 2 Deg Reductions 2024, 20.25%, 19.73%

NGFS Below 2 Deg Reductions 2030, 24.41%, 23.75%

NGFS Below 2 Deg Reductions 2050, 40.06%, 38.98%

NGFS Below 2 Deg PCL 2024, 6.39%, 6.27%

NGFS Below 2 Deg PCL 2030, 10.79%, 10.84%

NGFS Below 2 Deg PCL 2050, 30.98%, 31.09%

Fixed Income changes

Corporate bonds with private equity ultimate parents are now covered in the Fixed Income universe, based on the FactSet Private Equity universe data available.

Corporate bonds which resolve to a sovereign entity as an ultimate parent (previously not covered) will now be covered by using the climate data of the direct issuer, where available.

Perpetual Corporate bonds now included with maturity date defaulted to 2080, as proxy for perpetual.

For assessing corporate fixed income, when underlying_evic is not available for the security for ownership calculation, our method now falls back to underlying_total_assets to complete the calculation.

All of these changes have resulted in a significant increase in fixed income universe coverage. From approximately 552k to 658k securities.

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