What's new
Q2 2026 Quarterly Data update

Q2 2026 Quarterly Data update

June 10, 2026

This update rolls out our third-generation physical risk data, adds nine new forward-looking climate scenarios, and significantly expands fixed income coverage and accuracy. It also includes a range of smaller methodology refinements across emissions and climate risk.

S&P 500 Impact Analysis

Metric, Old, New

S1 Emissions mean 2025, 2,604,850 tCO₂, 3,063,347 tCO₂

S2 Emissions mean 2025, 475,444 tCO₂, 480,827 tCO₂

S3 Emissions mean 2025, 54,768,900 tCO₂, 44,866,150 tCO₂

Mean S1 PCAF 2025, 3.01, 2.97

Mean S2 PCAF 2025, 3.02, 2.97

Mean S3 PCAF 2025, 3.18, 3.15

NGFS Below 2 Deg Reductions 2025, 21.42%, 20.70%

NGFS Below 2 Deg Reductions 2030, 25.58%, 24.79%

NGFS Below 2 Deg Reductions 2050, 44.04%, 41.60%

NGFS Below 2 Deg PCL 2025, 7.35%, 7.15%

NGFS Below 2 Deg PCL 2030, 12.10%, 11.82%

NGFS Below 2 Deg PCL 2050, 33.78%, 34.36%

Physical Risk v3

This update includes our third generation of physical risk data. Public and private climate risk now include a separate Baseline Physical VaR, representing the physical risk present under current climate conditions, while Total Physical VaR now combines both baseline and anthropogenic physical risk for a more complete view of exposure.

New climate scenarios

We have added nine additional climate scenarios, broadening the set available for transition risk, temperature alignment, and projections:

  • IPCC AR6 Sustainable Development
  • IPCC AR6 Low Demand
  • IPCC AR6 High Renewables
  • IPCC AR6 1.5°C with Negative Emissions
  • IPCC AR6 Gradual Strengthening
  • IPCC AR6 Moderate Action
  • IPCC AR6 Current Policies
  • IPCC AR6 Business as Usual
  • IPR Forecast Policy Scenario

Fixed Income Changes

We have made the following updates to our fixed income universe, resulting in a 20% increase in our corporate bond coverage:

  • Bond coverage now extends to non-standard underlying entity types that were previously excluded: holding companies, asset-backed securities, subsidiaries, non-profit organisations, extinct entities, and joint ventures.
  • Underlying sovereign financial data has been updated to extend coverage.
  • Update debt fiscal-end-date to match the fiscal-end-date of the underlying entity or sovereign
  • Increase bond coverage by using historic data where the exact year of underlying data is not available (limited to three years prior to the bond year)