Q3 2026 quarterly data update

This update refreshes all asset classes with the latest company disclosures, recalibrates scope 3 estimates for banks and material sectors, adds reported emissions for private companies, and significantly extends FY2025 and FY2026 coverage. It also includes a range of smaller corrections across emissions and climate risk.

S&P 500 impact analysis

Metric, Old, New

S3 Emissions total 2025, 21,005 MtCO₂e, 20,343 MtCO₂e

Mean S3 PCAF 2025, 3.15, 3.23

Scope 3 for financials and material sectors

Bank scope 3 is now estimated from total assets (66 tCO₂e per $M) rather than revenue, as financed emissions scale with a bank's lending and investment book. Material-sector companies where our historical-financials model was underperforming now use calibrated intensity factors and move from PCAF 3 to PCAF 4. Listed bank and insurer scope 3 falls significantly as a result, while private banks and some industrial sectors move modestly upward.

Employee count forward-fill

Missing employee counts were causing our estimation model to overstate emissions, mainly in late-disclosure markets such as Japan and Taiwan. Employee counts are now carried forward from the most recent reported year, lowering FY2025 scope 3 for around 3,150 affected companies.

Reported emissions for private companies

Reported scope 1, 2 and 3 emissions collected under SFDR now flow through to our private company data, taking precedence over modelled estimates for 96 companies.

Coverage changes

• Public companies with FY2025 data increased from 75% to 94%
• Private companies with FY2025 data increased from 7% to 55%
• FY2026 (the fiscal year in progress) is now available for over 220,000 corporate bonds and 112,000 government bonds
• Records are now only updated when their values change, so feed updates reflect genuine data changes
• Climate risk values are now delivered as fixed-precision decimals (DECIMAL(38,9))

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