Investors have expressed concern over the volume of fossil fuel giants still ignoring the Paris Agreement climate pledges.
According to a study by the Transition Pathway Initiative (TPI) - which is supported by investors including Legal & General Investment Management, Aberdeen Standard, Robeco, and BNP Paribas Asset Management - just 28% of the top 109 energy companies are aligned with the national government pledges, which include substantially reducing the risks and effects of climate change.
The study - which assessed performance of 50 oil and gas companies and 59 electric utilities - found huge differences between the firms, with just two oil and gas companies having emission ambitions in line with the Paris pledges while nearly half of the electric utilities are now aligned with the pledges.
None of the oil and gas companies revealed they are committed to a pathway that would keep global warming to the Paris Agreement goal of two degrees Celsius, while a fifth of electric utility companies are set to achieve a benchmark of below two degrees Celsius.
However, 22% of the energy companies do not have a policy commitment on climate action and "do not recognise climate change as a relevant risk".
Robeco head of active ownership Carola van Lamoen said: "We believe that investors should use their voice to hold top management of investee companies accountable for incorporating climate-related issues in their corporate strategy.
"We will continue working together with our partners at TPI to promote the adoption of sustainable business models by the companies in our portfolios."
BNP Paribas Asset Management global head of stewardship and policy Helena Vines Fiesta added: "We, as a major institutional investor, are concerned that transition risk - the large and growing gap between government targets and company ambitions - is a major source of investment risk."
TPI co-chairman Adam Matthews, who is also director of ethics and engagement at the Church of England pension board, said: "Despite a climate emergency being declared across multiple countries, this new research shows the energy sector is inching rather than accelerating towards a low-carbon future.
"Investor engagement has to ensure companies align with a pathway that keeps global warming below two degrees Celsius… We know it can be done and there is no excuse for not doing so."
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