State of Corporate Transition 2025

This annual report from the Transition Pathway Initiative Centre (TPI Centre) can help you understand the progress that over 1,000 of the world’s highest-emitting companies have made on responding to climate change and how far they are from where they need to be. The report is based on an assessment of two factors: “Management Quality,” which covers companies' climate reporting and targets, transition risks and opportunities, and transition plan credibility, and "Carbon Performance," which assesses companies’ greenhouse gas emissions pathways against low-carbon benchmark scenarios. It presents the state of transition through TPI’s latest findings; examines how Management Quality relates to Carbon Performance; and identifies defining features of high-achieving companies. It also explores geographic patterns in Management Quality and Carbon Performance and explains key implications for investors. This resource is designed for investors but will be broadly useful to finance teams, sustainability teams, and business leaders.