The Transition Pathway Initiative (TPI) Centre has assessed over 1,000 corporate transition plans, noting that just 1% are aligning their future capital expenditures (capex) with their long-term emissions reduction targets. The TPI Centre, which is based at the London School of Economics and Political Science (LSE), noted that only one in 20 assessed companies has quantified how it will meet its greenhouse gas (GHG) reduction targets, while just 2% of companies have committed to phasing out capex in carbon-intensive assets and products. Just 2% of companies have clarified the role of carbon offsets and/or negative emissions technologies within their transition plans, the report added. The TPI Centre also found that 52% of companies have undertaken climate scenario planning and 48% have incorporated climate risks and opportunities into their long-term strategies. Companies performed better across disclosing emissions targets (84%), disclosing policy commitments (98%) and disclosing Scope 1 and 2 GHG emissions (92%). Simon Dietz, TPI Centre’s Research Director and Professor of Environmental Policy at the LSE, said: “These results show that, while companies’ management and governance of climate change have in many ways improved, they have yet to come up with the detailed, quantified and costed transition plans needed in this critical decade.” The TPI Centre assessed companies in the highest-emitting sectors, such as oil and gas, steel, and coal mining, with the universe collectively constituting at least 90% of total market capitalisation for those sectors.