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1 msci.com

May 2023

The MSCI Net-Zero Tracker

A periodic report on progress by the world’s

listed companies toward curbing climate risk

Spotlight on unlisted assets

1 "Global CO2 emissions rose less than initially feared in 2022 as clean energy growth offset much of the impact of

greater coal and oil use." International Energy Agency, March 2, 2023.

2 “ESG and Climate Trends to Watch for 2023.” MSCI ESG Research LLC, Dec. 6, 2022. See also, “Electricity

Market Report 2023.” International Energy Agency, Feb. 8, 2023, and “NREL Study Identies the Opportunities

and Challenges of Achieving the U.S. Transformational Goal of 100% Clean Electricity by 2035,” Oce of Energy

Eciency & Renewable Energy, U.S. Dept. of Energy, Aug. 30, 2022.

3 The IPCC found has found, for example, that as global temperatures increase, so do sea level rise, the frequency

of extreme heatwaves and drought, and risks to species. Natural carbon sinks, meanwhile, become less able to

absorb emissions. See “Synthesis Report of the IPCC Sixth Assessment Report (AR6), Summary for Policymakers.”

Intergovernmental Panel on Climate Change (IPCC), March 19, 2023.

4 Ibid.

One year ago, demand for fossil fuels boomed amid a scramble by countries to shore

up their energy supplies after Russia’s invasion of Ukraine and the sanctions and

embargoes targeting Russia that ensued.

The year that followed produced windfall prots for oil and gas companies and sent

energy-related carbon emissions to a new high, yet it also catalyzed governments,

investors and industry to accelerate moves toward an energy future ultimately built on

a foundation of global security and sustainability.¹

Signs of that momentum and shift abound. The U.S., the European Union and other

major economies are racing to provide incentives for and attract clean-technology

businesses via varying mixes of subsidies and spending. Climate disclosure

frameworks are set to become legal obligations for thousands of companies

worldwide in the coming years. The biggest utilities in the U.S. and Europe are

channeling the lion’s share of their capital spending toward investments in renewables,

which are expected to supply more than one-third of the world’s energy (and nearly all

the growth in demand for electricity) by 2025, provided the capacity can be deployed.²

The climate transition shows every sign of expanding, yet global carbon emissions

would need to fall further and faster, including by nearly half from 2019 levels this

decade, to prevent the costliest effects of climate change.³ Investment in reducing

greenhouse gas emissions and adapting to the effects of a warming world would need

to increase between three- and six-fold.4

Introduction

3 msci.com

The MSCI Net-Zero Tracker monitors alignment of the world’s listed companies with

the critical threshold of limiting the rise in average global temperatures to 1.5 degrees

Celsius (1.5°C) above preindustrial levels and counts down the time until the collective

carbon budget for world’s listed companies is estimated to be depleted.5

The report also highlights companies that have the largest estimated carbon

footprints, shines a light on corporate leaders and laggards in climate disclosure

and places a spotlight on companies that have disclosed notably thorough and

comprehensive climate targets.

This edition of the MSCI Net-Zero Tracker also looks at listed companies across

industries that are addressing economic opportunities associated with the climate

transition, as well as the alignment of unlisted assets with global climate goals.

The focus on climate opportunities highlights the critical need for clean-energy

technologies, as well as the opportunity to scale up climate investments, and how

revenue data can help investors identify and monitor companies in every industry that

are truly decarbonizing. The spotlight on unlisted assets reects their growing share of

institutional investments (and hence the greenhouse gas emissions associated with

them) as well as the importance of measuring emissions across asset classes.

5 Represented by the MSCI ACWI Investable Market Index (ACWI IMI), which includes large-, mid- and small-cap

listed companies across 23 developed market and 27 emerging market countries. With 9,144 constituents, the

index covers approximately 99% of the global equity investment opportunity set, as of March 31, 2023.

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1msci.comMay2023TheMSCINet-ZeroTrackerAperiodicreportonprogressbytheworld’slistedcompaniestowardcurbingclimateriskSpotlightonunlistedassets21"GlobalCO2emissionsroselessthaninitiallyfearedin2022ascleanenergygrowthoffsetmuchoftheimpactofgreatercoalandoiluse."InternationalEnergyAgency,March2,2023.2“ESGandClimateTrendstoWatchfor2023.”MSCIESGResearchLLC,Dec.6,2022.Seealso,“ElectricityMarketReport2023.”InternationalEnergyAgency,Feb.8,2023,and“NRELStudyIdentifiestheOpportunitiesandChallengesofAchievingtheU.S.TransformationalGoalof100%CleanElectricityby2035,”OfficeofEnergyEfficiency&RenewableEnergy,U.S.Dept.ofEnergy,Aug.30,2022.3TheIPCCfoundhasfound,forexample,thatasglobaltemperaturesincrease,sodosealevelrise,thefrequencyofextremeheatwavesanddrought,andriskstospecies.Naturalcarbonsinks,meanwhile,becomelessabletoabsorbemissions.See“SynthesisReportoftheIPCCSixthAssessmentReport(AR6),SummaryforPolicymakers.”IntergovernmentalPanelonClimateChange(IPCC),March19,2023.4Ibid.Oneyearago,demandforfossilfuelsboomedamidascramblebycountriestoshoreuptheirenergysuppliesafterRussia’sinvasionofUkraineandthesanctionsandembargoestargetingRussiathatensued.Theyearthatfollowedproducedwindfallprofitsforoilandgascompaniesandsentenergy-relatedcarbonemissionstoanewhigh,yetitalsocatalyzedgovernments,investorsandindustrytoacceleratemovestowardanenergyfutureultimatelybuiltonafoundationofglobalsecurityandsustainability.¹Signsofthatmomentumandshiftabound.TheU.S.,theEuropeanUnionandothermajoreconomiesareracingtoprovideincentivesforandattractclean-technologybusinessesviavaryingmixesofsubsidiesandspending.Climatedisclosureframeworksaresettobecomelegalobligationsforthousandsofcompaniesworldwideinthecomingyears.ThebiggestutilitiesintheU.S.andEuropearechannelingthelion’sshareoftheircapitalspendingtowardinvestmentsinrenewables,whichareexpectedtosupplymorethanone-thirdoftheworld’senergy(andnearlyallthegrowthindemandforelectricity)by2025,providedthecapacitycanbedeployed.²Theclimatetransitionshowseverysignofexpanding,yetglobalcarbonemissionswouldneedtofallfurtherandfaster,includingbynearlyhalffrom2019levelsthisdecade,topreventthecostliesteffectsofclimatechange.³Investmentinreducinggreenhousegasemissionsandadaptingtotheeffectsofawarmingworldwouldneedtoincreasebetweenthree-andsix-fold.4Introduction3msci.comTheMSCINet-ZeroTrackermonitorsalignmentoftheworld’slistedcompanieswiththecriticalthresholdoflimitingtheriseinaverageglobaltemperaturesto1.5degreesCelsius(1.5°C)abovepreindustriallevelsandcountsdownthetimeuntilthecollectivecarbonbudgetforworld’slistedcompaniesisestimatedtobedepleted.5Thereportalsohighlightscompaniesthathavethelargestestimatedcarbonfootprints,shinesalightoncorporateleadersandlaggardsinclimatedisclosureandplacesaspotlightoncompaniesthathavedisclosednotablythoroughandcomprehensiveclimatetargets.ThiseditionoftheMSCINet-ZeroTrackeralsolooksatlistedcompaniesacrossindustriesthatareaddressingeconomicopportunitiesassociatedwiththeclimatetransition,aswellasthealignmentofunlistedassetswithglobalclimategoals.Thefocusonclimateopportunitieshighlightsthecriticalneedforclean-energytechnologies,aswellastheopportunitytoscaleupclimateinvestments,andhowrevenuedatacanhelpinvestorsidentifyandmonitorcompaniesineveryindustrythataretrulydecarbonizing.Thespotlightonunlistedassetsreflectstheirgrowingshareofinstitutionalinvestments(andhencethegreenhousegasemissionsassociatedwiththem)aswellastheimportanceofmeasuringemissionsacrossassetclasses.35RepresentedbytheMSCIACWIInvestableMarketIndex(ACWIIMI),whichincludeslarge-,mid-andsmall-caplistedcompaniesacross23developedmarketand27emergingmarketcountries.With9,144constituents,theindexcoversapproximately99%oftheglobalequityinvestmentopportunityset,asofMarch31,2023.KeyfindingsProgressoncorporateclimatedisclosure»35%oflistedcompanieshavedisclosedatleastsomeoftheirScope3emissions,up4percentagepointsfromsevenmonthsearlier(asofMarch31,2023).»44%oflistedcompanieshavesetadecarbonizationtarget,up8percentagepointsfromsevenmonthsearlier(asofMarch31,2023).•17%oflistedcompanieshavepublishedaclimatetargetthat,ifachieved,wouldaligncarbonemissionsacrossthecompany’stotalvaluechainwiththeambitious1.5°CgoaloftheParisAgreement,up10percentagepointsoverthesameperiod.Leaningintoalow-carbonfuture»Companiesintheemissions-intensiveutilities,realestate,capitalgoodsandautomotiveindustrieshavethehighestrevenueexposuretosustainablyproducedpowerandcleantechnologies,suggestingthatinvestorswhoinvestinemissions-intensiveindustriesintheshorttermmayhelpdrivedownglobalcarbonemissionsoverthelongterm.Investorsarecountingoncompaniestocloseanambitiongap»Listedcompaniesareonapathtowarmtheplanetby2.7°Cabovepreindustriallevelsthiscentury,basedonananalysisoftheirfutureemissionspathwaysandcurrentclimatecommitments.6•19%oflistedcompaniesalignwitha1.5°Cpathway,thethresholdabovewhichtheeffectsofglobalwarmingbecomemoreextreme.7•Justoverhalf(51%)oflistedcompaniesalignwithwarmingequaltoorbelow2°C,placingthematthehighendoftheParisAgreement’suppermosttemperaturethreshold.84Nineteenpercentoflistedcompaniesalignwitha1.5°Ctemperaturerise—thethresholdabovewhichscientistssaytheriskofcatastrophicclimatehazardsincreasessignificantly.≤1.5°C19%Listedcompaniesareonapathtowarmtheplanetby2.7°abovepreindustriallevelsthiscentury.2.7°C6DataasofMarch31,2023.Theestimatereflectslistedcompanies’ImpliedTemperatureRise(ITR),whichestimatestheincreaseinaveragetemperaturesthiscentury,weretheeconomytoover-orundershoottheglobalcarbonbudgetbythesameamountasthecompaniesinquestion.See“UnderstandingMSCI’sClimateMetrics.”MSCIESGResearch,January2023.7“GlobalWarmingof1.5°C.”IPCC,Oct.8,2018.8TheParisAgreementaimstolimittheincreaseinglobalaveragetemperaturetowellbelow2°Cabovepreindustriallevelswhilepursuingeffortstolimitthetemperatureincreaseto1.5°C.“ParisAgreement.”UnitedNations,2015.Justoverhalf(51%)oflistedcompaniesalignwithwarminglessthanorequalto2°C,placingthematthehighendoftheParisAgreement’suppermosttemperaturethreshold.≤2°C5Companiesarestillemittingarecordamountofcarbon»Listedcompaniesareprojectedtoput11.2Gtofcarbondioxideequivalent(CO2e)emissionsintotheatmospherethisyear,unchangedfrom2022.9»Weestimatethatlistedcompanieswilluseuptheirshareoftheglobalcarbonbudgetforkeepingtemperaturerisebelow1.5°Cwithin43months(byOct.31,2026),twomonthssoonerthanweprojectedintheOctober2022editionofthisreport.10Lookingbeyondlistedcompanies»Unlistedcompaniesinfourofthefivemostemissions-intensiveindustrygroupswerelesscarbon-intensivethantheirlistedcounterpartsonaggregate,basedonananalysisofdatafromMSCIESGResearchandBurgiss,aglobalproviderofdataandresearchforalternativeinvestments,asofSept.30,2022.»Real-assetsfundsheldthemostemissions-intensiveindustriesperdollaroffinancing,followedbymezzanine-anddistressed-debtfunds,asofSept.30,2022.•Thecarbonintensityofallthreefundtypeswasmorethantriplethecarbonintensityofbuyoutfunds,reflectingprivateequity’sexposuretoagreaterdiversityofsectors.»Private-assetmanagersinNorthAmericaheldthelargestportfoliosbymarketvalue,buttheirportfoliosarelesscarbon-intensivethanthoseoftheircounterpartsinEuropeandAsia.•ThedifferencereflectsinpartthecomparativelylargershareoftechnologyinvestingbyU.S.managerscomparedwithmanagersfromotherregions.9MSCIestimate,basedoncompanyemissionsdata,whereavailable.Wheresuchdataisunavailable,MSCIestimatesMSCIACWIIMIemissionsbasedondatafromCarbonMonitor.10Thecalculationreflectslistedcompanies’shareoftheglobalbudgetforlimitingtheriseinaveragetemperaturesto1.5°C,asofMarch31,2023.TheOctobereditionofthisreportestimatedthatlistedcompanieswoulduseuptheir1.5°CbudgetbyDec.31,2026,basedondataasofAug.31,2022.Hence,thebudgetshrankbyninemonthswithinthespanofsevenmonths.611TheyincludethestandardfromtheInternationalSustainabilityStandardsBoard,EuropeanSustainabilityReportingStandardsintheEuropeanUnion,andclimatedisclosurerulesproposedbytheU.S.SecuritiesandExchangeCommission.See“ESGandClimateTrendstoWatchfor2023.”MSCIESGResearch,Dec.6,2022.12“SBTiCorporateNet-ZeroStandard,Version10.”ScienceBasedTargetsinitiative,October2021.DataasofMarch31,2023.13“IntegrityMatters:NetZeroCommitmentsbyBusinesses,FinancialInstitutions,CitiesandRegions.”ReportfromtheUnitedNations’High-LevelExpertGroupontheNetZeroEmissionsCommitmentsofNon-StateEntities,Nov.8,2022.Exhibit1:Morelistedcompaniesaresettingclimatetargets,thoughambitionvaries(%ofMSCIACWIIMI)Source:MSCIESGResearchandCDP,dataasofMarch31,2023Percentofcompanieswithclimatetargetsfor2023andbeyondPercentofcompanieswithself-declarednet-zerotargetsPercentofcompanieswithSBTi-approvedtargetsorcommitmentstosetSBTitargets1009080706050403020020152016March2017March2018March2019March2020March2021March2022March2023March8%1%0%0%0%1%1%2%4%10%17%1%2%3%5%11%17%23%30%10%13%18%25%32%38%42%44%Morelistedcompaniessetclimatetargets,Scope3reportingontheriseThenumberoflistedcompaniesthatsetdecarbonizationtargetsandpublishtheircarbonfootprintsisedginghigher.About44%oflistedcompanieshadpublishedaclimatetarget,asofMarch31,2023,up8percentagepointsfromsevenmonthsearlier(Exhibit1).Thirtypercentofthosetargetsaimedtoreachnet-zero,asofMarch31,2023.Theriseintargetsettingmayreflectavarietyoffactors,includingaseriesofbothvoluntaryandmandatorycorporateclimatedisclosurestandardsslatedtotakeeffectincomingyears.11Atthesametime,self-declarednet-zerotargetsvaryintermsoftheircomprehensivenessandambition.Someaimtobalancecarbonemissionswithcarbonremoval,whileothersdonotcovercompanies’completecarbonfootprintorrelyoncarbonoffsetsthatlackthird-partyvalidation.About17%oflistedcompanieshavecommittedtoaligntheirdecarbonizationtargetwiththestandardsetbytheScienceBasedTargetsinitiative(SBTi),whichrequirescompaniestosetlong-termtargetsthatwouldreducetheirresidualemissionstonet-zeroby2050whilealigningtheirreductionswitha1.5°Cpathwayoverthenearterm.12AUnitedNationshigh-levelexpertgrouponnet-zerocommitmentsbytheprivatesectorrecommendedatCOP27thatinvestorshavetheirtargetsverifiedbyathirdpartysuchasSBTi.13Exhibit2A:Percentageofcompanieswithself-declarednet-zerotargetsbyGICS®sectorExhibit2B:Numberofcompanieswithself-declarednet-zerotargetsbyGICS®sectorSource:MSCIESGResearch,basedoncompaniesintheMSCIACWIIMI,dataasofMarch31,2023.SectorsfromtheGlobalIndustryClassificationStandard(GICS®)jointlydevelopedbyMSCIInc.andS&PGlobalMarketIntelligence.TheGICS®structurecomprises11sectors,24industrygroups,69industriesand158sub-industries.Source:MSCIESGResearch,basedoncompaniesintheMSCIACWIIMI,dataasofMarch31,2023UtilitiesEnergyCommunicationServicesConsumerStaplesMaterialsIndustrialsConsumerDiscretionaryFinancialsRealEstateHealthCareInformationTechnology05101520253035404538%28%21%21%20%19%18%17%15%15%6%UtilitiesEnergyCommunicationServicesConsumerStaplesMaterialsIndustrialsConsumerDiscretionaryFinancialsRealEstateHealthCareInformationTechnology0501001502002503002081891621521261211129981572807Source:MSCIESGResearch,dataasofMarch31,2023.ThedifferencebetweenthenumberofMSCIACWIIMIissuersshownhereandthenumberofindexconstituentsasofMarch31,2023reflectsdifferencesbetweenindexrebalancingandemissionsreporting.10,0009,0007,0005,0003,0001,0008,0006,0004,0002,0000DisclosedScope1and/orScope2DisclosedonanyaspectofScope3DisclosedonanyaspectofScope3UpstreamDisclosedonanyaspectofScope3DownstreamIssuersintheMSCIACWIIMITotalnumberofcompanies90304261314425661806Exhibit3:Listedcompaniesarereportingmoreoftheircarbonemissions814“Scope3CarbonEmissions:SeeingtheFullPicture.”MSCIResearch,Sept.17,2020.15ClientscanfindMSCIESGResearch’slatestScope3emissionsmethodologyinMSCIESGManager.MorecompaniesarereportingScope3carbonemissions.About35%oflistedcompaniesdisclosedatleastsomeoftheirScope3emissionsasofMarch31,2023,upfourpercentagepointsfromsevenmonthsearlier(Exhibit3).TheimprovementmattersbecauseScope3emissions,whicharisefromthecompany’ssuppliersoruseofitsproductsbycustomers,representthelargestsourceofemissionsforallbutahandfulofindustries.14ThoughtakinginventoryofScope3emissionsisgettingeasierascarbonaccountingimproves,reportingthemcanstillbeachallengebecauseitrequirescompaniestotallyemissionsfromeachoftheirsuppliers.159Leaningintoclimateopportunities16“ExaminingSupply-SideOptionstoAchieve100%CleanElectricityby2035.”NationalRenewableEnergyLaboratory,2022.17BasedonMSCI’sSustainableImpactMetrics,whichmeasurerevenueexposuretosolutionsthatalignwiththeU.N.SustainableDevelopmentGoals.IndustryfromtheGlobalIndustryClassificationStandard(GICS®)isaglobalindustryclassificationstandardjointlydevelopedbyMSCIInc.andS&PGlobalMarketIntelligence.TheGICS®structurecomprises11sectors,24industrygroups,69industriesand158sub-industries.Exhibit4Source:MSCIESGResearch,dataasofMarch31,2023Reducinggreenhousegasemissionsalonewon’tgetsocietytonet-zerowithoutamassivescaling-upanddeploymentofrenewableenergyandgreentechnologies,includingelectrifyingnearlyeverythingthatcurrentlyrunsonfossilfuels.Achievingnet-zeroelectricityintheU.S.aloneby2035wouldrequireannualdeploymentofsolarandwind,forexample,tomorethanquadruplecurrentlevels.16Inassessingcompanies’transitionplans,investorsmaywishtocompare,forapplicableindustries,theshareofrevenueacompanyearnsfromcleantechnologywiththerevenuethatitearnsfromfossilfuels,aswellaswhether(andhow)thecompanyprioritizessustainablegrowthinitsspendingoninnovation.Exhibit4showsrevenueexposuretoalternativeenergy,energyefficiencyandgreenbuildingsamonglistedcompaniesin24GICS®industrygroups.17Someofthelargestsharesofsustainableimpactrevenueshowupinutilitiesandothercarbon-intensiveindustries.Forinvestors,thissuggeststhatfinancingtheclimatetransitionmayentailawillingnesstotoleratemoreportfolioemissionsinthenearterm–particularlyinindustriesthatarehardtodecarbonize–todrivedownemissionsintherealeconomyby2050.TheAppendixspotlightsthefivecompanieswiththelargestshareofsustainableimpactrevenueineachindustrygroupinthe12monthsthatendedMarch31,2023.Average%ofAnnualRevenueEquityRealEstateInvestmentTrusts(REITs)UtilitiesRealEstateManagement&DevelopmentAutomobiles&ComponentsCapitalGoodsSoftware&ServicesSemiconductors&SemiconductorEquipmentTransportationTechnologyHardware&EquipmentConsumerDurables&ApparelEnergyMaterialsConsumerDiscretionaryDistribution&RetailTelecommunicationServicesCommercial&ProfessionalServicesFood,Beverage&TobaccoMedia&EntertainmentFinancialServicesHealthCareEquipment&ServicesConsumerStaplesDistribution&RetailHousehold&PersonalProductsPharmaceuticals,Biotechnology&LifeSciencesConsumerServicesInsuranceBanks(blank)051015202521.016.29.07.36.34.43.42.92.92.52.01.21.21.11.10.40.10.10.10.10.00.00.00.00.00.01018EstimateisbasedonMSCI’sImpliedTemperatureRisemodel,whichindicatestheestimatedwarmingpotentialofacompanyorportfolioindegreesCelsiusbasedonitscurrentcarbonemissionsandprojectedemissionstrajectory.19SynthesisReportoftheIPCCSixthAssessmentReport(AR6),SummaryforPolicymakers.”IntergovernmentalPanelonClimateChange(IPCC),March19,2023.20Formoreonstrategiclevers,see“Net-ZeroAlignmentSeries:Examiningthepathtonet-zero,”MSCIESGResearch.Listedcompanieswouldneedtoreducetheircarbonemissionsfurtherandfastertoavoidtheworsteffectsofawarmingplanet,basedonourlatestanalysis.Companies’greenhousegasemissionsandprojectedemissionstrajectoriesindicatethatwarmingwouldexceed1.5°Cthiscenturyifthewholeeconomyhadthesamecarbonbudgetovershootorundershootasthecompaniesinquestion.18Justoverhalf(51%)oflistedcompaniesareontracktokeepwarmingbelow2°C,while19%alignwitha1.5°Ctemperaturerise(Exhibit5).Allpathwaysthatlimitwarmingtoeither1.5°Cor2°Cthiscentury,however,assume“rapidanddeepand,inmostcases,immediategreenhousegasreductionsinallsectorsthisdecade,”theIPCCaffirmedinMarch.19Investorsandothercapital-marketsparticipantshaveacriticalroletoplayinnarrowingthatgapbyusingthestrategicleversattheirdisposaltospurcompaniestoreduceemissionsinlinewiththeParisAgreement.20Investorsalsomaywishtomonitorwhethertheirallocationofcapitaltocompaniesthataredecarbonizingshowsthedesiredeffectingreening,notonlyfortheirownportfoliosbutalsofortheglobaleconomy.AnambitiongapremainsMSCIACWIIMIITR=2.7Parisagreement%ofcompaniesMSCIImpliedTemperatureRisein°C012345678910>3.2°C(19%)STRONGLYMISALIGNED>2°C<=3.2°C(31%)MISALIGNED>1.5°C<=2°C(32%)2°CALIGNED<=1.5°C(19%)1.5°CALIGNED024681012Exhibit5:Listedcompaniesalignwithwarmingof2.7°CSource:MSCIESGResearch.EstimationindicatestheaggregateImpliedTemperatureRiseofcompaniesintheMSCIACWIIMI,asofMarch31,2023.11GoingwheretheemissionsareExhibit6:ImpliedTemperatureRisebyGICS®industrygroupShareofcompanies(%)>3.2°CSTRONGLYMISALIGNED>2°C<=3.2°CMISALIGNED>1.5°C<=2°C2°CALIGNED<=1.5°C1.5°CALIGNED020406080100InsuranceSoftware&ServicesHealthCareEquipment&ServicesHousehold&PersonalProductsCommercial&ProfessionalServicesFinancialServicesConsumerServicesEquityRealEstateInvestmentTrusts(REITs)TechnologyHardware&EquipmentTransportationBanksConsumerStaplesDistribution&RetailConsumerDiscretionaryDistribution&RetailConsumerDurables&ApparelSemiconductors&SemiconductorEquipmentFoodBeverage&TobaccoCapitalGoodsUtilitiesAutomobiles&ComponentsMaterialsEnergy1.41.41.61.61.71.81.81.81.91.91.92.02.22.22.22.52.82.93.53.76.0Media&Entertainment1.6TelecommunicationServices1.4Pharmaceuticals,Biotechnology&LifeSciences1.4Fourof24industrygroupsalignwithkeepingfuturewarmingatorbelow1.5°C,while15industrygroupsalignwitha2°Cpathway,asofMarch31,2023(Exhibit6).21Misalignedindustrygroupsrangefromthebiggestemittersofgreenhousegases,suchasenergyandmaterials,tothosewithlargevalue-chain-relatedemissions,suchasautomobilemakers.Investorsmaywishtoidentifycompaniesineveryindustrythataredecarbonizing,suchasinvestingincompaniesbasedontheirprojectedemissionspathway,ratherthantheircurrentcarbonfootprint.ThatiswhyweuseImpliedTemperatureRise,aforward-lookingmeasure,totracktheprogressoflistedcompaniestowardcurbingclimaterisk,ratherthancarbonfootprinting,whichisbackward-looking.Fortheeconomytoreachnet-zeroby2050,everycompanyontracktoexceedgloballyagreedthresholdswillhavetodecarbonizemorequickly.Source:MSCIESGResearch,dataasofMarch31,202321TheImpliedTemperatureRiseofbanks,diversifiedfinancialsandinsuranceindustrygroupscoverscarbonemissionsfromportfolioinvestmentsandcommercialloanswithknownuseofproceeds,asdirectedbytheGreenhouseGasProtocol,whichrequiresthatcompaniesaccountfortheproportionalemissionsofsuchinvestments.Ourmethodologydoesnotcurrentlycoveremissionsofinvestmentsthatinsurancecompaniesholdintheirgeneralaccounts,whichareunavailabletoinvestors.125.04.54.03.53.02.52.01.51.00.50.0°CDevelopedMarketsEmergingMarketsNorthAmericaAsia-PacificEMAsia-PacificEMAmericasEMEMEAEMEA2.8°C2.8°C2.2°C3.5°C3.0°C4.6°CExhibit7:ImpliedTemperatureRiseThecarbonemissionsoflistedcompaniesineveryregionmakeitlikelythattheworldwouldexceedcriticalclimategoals,basedonouranalysisofindexescomprisingsixdevelopedandemerging-marketregions.22Whileeverytonofcarbonwarmstheplanettothesameextentwhereveritisproduced,weallocateashareoftheglobalcarbonbudgettolistedcompaniesbasedinpartontheirsectorandregion.CompaniesineveryregionwouldbreachkeyclimatethresholdsSource:MSCIESGResearch,dataasofMarch31,2023,basedondatainthefollowingregionalindexes:MSCINorthAmericaInvestableMarketIndex,theMSCIEuropeandMiddleEastIndex,theMSCIPacificInvestableMarketIndex,theMSCIEmergingMarketsLatinAmericaIndex,theMSCIEmergingMarketsEMEAInvestableMarketIndex,andtheMSCIEmergingMarketsAsiaIndex22Fortheclassificationofdeveloped-andemerging-marketregions,see“MSCIMarketClassificationFramework,”June2022.13Exhibit8CompaniesintheMSCIACWIIMIhaveemittedacombined78GtofCO2esincetheParisAgreementinDecember2015Remaining1.5°CbudgetofMSCIACWIIMIcompanies:41GtofCO2eProjectedannualemissionsofMSCIACWIIMIcompaniesin2023:11.2GtofCO2eRemaining2°CbudgetofMSCIACWIIMIcompanies:213GtofCO2eThehourglassandcountdownclockshowannualtotalScope1emissionsofMSCIACWIIMIconstituents(notindex-weighted)basedonlistedcompanies’reportedemissionsdataandMSCIestimatesasofMarch31,2023.Emissionsfor2022thatcompanieshaven'tyetreportedarebasedsolelyonMSCIestimates,givenalagincompanyreporting.Theremainingfutureemissionsbudgettoachievea1.5°Cand2°Cwarmingscenarioarecalculatedbasedonbottom-upestimates(sumofremainingemissionsbudgetofallMSCIACWIIMIconstituents)asofMarch31,2023.Source:MSCIESGResearch,dataasofMarch31,2023Losingthe1.5°Cbudget14Exhibit9Monthslefttolimitwarmingto1.5°CTimeremaininguntillistedcompaniesdepletetheemissionsbudgetforlimitingglobaltemperaturerisethiscenturyto1.5°CabovepreindustriallevelsMonthslefttokeepwarmingwellbelow2°CTimeremaininguntillistedcompaniesdepletetheemissionsbudgetforkeepingglobaltemperaturerisethiscenturywellbelow2°Cabovepreindustriallevels4322743227Listedcompanieswoulddepletetheirshareoftheglobalcarbonemissionsbudgetforlimitingtemperatureriseto1.5°CbyOct.31,2026,basedontheiremissionsasofMarch31,2023.ThatistwomonthssoonerthanweestimatedlastOctober,whenwereportedthatcompanieswoulduseuptheirshareoftheglobalcarbonbudgetwithin52months.23A1.5°C-alignedpathwayforlistedcompaniesremainspossible,yetitlooksincreasinglyunlikelythatlistedcompanieswillachievethiswithoutexceedingthethresholdfirst.»Tolimitwarmingto1.5°C,listedcompanieswouldneedtocollectivelycapfutureScope1emissionsat41GtofCO2eby2050.Withoutanychangetotheircurrentemissionsof11.2Gtayear,listedcompanieswoulddepletetheirremainingemissionsbudgetin3years,7months.»Tolimitwarmingto2°C,listedcompanieswouldneedtocollectivelycapfutureScope1emissionsat213GtofCO2eby2050.Withoutanychangetotheircurrentemissionsof11.2Gtayear,listedcompanieswoulddepletetheirremainingemissionsbudgetin18years,11months.Source:MSCIESGResearch,dataasofMarch31,202323TheOctober2022editionoftheNet-ZeroTrackerreflectedlistedcompanies’carbonemissionsasofAug.31,2022.ThetimeremainingbeforelistedcompaniesuseuptheirshareoftheglobalcarbonbudgetshrankbyninemonthsbetweenAug.31andMarch31,aperiodofsevenmonths,henceourreportingherethatlistedcompaniescoulddepletetheircurrentshareofthebudgettwomonthssoonerthanwereportedinOctober2022.15Exhibit10:Comparingthecarbonemissionsintensityoflistedandunlistedcompaniesinfiveemissions-intensiveindustrygroups24“GlobalPensionAssetsStudy2022.”ThinkingAheadInstitute,WillisTowersWatson,2022.25U.S.-listedprivateequitygeneralpartners,forexample,wouldfallwithinthescopeofclimatedisclosurerulesproposedbytheSecuritiesandExchangeCommission,whileunlistedcompanieswouldnot.See“TheEnhancementandStandardizationofClimate-RelatedDisclosuresforInvestors.”SecuritiesandExchangeCommission,March21,2022.26“PrivateAssetsCan’tHidefromSEC’sProposedClimateRule.”MSCIESGResearch,Aug.8,2022.LookingatprivateassetsInstitutionalinvestorsaresharpeningtheirfocusontheclimate-relatedimpactofunlistedassets,whichhavegrowntomorethanone-quarter(26%)ofpensionportfolios,upfrom7%roughly20yearsagoand,consequently,emitanincreasingshareofthegreenhousegasesassociatedwiththem.24Investorsmayfindaddressingclimateriskparticularlychallengingwithprivateassetsbecauseoftheopacitythatcancharacterizethem.Unlikelistedcompanies,whichfacegrowingpressurefromregulatorsandotherstakeholderstopublishtheiremissionsandotherclimate-relatedfinancialinformation,unlistedcompaniesmayfacelesspressuretodisclosesuchinformation.25Whilesomeunlistedcompaniesandprivate-assetmanagersdisclosetheircarbonemissionsvoluntarily,investorsrelyheavilyonestimatesofthesizeandshapeoftheemissionsprofileoftheprivate-assetuniversetobridgethetransparencygap.26Theanalysisbelowdrawsondatafromtheprivate-capitaluniversedevelopedbyBurgiss,aglobalproviderofdataandresearchforalternativeinvestments.Thechartsandtablesthatfollowmeasurecarbonintensityastonsofcarbondioxideequivalent(CO2e)emissionsperUSD1millionofenterprisevalueincludingcash(EVIC).Financedemissions,incontrast,indicatetheemissionsattributedtoinvestorsbasedoncompany-leveldatawithintheBurgissuniverse.»Thoughconventionalwisdomholdsthatcarbonintensitiesmaybehigherinprivatemarketsthaninlistedmarkets,ourestimatessuggestotherwise.Unlistedcompaniesinfourofthefivemostemissions-intensiveindustrygroupsarelesscarbon-intensivethantheirlistedcounterparts,datafromMSCIESGResearchandBurgisssuggests(Exhibit10).Source:MSCIESGResearchandBurgiss,dataasofSept.30,2022ListedcompaniesIndustrygroupEstimatedcarbonintensity,Scope1and2emissions(tonsofCO2e)Utilities728.0Materials581.7Transportation361.3Energy189.5Food,BeveragesandTobacco145.8UnlistedcompaniesIndustrygroupEstimatedcarbonintensity,Scope1and2emissions(tonsofCO2e)Utilities316.5Materials274.1Transportation249.3Energy214.2Food,BeveragesandTobacco87.216Exhibit11:ComparingcarbonintensityintheenergysectorExhibit12:Unlisted-companyuniverse,sectorvaluationsvs.emissionsNetAssetValueShare(%)EmissionsShare(%)FinancedEmissionsScope1+2(MilliontCO2e)35%5045403530252015105030%25%20%15%10%5%0%Comm.ServicesCons.Disc.EnergyFinancialsHealthCareIndustrialsInfo.Tech.MaterialsRealEstateUtilitiesConsumerStaplesFinancedEmissions(MilliontCO2e)•Thedifferencepartlyreflectsdifferenceswithinindustrygroupsbetweenpublicandprivateassets.Withintheenergysector,forexample,privatecompaniesinthethreemostcarbon-intensivesub-industriesaccountedfor42%ofthesector’sfinancedemissions,butonly26%oftheholdings’valuationinthesector,asofSept.30,2022(Exhibit11).Whereasinthepublicmarket,thethreemostcarbon-intensiveenergysectorsub-industriesaccountedfor85%ofthesector’smarketcapitalization.Source:MSCIESGResearchandBurgiss,dataasofSept.30,2022Source:MSCIESGResearchandBurgiss,dataSept.30,2022.Theanalysisreflectsestimatedemissionsofcompaniesonlyanddoesnotincludebuildings.»Privatelyheldcompaniesskewtowardindustriessuchasinformationtechnologyandhealthcarethataregenerallylesscarbon-intensive.Thatmeansthatinaggregate,unlisted-companyemissionsconstituteasmallershareofcarbonemissionsattributedtoinstitutionalportfolios(Exhibit12).Together,theinformationtechnologyandhealth-caresectorsaccountfornearlyhalf(47%)oftheaggregatemarketvalueofinstitutionalprivateholdingsbutconstitutejust6%ofinstitutionallyfinancedemissions.Theenergy,materialsandutilitiessectors,incontrast,representonly6%ofthetotalmarketvalueofprivatecompaniesbutaccountfornearlyhalfofestimatedfinancedemissions.Mostcarbon-intensiveenergysub-industriesPrivateholdingsinunlistedenergycompanies,shareofsectorvaluationListedenergycompanies,shareofsectormarketcapOilandGasRefiningandMarketing7%10%IntegratedOilGas1%54%OilandGasExplorationandProduction18%21%Exhibit13:Comparingtheemissionsofprivateassetsbytype17»Institutionalinvestorsfinancealmost150milliontonsofCO2eemissionsintheirprivateequity,debtandreal-assetportfolios,datafromBurgissshows,asofSept.30,2022.Notethatourestimateofprivate-assetemissionsdoesnotincludethecompletecarbonfootprintofallunlistedassets,whoseownershipextendsbeyondinstitutionalinvestorstootherpublicandprivatecompaniesaswellastogovernments.Ourestimate,forexample,doesnotcovertheemissionsofbuildingsorthoseofstate-ownedfactoriesorinfrastructure.Whilemoreworkisneededtowideninvestors’viewintotheclimate-relatedimpactofprivateassets,thedatapresentedheremaystarttoilluminatethecarbonfootprintofanassetclassthatinvestorshavestruggledtoseeintoclearly.»Privateequitybuyoutfundsheldthelargestshareofunlistedfinancedemissions,datafromMSCIESGResearchandBurgissasofSept.30,2022shows(Exhibit13).Theassetclasscontributed48%oftotalemissions(70.8milliontonsofCO2e)inBurgiss’modeloftheprivate-assetinvestmentuniverse.Buyoutfundsaccountedfor45%oftheaggregatevaluationofprivateholdings,ornearlyUSD2trillion,afactorthatcontributedsignificantlytotheirfinancedemissionsshare.Thatwasfollowedbyreal-assetsfunds(24%or33.3milliontonsofCO2e)andmezzanine-debtfunds(6%or9milliontonsofCO2e).»Real-assetsfundsheldthemostemissions-intensiveindustriesperdollaroffinancing,followedbymezzanine-anddistressed-debtfunds,asofSept.30,2022.Thecarbonintensityofallthreefundtypeswasabouttriplethecarbonintensityofbuyoutfunds,reflectingthedifferentsectorcompositionandexposuretocarbon-intensiveassetswithineachassetclass.ComparingthecarbonemissionsofprivateassetsbytypeandregionSource:MSCIESGResearchandBurgiss,dataasofSept.30,2022.Fordefinitionsoffundtypes,seeBurgiss:PrivateCapitalClassificationSystem.“Other”referstoinvestmentsthatdon’tfitneatlyintodefinedfundtypes.AssetClassTypeCarbonIntensity(tCO2eperUSDMillionEVIC)FinancedEmissions(MilliontCO2e)Valuation(USDBillion)ShareofValuation(%)ShareofEmissionsDebtDistressed101.66.564.41.6%4.7%Mezzanine108.19.083.42.1%6.4%Senior33.62.266.01.6%1.6%Generalist31.02.579.32.0%1.8%Other27.50.517.20.4%0.3%EquityBuyout37.370.81900.746.8%50.5%ExpansionCapital15.40.854.41.3%0.6%VentureCapital6.36.1970.523.9%4.4%Generalist14.37.3509.912.5%5.2%Other38.51.128.00.7%0.8%RealAssetsCompanies115.433.3289.07.1%23.8%18FinancedEmissionsScope1+2(MilliontCO2e)CarbonIntensityScope1+2(tCO2eperUSDMillionEVIC)908000102030405060708010203040506070AfricaEuropeLatinAmericaMiddleEastNorthAmericaPacificAsiaCarbonIntensityScope1+2(tCO2eperUSDMillionEVIC)FinancedEmissionsScope1+2(MilliontCO2e)»InvestmentsinunlistedcompaniesinAfrica,thePacificandLatinAmericawerethemostcarbon-intensiveworldwide,asofSept.30,2022,whilethoseinNorthAmerica,EuropeandAsiaemittedthemostCO2intotheatmosphereonanabsolutebasis(Exhibit14).UnlistedcompaniesinNorthAmericaappearedtobelesscarbon-intensivethanthoseinEurope,onaper-dollarinvestedbasis.TheoppositecanbeseeninAfricaandthePacific,wherefinancedemissionsarelowbutemissionsintensitiesarehigh.Thedifferencesmayinformdecision-makingbyinvestors,dependingonwhethertheyaimtoassesscarbonrisk(intensity)orimpact(financedemissions).»Private-assetmanagersintheU.S.heldthelargestportfoliosbymarketvalue,yettheirportfoliosarelesscarbon-intensivethanthoseoftheircounterpartsinEuropeandAsia.ThedifferencepartlyreflectsthecomparativelylargershareoftechnologyinvestingbyU.S.managerscomparedwithmanagersfromotherregions.Since2018,about30%ofU.S.privateassetmanagers’investmentshavebeenininformationtechnology,surpassingassetmanagersinbothEurope(26%)andAsiaandthePacific(about16%).Source:MSCIESGResearchandBurgiss,dataasofSept.30,2022.Theanalysisreflectsestimatedemissionsofcompaniesonlyanddoesnotincludebuildings.Exhibit14:Comparingtheestimatedemissionsofprivateassetsbyregion19Whetherglobalgreenhousegasemissionsaregoingdown–andhowquickly–isthemeasurethatmattersforassessingprogresstowardnet-zero.Toavoiddoublecounting,wefocushereonlistedcompanies’direct(Scope1)emissions(Exhibit15).Weestimatethatdirect(Scope1)emissionsoftheworld’slistedcompanieswillrepresent18.6%ofglobalemissionsthisyear,roughlythesameastheydidin2022,whenemissionsreachedanall-timehigh.Despitecallsforreorientingtheglobaleconomyaroundsustainabilityfollowingboththeglobalfinancialcrisisof2007-2009andthecoronaviruspandemic,thetrajectoryofbothglobalandcorporatecarbonemissionsshowsthatneithercrisisdrovecarbonemissionsdownforgood.Exhibit15showstotalMSCIACWIIMIScope1greenhousegasemissions(sumforallindexconstituentswithoutindexweighting)andtotalestimatedglobalcarbonemissions,asofMarch31,2023.Globalandlisted-companyScope1emissionsGlobalemissionsthroughtheendof2022arebasedonannualUNEnvironmentProgrammereports.Theestimatefor2023reflectschangesinemissionsasreportedbyCarbonMonitor.DatareflectscumulativeGHGemissions.MSCIACWIIMIemissionsfor2022asreportedbycompaniesorestimatedbyMSCI,wherenotreported.Emissionsfor2023areestimatedfromchangesinemissionsasreportedbyCarbonMonitor.Historicalgreenhousegasemissions[GtC02e]20132014201520162017201820192020202120222023(estimated)Globalgreenhousegasemissions51.251.751.851.953.555.359.155.859.660.460.2ACWIIMIScope110.910.410.29.610.211.411.410.41111.211.2Exhibit15Source:MSCIESGResearch.EstimationindicatestheaggregateImpliedTemperatureRiseofcompaniesintheMSCIACWIIMI,asofMarch31,2023.MSCIACWIIMIMSCIACWIIMI(Estimate)March31,20232018201620202021202220231210864202015201420132019GHGemissionsinGigatons201710.911.41111.211.210.4EmissionssincetheParisagreement=78Gt20Listedcompanies’directemissionscontinuetoclimbbuthavecomedownfromlevelsthatprecededthepandemic(Exhibit16).Emissionswouldneedtofallfurtherandfasterifsocietyistolimittheriseinaverageglobaltemperaturesto1.5°C.Scope1greenhousegasemissionsoflistedcompaniesExhibit16Source:MSCIESGResearch,dataasofMarch31,202321Shiningalightondisclosure:LeadersandlaggardsThereisgrowingmomentumamonginvestorsforcompaniestoreporttheircarbonfootprintacrossallemissionsscopesandcategories.28Disclosurebycompaniesoftheircompletecarbonemissionsenablesinvestorstocompareandstandardizeevaluationofcompaniesbasedontheiralignmentwitha1.5°Cpathway,modelclimate-relatedfinancialriskandallocatecapitalaccordinglywithinvestmentobjectives.The10listedcompanieswiththelargestcarbonfootprintsTenlistedcompanieswereresponsiblefor5.2%ofalllisted-companydirect(Scope1)emissionsinthe12monthsthatendedDec.31,2022.Exhibit17showsthecontributionofeachofthosecompaniestothetotalemissionsoflistedcompanies,togetherwithdifferencesintheirlevelsoftransparency.28Seegenerally,“TheGHGProtocolCorporateAccountingandReportingStandard,”GreenhouseGasProtocol.Exhibit17IssuerCountryTotalcarbonemissions[milliontonsofCO2e]Scope1emissions[milliontonsofCO2e]Scope2emissions[milliontonsofCO2e]Scope3emissions[milliontonsofCO2e]Carbonemissionscope3reported[millionsoftonsofCO2e]Reportedemissions(sum)asapercentageofMSCIestimatedtotalemissionsRatiooftotalcompanyemissions(reported/estimated)vsMSCIACWIIMItotalemissionsDoesthecompanyhaveaself-declarednet-zerotarget?(Y/N)SaudiArabianOilCompanySaudiArabia2167.774.96.422086.4NotAvailableEstimatedonly2.1%YCoalIndiaLtd.India1121.719.11.811100.8NotAvailableEstimatedonly1.1%YPetroChinaCompanyLimitedChina873.8121.438.15714.3NotAvailable18%0.8%NExxonMobilCorporationU.S.834.51107717.553078%0.8%YBHPGroupLimitedAustralia787.79.23.1775.5328.543%0.8%Y22SumofreportedorestimatedScope1and2emissionsplusScope3emissionsestimates.IfacompanydoesnotreportitsScope1and2carbonemissionsdata,MSCIESGResearchestimateseachscopeseparatelybasedoneitherthecompany’spreviouslyreportedemissionsdataor,ifnone,thecarbonemissionsintensityofthecompany’sproductionorindustrysegments.WeestimateScope3emissionsforallcompaniesinourcoveragebasedoncompany-specificinformationthatconsidersboththerevenueintensityofemissionsandproductiondata,inlinewiththeGreenhouseGasProtocolframework.Formoreinformation,pleasesee:“MSCIClimateChangeMetricsMethodologyandDefinition”and“Scope3CarbonEmissionsEstimationMethodology”,MSCIESGResearch.ComparisonbetweenreportedandestimatedemissionsdoesnotapplybecausethecompanyreportsonlysomeofitsScope1emissions.Hence,MSCIusesestimatesalonetocalculatethecompany’stotalcarbonemissions.Becausecompaniessharetheirvaluechainwithmultipleothercompanies,doublecountingisunavoidablewhenestimatingScope2and3emissions.Thecomparisonhere,onaverage,cancelsthisdoublecountingbycomparingeachlistedcompany’sshareoftotalemissionswithMSCIACWIIMItotalemissions.BecauseShellreportsScope3emissionsfromthesaleofproductsthatitproduces,includingoil,naturalgas,liquefiednaturalgas,gas-to-liquidsandbiofuels,andtheemissionsofproductsitsellsonbehalfofthirdparties,thecompany’sreportedemissionsexceedbynearlytwotimesMSCI’sestimate,whichcalculatesthecompany’sScope3emissionsbasedonproductsthecompanyitselfproduces.See,“GreenhouseGasEmissions,”atshell.com.IssuerCountryTotalcarbonemissions[milliontonsofCO2e]Scope1emissions[milliontonsofCO2e]Scope2emissions[milliontonsofCO2e]Scope3emissions[milliontonsofCO2e]Carbonemissionscope3reported[millionsoftonsofCO2e]Reportedemissions(sum)asapercentageofMSCIestimatedtotalemissionsRatiooftotalcompanyemissions(reported/estimated)vsMSCIACWIIMItotalemissionsDoesthecompanyhaveaself-declarednet-zerotarget?(Y/N)SAICMotorCorporationLimitedChina731.51.83.38726.4NotAvailableEstimatedonly0.7%NValeS.A.Brazil725.89.61715.2481.968%0.7%YChinaShenhuaEnergyCompanyLimitedChina717.4126.78.22582.6NotAvailable19%0.7%NShellPLCU.K.701.5919601.51299199%0.7%YRioTintoPLCU.K.675.422.78.4644.3553.587%0.7%YSource:MSCIESGResearch,dataasofDec.31,202223ListedcompanieswithimprovedemissionsreportingExhibit18shows10ofthenearly80companiesintheMSCIACWIIMIIndexthatreportedadditionalscopesorcategoriesofgreenhousegasemissionsinthe12monthsthatendedDec.31,2022,andthatarenowreportingsubstantiallyalltheiremissionsacrossallscopes.29Notethatreportedemissionscanexceedestimatedemissionsininstanceswhereestimatesdonotcaptureemissionsfromallbusinesssegmentsorcompaniesreportsalesofproductsonbehalfofthirdparties.Exhibit18IssuerCountryTotalestimatedemissions[milliontonsofCO2e]Totalreportedemissions[milliontonsofCO2e]TotalreportedemissionsasapercentageofMSCI-estimatedtotalemissionsHolcimAGSwitzerland155.5156100%HeidelbergCementAGGermany96.294.698%A.P.Moeller-MaerskA/SDenmark62.960.997%SantosLimitedAustralia40.238.997%NesteOyjFinland38.837.797%EDP–EnergiasdePortugal,S.A.Portugal21.320.998%HeinekenN.V.Netherlands18.818.9100%TitanCementInternationalS.A.Belgium13.312.896%SSEPLCU.K.10.09.999%MytilineosS.A.Greece9.59.7101%29ClientscanviewthecompletelistinMSCIOne.IfacompanydoesnotreportitsScope1and2carbonemissionsdata,MSCIESGResearchestimateseachscopeseparatelybasedoneitherthecompany’spreviouslyreportedemissionsdataor,ifnone,thecarbonemissionsintensityofthecompany’sproductionorindustrysegments.WeestimateScope3emissionsforallcompaniesinourcoveragebasedoncompany-specificinformationthatconsidersboththerevenueintensityofemissionsandproductiondata,inlinewiththeGreenhouseGasProtocolframework.Formoreinformation,pleasesee:“MSCIClimateChangeMetricsMethodologyandDefinitions”and“Scope3CarbonEmissionsEstimationMethodology,”MSCIESGResearch.Source:MSCIESGResearch,dataasofDec.31,202224ThelargestemittersthathavenotdisclosedtheirgreenhousegasemissionsIssuerCountryEmissionsreferenceyearGICS®sectorTotalestimatedemissions[milliontonsCO2e]ShaanxiCoalIndustryCompanyLimitedChina2021Energy260.2BerkshireHathawayInc.U.S.2021Financials164.0ChinaStateConstructionEngineeringCorporationLimitedChina2021Industrials139.0ShanxiLu'anEnvironmentalEnergyDev.Co.,Ltd.China2021Energy104.1PbfEnergyInc.U.S.2020Energy96.1HuayuAutomotiveSystemsCompanyLimitedChina2021Cons.Discretionary56.8DongfangElectricCorporationLimitedChina2021Industrials56.4ChinaAviationOil(Singapore)CorporationLtd.China2021Energy49.0ShanxiCokingCoalenergyGroupCo.,Ltd.China2021Energy36.1Mastec,Inc.U.S.2021Industrials34.2Exhibit19showsthe10largestemittersbasedonMSCIESGResearchestimatesofemissions(acrossallemissionsscopes)thathadnotreportedgreenhousegasemissions,asofDec.31,2022.3030ThetableremainsunchangedfromtheOctober2022editionoftheNet-ZeroTracker,whichreporteddataasofAug.31,2022.BothShanxiLu-anEnvironmentalEnergyDev.Co.andMastec,Inc.havesaidtheyplantodisclosecarbonemissionsbuthavenotsaidwhenthosedisclosuresmightbemade.Exhibit19Source:MSCIESGResearch,dataasofDec.31,202225Listedcompanieswiththemostcomprehensiveemissions-reductiontargetsNotalldecarbonizationtargetsarefitforthepurpose.Corporateclimateleadersaimtoachievenet-zeroemissionsacrosstheirentirecarbonfootprint,yetsomecompaniesstartwithcarbon-reductiontargetsthataddressonlyafractionofnet-zeroemissionstargets.Exhibit20shows10ofthenearly350companiesintheMSCIACWIIMIthathavepublishedthemost-thoroughcorporatedecarbonizationtargetsinthe12monthsthatendedDec.31,2022.31MSCIESGResearchassessesthethoroughnessofdecarbonizationtargetsaccordingtothreecriteria:comprehensiveness(thetablebelowcomprisestargetsthataddressacompany’stotalemissions),thechangeinemissions(%oftonsofCO2e)targetedeachyearandtheImpliedTemperatureRisethatwouldresult.32IssuerCountryCarbonemissions(mostrecentavailableyear)Totalcarbonemissionbyissuer(estimated)Totalcarbonemissionbyissuer(reported)Targetsummaryannualchange(annualizedtarget)ComprehensivenessImpliedtemperaturerise(°C)SKInnovationCo.,Ltd.SouthKorea202153.91129.56-3.45%100.00%1.7Iberdrola,S.A.Spain202143.8465.9-3.45%100.00%1.4TitanCemetenInternatinoalS.A.Belgium202113.2812.8-3.45%100.00%1.7SchneiderElectricSEFrance202113.1669.2-3.45%100.00%1.4NordeaBankAbpFinland202111.130.02-3.45%100.00%1.531ClientscanviewthecompletelistinMSCIOne.32MSCIESGResearchmeasurescomprehensivenessasthepercentageofScope1,2and3emissionscoveredbythecompany’stargets.Westandardizecompanies’projectedemissionstoshowthemastheamounttobereducedannually.Exhibit2026IssuerCountryCarbonemissions(mostrecentavailableyear)Totalcarbonemissionbyissuer(estimated)Totalcarbonemissionbyissuer(reported)Targetsummaryannualchange(annualizedtarget)ComprehensivenessImpliedtemperaturerise(°C)DanskeBankA/SDenmark20217.550.01-49.91%100.00%1.3AirCanadaCanada20216.265.49-3.45%100.00%1.7LululemonAthleticaInc.Canada20213.891.37-3.45%100.00%1.5TelefonicaBrasilS.A.Brazil20211.560.99-3.45%100.00%1.3BramblesLimitedAustralia20221.081.6-5.56%100.00%1.3Carbonemissions(mostrecentavailableyear)showsthelatestyearforwhichthecompanyhasreporteditsemissionsandmaydifferfromthedateofthecompany’slatestclimatetarget.Totalcarbonemissions(estimated)showsthesumofthecompany’sreportedScope1and2emissions,ifreported,togetherwithMSCIESGResearch’sestimateofthecompany’sScope3emissions.Seenoteonpage24above.Targetedchangeinemissionsshowstheprojectednormalizedannualchangeinabsoluteemissionsacrossallemissionsscopes(Scope1and2reported,Scope3estimated).Comprehensivenessoftarget(%)referstothepercentageofacompany’semissions(Scopes1and2reported,Scope3estimated)coveredbyitslatestclimatetarget.Source:MSCIESGResearch,dataasofDec.31,202227ForprioreditionsoftheMSCINet-ZeroTracker,visithttps://www.msci.com/research-and-insights/net-zero-trackerListedcompaniesaremakingprogresstowardnet-zero.Thatincludesmappingoutandcommittingtodecarbonizationtargets,andpublishinggreenhousegasemissionsacrosstheirvaluechains.Asignificantgapremains,however,betweencompanies’collectiveclimateambitionandtheamountofgreenhousegasesthattheyarecontinuingtoemitintotheatmosphere.Thewindowtolimitglobaltemperatureriseto1.5°Cis“rapidlynarrowing,”astheIPCCnotedinMarch.Theemissionsoflistedcompanies,meanwhile,areonatrajectorytowarmtheplanetby2.7°Cthiscentury.Manyinvestorsareexpectedtocontinuetoallocatecapitalinlinewithscience-basednet-zerotargetsandtouseallthestrategicleversattheirdisposal–fromassetallocationtoengagementandinvestmentinclimatesolutions–tohelpplacecompaniesineachindustryonanet-zeropath.Iftheshifttoanet-zeroeconomyistosucceed,investorsmaywanttodeterminethegreenhousegasemissionsassociatedwiththeirinvestmentsacrosseveryassettype,includingunlistedassets.Investorsmayalsowishtolookbeyondemissions,todifferentiatecompaniesbasedontheirinvestmentingreenopportunitiesandanet-zerofuture.Theclimatetransitionisgainingtractionbutisnowherenearwhereitneedstobeifsocietyistoavoidthemostdisruptivewarming.Carbonemissionshovernearall-timehighs,andtheendofthiscriticaldecadeforcuttingemissionsisapproaching.Theclockisticking.ConclusionCarbonbudget:Theamountofcarbonthatsocietycanreleaseintotheatmospherebeforebreachingkeytemperaturethresholds.Carbondioxideequivalent(C02e):Greenhousegasemissionswiththesameglobalwarmingpotentialas1metrictonofcarbon.CarbonemissionsEVICintensity:GreenhousegasemissionsinmetrictonsofCO2etonsperUSD1millionoffinancingofacompany.Carbonemissionsrevenueintensity:GreenhousegasemissionsinmetrictonsofCO2eacompanyemitstogenerateeveryUSD1millionofrevenue.Comprehensiveness:Percentageoflistedcompanies’Scopes1,2and3emissionscoveredbyemissionsreportingortargetsetting.Financedemissions:Greenhousegasemissionsassociatedwithinvestments,loansandinsurance.GICS®:TheglobalindustryclassificationstandardjointlydevelopedbyMSCIInc.andS&PGlobalMarketIntelligence.TheGICS®structurecomprises11sectors,24industrygroups,69industriesand158sub-industries.Gigaton[Gt]:1billiontons(ofemissions).ImpliedTemperatureRise:Ameasurethatestimatestheincreaseinaveragetemperaturesthiscenturythatwouldoccuriftheeconomyweretoovershootorundershoottheglobalcarbonbudgetbythesameamountasthecompanyinquestion.Megaton[Mt]:1milliontons(ofemissions).MSCIACWIInvestableMarketIndex(IMI):Captureslarge-,mid-andsmall-caplistedcompaniesacross23developedmarketsand27emergingmarketcountries.With9,144constituents,theindexcoversapproximately99%oftheglobalequityinvestmentopportunityset,asofMarch31,2023.Remainingemissionsbudget:Acompany'sfutureemissionsbudget,intonsofCO2e,forlimitingwarmingthiscenturyto1.5°Cor2°Cabovepreindustriallevels.ScienceBasedTargetsinitiative:AnonprofitorganizationestablishedbyCDP,theU.N.GlobalCompact,theWorldResourcesInstitute,theU.N.andtheWorldWildlifeFoundationtoassesscorporateclimatetargets.Scope1emissions:Companies'directgreenhousegasemissionsintonsofCO2e.Scope2emissions:Companies'greenhousegasemissionsfromelectricityuseintonsofC02e.Scope3emissions:Companies'greenhousegasemissionsfromacrosstheirvaluechainintonsofCO2e.28Glossary29Thefivelistedcompanieswiththelargestrevenueexposuretoalternativeenergy,energyefficiencyorgreenbuildingineachGICS®industrygroupAverageofTotalImpactRevenueCapitalGoods100.0AlfenNV100.0BlinkChargingCo.100.0HyliionHoldingsCorp100.0HyzonMotorsInc100.0KempowerOyj100.0PlugPowerInc.100.0Utilities99.5CECEPWind-PowerCorporation99.5ChinaDatangCorporationRenewablePowerCo.,Ltd.99.5Energix–RenewableEnergies,Ltd.100.0MontaukRenewablesInc99.2NeoenS.A.99.5EquityRealEstateInvestmentTrusts(REITs)99.1DigitalRealtyTrust,Inc.96.5KlepierreS.A.100.0LarEspanaRealEstateSOCIMI,S.A.100.0MapletreePanAsiaCommercialTrust100.0MercialysS.A.98.9Automobiles&Components98.4LiAutoInc.97.4LucidGroup,Inc100.0RivianAutomotive,Inc.100.0Tesla,Inc.97.4XPENG,Inc.97.0Software&Services84.48X8,Inc.55.9ChindataGroupHoldingsLimited96.9CM.comN.V.82.7KingsoftCloudHoldingsLimited100.0TuyaInc.86.5Semiconductors&SemiconductorEquipment84.3DukSanNeoluxCo.,Ltd.100.0EnphaseEnergy,Inc.75.0EverlightElectronicsCo.,Ltd.65.2ShanghaiAikoSolarEnergyCo.,Ltd.99.0SMASolarTechnologyAG82.3Appendix30Energy83.8EnvivaInc.95.9MitsuurokoGroupHoldingsCo.,Ltd.45.0REXAmericanResourcesCorp.79.2VERBIOVereinigteBioEnergieAG99.3WagaEnergyS.A.99.7RealEstateManagement&Development82.7AtriumLjungbergAB71.4DeutscheEuroShopAG95.9PlatzerFastigheterHoldingAB(public)89.0SOHOChinaLimited82.2SwirePropertiesLimited75.2ConsumerDurables&Apparel79.3CrestNicholsonHoldingsPLC69.0InstalledBuildingProducts,Inc.64.1KBHome99.2MeritageHomesCorporation95.8NeinorHomesS.A.68.4Transportation75.6BTSGroupHoldingsPublicCompanyLimited66.9CentralJapanRailwayCompany68.3FirstGroupPLC61.0MTRCorporationLimited85.4TaiwanHighSpeedRailCorporation96.2Materials60.8AspenAerogels,Inc.59.8FutureFuelCorp.79.0LiventCorporation57.0VulcanEnergyResourcesLtd64.4YunnanEnergyNewMaterialCo.,Ltd.43.7ConsumerDiscretionaryDistribution&Retail52.5CarassoMotorsLtd.13.9EVgoInc.64.3FastnedBV99.2HotaiMotorCo.,Ltd.21.0IsetanMitsukoshiHoldingsLtd.64.1TechnologyHardware&Equipment50.1AzbilCorporation40.0ChinaRailwaySignal&CommunicationCorporationLimited53.0L&FCo.,Ltd,56.3SamsungSDICo.,Ltd.56.3WiwynnCorporation44.9Commercial&ProfessionalServices33.8DynagreenEnvironmentalProtectionGroupCo.,Ltd.51.8OrizonValorizacaodeResiduosSA20.3SmartMeteringSystemsPLC59.6SungEelHiTechCo.,Ltd.10.9TREHoldingsCorporation26.231Food,Beverage&Tobacco21.7DarlingIngredientsInc.9.1JallesMachadoS.A.42.2KhonKaenSugarIndustryPublicCompanyLimited21.8SaoMartinhoS.A.21.5SuedzuckerAG13.9TelecommunicationServices12.0ARTERIANetworksCorporation8.0BandwidthInc.15.7CITICTelecomInternationalHoldingsLimited12.1TataCommunicationsLimited8.9TIMEdotComBhd.15.3FinancialServices8.5BrookfieldCorporation16.8ElementFleetManagementCorp.10.3OrixCorporation4.1RatosAB6.7WEXInc.4.7Media&Entertainment6.1Baidu,Inc.6.1NHNCorporation5.1PubMatic,Inc.3.6Soft-WorldInternationalCorporation5.4TencentHoldingsLimited10.3ConsumerStaplesDistribution&Retail1.6HealthCareEquipment&Services0.1Household&PersonalProducts0.0Pharmaceuticals,Biotechnology&LifeSciences0.0ConsumerServices0.0Insurance0.0Banks0.0Source:MSCIESGResearch,dataasofMarch31,2023.Includesrecent-yearrevenuefromproducts,servicesorinfrastructureprojectsthatsupportdevelopmentordeliveryofrenewableenergyandalternativefuels,biomassorotheralternativesourcesofenergy;design,construction,redevelopmentretrofittingoracquisitionofgreen-certifiiedproperties;zero-emissionsorhybridvehicles,includingessentialcomponents;orgenerationofrenewableenergy.Industrygroupsshownwithexceedinglyloworzerototalimpactrevenuehaveinsignificantrevenueexposuretothosecategories.32AboutMSCIMSCIisaleadingproviderofcriticaldecisionsupporttoolsandservicesfortheglobalinvestmentcommunity.Withover50yearsofexpertiseinresearch,dataandtechnology,wepowerbetterinvestmentdecisionsbyenablingclientstounderstandandanalyzekeydriversofriskandreturnandconfidentlybuildmoreeffectiveportfolios.Wecreateindustry-leadingresearch-enhancedsolutionsthatclientsusetogaininsightintoandimprovetransparencyacrosstheinvestmentprocess.AboutMSCIESGResearchProductsandServicesMSCIESGResearchproductsandservicesareprovidedbyMSCIESGResearchLLC,andaredesignedtoprovidein-depthresearch,ratingsandanalysisofenvironmental,socialandgovernance-relatedbusinesspracticestocompaniesworldwide.ESGratings,dataandanalysisfromMSCIESGResearchLLC.arealsousedintheconstructionoftheMSCIESGIndexes.MSCIESGResearchLLCisaRegisteredInvestmentAdviserundertheInvestmentAdvisersActof1940andasubsidiaryofMSCIInc.Tolearnmore,pleasevisitwww.msci.com.33msci.comNoticeanddisclaimerThisdocumentandalloftheinformationcontainedinit,includingwithoutlimitationalltext,data,graphs,charts(collectively,the“Information”)isthepropertyofMSCIInc.oritssubsidiaries(collectively,“MSCI”),orMSCI’slicensors,directorindirectsuppliersoranythirdpartyinvolvedinmakingorcompilinganyInformation(collectively,withMSCI,the“InformationProviders”)andisprovidedforinformationalpurposesonly.TheInformationmaynotbemodified,reverse-engineered,reproducedorredisseminatedinwholeorinpartwithoutpriorwrittenpermissionfromMSCI.AllrightsintheInformationarereservedbyMSCIand/oritsInformationProviders.TheInformationmaynotbeusedtocreatederivativeworksortoverifyorcorrectotherdataorinformation.Forexample(butwithoutlimitation),theInformationmaynotbeusedtocreateindexes,databases,riskmodels,analytics,software,orinconnectionwiththeissuing,offering,sponsoring,managingormarketingofanysecurities,portfolios,financialproductsorotherinvestmentvehiclesutilizingorbasedon,linkedto,trackingorotherwisederivedfromtheInformationoranyotherMSCIdata,information,productsorservices.TheuseroftheInformationassumestheentireriskofanyuseitmaymakeorpermittobemadeoftheInformation.NONEOFTHEINFORMATIONPROVIDERSMAKESANYEXPRESSORIMPLIEDWARRANTIESORREPRESENTATIONSWITHRESPECTTOTHEINFORMATION(ORTHERESULTSTOBEOBTAINEDBYTHEUSETHEREOF),ANDTOTHEMAXIMUMEXTENTPERMITTEDBYAPPLICABLELAW,EACHINFORMATIONPROVIDEREXPRESSLYDISCLAIMSALLIMPLIEDWARRANTIES(INCLUDING,WITHOUTLIMITATION,ANYIMPLIEDWARRANTIESOFORIGINALITY,ACCURACY,TIMELINESS,NON-INFRINGEMENT,COMPLETENESS,MERCHANTABILITYANDFITNESSFORAPARTICULARPURPOSE)WITHRESPECTTOANYOFTHEINFORMATION.Withoutlimitinganyoftheforegoingandtothemaximumextentpermittedbyapplicablelaw,innoeventshallanyInformationProviderhaveanyliabilityregardinganyoftheInformationforanydirect,indirect,special,punitive,consequential(includinglostprofits)oranyotherdamagesevenifnotifiedofthepossibilityofsuchdamages.Theforegoingshallnotexcludeorlimitanyliabilitythatmaynotbyapplicablelawbeexcludedorlimited,includingwithoutlimitation(asapplicable),anyliabilityfordeathorpersonalinjurytotheextentthatsuchinjuryresultsfromthenegligenceorwillfuldefaultofitself,itsservants,agentsorsub-contractors.Informationcontaininganyhistoricalinformation,dataoranalysisshouldnotbetakenasanindicationorguaranteeofanyfutureperformance,analysis,forecastorprediction.Pastperformancedoesnotguaranteefutureresults.TheInformationshouldnotbereliedonandisnotasubstitutefortheskill,judgmentandexperienceoftheuser,itsmanagement,employees,advisorsand/orclientswhenmakinginvestmentandotherbusinessdecisions.AllInformationisimpersonalandnottailoredtotheneedsofanyperson,entityorgroupofpersons.NoneoftheInformationconstitutesanoffertosell(orasolicitationofanoffertobuy),anysecurity,financialproductorotherinvestmentvehicleoranytradingstrategy.Itisnotpossibletoinvestdirectlyinanindex.Exposuretoanassetclassortradingstrategyorothercategoryrepresentedbyanindexisonlyavailablethroughthirdpartyinvestableinstruments(ifany)basedonthatindex.MSCIdoesnotissue,sponsor,endorse,market,offer,revieworotherwiseexpressanyopinionregardinganyfund,ETF,derivativeorothersecurity,investment,financialproductortradingstrategythatisbasedon,linkedtoorseekstoprovideaninvestmentreturnrelatedtotheperformanceofanyMSCIindex(collectively,“IndexLinkedInvestments”).MSCImakesnoassurancethatanyIndexLinkedInvestmentswillaccuratelytrackindexperformanceorprovidepositiveinvestmentreturns.MSCIInc.isnotaninvestmentadviserorfiduciaryandMSCImakesnorepresentationregardingtheadvisabilityofinvestinginanyIndexLinkedInvestments.Indexreturnsdonotrepresenttheresultsofactualtradingofinvestibleassets/securities.MSCImaintainsandcalculatesindexes,butdoesnotmanageactualassets.Thecalculationofindexesandindexreturnsmaydeviatefromthestatedmethodology.IndexreturnsdonotreflectpaymentofanysaleschargesorfeesaninvestormaypaytopurchasethesecuritiesunderlyingtheindexorIndexLinkedInvestments.TheimpositionofthesefeesandchargeswouldcausetheperformanceofanIndexLinkedInvestmenttobedifferentthantheMSCIindexperformance.TheInformationmaycontainbacktesteddata.Back-testedperformanceisnotactualperformance,butishypothetical.Therearefrequentlymaterialdifferencesbetweenbacktestedperformanceresultsandactualresultssubsequentlyachievedbyanyinvestmentstrategy.ConstituentsofMSCIequityindexesarelistedcompanies,whichareincludedinorexcludedfromtheindexesaccordingtotheapplicationoftherelevantindexmethodologies.Accordingly,constituentsinMSCIequityindexesmayincludeMSCIInc.,clientsofMSCIorsupplierstoMSCI.InclusionofasecuritywithinanMSCIindexisnotarecommendationbyMSCItobuy,sell,orholdsuchsecurity,norisitconsideredtobeinvestmentadvice.DataandinformationproducedbyvariousaffiliatesofMSCIInc.,includingMSCIESGResearchLLCandBarraLLC,maybeusedincalculatingcertainMSCIindexes.Moreinformationcanbefoundintherelevantindexmethodologiesonwww.msci.com.MSCIreceivescompensationinconnectionwithlicensingitsindexestothirdparties.MSCIInc.’srevenueincludesfeesbasedonassetsinIndexLinkedInvestments.InformationcanbefoundinMSCIInc.’scompanyfilingsontheInvestorRelationssectionofmsci.com.MSCIESGResearchLLCisaRegisteredInvestmentAdviserundertheInvestmentAdvisersActof1940andasubsidiaryofMSCIInc.NeitherMSCInoranyofitsproductsorservicesrecommends,endorses,approvesorotherwiseexpressesanyopinionregardinganyissuer,securities,financialproductsorinstrumentsortradingstrategiesandMSCI’sproductsorservicesarenotarecommendationtomake(orrefrainfrommaking)anykindofinvestmentdecisionandmaynotbereliedonassuch,providedthatapplicableproductsorservicesfromMSCIESGResearchmayconstituteinvestmentadvice.MSCIESGResearchmaterials,includingmaterialsutilizedinanyMSCIESGIndexesorotherproducts,havenotbeensubmittedto,norreceivedapprovalfrom,theUnitedStatesSecuritiesandExchangeCommissionoranyotherregulatorybody.MSCIESGandclimateratings,researchanddataareproducedbyMSCIESGResearchLLC,asubsidiaryofMSCIInc.MSCIESGIndexes,AnalyticsandRealEstateareproductsofMSCIInc.thatutilizeinformationfromMSCIESGResearchLLC.MSCIIndexesareadministeredbyMSCILimited(UK).PleasenotethattheissuersmentionedinMSCIESGResearchmaterialssometimeshavecommercialrelationshipswithMSCIESGResearchand/orMSCIInc.(collectively,“MSCI”)andthattheserelationshipscreatepotentialconflictsofinterest.Insomecases,theissuersortheiraffiliatespurchaseresearchorotherproductsorservicesfromoneormoreMSCIaffiliates.Inothercases,MSCIESGResearchratesfinancialproductssuchasmutualfundsorETFsthataremanagedbyMSCI’sclientsortheiraffiliates,orarebasedonMSCIInc.Indexes.Inaddition,constituentsinMSCIInc.equityindexesincludecompaniesthatsubscribetoMSCIproductsorservices.Insomecases,MSCIclientspayfeesbasedinwholeorpartontheassetstheymanage.MSCIESGResearchhastakenanumberofstepstomitigatepotentialconflictsofinterestandsafeguardtheintegrityandindependenceofitsresearchandratings.MoreinformationabouttheseconflictmitigationmeasuresisavailableinourFormADV,availableathttps://adviserinfo.sec.gov/firm/summary/169222.Anyuseoforaccesstoproducts,servicesorinformationofMSCIrequiresalicensefromMSCI.MSCI,Barra,RiskMetrics,IPDandotherMSCIbrandsandproductnamesarethetrademarks,servicemarks,orregisteredtrademarksofMSCIoritssubsidiariesintheUnitedStatesandotherjurisdictions.TheGlobalIndustryClassificationStandard(GICS)wasdevelopedbyandistheexclusivepropertyofMSCIandS&PGlobalMarketIntelligence.“GlobalIndustryClassificationStandard(GICS)”isaservicemarkofMSCIandS&PGlobalMarketIntelligence.MIFID2/MIFIRnotice:MSCIESGResearchLLCdoesnotdistributeoractasanintermediaryforfinancialinstrumentsorstructureddeposits,nordoesitdealonitsownaccount,provideexecutionservicesforothersormanageclientaccounts.NoMSCIESGResearchproductorservicesupports,promotesorisintendedtosupportorpromoteanysuchactivity.MSCIESGResearchisanindependentproviderofESGdata.Privacynotice:ForinformationabouthowMSCIcollectsandusespersonaldata,pleaserefertoourPrivacyNoticeathttps://www.msci.com/privacy-pledge.©2023MSCIInc.AllrightsreservedCBR0523

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