碳披露组织CDP全球企业转型融资报告

November 2025 Contents Executive Summary 1.Context 2.Defining Credibility: How Transition Finance Frameworks Converge on Transition Plans 3.What the Data Reveals: Insights From Climate Transition Plan Disclosures 4.Scaling Credible Transition Finance: Use Cases for Financial InstitutionsDegroof Petercam Asset ManagementAnonymous ASEAN InvestorCathay United BankNatWest GroupCase studies 5.Enabling Scale Through Policy DesignJapan GX Acceleration AgencyCase study 6.Re-defining Scope: From Climate to Nature in Transition FinanceFonds Objectif BiodiversitéCase study 7.The Path Forward: Acting Now, Building Tomorrow 8.Appendix: Assessment Methodologies 60References Executive summary Scaling transition finance from US$2 trillion to US$6.7 trillion annually by 2030 requires confidencethat capital is flowing to companies that are genuinely transitioning. Transition planning data is the The data exists -- and it’s actionable today global initiatives. FIs are usingthis intelligence to allocate capital,manage risk, and engage clientstoday. Policymakers can leverage itto identify system-wide barriers anddesign enabling environments. This This report shows that the dataalready exists to influence crediblecapital allocation and explainshow financial institutions (FIs)and policymakers can use it.Wesurface insights on climate transition companies disclosedat least one climatetransition planning KPI11,700 Transition finance in action FIs can deploy transition planningdata across four immediate The data is operational: Case studies in this report Degroof Petercam AMClimate risk assessment foractively managed portfolios Design transition-themedsustainable finance products FIs representing over... US$145tn Major ASEAN investor Manage exposure to portfoliorisks and protect capital from A major Southeast Asianinvestor's approach toassessing transition plans in assets disclosed throughCDP with the majoritycurrently integratingtransition plan data in their Targeted engagement withportfolio companies Cathay United Bank Partnering to scale disclosureand finance for SMEs Track and enhance portfoliocoverage in line with climate-related commitments and NatWestTransition finance framework As financial institutions refineclimate risk modelling and pricingmethodologies, the quality oftransition planning is fast becoming adifferentiator for risk-adjusted returns.Alongside the data, we highlight case Banque de France Transition plan assessmentand corporate engagement Japan GX Acceleration AgencyIntegrating policy andpractice in transition finance Fonds Objectif BiodiversitéListed fund construction A blueprint for policymakers to accelerate transition address implementation bottlenecksand accelerate market readiness.Governments can scale credibletransition finance by embedding thecycle of disclosure, policy designand market action into nationaltransition planning. Transitionplanning data provides policymakers For policymakers, transitionplanning data reveals whereintervention can have the them – averaging five out of tendependency categories. Technologydevelopments, infrastructureand logistics, and regulatory We've delivered the world’sfirst aggregated picture of thedependencies underpinning realeconomy transition plans —revealing what companies needto succeed, and where systemic 94% of companies with transitionplans disclose dependencies Insights from the real economy Our analysis of 2024 disclosures shows transition plans are already generating actionable intelligence of companiesdisclose havingany CapEx aligned11% Closing the financing and delivery gap Implementation financing is emerging but remains insufficient. While 72%of companies report emissions reduction initiatives, only 11% disclosehaving any transition-aligned capital expenditures (CapEx). Among thosequantifying, the median share of transition-aligned CapEx is 14%, rising to aplanned 26% by 2030. These figures underscore the need to bridge the gap in annual cost savingsin 2024 by companieswith transition plans$54.4bn Transition plans drive value Transition plans are not compliance exercises—they are strategic toolsdelivering measurable business value. Companies with such plans identifysignificantly more opportunities across all time horizons than thosewithout—51% versus 28% for short-term opportunities—and reported of companies withParis-aligned targetsare ahead of scheduleor on track to meet46% Ambition correlates with performance Companies with Paris-aligned targets (1.5–2.0°C) are nearly twice aslikely to be ahead of schedule or on track to meet their targets comparedto peers with higher-temperature goals (46% vs. 28%). Pairing target andperformance data enables FIs to pinpoint leaders in their portfolios— Integrating resilience and nature A credible transition is one thatendures. Achieving a net-zero, nature-positive future requires adaptation-inclusive transition planning thatleverages existing data on physicalclim