企业碳工具箱2026更新：转型可信度成新核心

Corporate carbon toolbox, 2026 update: transition credibility is the new alpha Carbon has moved from ESG metric to financialvariable.Investors are,by nature,exposed tocompanies whose businessmodels are not aligned with a lower-carbon economy. Regulation, carbon pricing, capex needs and rising disclosurerequirements are turning emissions into a direct cost-of-capital issue. The market is therefore shifting from looking only athistorical emissions to assessing the credibility of transition plans: targets, execution, capital allocation, governance, andadaptability. Despite regional differences, the direction of travel is clear: carbon is being priced.Frameworks such as SFDR2.0shouldheightenthe focus on measurable transition progress and credible decarbonization strategies. This creates a growingdivide between companiesthat areable to transition profitably and those likely to face rising costs, regulatory pressure, andvaluation risk. SG Corporate Carbon Toolbox provides a consistent framework to assess transition readiness across the STOXX600.Builtby SG analystsandoverlaid withinsights from Bernstein and Autonomous,our Toolboxcombines GHG emissionsdata with sector expertise to evaluate both current carbon intensity and forward-looking decarbonization potential. It rankscompanies on targets, execution, capex alignment, and governance, helping investors compare transition leaders andlaggards across industries. Ourinvestment conclusion is straightforward:investors do not need to choose between returns anddecarbonization.The most attractive opportunities are companiesthat areable toreduce carbon exposure whilemaintainingfinancial performance. Our Carbon Toolboxallows investors to build abasketoffering good performance,with lower carbonintensity andmore robusttransition characteristics. Atthesector level, the framework favors areas such as Consumer Staplesand Healthcare, while pointing to greater caution on Materials and Utilities. In short: carbon transition is becoming an investable alpha theme.As carbon costs rise and regulation tightens,companies with credible transition plans should be better positioned to protect margins, attract capital, and outperform in acarbon-constrained market. SOCIÉTÉ GÉNÉRALE CONTRIBUTORS BERNSTEIN CONTRIBUTORS AUTONOMOUS CONTRIBUTORS Head of Research, APAC and EMEAMichael W.Parker+442077624090michael.parker@bernsteinsg.com Director of ResearchGeoffrey Elliott+44 207 676 8688gelliott@autonomous.com Head of Global Asset Allocation& Invest in the Carbon TransitionAlain Bokobza+33 1 57 29 59 31alain.bokobza@sgcib.com Co-Head of Research, EMEAEmmanuel Turpin+442076766869emmanuel.turpin@bernsteinsg.com GAA Strategist-ParisPierre Bergeron+33 1 4213 8915pierre.bergeron@sgcib.com Bernstein contributing authors arelisted alongside their respectivecontributions. GAA Strategist-CasablancaSara Esshaimi+212 522 867 821sara.esshaimi@sgcib.com Head of Sustainability ResearchYannick Ouaknine+33 1 58 98 23 50yannick.ouaknine@sgcib.com Nimit Agarwal+91 80 6731 2894nimit.agarwal@sgcib.com Global Head of Economics, X-Asset &Quant ResearchKokou Agbo Bloua+44 20 7762 5433kokou.agbo-bloua@sgcib.com Contents Executive summary..............................................................................................4Why this matters now: transition plans are becoming a core investment variable.........................4A game changer: SFDR 2.0 and the labelling of climate capital....................................................4How to use our corporate carbon toolbox.......................................................................................5Our methodological framework.......................................................................................................6Ambition and execution ratings......................................................................................................7Why this matters now: transition plans are becoming a core investment variable..............................................................................................................................8The science has crossed a threshold—and shortens the option value of delaying......................8Climate risk is already hitting balance sheets—and forcing action on the transition-risk question........................................................................................................................................................8Regulation is fragmenting—but the direction of carbon repricing is not.......................................9Capital is reallocating—and transition-plan credibility separates beneficiaries from value traps.9The investor side: SFDR 2.0 and the labelling of climate capital........................10Why did SFDR 1.0 fall short?.......................................................................................................10What SFDR 2.0 changes—and why it forces action on corporate data........................................11Th