The Climate Action 100+ group says it has written to the world’s largest carbon producers saying that more action is needed to reduce emissions.

The group, which includes 500 of the world’s biggest investors which a total of $47 trillion AUM, has told 161 companies that they must take more action to meet the 2015 Paris agreement targets and that they will be assessed on how they respond to these. CA100+ say they will launch a benchmark to help its members assess a company’s alignment to net-zero emissions using 30 indicators and that they are also calling on companies to create strategies that reduce  Scope 3 emissions.

“The benchmark will ensure it’s clear which companies are acting on climate change as a business-critical issue and embracing a net-zero future. Investors will be paying particular attention to those shown to be falling short.” said Stephanie Pfeifer, CEO, Institutional Investors Group on Climate Change, part of CA100+.