From net-zero promises to proof – Why investors need a new climate compass

As we mark a decade since the Paris Agreement, the climate action landscape is at a turning point. Most large companies now have net zero targets, and climate disclosures have become routine. Yet, for institutional investors, a fundamental question remains unanswered: how can we fairly compare the real contribution of companies towards global net zero across different sectors, what progress is still achievable, and how should we allocate capital where it will drive the greatest impact?

The answer lies in moving beyond a narrow focus on emissions reduction. We need a new compass, one that recognises the full spectrum of corporate climate action and gives investors the clarity and comparability they need to accelerate the transition. This is the purpose behind the Climate Contribution Framework (CCF), a new methodology developed by the Mirova Research Center and Sweep, in partnership with leading scientific and corporate actors.

For too long, climate leadership has been measured simply by how much a company reduces its own carbon footprint. But this approach misses the bigger picture. Companies can — and must— do more: deploying low-carbon solutions, financing innovation, and enabling change far beyond their own operations. In short, we need to measure not just the “footprint” but the “handprint”, i.e. the positive contribution companies make towards global net zero.

The CCF is the first framework to capture all these levers of action. It assesses companies across three dimensions: carbon footprint reduction, climate solutions deployment and climate finance. 

Crucially, the framework adjusts for sector differences. Not all companies have the same potential to contribute, and their roles in the transition vary widely. By weighting each lever according to the company’s sector, the CCF creates a level playing field, enabling fair, comparable assessments across industries.

Designed for investors

What does this mean in practice for institutional investors? The CCF delivers three clear metrics:

• Contribution potential (10 – 100): The maximum a company can contribute, given its sector;
• Actual contribution: How much the company is actually delivering;
• Contribution performance (%): The ratio of actual to potential.

This structure allows investors to identify true climate leaders, guide engagement and allocate capital based on measurable impact, not just promises or marketing. It also helps companies themselves plan and prioritise the actions that will make the biggest difference.

One of the biggest challenges for investors today is the proliferation of climate standards and metrics. The CCF is not “just another standard”. Instead, it acts as a meta-framework, building on and connecting existing benchmarks — such as the GHG Protocol, SBTi, and CDP —into a single, coherent indicator. This compatibility means companies can leverage their existing disclosures, while investors gain a unified view of climate action.

Collective effort, global ambition

The CCF is the result of a broad coalition: developed by the Mirova Research Center and Sweep, with technical expertise from I Care by BearingPoint and Winrock International, and tested with eight major multinational sponsor companies. An independent observer committee — including WBCSD, SBTi, CERES, and others — ensures credibility and oversight.

Corporate climate action is at risk of stalling. Fragmented standards, inconsistent metrics, and a narrow focus on carbon footprint have made it hard for investors to see the full picture —or to reward those companies truly driving the transition. By shifting the focus from climate declarations to measurable contributions, this framework can bring clarity for investors, legitimacy for companies, and a new, credible narrative for climate leadership.

It is time to move from net zero promises to net zero proof.

Manuel Coeslier is head of Mirova Research Center