Publication
26 Aug 2025 ·
International
Green KPIs
CMS study of the KPIs used in SLBs – December 2024
3 min read
Green KPIs are linked to environmental issues. They include the reduction of GHG emissions, an increase in the use of renewable energy, better waste management, reduction of waste, etc. The percentage of the SLBs in our study that include the relevant type of KPI type is specified below.
*Expressed as a percentage of the SLBs with at least one specific KPI in the total number of SLBs in the study, showing the proportion of issuers that have chosen such specific KPI.
More than three quarters of the issues in our study included a KPI on the reduction of GHG emissions, based on the methodology established by the GHG Protocol Corporate Standard. In detail, 96% of such issues that included the reduction of GHG emissions as a KPI were based on GHG emissions classified as Scope 1; 83% were based on GHG emissions classified as Scope 2; and almost half (47%) were based on GHG emissions classified as Scope 3, the most difficult to calculate.
GHG emissions in a nutshell
GHG Protocol Corporate Standard refers to The Greenhouse Gas Protocol, A Corporate Accounting and Reporting Standard (Revised Edition) published by the World Business Council for Sustainable Development and the World Resources Institute
Scope 1 means direct GHG emissions from sources owned or controlled by the company (e.g. from combustion in owned or controlled boilers, furnaces, vehicles, etc)
Scope 2 means GHG emissions from the generation of purchased electricity consumed by the company. Source: The GHG Protocol Corporate Standard
Scope 3 means all other relevant indirect GHG emissions as a consequence of the activities of the company, but which occur from sources not owned or controlled by the company (e.g. extraction and production of purchased materials, transport-related activities, etc)
Source: Greenhouse Gas Protocol website (https://ghgprotocol.org/corporate-standard)
KPIs linked to renewable energy, such as the percentage of installed renewable energy capacity, also represent an important part of the Green KPIs used, notably in line with SDG Goal 7/Affordable and clean energy.
Among the 17 SDGs, almost a third are dedicated to Green goals and are used as references in the Green KPIs: Goal 6/Clean water and sanitation, Goal 7/Affordable and clean energy, Goal 13/Climate action, Goal 14/Life below water and Goal 15/Life on land.
The “Other Green” category in our study includes KPIs relating to the proportion of capital expenditure on sustainable activities.
