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Playing it cool
Investor Research Report
The cooling and refrigeration sector provides essential technology that many of us rely on every day, yet on product efficiency, emissions disclosure and low-carbon innovation, the leading players in the sector are falling behind. This report analyses 18 high-impact publicly listed companies on product efficiency, emissions disclosure, and low-carbon innovation. Findings suggest that the cooling sector is failing on the low carbon opportunity.
2.2%
Capital Goods and Consumer Electronics companies failing to innovate on cooling technology with on average 2.2% sales spent on cooling R&D.
22%
Only 22% of cooling sector companies have 2050 emissions targets (Hitachi, Mitsubishi Electric, Daikin Industries and Electrolux).
50%
Significant energy efficiency gap of up to 50% between best available popular AC products and those offered reveals gap for regulators to target.
CDP’s League Table of companies in the cooling sector:
| League Table rank | Company | Country | Market Cap US$bn (as of March 2020) | Weighted rank | Transition risks rank | Transition opportunities rank | Climate governance & strategy rank |
| 1 | Trane Technologies | USA | 22 | 6.13 | 8 | 1 | 1 |
| 2 | LG Electronics | South Korea | 8 | 6.50 | 2 | 4 | 5 |
| 3 | Mitsubishi Electric | Japan | 29 | 6.68 | 1 | 10 | 3 |
| 4 | Samsung Electronics | South Korea | 243 | 7.17 | 4 | 6 | 6 |
| 5 | Panasonic | Japan | 22 | 7.20 | 7 | 9 | 2 |
| 6 | Daikin Industries | Japan | 43 | 7.39 | 10 | 2 | 4 |
| 7 | Carrier (iii) | USA | 17 | 7.81 | 6 | 7 | 9 |
| 8 | Electrolux | Sweden | 5 | 8.34 | 3 | 17 | 8 |
| 9 | Johnson Controls | USA | 24 | 8.61 | 12 | 5 | 10 |
| 10 | Hitachi | Japan | 32 | 8.70 | 9 | 13 | 7 |
| 11 | Lennox International | USA | 8 | 9.03 | 5 | 15 | 12 |
| 12 | Mitsubishi Heavy Industries | Japan | 9 | 9.84 | 11 | 14 | 11 |
| 13 | Haier | China | 15 | 12.91 | 14 | 8 | 16 |
| 14 | Gree | China | 48 | 13.11 | 17 | 3 | 14 |
| 15 | Midea Group | China | 57 | 13.65 | 16 | 12 | 13 |
| 16 | Hisense | China | 1 | 13.69 | 13 | 16 | 17 |
| 17 | Blue Star LTD | India | 0.6 | 14.54 | 18 | 11 | 15 |
| 18 | Chigo (iii) | China | 0.05 | 15.02 | 15 | 18 | 18 |
| Weighting | 40% | 30% | 30% |
(i) Weighted ranks are calculated for each area. We display non-weighted ranks in this summary for simplicity only.
(ii) Blue Star, Chigo, Gree, Haier, and Hisense were not requested to respond to CDP’s 2019 climate change questionnaire.
(iii) Carrier Market Cap as of June 2020. As of May 15 2020, Chigo has been suspended from trading on the HKSE.
Source: CDP