Global listed companies cut carbon intensity by a third over the past decade, but total emissions remain flat

A new study from the London Stock Exchange Group finds that the carbon intensity of global equity emissions fell by about 33% between 2016 and 2026. That means listed companies are now generating more revenue per ton of CO2 emitted, a sign that economic growth is increasingly decoupled from carbon output. The research also shows that corporate climate targets have become widespread across major markets. Despite this progress, the study notes that absolute emissions from listed companies have not yet declined. The falling intensity is a step in the right direction, but the turning point toward absolute reductions has not been reached. The report suggests that if current trends continue, equity markets could soon see overall emissions start to fall, which would be a major shift for investors tracking climate risk.