Thames Water

Does the core business genuinely avoid or reduce emissions, or build climate resilience? Share of revenue that is actually 'green'. Fossil-dependent models score low.

Thames Water has achieved a meaningful 73% absolute reduction in Scope 1 and 2 emissions since 1990 and self-generates 25.8% of its energy needs from renewables, but its core operations continue to discharge untreated sewage at scale, causing direct, documented ecological harm that negates much of the climate-positive narrative.

Credible, science-based targets (SBTi), a real net-zero plan with progress to date, and CDP disclosure — not just a dated press release.

Thames Water has no SBTi-validated near-term or net-zero targets; its own website admits it is still 'reviewing its route map' on net zero, has deferred commitments citing affordability and financeability concerns, and has yet to publish an updated net-zero goal, making all 1.5°C alignment claims unverified and aspirational only.

Operational footprint, labour and social practices, and governance quality across the company's own operations and supply chain.

Governance has been catastrophically compromised: Ofwat found Thames Water broke dividend payment rules by extracting £168.8m to its holding company while under financial stress, placed it in a Turnaround Oversight Regime, and the company's debt has ballooned to over £17.6 billion — the result of decades of prioritising shareholder extraction over infrastructure investment.

Quality of disclosure, independent third-party verification, and how much hard data backs the company's claims.

Thames Water publishes an annual ESG Statement, TCFD-aligned disclosures, and a Climate Change Adaptation Report under Adaptation Reporting Power 4, providing five years of tabulated ESG data; however, no CDP public score is confirmable, no SBTi submission has been made, and quantified net-zero milestones remain absent, limiting the credibility of self-reported data.

Controversies, litigation, pollution, fossil-fuel lobbying, conflict-zone involvement and governance scandals. Higher means cleaner.

Ofwat issued the largest fine in UK water industry history — £122.7m across two investigations — for systemic sewage discharge failures and illegal dividend payments; environmental groups have documented E.coli levels up to 10 times safe bathing limits in the Thames; and the company is seeking creditor concessions that include shielding executives from prosecution for environmental crimes.