Asian Firms Lead Emissions Rise as Europe Cuts
MSCI data shows direct corporate emissions in China, India and Thailand climbed sharply from 2015 to 2025 while France and Germany posted steep declines.
Updated on Nov. 10, 2026 in Environmental
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Aggregate direct emissions from Chinese companies were 66 per cent higher in 2025 than in 2015, according to MSCI, with Indian companies up 57 per cent and Thai companies up 45 per cent. Over the same decade, companies domiciled in France and Germany cut direct emissions by 46 and 47 per cent respectively.
Why it matters
The divergence highlights a widening gap between corporate emissions trends in Asia and in Europe over the past decade. Because the figures track company-owned or controlled assets, they offer a corporate lens on emissions that differs from national inventories.
MSCI's analysis of 2,491 listed companies with complete 2015 to 2025 Scope 1 records shows China up 66 per cent, India up 57 per cent and Thailand up 45 per cent, while France fell 46 per cent and Germany 47 per cent. The study does not establish whether the increases reflect new production or relocation of existing operations.
The players
MSCI
MSCI is a global provider of investment research, indexes and analytics, whose corporate emissions dataset underpins this comparison of listed companies.
The details
MSCI grouped companies by domicile and measured emissions from company-owned or controlled assets, not national totals or value-chain footprints. South Korean corporate direct emissions were broadly unchanged, while Australian emissions fell 8 per cent and US emissions fell 21 per cent over the decade.
Timeline
2015: Baseline year for the emissions comparison.
2025: Year of emissions data compared against the 2015 baseline.
2035: Target year for China to cut net emissions 7 to 10 per cent from peak.
2050: Net-zero deadline for Thailand, brought forward from a later target.
Corporate Emissions Trajectory
The MSCI dataset's 2015 to 2025 series shows corporate direct emissions diverging sharply by domicile, with Asian markets rising while France and Germany fell roughly half. The divergence sits against China's stated target of cutting net emissions 7 to 10 per cent from peak by 2035.
Consumers and investors tracking corporate climate performance may need to weigh emissions data by domicile, since companies operating overseas can show rising emissions even in markets with falling totals. The figures suggest that a company's home-country emissions record may not fully reflect its operational footprint.
The takeaway
Headline emissions declines in a company's home market do not necessarily mean its overall operations have cleaned up. Reviewing where a company's assets actually operate can give a more complete picture of its direct emissions.
Further reading
For broader background, explore our Environmental coverage.
Source note: This article includes information reported by Eco-Business.
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