Introduction
A recent article in our Real World Outcomes series showcased digitalisation and automation improvements, a structural growth thematic within the Jupiter Global Leaders strategy. That article focused specifically on the broader productivity and resource efficiency outcomes relating to semiconductors and industrial processes.
The Jupiter Global Leaders strategy also invests in companies that support broader decarbonisation through specific products, services or operational approach.
As global consumption levels continue to reach record levels, so too does energy demand and CO2 emissions, underscoring the ever-growing complexity of economic growth and multilateral climate objectives. Fossil fuels continue to underpin global primary energy needs, and more than three quarters of the global energy mix comes from oil, gas and coal1.
Global primary energy consumption by source
Primary energy is based on the substitution method and measured in terawatt-hours
In the listed global equity universe, there is structural opportunity to identify those companies that have long-term strategic decarbonisation positioning. When analysing investments on a ten-year forward basis, we consider a broad range of structural considerations, including company exposure to energy price volatility, regulatory tightening, rising carbon costs, carbon efficiency, and profitability – questions that help the strategy to determine long-term competitiveness. Carbon pricing, which has increased from covering 12% of global emissions in 2016 to 28% in 2025, provides a key economic incentive for companies to decarbonise3.
As such, the Jupiter Global Leaders strategy typically invests in companies that operate with a lower carbon profile than their peers, for example the strategy has a carbon footprint that is 83% lower than the MSCI All-Country World Index per dollar invested4.
We have already discussed in this series detailed benefits of Moore’s Law and compounded energy efficiency. The current article will focus on a range of other strategy companies with products and services that enable their customers to reduce emissions.
There are emissions reduction opportunities across operations and value chains in a wide range of industries. This article focuses on companies that can help others to decarbonise and enable carbon reduction at a significantly larger scale than that achieved within just their own operational boundaries. The following section illustrates a cross section of tangible case studies that enable positive real-world outcomes. We have highlighted examples of more challenging sectors where emissions are harder to abate and a significant contributor to global mix.
Global Greenhouse Gas Emissions by Sector5
Case Studies
Buildings
Ecolab (48k employees, $79bn market cap), a global leader in water, hygiene and infection prevention solutions, has a wide range of products that help its customers to decarbonise. For example, Ecolab’s digital water management platform, 3D TRASAR, uses sensors, automation, and advanced analytics to monitor industrial water systems in real time and optimise chemical dosing, improving both water and energy efficiency. While the primary benefit is for reduced water use, the carbon savings are also meaningful. For example, the largest operator of hotels in the world worked with Ecolab solutions, from kitchens to laundry rooms, saving 21,500 metric tons of CO2e per annum and more than 3.3bn litres of water per annum, equivalent to the annual drinking water needs of 3 million people6.
Collectively, Ecolab helped its customer avoid emitting 4.6 million metric tons of greenhouse gas emissions in 2024, the equivalent to the carbon dioxide absorbed over 10 years by 212 million trees7.
Legrand (40k employees, €33bn market cap), is a global leader in specialist electrical products used in buildings across residential, commercial, and industrial markets. Legrand is well positioned to support the transition to a lower carbon world. The IEA estimates building emissions alone generate 40% of global CO2 emissions8, including their construction and ongoing operations. Purely on an operational basis, buildings account for 30% of global energy consumption and 26% of emissions9; decarbonising the sector is one of the most cost-effective ways to mitigate climate change.
Legrand designs, manufactures and sells over 300,000 unique products across an array of categories including cable management, wiring, lighting controls, power management. Across this portfolio, 72% are part of the ‘Product Environmental Portfolio’ (PEP) 10, meaning their environmental impact has been independently measured and disclosed across its full life cycle. Legrand calculates that through the energy efficiency of its products it helped its customers avoid 14.8 million tons of CO2 in 202411.
Transport
Haulage
Old Dominion Freight Line (22k employees, $37bn market cap) is a leading US transport and logistics company that specialises in less-than-truckload (LTL) trucking services. LTL is a shipping service for relatively small quantities of freight, accommodating the needs of businesses that need to move smaller batches of goods. There are clear structural cost and environmental benefits of moving to LTL shipping, as it can reduce the number of vehicles needed for freight transport by sharing trailer capacity across customers.
In the US, transportation accounts for 29% of greenhouse gas emissions, of which freight accounts for around one-quarter12. Reducing the emissions profile of this sector can therefore have significant real-world decarbonisation outcomes. Whilst the trucking business is inherently carbon intensive, it can be more carbon efficient for customers to utilise less-than-truckload (LTL) services, as opposed to full-truckload (FTL). This is because LTL loads will travel with the goods of multiple customers, whereas FTL services are typically for single customers and the truck is more likely to complete its journey below full capacity.
It is estimated that 20-35%13 of trucking journeys are completed with completely empty cargo as they are often under-utilised on their return journeys. This approach is generally avoided by LTL carriers, as they seek to maximise efficiency, and utilise the full or near full capacity of their trucks; for example, Old Dominion Freight Line reports a load factor (the utilisation of capacity) of 83%14 versus a broader industry average load factor of just 57%15.
While it is difficult to estimate accurately the total carbon savings of LTL, given a wide range of variable factors (freight weight, truck age, fuel efficiency, accurate records), it is our view that LTL carriers, which operate with higher utilisation rates, ultimately reduce the number of trucks on the road, when compared to a scenario in which LTL as a service does not exist, resulting in a positive real-world outcome.
Electrification of vehicles
As of 2025, less than 5% of the global fleet of passenger vehicles were electrified. It is estimated that by 2030 electric and hybrid vehicles will make up 45% of new passenger vehicle sales, rising to over 70% by 2040, representing almost half of the global fleet16. Several strategy companies provide key technologies that enable the transition to electrified transport.
Murata Manufacturing (74k employees, $41bn market cap) is an electronic components company and world leader in Multilayer Ceramic Capacitors (MLCCs) with an approximately ~40% market share17. MLCCs are vital components in most electric devices. Their primary functions are to keep voltage levels constant and remove electrical noise which could otherwise disturb the device, and in doing so support reliable power delivery to semiconductor chips.
MLCCs are essential in enabling the transition to a global electrified fleet of vehicles. A traditional internal combustion engine car typically incorporates around 2,000 to 3,000 MLCCs, whereas an electric vehicle requires roughly 10,000, with industry estimates indicating this figure will continue to increase materially over time18. It is a key enabler of electrification, providing customers with high-quality and reliable critical components.
Texas Instruments (34k employees, $177bn market cap) is a semiconductor company and the global leader in analog devices, producing tens of billions of chips each year, packaged into over 80,000 product types, of which many are used to enable the transition to electrified vehicles. The automotive market is a major end-market for Texas Instruments, accounting for ~35% of its revenues19.
Analog chips measure and convert signals into usable electronic data, and regulate, distribute and control power within electronic systems. As vehicles move from fossil fuel powered systems and become increasingly electric, the need for precise power conversion and control increases.
The company highlights key applications such as onboard chargers, battery management systems and traction inverters (which convert battery electricity into motion) as the core building blocks20 of electrified vehicles (EVs). Texas Instruments provides the chips with the sensing, control and power control functions that allow EVs to operate efficiently and safely, maximise driving range, reduce energy losses and ensure reliable operation. This technology plays a central role in vehicle electrification, performing these functions at scale and with high reliability.
Industry
Advisory services
Accenture (784k employees, $173bn market cap) is a leading global professional services firm with operations in over 120 countries offering services in consultancy and IT outsourcing. It offers capabilities in a wide range of areas including digital transformation, decarbonisation and cyber security.
Accenture is a market leader in digital transformation, supporting clients with major IT transformations to the public cloud resulting in CO2 emission reductions of more than 80%21. Similarly, Accenture will work with clients to build their long-term sustainability roadmaps, advising clients on carbon-related data collation, to facilitate insights and cost of projects on a per ton of carbon emissions reduced basis. This approach helped a large Latin American chemicals business to initiate a thermoelectric project to use renewable steam energy sourced from plant biomass, generating 900,000 tons of steam per year to power one of its sites – contributing to a decarbonisation strategy that reduced carbon emissions by 30%22.
Agriculture
Financing
Itaú Unibanco (94k employees, $84bn market cap) is a large cap Brazilian bank offering services in retail, commercial and private banking, with lending policies reflecting a variety of environmental and social development goals. In 2020 it launched, in collaboration with two other large banks (Santander and Bradesco), the “Amazon Plan” to promote sustainable development in the region. The Amazon Rainforest is one of the most biodiverse places on earth, home to over three million species including 2,500 tree species23. Unfortunately, deforestation is rife. Between 2001 and 2020, the rainforest lost over 54 million hectares, an area roughly the size of France24.
The initiative sees the banks use their credit policy, and engagement with key sectors to tackle deforestation. For example, the banks work with companies operating in the cattle industry which is the biggest driver of deforestation in the world25. It is doing this by enhancing the traceability of supply chains, by using georeferencing technology to assess whether clients are responsible for deforestation or destruction of biodiversity areas and supporting the digitalisation of the land registry in the region. Similarly, they will provide differentiated lines of credit and financial support for sustainable crops and bioeconomy activities.
Kubota (52k employees, $16bn market cap) is a global manufacturer of farming equipment such as tractors, rice transplanters and combine harvesters. Kubota is one of the largest manufacturers across the global tractor market with a particularly strong presence in the smaller to mid-sized tractor market, in which it is the global market leader.
Kubota is investing in innovation for electric and hybrid models. Its first compact electric tractor, “LXe-261”, has 26 horsepower and designed for lower duty tasks, with a four-hour runtime and rapid charging capabilities – suitable for smaller acreage use. Similarly, it has introduced electric retrofit options for some of its compact excavators, where machines can switch between diesel and electric power. Kubota is also exploring hydrogen fuel cell technology as a zero-emission alternative26.
Hexagon (25k employees, $30bn market cap) makes advanced measurement hardware and visualisation software technology to help digitise the physical world. They have multiple segments that enable high precision measurement, described as reality capture, positioning and advanced robotics. One area in which the company offers compelling real-world outcomes is in support of precision agriculture. Market leading positioning systems help farmers save c190m litres of fuel a year, avoiding 500,000 tCO₂ per year. The technology also enables precision agriculture to optimise crop yields and reduce the use of fertilisers and pesticides through Global Navigation Satellite Systems27.
Energy
Chubb (43k employees, $118bn market cap) is a global leading provider of property & casualty (P&C) insurance, with a total asset base of ~$250bn. Chubb is well positioned to influence decarbonisation by establishing clear underwriting criteria on its insurance policies. Chubb’s approach focuses on tackling the highest emitting sectors first. This sees customers in the oil & gas, coal, and steel sectors face strict criteria to be eligible for insurance services. For example, for oil & gas producers with revenues greater than $1bn, Chubb expects their customers to achieve a methane emissions intensity of 0.2% or less by 2030 across their global operations28. Similarly, in the coal industry, Chubb will no longer underwrite risk related to the construction and operation of new coal-fired plants, or to companies that generate more than 30% of revenues from thermal coal mining.
It is our view, pricing climate-related risk into financial products, such as insurance, incentivises companies to decarbonise. There is a structural long-termism of insurance policies which reflect elevated transition, regulatory and physical risks associated with high-emitting activities.
Conclusion
Decarbonisation innovation provides a long-term, multi-decade, structural opportunity. We have demonstrated a cross-section of the diversified range of investment opportunities the Jupiter Global Leaders strategy looks to identify within decarbonisation, working with complex industries. A broad set of strategy companies are typically decarbonising either their own operational footprints or supporting their customers’ decarbonisation pathway. We have a long-term investment approach, identifying companies with economic resilience, highly durable fundamentals, contributing to tangible real-world outcomes for the planet on which we all depend.
Footnotes
1 https://www.energyinst.org/statistical-review/home
2Energy Mix - Our World in Data
3GHG Emissions Coverage | Carbon Pricing Dashboard
4Using MSCI data, the strategy’s carbon intensity was 35.5 tCO2e/$m invested and the MSCI All-Country World index had a carbon intensity of 113.0 tCO2e/$m as at 31 December 2025. 2.Using MSCI data, the strategy’s carbon footprint was 6.88 tCO2/$m invested. The MSCI All-Country World index carbon footprint was 39.5 tCO2/$m invested as at 31 December 2025
5https://ourworldindata.org/ghg-emissions-by-sector
6https://www.ecolab.com/nalco-water/stories/marriott-sustainability-goals-for-2025-and-beyond
7https://en-uk.ecolab.com/pages/ecolab-carbon-reduction-plan
9https://www.iea.org/energy-system/buildings
12https://www.epa.gov/ghgemissions/transportation-sector-emissions
13https://www.aceee.org/sites/default/files/pdfs/Load%20Factor%20Smart%20Freight%2011-18-21.pdf
14ODFL Sustainability Report 2024
15https://www.aceee.org/sites/default/files/pdfs/Load%20Factor%20Smart%20Freight%2011-18-21.pdf
16BNEF data sourced via DNB Carnegie, 2025
17Morgan Stanley estimate, 2025
18Industry estimates include data sourced from Morgan Stanley (2024) and Morningstar (2024)
19Texas Instruments Annual Report, 2024
20Texas Instruments - https://www.ti.com/applications/automotive/hev-ev-powertrain/overview.html
22https://www.accenture.com/us-en/case-studies/consulting/powering-actionable-climate-roadmap
23https://www.greenpeace.org/usa/biodiversity-and-the-amazon-rainforest/
24https://scienceinsights.org/amazon-rainforest-deforestation-statistics/
25https://gfr.wri.org/forest-extent-indicators/deforestation-agriculture
26https://www.kubota.com/news/2022/20220905.html Hydrogen fuel cell technology - Unveiling Concept Model of Autonomous Fuel Cell Tractor for the First Time at Expo 2025 Osaka Kansa…
27The Low Carbon Future: Hexagon’s Innovations Drive Sustainability
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