· Opportunities CCE — dominated by renewable energy firms such as Xinjiang Goldwind (wind) and ALLETE (clean power), with rankings remaining relatively stable year over year.

· Physical CCE — led by industries directly exposed to extreme weather, such as Suncorp Group (insurance) and Svenska Cellulosa (forestry), whose operations are most vulnerable to natural disasters.

· Regulatory CCE — concentrated in carbon-intensive sectors such as BHP Group (mining) and CNOOC (oil & gas), but notably the rankings shift significantly each year as different regulations target different industries and regions.

Electric & Gas Services stands out as a clear outlier, dominating all three CCE dimensions by a wide margin. Beyond this sector, most industries show relatively modest and similar levels of climate exposure, suggesting that corporate climate discourse remains heavily concentrated in energy-related sectors and has yet to deeply differentiate across other parts of the economy.

· Opportunities CCE — highest in energy transition leaders (Spain, Norway, China) where large-scale renewable energy investment actively drives climate opportunity discourse.

· Physical CCE — remains uniformly low across all major economies, consistent with the flat trend observed over time; top-ranked outliers (e.g., British Virgin Islands, Cayman Islands) are driven by small samples of reinsurance firms rather than actual geographic risk differences.

· Regulatory CCE — elevated both in countries with strong climate legislation (UK, New Zealand, Australia) and in carbon-intensive resource exporters (Saudi Arabia, Norway) facing transition pressure, reflecting two distinct drivers of regulatory discourse.