CDP Global 500 Report 2011
Accelerating Low Carbon Growth

On behalf of 551 investors with assets of US$71 trillion

Report written for                                   Carbon Disclosure Project
Carbon Disclosure Project by:              
                                                     +44 (0) 20 7970 5660
2011 Carbon Disclosure Project
    Investor Members

CDP works with investors globally to advance the investment opportunities and reduce the risks posed by climate change by
asking almost 6,000 of the world’s largest companies to report on their climate strategies, GHG emissions and energy use in
the standardized Investor CDP format. To learn more about CDP’s member offering and becoming a member, please contact
us or visit the CDP Investor Member section at

ABRAPP - Associação                       Catholic Super                             PFA Pension
Brasileira das Entidades                  CCLA Investment                            Raiffeisen Schweiz
Fechadas de Previdência                   Management Ltd                             Royal Bank of Scotland
Complementar                              Ethos Foundation                           Group
AEGON N.V.                                Generation Investment                      Robeco
AKBANK T.A.S.                             Management                                 Rockefeller & Co., Inc.
Allianz Global Investors                  HSBC Holdings plc                          SAM Group
Kapitalanlagegesellschaft                 ING
mbH                                                                                  Schroders
                                          KB Kookmin Bank                            Scottish Widows
ATP Group
                                          KLP                                        Investment Partnership
Aviva Investors
                                          Legg Mason, Inc.                           SEB
Bank of America Merrill
Lynch                                     London Pensions Fund                       Sompo Japan
                                          Authority                                  Insurance Inc.
                                          Mitsubishi UFJ Financial                   Standard Chartered
BP Investment                             Group (MUFG)
Management Limited                                                                   Sun Life Financial Inc.
                                          Morgan Stanley                             TD Asset Management
California Public
Employees’ Retirement                     National Australia Bank                    Inc. and TDAM USA Inc.
System                                    NEI Investments                            The Wellcome Trust
California State Teachers’                Neuberger Berman                           Zurich Cantonal Bank
Retirement System                         Newton Investment
Calvert Asset                             Management Limited
Management Company,                       Nordea Investment
Inc.                                      Management

CDP Signatories

    2011 Carbon Disclosure Project
    Investor Signatories
                                                                Baumann and Partners S.A.                                       de Pury Pictet Turrettini & Cie S.A.
Carbon Disclosure Project 2011                                  BAWAG P.S.K. INVEST GmbH                                        DekaBank Deutsche Girozentrale
                                                                Bayern LB                                                       Deutsche Asset Management Investmentgesellschaft mbH
551 financial institutions with assets of                       BayernInvest Kapitalanlagegesellschaft mbH
                                                                BBC Pension Trust Ltd
                                                                                                                                Deutsche Bank AG
                                                                                                                                Deutsche Postbank Vermögensmanagement S.A.
US$71 trillion were signatories to the                          BBVA                                                            Development Bank of Japan Inc.

CDP 2011 information request dated                              Bedfordshire Pension Fund
                                                                Bentall Kennedy
                                                                                                                                Development Bank of the Philippines (DBP)
                                                                                                                                Dexia Asset Management
February 1st, 2011                                              Beutel Goodman and Co. Ltd                                      Dexus Property Group
                                                                BioFinance Administração de Recursos de Terceiros Ltda          DnB NOR ASA
                                                                BlackRock                                                       Domini Social Investments LLC
Aberdeen Asset Managers                                         Blumenthal Foundation                                           Dongbu Insurance
Aberdeen Immobilien KAG mbH                                     BNP Paribas Investment Partners                                 DWS Investment GmbH
ABRAPP - Associação Brasileira das Entidades Fechadas de        BNY Mellon                                                      Earth Capital Partners LLP
Previdência Complementar                                        BNY Mellon Service Kapitalanlage Gesellschaft                   East Sussex Pension Fund
Active Earth Investment Management                              Boston Common Asset Management, LLC                             Ecclesiastical Investment Management
Acuity Investment Management                                    BP Investment Management Limited                                Ecofi Investissements - Groupe Credit Cooperatif
Addenda Capital Inc.                                            Brasilprev Seguros e Previdência S/A.                           Edward W. Hazen Foundation
Advanced Investment Partners                                    British Columbia Investment Management Corporation (bcIMC)      EEA Group Ltd
Advantage Asset Managers (Pty) Ltd                              BT Investment Management                                        Elan Capital Partners
AEGON Magyarország Befektetési Alapkezelo    ´´ Zrt.            Busan Bank                                                      Element Investment Managers
AEGON N.V.                                                      CAAT Pension Plan                                               ELETRA - Fundação Celg de Seguros e Previdência
AEGON-INDUSTRIAL Fund Management Co., Ltd                       Cadiz Holdings Limited                                          Environment Agency Active Pension fund
AFP Integra                                                     Caisse de dépôt et placement du Québec                          Epworth Investment Management
AIG Asset Management                                            Caisse des Dépôts                                               Equilibrium Capital Group
Ak Asset Management                                             Caixa Beneficente dos Empregados da Companhia Siderurgica       Erste Asset Management
AKBANK T.A.S.                                                   Nacional - CBS                                                  Erste Group Bank
Alberta Investment Management Corporation (AIMCo)               Caixa de Previdência dos Funcionários do Banco do Nordeste do   Essex Investment Management Company, LLC
Alberta Teachers Retirement Fund                                Brasil (CAPEF)
Alcyone Finance                                                 Caixa Econômica Federal
                                                                                                                                Ethos Foundation
Allianz Elementar Versicherungs-AG                              Caixa Geral de Depositos
                                                                                                                                Eureko B.V.
Allianz Group                                                   Caja de Ahorros de Valencia, Castellón y Valencia, BANCAJA
                                                                                                                                Eurizon Capital SGR
Altira Group                                                    Caja Navarra
                                                                                                                                Evangelical Lutheran Church in Canada Pension Plan for Clergy and
Amalgamated Bank                                                California Public Employees’ Retirement System                  Lay Workers
AMP Capital Investors                                           California State Teachers’ Retirement System                    Evli Bank Plc
AmpegaGerling Investment GmbH                                   California State Treasurer                                      F&C Management Ltd
Amundi AM                                                       Calvert Asset Management Company, Inc                           FAELCE – Fundacao Coelce de Seguridade Social
ANBIMA – Associação Brasileira das Entidades dos Mercados       Canada Pension Plan Investment Board                            FAPERS- Fundação Assistencial e Previdenciária da Extensão Rural
Financeiro e de Capitais                                        Canadian Friends Service Committee (Quakers)                    do Rio Grande do Sul
Antera Gestão de Recursos S.A.                                  Canadian Imperial Bank of Commerce (CIBC)                       FASERN - Fundação COSERN de Previdência Complementar
APG Group                                                       CAPESESP                                                        Fédéris Gestion d’Actifs
Aprionis                                                        Capital Innovations, LLC                                        FIDURA Capital Consult GmbH
Aquila Capital                                                  CARE Super Pty Ltd                                              FIM Asset Management Ltd
ARIA (Australian Reward Investment Alliance)                    Carlson Investment Management                                   FIPECq - Fundação de Previdência Complementar dos
Arisaig Partners Asia Pte Ltd                                   Carmignac Gestion                                               Empregados e Servidores da FINEP, do IPEA, do CNPq
ARK Investment Advisors Inc.                                    Catherine Donnelly Foundation                                   FIRA. - Banco de Mexico
Arma Portföy Yönetimi A.S.                                      Catholic Super                                                  First Affirmative Financial Network, LLC
ASB Community Trust                                             Cbus Superannuation Fund                                        First Swedish National Pension Fund (AP1)
ASM Administradora de Recursos S.A.                             CCLA Investment Management Ltd                                  Firstrand Limited
ASN Bank                                                        Celeste Funds Management Limited                                Five Oceans Asset Management Pty Limited
Assicurazioni Generali Spa                                      Central Finance Board of the Methodist Church                   Florida State Board of Administration (SBA)
ATP Group                                                       Ceres                                                           Folketrygdfondet
Australia and New Zealand Banking Group Limited                 Christian Super                                                 Folksam
Australian Central Credit Union incorporating Savings & Loans   Christopher Reynolds Foundation                                 Fondaction CSN
Credit Union                                                    Church Commissioners for England                                Fondation de Luxembourg
Australian Ethical Investment Limited                           Church of England Pensions Board                                Fondiaria-SAI
AustralianSuper                                                 CI Mutual Funds’ Signature Global Advisors                      Fonds de Réserve pour les Retraites – FRR
Aviva                                                           Clean Yield Group, Inc.                                         Fourth Swedish National Pension Fund (AP4)
Aviva Investors                                                 Cleantech Invest AG                                             FRANKFURT-TRUST Investment-Gesellschaft mbH
AXA Group                                                       ClearBridge Advisors                                            Fukoku Capital Management Inc
Baillie Gifford & Co.                                           Climate Change Capital Group Ltd                                FUNCEF - Fundação dos Economiários Federais
Bakers Investment Group (Australia) Pty Ltd                     CM-CIC Asset Management                                         Fundação AMPLA de Seguridade Social - Brasiletros
Banco Bradesco S/A                                              Colonial First State Global Asset Management                    Fundação Atlântico de Seguridade Social
Banco de Credito del Peru BCP                                   Comerica Incorporated                                           Fundação Attilio Francisco Xavier Fontana
Banco de Galicia y Buenos Aires S.A.                            Comite syndical national de retraite Bâtirente                  Fundação Banrisul de Seguridade Social
Banco do Brasil S/A                                             Commerzbank AG                                                  Fundação de Assistência e Previdência Social do BNDES - FAPES
Banco Nacional de Desenvolvimento Econômico e Social - BNDES    CommInsure                                                      FUNDAÇÃO ELETROBRÁS DE SEGURIDADE SOCIAL - ELETROS
Banco Santander                                                 Commonwealth Bank of Australia                                  Fundação Forluminas de Seguridade Social - FORLUZ
Banesprev – Fundo Banespa de Seguridade Social                  Compton Foundation, Inc.                                        FUNDAÇÃO ITAUBANCO
Banesto (Banco Español de Crédito S.A.)                         Concordia Versicherungsgruppe                                   Fundação Itaúsa Industrial
Bank of America Merrill Lynch                                   Connecticut Retirement Plans and Trust Funds                    Fundação Promon de Previdência Social
Bank of Montreal                                                Co-operative Financial Services (CFS)                           Fundação Vale do Rio Doce de Seguridade Social - VALIA
Bank Sarasin & Cie AG                                           Corston-Smith Asset Management Sdn. Bhd.                        Fundação Rede Ferroviaria de Seguridade Social – Refer
Bank Vontobel                                                   CRD Analytics                                                   Fundação Sistel de Seguridade Social (Sistel)
Bankhaus Schelhammer & Schattera Kapitalanlagegesellschaft      Crédit Agricole                                                 FUNDIÁGUA - FUNDAÇÃO DE PREVIDENCIA COMPLEMENTAR
m.b.H.                                                                                                                          DA CAESB
                                                                Credit Suisse
BANKINTER S.A.                                                                                                                  Futuregrowth Asset Management
                                                                Gruppo Credito Valtellinese
BankInvest                                                                                                                      Gartmore Investment Management Ltd
                                                                Daegu Bank
Banque Degroof                                                                                                                  GEAP Fundação de Seguridade Social
                                                                Daiwa Securities Group Inc.
Barclays                                                                                                                        Generali Deutschland Holding AG

Carbon Disclosure Project 2011 – Global 500 Report

Generation Investment Management                                     LBBW - Landesbank Baden-Württemberg                                 Norges Bank Investment Management (NBIM)
Genus Capital Management                                             LBBW Asset Management Investmentgesellschaft mbH                    North Carolina Retirement System
Gjensidige Forsikring ASA                                            LD Lønmodtagernes Dyrtidsfond                                       Northern Ireland Local Government Officers’ Superannuation
GLS Gemeinschaftsbank eG                                             Legal & General Investment Management                               Committee (NILGOSC)
Goldman Sachs Group Inc.                                             Legg Mason, Inc.                                                    Northern Trust
GOOD GROWTH INSTITUT für globale Vermögensentwicklung mbH            LGT Capital Management Ltd.                                         Nykredit
Governance for Owners                                                LIG Insurance Co., Ltd                                              Oddo & Cie
Government Employees Pension Fund (“GEPF”), Republic of South        Light Green Advisors, LLC                                           OECO Capital Lebensversicherung AG
Africa                                                               Living Planet Fund Management Company S.A.                          Old Mutual plc
Green Cay Asset Management                                           Local Authority Pension Fund Forum                                  OMERS Administration Corporation
Green Century Capital Management                                     Local Government Super                                              Ontario Teachers’ Pension Plan
Groupe Crédit Coopératif                                             Local Super                                                         OP Fund Management Company Ltd
Groupe Investissement Responsable Inc.                               Lombard Odier Darier Hentsch & Cie                                  Oppenheim Fonds Trust GmbH
GROUPE OFI AM                                                        London Pensions Fund Authority                                      Opplysningsvesenets fond (The Norwegian Church Endowment)
Grupo Banco Popular                                                  Lothian Pension Fund                                                OPSEU Pension Trust
Grupo Santander Brasil                                               Lupus alpha Asset Management GmbH                                   Oregon State Treasurer
Gruppo Credito Valtellinese                                          Macif Gestion                                                       Orion Asset Management LLC
Gruppo Montepaschi                                                   Macquarie Group Limited                                             Parnassus Investments
Guardian Ethical Management Inc                                      MAMA Sustainable Incubation AG                                      Pax World Funds
Guardians of New Zealand Superannuation                              Man                                                                 Pensioenfonds Vervoer
Guosen Securities Co., LTD.                                          Maple-Brown Abbott Limited                                          Pension Denmark
Hang Seng Bank                                                       Marc J. Lane Investment Management, Inc.                            Pension Fund for Danish Lawyers and Economists
Harbourmaster Capital                                                Maryland State Treasurer                                            Pension Protection Fund
Harrington Investments, Inc                                          Matrix Asset Management                                             Pensionsmyndigheten
Hauck & Aufhäuser Asset Management GmbH                              McLean Budden                                                       PETROS - The Fundação Petrobras de Seguridade Social
Hazel Capital LLP                                                    MEAG MUNICH ERGO Asset Management GmbH                              PFA Pension
HDFC Bank Ltd                                                        Meeschaert Gestion Privée                                           PGGM
Health Super Fund                                                    Meiji Yasuda Life Insurance Company                                 Phillips, Hager & North Investment Management Ltd.
Healthcare of Ontario Pension Plan (HOOPP)                           Mendesprev Sociedade Previdenciária                                 PhiTrust Active Investors
Henderson Global Investors                                           Merck Family Fund                                                   Phoenix Asset Management Inc.
Hermes Fund Managers                                                 Meritas Mutual Funds                                                Pictet Asset Management SA
HESTA Super                                                          MetallRente GmbH                                                    PKA
HSBC Global Asset Management (Deutschland) GmbH                      Metrus – Instituto de Seguridade Social                             Pluris Sustainable Investments SA
HSBC Holdings plc                                                    Metzler Investment Gmbh                                             PNC Financial Services Group, Inc.
HSBC INKA Internationale Kapitalanlagegesellschaft mbH               MFS Investment Management                                           Pohjola Asset Management Ltd
Hyundai Marine & Fire Insurance. Co., Ltd.                           Midas International Asset Management                                Portfolio 21 Investments
Hyundai Securities Co., Ltd.                                         Miller/Howard Investments                                           Porto Seguro S.A.
Ibgeana Society of Assistance and Security SIAS / Sociedade          Mirae Asset Global Investments Co. Ltd.                             PREVHAB PREVIDÊNCIA COMPLEMENTAR
Ibgeana de Assistência e Seguridade (SIAS)                                                                                               PREVI Caixa de Previdência dos Funcionários do Banco do Brasil
                                                                     Mirae Asset Securities Co., Ltd.
IDBI Bank Ltd                                                                                                                            PREVIG Sociedade de Previdência Complementar
                                                                     Missionary Oblates of Mary Immaculate
Ilmarinen Mutual Pension Insurance Company                                                                                               Provinzial Rheinland Holding
                                                                     Mistra, Foundation for Strategic Environmental Research
Impax Group plc                                                                                                                          Prudential Investment Management
                                                                     Mitsubishi UFJ Financial Group (MUFG)
IndusInd Bank Limited                                                                                                                    Psagot Investment House Ltd
                                                                     Mizuho Financial Group, Inc.
Industrial Bank (A)                                                                                                                      PSP Investments
                                                                     Mn Services
Industrial Bank of Korea                                                                                                                 PSS - Seguridade Social
                                                                     Monega Kapitalanlagegesellschaft mbH
Industry Funds Management                                                                                                                Q Capital Partners Co. Ltd
                                                                     Morgan Stanley
Infrastructure Development Finance Company                                                                                               QBE Insurance Group
                                                                     Motor Trades Association of Australia Superannuation Fund Pty Ltd
ING                                                                                                                                      Rabobank
                                                                     Mutual Insurance Company Pension-Fennia
Insight Investment Management (Global) Ltd                                                                                               Raiffeisen Schweiz
                                                                     Natcan Investment Management
Instituto de Seguridade Social dos Correios e Telégrafos- Postalis                                                                       Railpen Investments
                                                                     Nathan Cummings Foundation, The
Instituto Infraero de Seguridade Social - INFRAPREV                                                                                      Rathbones / Rathbone Greenbank Investments
                                                                     National Australia Bank
Instituto Sebrae De Seguridade Social - SEBRAEPREV                                                                                       Real Grandeza Fundação de Previdência e Assistência Social
                                                                     National Bank of Canada
Insurance Australia Group                                                                                                                Rei Super
                                                                     National Grid Electricity Group of the Electricity Supply Pension
Investec Asset Management                                            Scheme                                                              Reliance Capital Ltd
Irish Life Investment Managers                                       National Grid UK Pension Scheme                                     Resolution
Itau Asset Management                                                National Pensions Reserve Fund of Ireland                           Resona Bank, Limited
Itaú Unibanco Holding S A                                            National Union of Public and General Employees (NUPGE)              Reynders McVeigh Capital Management
Janus Capital Group Inc.                                             NATIXIS                                                             RLAM
Jarislowsky Fraser Limited                                           Nedbank Limited                                                     Robeco
JPMorgan Chase & Co.                                                 Needmor Fund                                                        Rockefeller Financial
Jubitz Family Foundation                                             NEI Investments                                                     Rose Foundation for Communities and the Environment
Jupiter Asset Management                                             Nelson Capital Management, LLC                                      Royal Bank of Canada
Kaiser Ritter Partner (Schweiz) AG                                   Nest Sammelstiftung                                                 Royal Bank of Scotland Group
KB asset Management                                                  Neuberger Berman                                                    RREEF Investment GmbH
KB Kookmin Bank                                                      New Amsterdam Partners LLC                                          SAM Group
KBC Asset Management NV                                              New Mexico State Treasurer                                          SAMPENSION KP LIVSFORSIKRING A/S
KDB Asset Management Co., Ltd.                                       New York City Employees Retirement System                           SAMSUNG FIRE & MARINE INSURANCE
KEPLER-FONDS Kapitalanlagegesellschaft m. b. H.                      New York City Teachers Retirement System                            Samsung Securities
KfW Bankengruppe                                                     New York State Common Retirement Fund (NYSCRF)                      Sanlam
KlimaINVEST                                                          New Zealand Earthquake Commission                                   Santa Fé Portfolios Ltda
KLP                                                                  Newton Investment Management Limited                                SAS Trustee Corporation
Korea Investment Management Co., Ltd.                                NGS Super                                                           Sauren Finanzdienstleistungen GmbH & Co. KG
The Korea Teachers Pension (KTP)                                     NH-CA Asset Management                                              Schroders
Korea Technology Finance Corporation (KOTEC)                         Nikko Asset Management Co., Ltd.                                    Scotiabank
KPA Pension                                                          Nikko Cordial Securities                                            Scottish Widows Investment Partnership
La Banque Postale Asset Management                                   Nissay Asset Management Corporation                                 SEB
La Financiere Responsable                                            NORD/LB Kapitalanlagegesellschaft AG                                SEB Asset Management AG
Lampe Asset Management GmbH                                          Nordea Investment Management                                        Second Swedish National Pension Fund (AP2)
Landsorganisationen i Sverige                                        Norfolk Pension Fund                                                SEIU Master Trust

CDP Signatories

Seligson & Co Fund Management Plc                                    Trillium Asset Management Corporation
Sentinel Investments                                                 Triodos Investment Management                                        Figure 1: 2011 Signatory Investor
SERPROS - Fundo Multipatrocinado
Seventh Swedish National Pension Fund (AP7)
Shinhan Bank                                                         UniCredit Group
Shinhan BNP Paribas Investment Trust Management Co., Ltd             Union Asset Management Holding AG
Shinkin Asset Management Co., Ltd                                    Unipension
Siemens Kapitalanlagegesellschaft mbH                                UNISON staff pension scheme
Signet Capital Management Ltd                                        UniSuper
                                                                                                                                                                  1%          37%
SMBC Friend Securities Co., LTD                                      Unitarian Universalist Association
Smith Pierce, LLC                                                    United Methodist Church General Board of Pension and Health
SNS Asset Management                                                 Benefits
Social(k)                                                            United Nations Foundation
Sociedade de Previdencia Complementar da Dataprev - Prevdata         Universities Superannuation Scheme (USS)
Solaris Investment Management Limited                                Vancity Group of Companies
Sompo Japan Insurance Inc.                                           VCH Vermögensverwaltung AG
Sopher Investment Management                                         Veris Wealth Partners
SPF Beheer bv                                                        Veritas Investment Trust GmbH
Sprucegrove Investment Management Ltd                                Vermont State Treasurer
Standard Chartered                                                   Vexiom Capital, L.P.
Standard Chartered Korea Limited                                     VicSuper Pty Ltd
Standard Life Investments                                            Victorian Funds Management Corporation
State Bank of India                                                  VietNam Holding Ltd.
State Street Corporation                                             Vision Super                                                                                      34%
StatewideSuper                                                       VOLKSBANK INVESTMENTS
StoreBrand ASA                                                       Waikato Community Trust Inc
Strathclyde Pension Fund                                             Walden Asset Management, a division of Boston Trust & Investment
                                                                     Management Company                                                        Asset Managers
Stratus Group
                                                                     WARBURG - HENDERSON Kapitalanlagegesellschaft für                         Asset Owners
Sumitomo Mitsui Banking Corporation                                  Immobilien mbH
Sumitomo Mitsui Card Company, Limited                                WARBURG INVEST KAPITALANLAGEGESELLSCHAFT MBH                              Banks
Sumitomo Mitsui Finance & Leasing Co., Ltd                           Wells Fargo & Company
Sumitomo Mitsui Financial Group                                                                                                                Insurance
                                                                     West Yorkshire Pension Fund
The Sumitomo Trust & Banking Co., Ltd.                               WestLB Mellon Asset Management (WMAM)                                     Other
Sun Life Financial Inc.                                              Westpac Banking Corporation
Superfund Asset Management GmbH                                      White Owl Capital AG
SUSI Partners AG                                                     Winslow Management, A Brown Advisory Investment Group
Sustainable Capital                                                  Woori Bank
Svenska Kyrkan, Church of Sweden                                     Woori Investment & Securities Co., Ltd.
Swedbank AB                                                          YES BANK Limited
Swiss Re                                                             York University Pension Fund
Swisscanto Holding AG                                                Youville Provident Fund Inc.
Syntrus Achmea Asset Management                                      Zegora Investment Management
T. Rowe Price                                                        Zevin Asset Management
T. SINAI KALKINMA BANKASI A.S.                                       Zurich Cantonal Bank
Tata Capital Limited
TD Asset Management Inc. and TDAM USA Inc.
Teachers Insurance and Annuity Association – College Retirement
Equities Fund (TIAA-CREF)
Telluride Association
Tempis Asset Management Co. Ltd
Terra Forvaltning AS                                               Figure 2: CDP Investor Signatories & Assets over time
TerraVerde Capital Management LLC
The Brainerd Foundation
The Bullitt Foundation                                                                     600                                                                                         80
The Central Church Fund of Finland
The Collins Foundation
The Co-operative Asset Management                                                          500
The Co-operators Group Ltd
The Daly Foundation                                                                                                                                                                    60
The GPT Group
                                                                   Number of Signatories

                                                                                                                                                                                            Assets (US$ trillions)

The Hartford Financial Services Group, Inc.                                                                                                                                            50
The Japan Research Institute, Limited
The Joseph Rowntree Charitable Trust                                                       300                                                                                         40
The Local Government Pensions Institution
The Pension Plan For Employees of the Public Service Alliance of
Canada                                                                                                                                                                                 30
The Pinch Group
The Presbyterian Church in Canada                                                                                                                                                      20
The Russell Family Foundation
The Shiga Bank, Ltd.                                                                       100
The Standard Bank Group
The United Church of Canada - General Council
The University of Edinburgh Endowment Fund                                                  0                                                                                           0
The Wellcome Trust                                                                               2003   2004   2005      2006           2007      2008     2009        2010     2011
Third Swedish National Pension Fund (AP3)
Threadneedle Asset Management
Tokio Marine & Nichido Fire Insurance Co., Ltd.
                                                                                                                         Signatories              Assets
Toronto Atmospheric Fund

Carbon Disclosure Project 2011 – Global 500 Report

    Commentary for the Carbon Disclosure Project:
    Douglas Flint, Group Chairman, HSBC Holdings plc
    For HSBC, climate change is a              For us, “climate business” starts with      also become ever clearer that climate
    cornerstone of our ongoing business        our clients, and financing lies at the     change is increasing the probabilities
    strategy, and so it gives me great         heart of the solution. The technologies    of these extremes. As the world’s
    pleasure to introduce the 2011 Carbon      and business models needed to              leading emerging markets bank, we
    Disclosure Report. The reporting           deliver clean energy, cut emissions and    are particularly alert to the vulnerability
    framework that the CDP has pioneered       drive down inefficient resource use        of Asia and Latin America to climate
    over the past decade has helped us         can often involve higher upfront capital   impacts, and our Group Risk,
    both as respondent and signatory           costs, which are then more than repaid     Operations and Sustainability teams
    to improve our understanding of the        through much lower operating costs.        are routinely investigating this as yet
    strategic risks and opportunities in       Project finance and equity markets         another stress that the bank needs
    this area.                                 have long been involved in supplying       to weather.
                                               capital to the climate economy. But the
    In the past year, we have sought to        full range of capital market instruments   In an uncertain period with pressing
    support financially as well as through     will need to be deployed, including        concerns about the fate of the global
    advocacy the huge business potential       fixed income and bonds. To enable          economy, it would be easy - but
    of low carbon growth. Our own              HSBC to address this opportunity at        foolish - to regard climate change as
    research suggests that the low carbon      a strategic level, a Climate Business      a luxury issue only to be addressed
    energy market alone will triple in size    Council has been established, which        in the good times. Around the world,
    by 2020 to US$2.2 trillion. We expect      is chaired by Stuart Gulliver, Group       we are seeing encouraging signs that
    the fastest growth will take place in      Chief Executive, and includes the          climate responsive business could
    emerging economies. To take one            heads of all our business lines. The       drive an investment-led recovery.
    example: China plans to expand the         Council has already uncovered new          Governments are responding with new
    share of seven strategic industries –      ways of enabling our clients to pursue     instruments to leverage private capital,
    all with a low carbon dimension – from     profitable growth in this arena.           such as the UK’s Green Investment
    3 to 15% of GDP by 2020. This is                                                      Bank, which will start operations
    perhaps the clearest statement yet of      But climate change is also serving to      in 2012. It is at moments such as
    the economic growth that could flow        intensify the commodity constraints        these that businesses with a long-
    from a determined focus on resource        facing the global economy. Food yields     term perspective can help shape the
    efficiency, technological innovation       have already been hit by warming           contours of the coming revival
    and long-term investment.                  global temperatures. And the scale         and thereby accelerate clean and
                                               and intensity of extreme weather           profitable growth.
                                               events over the past 12 months have
                                               reminded us of the vulnerability of
                                               economies and societies to natural
                                               hazards. The scientific evidence has

CEO Foreword

CEO Foreword
Corporations, investors and governments today are faced with a choice: to compete aggressively for finite resources, or to
advance towards a low carbon economy that enables sustainable, profitable growth, whilst reducing reliance on increasingly
scarce materials.

Last year, global energy-related carbon dioxide emissions reached a record high. The International Energy Agency’s estimates
made for bleak reading but compounded the necessity to take bold and decisive action if we are to have any chance of limiting
temperature increase to the 2°C level agreed by world leaders to protect against catastrophic climate change.

What’s more, rising energy demands are competing for a limited supply of fossil fuels. The competition for increasingly scarce
natural resources is putting pressure on commodity prices and having a growing impact both socially and economically. It is clear
that today, more than ever, we must build momentum to decouple economic growth from emissions.

Managing carbon emissions and protecting the business from climate change impacts is fundamental to achieving sustainable
and strong shareholder returns. Earlier this year, the investment consultancy Mercer released a report concluding that the best
way for institutional investors to manage portfolio risk associated with climate change may be to shift 40% of their portfolios into
climate-sensitive assets with an emphasis on those that can adapt to a low carbon environment.

An important part of an investor’s strategy should be to engage with the companies in which they invest to encourage
performance improvement. Carbon Action is a new initiative launched by CDP this year. It is driven by a leading group of
investors to encourage their portfolio companies to reduce emissions by investing in emissions reduction activities with a
satisfactory payback period. Carbon Action reflects a growing recognition that there is a huge range of carbon reduction activities
that companies can undertake that have a very clear business case. It is therefore in the interests of all investors, and not just the
more active owners of investments, to ensure these actions are taken.

As the management of carbon continues to move into companies’ core business strategies and mainstream investment
thinking, demand for primary corporate climate change information grows around the world. As well as working on behalf of 551
institutional investors to gather relevant information from large corporations around the world, CDP is also working with global
businesses and governments to strengthen the resilience and sustainability of their supply chains through the CDP Supply Chain
program. CDP Cities has launched to help the world’s major cities reduce climate change risk and bolster economic growth,
whilst CDP Water Disclosure is now in its second year of working with major global companies to improve water management.
A key part of CDP’s strategy is to ensure the effective use of data collected. To assist with this companies are able to obtain tools
that help them to measure, report and manage carbon more effectively, through CDP Reporter Services.

It is through partnerships that CDP can achieve the largest impact. We are delighted to be working again this year with PwC, our
Global Advisor, as well as with Accenture, Microsoft, SAP and Bloomberg. These and our other partners around the world are
integral to the acceleration of CDP’s mission.

Whilst we wait patiently for much needed global regulation, business must continue to forge ahead, innovate and seek out
opportunities by doing more with less. The decisions that perpetuate a legitimate, low carbon and high growth economy
will bring considerable value to those that have the foresight to make them. The information contained in this report and the
companies’ responses assist in illuminating that path.

Paul Simpson
Carbon Disclosure Project

Carbon Disclosure Project 2011 – Global 500 Report

                                               2011 Carbon Disclosure Project        Sector Analysis                  35
                                               Members                          02
                                                                                     Consumer Discretionary           36
                                               2011 Carbon Disclosure Project
                                               Signatories                      03   Consumer Staples                 38

                                               Commentary for the Carbon             Energy                           40
                                               Disclosure Project:
                                               Douglas Flint, Group Chairman,        Financials                       42
                                               HSBC Holdings plc                06
                                                                                     Health Care                      44
                                               Foreword: Paul Simpson, CEO,
                                               Carbon Disclosure Project        07   Industrials                      46

                                               Executive Summary                09   Information Technology           48

                                               2011 Key Themes and Highlights   13   Materials                        50

                                               PwC Commentary: Alan McGill,          Telecommunications               52
                                               Partner, PwC                     20
                                                                                     Utilities                        54
                                               2011 Leaders                     21
                                                                                     Appendix I: Table of Emissions   56
                                               The 2011 Carbon Disclosure
                                               Leadership Index                 22   Appendix II: Global Key Trends   74

                                               The 2011 Carbon Performance           Appendix III: Global 500
                                               Leadership Index                 29   Companies by Country             76

Executive Summary

Accelerating Low Carbon                                               Figure 3: Total return % (US$)4 for Global 500, CDLI & CPLI 2011

Low carbon growth is now widely                                                                                                   Global 500       CDLI             CPLI
accepted as fundamental to generating                                  Total return % (US$) from                                  42.71%           82.44%           85.72%
long term shareholder value, avoiding                                  January 2005 to May 2011
dangerous climate change and helping                                  Source data: Bloomberg
the global economy recover from recent
turmoil1. It is for these reasons that in
2011, the Carbon Disclosure Project                                   Key findings                                                         65% (259) of respondents provide
(CDP) sent its annual request to the                                                                                                       monetary incentives to staff for
Global 500 2 companies on behalf of                                   • C
                                                                         ompanies in the 2011 Carbon                                      managing climate change issues,
551 investors with US$71 trillion of                                    Disclosure Leadership Index                                        versus 49% (188) in 2010. This
assets, asking them to measure and                                      (CDLI) and Carbon Performance                                      suggests more active commitment
report what climate change means for                                    Leadership Index (CPLI) provide                                    in advancing greater management of
their business. This year, 81% (404)                                    approximately double the                                           carbon.
of corporations from the Global 500                                     average total return of the Global
responded to the CDP questionnaire.                                     500 between January 2005 and                                       A total of 1,780 emissions
                                                                        May 2011. This suggests a strong                                   reduction activities are reported
These responses provide a valuable                                      correlation between higher financial                               by 97% (384) of responding
insight into how companies are                                          performance and good climate                                       companies in 2011. Energy
preparing for a resource constrained                                    change disclosure and performance.                                 efficiency (building fabric, building
world and show a shift in company                                                                                                          services and processes), low carbon
strategy to prepare better for a low                                  • 7
                                                                         4% (294) of Global 500                                           energy installations and behavioral
carbon economy and act on the                                           respondents disclose absolute                                      change are the most commonly
business opportunities. The report 3                                    or intensity emission reduction                                    identified activity types.
looks at how companies that are                                         targets, an increase from 65%
strategically focused on accelerating                                   (250) in 2010. This indicates that                                 59% of emissions reduction
low carbon growth – i.e. those in the                                   more and more of the world’s largest                               activities reported by Global 500
Carbon Performance Leadership Index                                     companies understand the need to,                                  respondents have a payback
(CPLI) – tend to perform better, not only                               and benefits of, accelerating actions                              period of three years or less
in terms of greenhouse gas emissions                                    to reduce emissions.                                               and 41% of initiatives have
management, but also in terms of                                                                                                           paybacks of over three years.
financial performance.                                                  68% (269) of companies are
                                                                      •	                                                                  This willingness to invest in activities
                                                                        integrating climate change                                         with a medium to long term payback
                                                                        initiatives into their overall                                     is evidence that companies regard
                                                                        business strategy, up from                                         energy and emissions reduction as
                                                                        48% (187) in 2010. The majority                                    an important strategic priority.
                                                                        (93%, 368) of 2011 respondents
                                                                        report board or senior executive
                                                                        oversight for their company’s
                                                                        climate change program, up from
                                                                        85% (328) in 2010. This shows a
                                                                        marked rise in companies linking
                                                                        their climate change strategy with
                                                                        their overall business strategy.

1.	International bodies that recognize this include the World        3.	Please see the Important Notice on the back cover of this
    Economic Forum (WEF) and Organisation for Economic Co-                report regarding its content and use.
    operation and Development (OECD).                                 4.	Total Return includes interest, capital gains, dividends and
2.	The Global 500 are the largest companies by market                    distributions realised over a given period of time.
    capitalization included in the FTSE Global Equity Index Series.
Carbon Disclosure Project 2011 – Global 500 Report

  “The BMW Group’s                                               45% (178) of respondents have
                                                                •	                                         The sector with the lowest average
                                                                  made emissions reductions in              performance score was Information
    business strategy                                             some or all of their business from        Technology (band C). The only sector
    (Strategy Number                                              specific measures. This compares          with no companies in the CPLI was
                                                                  with 19% (75) of respondents              Telecommunications.
    ONE ) closely integrates                                      that had reduced emissions in
    sustainability and climate                                    2010. The leaders are clearly moving     The CDLI contains 52 disclosure
                                                                  ahead in this regard with all of the     leaders in 2011 and reports the
    change aspects and [...]                                      CPLI (2010: 52%, 25) and 73% (38)        highest ever scores attained,
    applies across all board                                      of the CDLI (2010: 47%, 24) showing      demonstrating that the quality
                                                                  emissions reductions.                    and completeness of disclosure
    divisions worldwide. The                                                                               continues to improve.
    primary objective is to                                       The Energy sector is showing the
                                                                  lowest proportion of companies           For the second year, CDP
    instill sustainability in every                               with targets (55%, 22) and is            published a CPLI, in which there
    link of the value-added                                       underrepresented in both the             are 29 performance leaders
                                                                  CPLI and CDLI. In view of the            (23 companies are on both
    chain and its underlying                                      high emissions from the Energy           the CDLI and CPLI) who have
    processes. The most                                           sector, this points to the need for      demonstrated their commitment to
                                                                  improvement. The Consumer Staples        achieving low carbon growth.
    important components                                          sector has the highest proportion of
    of the short term strategy                                    companies with emissions reduction       Companies in Australia,
                                                                  targets (94%, 32).                       Germany, Italy, Switzerland and
    are: further develop                                                                                   the UK are demonstrating strong
    and implement our                                             Utilities emerged as the sector
                                                                •	                                        performance leadership. Canada,
                                                                  with the best average climate            Japan and the USA lag behind on
    sustainability strategy in                                    change performance (band B).             performance 5.
   all departments, setting
   up a new sub brand                                           Figure 4: Top ten companies recognized on both the CDLI and the CPLI 6
   (BMW i) focussing on
   sustainable mobility.”                                       Sector                    Company                  Carbon          Carbon
                                                                                                                  disclosure     performance
                                                                                                                    score            band
     BMW                                                        Consumer Discretionary    Philips Electronics         99               A
                                                                Consumer Discretionary    BMW                         96               A
                                                                Consumer Discretionary    Honda Motor                 95               A
                                                                Consumer Staples          Tesco                       97               A
                                                                Financials                Bank of America             97               A
                                                                Financials                Westpac Banking             96               A
                                                                Health Care               Bayer                       99               A
                                                                Information Technology    Cisco Systems               98               A
5. See Figure 27 on page 33
6.	In total, there are 23 companies recognized on both the     Information Technology    SAP                         96               A
    CDLI & CPLI, see tables in the Carbon Leaders section for
    the full lists.                                             Information Technology    Sony Corporation            94               A

Executive Summary

   Figure 5: Total response rates and disclosed emissions over time by                                                                                                                 “In 2007, we announced
             geography (All Scopes)
                                                                                                                                                                                         a $20 billion, 10-year
                                       100%                                                                                    15                                                        initiative to address climate
                                                                                                                                                                                         change through innovative
                                                                                                                                                                                         lending and investment,

                                                                                                                                    CO2 equivalent emissions (billion metric tonnes)
                                       80%                                                                                     12
                                                                                                                                                                                         the creation of new
Percentage of Global 500 respondents

                                       70%                                                                                                                                               financial products and
                                                                                                                                                                                         services, philanthropy and
                                       60%                                                                                     9
                                                                                                                                                                                         optimizing our operations.
                                                                                                                                                                                         Despite the difficult
                                       40%                                                                                     6                                                         economic circumstances
                                                                                                                                                                                         that continued in 2010, we
                                                                                                                                                                                         made a strategic decision
                                       20%                                                                                     3
                                                                                                                                                                                         to continue to make
                                       10%                                                                                                                                               significant investments
                                                                                                                                                                                         and mobilize capital
                                        0%                                                                                     0
                                              2003      2004      2005    2006      2007     2008    2009     2010      2011                                                            ($4 billion) toward our $20
                                       No response        Rest of World      North America      Europe      Asia                                                                        billion business initiative to
                                       Total emissions reported (Scope 1, 2 and 3)
                                                                                                                                                                                        address climate change.”
      Despite carbon measuring and reporting                                          are from countries that have less mature
      becoming widespread, some companies                                             corporate disclosure practices and/or                                                            Bank of America
      did not report this year. Many of these                                         climate change regulation.

      Figure 6: Largest non-responders by market capitalization

                        Sector                                                   Company                       Country
                        Consumer Discretionary                                             USA
                        Energy                                                   Rosneft                       Russia
                        Financials                                               Bank of China                 China
                        Financials                                               Berkshire Hathaway            USA
                        Financials                                               China Life Insurance          China
                                       Asset Managers          Asset Owners
                        Financials                                               Sberbank                      Russia
                        Industrials                                              Reliance Industries           India
                        Information Technology                                   Apple                         USA
                        Telecommunications                                       America Movil                 Mexico
                        Telecommunications                                       China Mobile                  China

Carbon Disclosure Project 2011 – Global 500 Report

   ompany responses to
  C                                                                      Figure 7: Year-over-year disclosure levels7/8/9
  CDP can be found at                                                                                                   Number of companies                                            500                                                      0          50        100         150         200           250          300         350           400   450     500
                                                                         Disclose GHG emissions
                                                                         Disclose emissions reduction targets
                                                                         Publicly available
                                                                         Report on GHG emissions in annual corporate reporting
                                                                         Rewarding climate change progress
                                                                         Verify emissions
7.	The data for response rate is based on data at time of
    printing. Data for other areas are based on data for those
    companies received by July 31, 2011. Whilst every effort has         Board or other senior management oversight
    been made to ensure that comparisons between years are
    direct, a number of questions have changed year on year in                                                                                               368
    the questionnaire which has meant that the closest possible                                                                                    328
    match has been made where an exact match is not possible.
8.	Verification of emissions has decreased in the year on year                                                                                  317
    analysis in this report because CDP has set more stringent
    criteria to reflect the importance of verification. See details in   0          50        100         150         200           250          300         350           400   450     500
    the Verification section of this report.                                                                            Number of companies
9.	404 companies responded to CDP, of which 3 referred to a
    holding company’s answers and 5 submitted their answers
    after the deadline for inclusion in analysis of the report.          ■ 2011 ■ 2010 ■ 2009 ■ 2008

Finding strategic advantage through climate change action

                             2011 Key Themes and Highlights

        Accelerating Low Carbon                                                                     between good climate change                                      Figure 9: Companies disclosing targets
        Growth                                                                                      disclosure and performance, and
                                                                                                    higher financial performance.
        Taking action towards low carbon growth                                                                                                                                                                14%
        is important if business is to protect                                                      CDP 2011 submissions reveal that
                                                                                                    many companies are now accelerating                                         26%
        itself against risks such as resource
        scarcity and create more sustainable                                                        along a model of low carbon growth. In
        business models that generate long term                                                     particular, the financial outperformance
        shareholder value. The World Economic                                                       of the CPLI companies demonstrates
        Forum, for example, in 2009 began                                                           how companies that understand the                                                                                         29%
        to examine how the growth of a low                                                          need to identify, manage and optimize
        carbon economy could be accelerated                                                         climate related risks and opportunities
        – including a specific Task Force on                                                        can strengthen their business and future
        Low Carbon Economic Prosperity. The                                                         growth prospects.                                                                 31%

        Organization for Economic Co-operation
        and Development’s Environmental                                                             Emissions Targets
                                                                                                                                                                        Absolute and intensity targets
        Action Programme Task Force marks
                                                                                                                                                                        Absolute targets
        the change from treating environmental                                                      74% (294) of respondents disclose
                                                                                                                                                                        Intensity targets
        protection as an economic burden to                                                         that they have an emissions reduction
                                                                                                                                                                        No targets
        recognizing it as a driver for global and                                                   target. This is an increase from 65%
        national economic development.                                                              (250) in 2010, and shows the increased
                                                                                                    engagement of companies who manage
        Companies in the CDLI and CPLI                                                              greenhouse gas (GHG) emissions. When
        delivered approximately double the                                                          considering the underlying data, intensity
        total return of Global 500 companies                                                        targets are marginally more common
        between January 2005 and May 2011.                                                          than absolute.
        This suggests a strong correlation 10

      Figure 8: Total return % (US$)

120                          100

100                           80

      Total return % (US$)






                             -40                                                                                                                                     10.	Statistical correlation, based on daily returns, between 2011
                                                                                                                                                                          CDLI and the Global 500 is 0.5, and between the 2011 CPLI
                                   Jan 05

                                              Jul 05

                                                       Jan 06

                                                                Jul 06

                                                                         Jan 07

                                                                                  Jul 07

                                                                                           Jan 08

                                                                                                        Jul 08

                                                                                                                 Jan 09

                                                                                                                          Jul 09

                                                                                                                                   Jan 10

                                                                                                                                            Jul 10

                                                                                                                                                     Jan 11

                                                                                                                                                                          and Global 500 is 0.6 (from 1 January to 31 May 2011).
                                                                                                                                                                          It is likely that other factors will influence the relationship
                                                                                                                                                                          between financial performance and high carbon disclosure
                                                                                                                                                                          and performance scores. These could include the capability
                                            CDLI 2011           CPLI 2011          Global 500 2011                                                                        of the management team or the company’s broader
                                                                                                                                                                          approach to identifying and capitalizing on opportunities or
                                   Source: Bloomberg                                                                                                                      managing risks.

Carbon Disclosure Project 2011 – Global 500 Report

  Figure 10: Companies with targets by sector

                      45                                                                                                                                                                                                   100%

                      40                                                                41
                                                                                                                             81%                                                         81%
                      35                                                                                                                                             76%


Number of companies


                                                                                                                                                                                                                                 % of sector


                                                                                             19                                                                                                                            40%
                                                        18                     18
                      15              16                                                                                                                                 16
                                                                                                                                  15                                                                                       30%

                                                                          10                                                                       10                                                                      20%
                                 10                                                                                          10
                                           9        9                                                                   9                               9 9          9          9
                                                                      8                                         8                         8                                                                      8
                             7                                                                         7                                      7                                              7
                       5                                                                                                                                                                 6             6                   10%
                                               5                                    5                               5
                                                                  4                                                                                             4                   4              4       4

                                                              2                                                                                                                                                        2
                       0                                                                                                                                                                                                   0%
                               Consumer            Consumer           Energy            Financials     Health Care          Industrials           Information       Materials           Telecoms           Utilities
                              Discretionary         Staples                                                                                       Technology

                           ■ Absolute and intensity targets ■ Absolute targets ■ Intensity targets ■ No targets                                          Percentage of sector with any target

       The target setting practice of companies                                          A large majority of companies with                                     emissions reduction targets. The recent
       varies significantly across sectors. The                                          absolute or intensity reduction                                        economic downturn has had an impact
       sector with the highest proportion of                                             targets are on track to achieve or                                     on companies’ emissions and should
       responding companies with targets is                                              are outperforming their targets. The                                   also be considered alongside progress
       Consumer Staples at 94% (34). Energy                                              average emissions reduction already                                    in meeting targets and in relation to
       has the lowest proportion of responding                                           attained by the Global 500 against their                               reduced emissions disclosure.
       companies with targets at 55% (22),                                               targets is 60%, which has taken on
       which, in view of the high emissions                                              average 57% of their allotted ‘target
       from this sector points to a need for                                             time’. Overall, companies are currently
       significant improvement.                                                          outperforming 71% (338) of their

2011 Key Themes and Highlights

Figure 11: Global 500 total emissions disclosure year on year (t CO2-e)11                                            “We have already
                                                                                                                       successfully reformulated
           3,249,697,990     94% of 2011 respondents
                             4,160,277,200 95% of 2010 respondents                                                     our products to reduce
                    3,627,631,345 87% of 2009 respondents                                                              climate impact. For
Scope 1
             556,194,676 93% of 2011 respondents                                                                       example, our concentrated
                 793,900,198 92% of 2010 respondents
              599,000,128 81% of 2009 respondents
                                                                                                                       laundry detergents save
Scope 2                                                                                                                greenhouse gas emissions
                                                                     5,980,135,179 72% of 2011 respondents
                                                                        6,085,258,043 57% of 2010 respondents          in the manufacture,
Scope 3
                                                                   5,764,517,585 59% of 2009 respondents
                                                                                                                       packaging and
0               1 billion             2 billion             3 billion        4 billion      5 billion    6 billion     transportation of the
                                           Total emissions (metric tonnes CO2-e)
                                                                                                                       product. We have also
■ 2011 ■ 2010 ■ 2009
                                                                                                                       formulated laundry
In May 2011, the International Energy                               The Intergovernmental Panel on Climate
Agency (IEA) stated that emissions                                  Change (IPCC) has set a target for
                                                                                                                       detergents that are
were at a record high. However, total                               developed economies of an 80%                      effective at lower wash
emissions - and most dramatically,                                  reduction in emissions by 2050 (2.65%
Scope 1 emissions - reported by                                     per annum), based on 1990 levels. The
                                                                                                                       temperatures thereby
CDP respondents fell by over 1 billion                              median absolute emissions reduction                saving greenhouse gas
tonnes CO2-e in 2011 from 2010. All                                 reported by Global 500 companies to
three scopes show the same general                                  CDP in 2011 is 4.4% for the year. If
                                                                                                                      in the consumer use of
trend of an increase from 2009 to 2010                              reductions could be made annually                 our products. If everyone
and a subsequent decrease in 2011.                                  by all companies at this rate, the
This is a positive development and is                               IPCC target could be achieved in
                                                                                                                      used concentrated liquid
likely to relate to the increased focus                             the long term.                                    detergent variants we
of companies on emissions reduction
                                                                                                                      would save over 4 million
targets. The reductions from 2010                                   Emissions reduction activities
levels need to be repeated consistently                                                                               tonnes of CO2 per
and across a wider range of global                                  To date, 97% (384) of respondents
companies if long term low carbon
                                                                    have implemented emissions
growth is to be achieved.                                           reduction activities in their operations
                                                                    (2010: 75%, 289) and 70% (279)                   Unilever
Over a quarter of the fall in Scope 1                               have developed products or services
emissions are accounted for by seven                                designed to reduce emissions by third
Japanese companies which reported                                   parties (2010: 68%, 259).
emissions totaling 272 million tonnes
CO2-e in 2010 but which did not                                     An increasing number of companies
respond in 2011. Of them, the Tokyo                                 are acting on climate and business
Electric Power (TEPCO) company alone                                drivers to reduce emissions. 45%
reported 108 million tonnes CO2-e                                   (178) of respondents state that
Scope 1 emissions. The absence of                                   emissions reduction activities have led
reporting is likely to be due to the natural                        to decreased Scope 1 and Scope 2
disasters suffered by Japan in 2011.                                emissions, with 28% (112)

11.	Total emissions values between Figure 11 and Figure 7 may
     vary due to late responses being included in Figure 11.
*t CO2-e refers to metric tonnes of carbon dioxide equivalent

Carbon Disclosure Project 2011 – Global 500 Report

of respondents confirming that this            Figure 12: Payback period breakdown of reported active emissions
reduction was of at least 2.65%. This is                  reduction initiatives by activity type
an increase since 2010 when only 19%
                                                                                                     Number of Initiatives
(75) of companies with reduced Scope           0          20          40         60             80           100        120      140      160           180   200
1 and 2 emissions attributed them to           Behavioral change
emissions reduction activities. This may                                              68
result from the application of experience               22
and knowledge, with earlier less-                                 38
effective emissions reduction activities       Energy efficiency: building fabric
being replaced by more cost-effective           8
activities that have a greater impact.                                   49
                                               Energy efficiency: building services
The CDLI and CPLI companies have
engaged in emissions reduction                                                                                       122
activities to a much greater degree than                                                                            119
the other Global 500 companies, with a         Energy efficiency: processes
marked increase from 2010. 73% (38)                                       55
of the CDLI and 100% (29) of the CPLI                                                                                                    151
companies in 2011 report that they                                                     72
have active projects in the reporting year     Fugitive emissions reductions
compared to only 45% (24) of the CDLI            9
and 52% (25) of the CPLI in 2010.                     18
                                               Low carbon energy installation
As in 2010, energy efficiency (building
services and processes), low carbon                     22
energy installation and behavioral                                                                           106
change are the most commonly                   Low carbon energy purchase
identified activity types. A total of 1,780               23
emissions reduction activities were               11
reported in the CDP 2011 information                         29
request, of which 1,402 specified a            Other
payback period. These were reported                    19
by 97% (384) of respondents. This is                           32
an average of five emissions reduction                                     57
                                               Process emissions reductions
activities per company. Repsol YPF
reported the largest number of activities              19
with 59, while Westfield Group reported                  22
24 and Apache Corporation and Boeing           Product design
Company each reported 20.                       7
After energy efficiency activities (94%,        10
371) and low carbon energy installation        Transportation: fleet
activities (23%, 91), behavioral change                         34
is the third most popular type of activity                         41
being carried out by the Global 500.                   20
                                               Transportation: use
22% (87) of respondents cite behavioral                      29
change as one of the methods in which                    21
they are engaging to reduce emissions.             13
Figure 12 suggests that the popularity
of these activities may relate to their        ■ 3 years ■ No payback                          Total number of companies
short payback periods, with 60% of

2011 Key Themes and Highlights

behavioral change activities having a        payback – such as building services            property managers to examine their
payback period of less than one year.        (119 activities) and low carbon energy         operating practices and adapt best
These activities include the training        installations (106 activities) – is evidence   practices to trim energy costs without
and education of staff in appropriate        that companies regard energy and               affecting comfort, safety or reliability.
behaviors such as low carbon                 emissions reduction as an important            Under the Best Practices Program,
commuting and maximizing energy              strategic priority.                            substantial energy savings are
efficiency of IT stations. Through their                                                    generated through low cost/no cost
products and interactions with clients,      “ReCon and Green Teams in                      measures, e.g. by minimizing energy
companies are also trying to change          Manufacturing Sites and Offices. This is       use in vacant spaces or by keeping tight
customers’ attitudes to climate change.      a voluntary initiative impacting scope 1       control over hours of operation for all
Labeling and direct marketing were also      and 2. This goal is on-going as PepsiCo        lighting systems in the common area,
noted as activities to change people’s       is constantly striving to train, re-train,     parking lots, and back of the house
behavior. The range of responses from        and improve our workforce on reduction         areas to minimize costs without affecting
the Global 500 provides further insight      of energy and climate change causing           comfort, safety, or reliability.”
into these types of activities:              greenhouse gases. This is a long term          Simon Property Group
                                             initiative expected to last greater than
“A Green IT Hardware Purchasing              20 years.”                                     Integrating Low Carbon
Policy, which was defined in 2010 and        PepsiCo                                        growth into Business Strategy
came into force in 2011, requires all
IT hardware purchasing requests for          “APM Terminals has embarked on a               Companies have improved the linkage
proposals to include a Green IT section.     program to convert and retrofit more           between their climate change strategy
Energy Star and EPEAT have been              than 400 Rubber-Tired Gantry Cranes            and their core business strategy, and
adopted as Group-wide standards for          (RTGs) in use. The new hybrid cranes at        the involvement of senior managers in
all IT product purchases. This measure       our terminals will reduce CO2 emissions        this. This is all part of the clear drive
is voluntary in nature and an ongoing        up to 80% compared to ports with               for profitable, low carbon growth and
activity with an indefinite time horizon.”   conventional diesel-powered cranes.”           provides a base from which companies
Allianz                                      A.P. Moller – Maersk                           can work to meet the emissions
                                                                                            reduction required to avoid dangerous
“By providing incentives, education and      “PSE&G had invested approximately              climate change. Indeed, the proportion
awareness on environmental matters           $135 million in its EE programs by             of respondents with responsibility for
to its employees and suppliers, we           directly installing measures and/or            climate change at the board or other
encourage people to make the right           providing grants, loans and incentives         senior management level increased to
choices and promote sustainable              to almost 9,000 residential customers,         93% (368) this year, up from 85% (328)
behavior both at work and in their           185 municipal entities, 19 hospitals and       in 2010.
domestic situations. In 2010, UBS            532 small to medium sized businesses
provided training and awareness raising      and achieving lifetime savings of              Integration of climate change into
to some 10,000 employees.”                   approximately 400 GWh.”                        business strategy has seen an
UBS                                          Public Service Enterprise Group                impressive 20 percentage point
                                                                                            increase from 48% (187) of companies
Figure 12 also shows that companies          Companies are also embracing                   in 2010 to 68% (269) in 2011. This is
have implemented activities across a         ‘quick win’ projects which have a              a reflection of the growing importance
range of timeframes. 152 companies           rapid return on investment and have            placed by companies on climate
undertook 329 initiatives with expected      reported savings of up to ten times            change. The value of placing climate
paybacks of less than one year; 188          the value of the investment. Typical           change on the agenda of business
companies undertook 502 initiatives          activities included the refurbishment          strategy is increasingly being recognized
with expected paybacks of between one        of buildings to reduce emissions and           by companies, with 72% (286) of
and three years; and 193 companies           improve energy efficiency.                     companies rewarding employees
undertook 570 initiatives with an                                                           through incentives linked to climate
expected payback of greater than             “Since the launch of its Energy Best           change. 65% (259) of respondents
three years. This willingness to invest      Practices Program in 2004, the                 have monetary incentives in place
in activities with a medium to long term     Company continues to challenge                 (2010: 49%, 188). The remaining 7%

Carbon Disclosure Project 2011 – Global 500 Report

 Figure 13: Opportunities identified                                      Figure 14: Integration of climate change in corporate governance
            by type                                                                                                                                                          Note: Not to scale

                                          223        (62%)
Number of companies


                      200                                                                                               93% (368)
                                                                                                                 Board level responsibility
                                                                                                                     (2010:85%, 328)


                                                                                                      62%(246)                             64% (255)
                        0                                                                      Board level responsibility           Integrated strategy and
                            Regulatory   Physical   Reputation    Other                        and monetary incentives             board level responsibility
                                                    behavior 12                                                         49% (195)
                                                                                                                           All 3
                                                                                                                    (2010: 30%, 115)

                                                                                           65% (259)                   52% (206)                       68% (269)
                                                                                       Monetary incentives         Monetary incentives            Integrated strategy
                                                                                        (2010:49%, 188)              and integrated                (2010: 48%, 187)

   (27) of respondents have disclosed                                     “Energy Excellence Awards                             awareness of potential opportunities
   that they have a mixture of recognition                                programme that rewards associates                     which will be key to the Global 500
   and other non-monetary incentives.                                     who develop energy saving or                          accelerating low carbon growth. Over
   A distinguishing mark of all 29 CPLI                                   renewable energy projects.”                           three-quarters of companies (78%,
   companies is that they have one or                                     Novartis                                              307) see regulatory opportunities
   more climate change related monetary                                                                                         while 62% (247) of companies identify
   incentives for staff.                                                  Opportunities                                         opportunities linked to reputation and
                                                                                                                                customer behavior. Notably, companies
   “Our Chairman’s Award recognises                                       85% (337) of 2011 respondents (2010:                  have stressed the sizeable opportunity
   individual and team excellence in climate                              86%, 329) show a continued awareness                  to seize a market leadership position by
   change as well as other corporate                                      of significant opportunities relating to              mitigating their climate change effects
   responsibility areas such as safety,                                   climate change, indicating that the                   and communicating their actions to
   customer service, and community                                        overwhelming majority of companies                    shareholders and customers. 200
   engagement. The Awards are open to                                     see that climate change offers them                   companies (51% of respondents) noted
   all employees.”                                                        a positive means of transformation to                 opportunities in all three categories
   National Grid                                                          deliver sustainable, low carbon products              (regulatory, physical, reputation and
                                                                          and services. It is this increasing                   customer behavior).

                                                                                                                                12.	The “Reputation & Customer Behavior” group includes
                                                                                                                                     the following types of opportunity: reputation, changing
                                                                                                                                     consumer behavior, induced changes in human and cultural
                                                                                                                                     environments, fluctuating socio-economic conditions,
                                                                                                                                     increasing humanitarian demands.
2011 Key Themes and Highlights

CDP is committed to increasing                Verification of emissions has decreased     Figure 15: Percentage of companies
the level of verification of emissions        in the year on year analysis in this                   in each sector with
disclosures in order to improve the           report because CDP has strengthened                    verification complete for
quality of the information submitted          its criteria to reflect the importance                 at least a proportion of
by companies globally. In turn, this          of verification. Whilst 69% (275) of                   their emissions
will build trust in carbon reporting and      respondents stated that they had
                                                                                          Consumer Discretionary
lead to an increase in the use of the         gained or were in the process of
data in analysis and decision making.         gaining verification of Scope 1 or 2
Key drivers for verification include          emissions (an apparent increase of 9%                                           38
the increasing market demand from             compared with 2010), only 37% (148)         Consumer Staples
investors, customers, regulators, non-        met all criteria noted above for Scope                             26
governmental organizations and other          1 or 2 emissions, resulting in an overall
stakeholders for assured and reliable         decrease of 23%. CDP sees this higher                              26
climate data.                                 standard as a key strategic priority to     Energy
                                              enhance the quality and reliability of                                               43
Improved internal management                  the data reported by companies for
processes that can be harnessed for           the use of investors and consumers,
competitive advantage is a key benefit        both now and in the future. The sector
of verification. In order to support this     breakdown of companies verifying their                                    34
drive, CDP rewards verification highly        Scope 1 and Scope 2 emissions is                                          34
in both disclosure and performance            shown in Figure 15.                         Health Care
scoring in 2011 and it is one of the
criteria for entry into the CPLI.             The number of companies obtaining
                                              verification is similar for both Scope 1                                        39
Verification levels in 2011:                  and Scope 2 emissions for the majority      Industrials
In 2011, a number of criteria were            of sectors. Energy and Utilities sectors,                                      36
introduced to determine what is               having significant scope 1 emissions
accepted as verification within CDP’s         have more companies obtaining                                                   38
scoring methodology. It requires that a       verification of Scope 1 than Scope 2.       Information Technology

verification statement:                                                                                                      37
                                              What is CDP doing to support                                              34
1.	Is related to the relevant emission       reporting companies?
    scope                                     For 2012, CDP is providing further
2.	Clearly states the type of verification   clarity on what constitutes an                                                            47
    that has been given and the               acceptable verification process, which                                                   45
    standard used                             will be communicated as part of the         Telecommunications
3. Covers the current reporting year          questionnaire consultation process
4.	Is undertaken by an independent           in September 2011. Looking further
    third party                               ahead, CDP has launched a verification                  14
                                              white paper and consultation on a           Utilities
                                              verification roadmap (2013-2018)                                                              50
                                              aiming to encourage more companies
                                              to verify their climate data. Visit
                                          0           10    20          30         40        50   60
                                              to find out more.                                            % of sector respondents

                                                                                          ■ Scope 1 ■ Scope 2

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