CDP GLOBAL 500 REPORT 2011 - ACCELERATING LOW CARBON GROWTH ON BEHALF OF 551 INVESTORS WITH ASSETS OF US$71 TRILLION - PWC
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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: info@cdproject.net
+44 (0) 20 7970 5660
www.cdproject.net2011 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 www.cdproject.net/investormembers
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.
BlackRock
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
2CDP 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)
ESSSuper
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
3Carbon 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
4CDP 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)
Tryg
UBS
Breakdown
Shinhan Bank UniCredit Group
Shinhan BNP Paribas Investment Trust Management Co., Ltd Union Asset Management Holding AG
Shinkin Asset Management Co., Ltd Unipension
5%
Siemens Kapitalanlagegesellschaft mbH UNISON staff pension scheme
Signet Capital Management Ltd UniSuper
23%
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
T.GARANTI BANKASI A.S.
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
70
The Co-operative Asset Management 500
The Co-operators Group Ltd
The Daly Foundation 60
The GPT Group
Number of Signatories
400
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
200
The Pinch Group
The Presbyterian Church in Canada 20
The Russell Family Foundation
The Shiga Bank, Ltd. 100
10
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
5Carbon 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
6CEO 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
CEO
Carbon Disclosure Project
7Carbon Disclosure Project 2011 – Global 500 Report
Contents
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
8Executive Summary
Accelerating Low Carbon Figure 3: Total return % (US$)4 for Global 500, CDLI & CPLI 2011
Growth
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.
9Carbon 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
Company
Consumer Staples Tesco 97 A
Financials Bank of America 97 A
Financials Westpac Banking 96 A
Corporation
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
10Executive 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
90%
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.
50%
Despite the difficult
40% 6 economic circumstances
that continued in 2010, we
30%
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 Amazon.com 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
11Carbon 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
www.cdproject.net 0 50 100 150 200 250 300 350 400 450 500
Responded
404
410
411
383
Disclose GHG emissions
379
367
346
275
Disclose emissions reduction targets
294
250
257
206
Publicly available
355
338
324
311
Report on GHG emissions in annual corporate reporting
242
363
349
308
Rewarding climate change progress
286
248
207
Verify emissions
148
232
247
7. The data for response rate is based on data at time of
printing. Data for other areas are based on data for those
214
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
12Finding 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
80
Total return % (US$)
60
60
40
40
20
20
0
0
-20
-20
-40 10. Statistical correlation, based on daily returns, between 2011
-40
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.
13Carbon Disclosure Project 2011 – Global 500 Report
Figure 10: Companies with targets by sector
45 100%
94%
90%
90%
40 41
84%
81% 81%
79%
80%
35 76%
74%
71%
70%
30
60%
Number of companies
25
55%
26
% of sector
50%
20
19 40%
18 18
15 16 16
15 30%
11
10
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
142011 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
annum.”
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
15Carbon 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
87
24
and knowledge, with earlier less- 38
effective emissions reduction activities Energy efficiency: building fabric
being replaced by more cost-effective 8
28
activities that have a greater impact. 49
65
25
Energy efficiency: building services
The CDLI and CPLI companies have
55
engaged in emissions reduction 122
155
activities to a much greater degree than 119
53
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
175
83
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
10
and 52% (25) of the CPLI in 2010. 18
26
7
Low carbon energy installation
As in 2010, energy efficiency (building
5
services and processes), low carbon 22
91
energy installation and behavioral 106
26
change are the most commonly Low carbon energy purchase
identified activity types. A total of 1,780 23
emissions reduction activities were 11
23
53
reported in the CDP 2011 information 29
request, of which 1,402 specified a Other
payback period. These were reported 19
42
by 97% (384) of respondents. This is 32
62
an average of five emissions reduction 57
Process emissions reductions
activities per company. Repsol YPF
17
reported the largest number of activities 19
43
42
with 59, while Westfield Group reported 22
24 and Apache Corporation and Boeing Product design
Company each reported 20. 7
14
19
33
After energy efficiency activities (94%, 10
371) and low carbon energy installation Transportation: fleet
activities (23%, 91), behavioral change 34
16
is the third most popular type of activity 41
75
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
55
they are engaging to reduce emissions. 13
20
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
162011 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%
17Carbon 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
350
307
(78%)
300
247
223 (62%)
250
Number of companies
(56%)
200 93% (368)
Board level responsibility
(2010:85%, 328)
150
107
(27%)
100
50
62%(246) 64% (255)
0 Board level responsibility Integrated strategy and
Regulatory Physical Reputation Other and monetary incentives board level responsibility
and
customer
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)
strategy
(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.
182011 Key Themes and Highlights
Verification
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
40
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
25
processes that can be harnessed for the use of investors and consumers,
Financials
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
42
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?
Materials
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
14
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
30
to verify their climate data. Visit
https://www.cdproject.net/verification 0 10 20 30 40 50 60
to find out more. % of sector respondents
■ Scope 1 ■ Scope 2
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