IRISH COMPANIES ACCELERATE THEIR CLIMATE CHANGE AMBITION IN LINE WITH SCIENCE
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IRISH COMPANIES ACCELERATE THEIR CLIMATE
CHANGE AMBITION IN LINE WITH SCIENCE
CDP Ireland Annual Report 2020
Written on behalf of 590 investors with assets of over US$110 trillion
March 2021
Programme Sponsors Report & Event Sponsors Ireland partner to CDP and report writer
CONTENTS
CEO Foreword 2
Chairperson, CDP Ireland Network 3
CRH: Stories of a Responder 5
Commentary from EPA 6
Commentary from SEAI 7
Córas Iompair Éireann: First Time Responder 8
Glenveagh Properties PLC: First Time Responder 9
Ireland overview of the 2020 climate change results 10
The CDP Ireland Network update 2020 12
CDP Ireland Network 2020 Events 14
CDP Ireland 2020 - Infographic 18
Investor Perspective, Brian Kennedy, CFA - ESG 20
Stepping up to 1.5°C 22
European Level Policy Update, Mirjam Wolfrum, CDP Europe 24
Appendices28
Important Notice
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before doing so.
Clearstream Solutions and CDP have prepared the data and analysis in this report based on responses to the CDP 2020
information request. No representation or warranty (express or implied) is given by Clearstream Solutions and CDP as to the
accuracy or completeness of the information and opinions contained in this report. You should not act upon the information
contained in this publication without obtaining specific professional advice. To the extent permitted by law, Clearstream
Solutions and CDP do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone
else acting, or refraining to act, in reliance on the information contained in this report or for any decision based on it. All
information and views expressed herein by CDP and Clearstream Solutions is based on their judgment at the time of this report
and are subject to change without notice due to economic, political, industry and firm-specific factors. Guest commentaries
where included in this report reflect the views of their respective authors; their inclusion is not an endorsement of them.
Clearstream Solutions and CDP, their affiliated member firms or companies, or their respective shareholders, members,
partners, principals, directors, officers and/or employees, may have a position in the securities of the companies discussed
herein. The securities of the companies mentioned in this document may not be eligible for sale in some states or countries,
nor suitable for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by
exchange rates.
‘CDP Worldwide’ and ‘CDP’ refer to CDP Worldwide, a registered charity number 1122330 and a company limited by guarantee,
registered in England number 05013650.
© 2021 CDP Worldwide. All rights reserved.
ANNUAL REPORT | CDP IRELAND 1
CEO FOREWORD
As 2021 unfolds, we reflect on the At CDP, we are led by the latest climate
challenging and extraordinary times of science. As it evolves, so must we,
the last year. As the world worked to ensuring that the right information is
collectively respond to the COVID-19 embedded into the capital markets and
pandemic, we reeled from the tragic placed into the hands of policymakers
human impact of the crisis and its and decision-makers worldwide. CDP’s
impact on our health, financial and social systems enable this, and it is particularly
systems. Sadly, we are still grappling critical as capital flows seek to transition
with these crises, but the rollout of the towards the Net Zero, sustainable
vaccine provides great hope for later this economy.
year.
One thing is certain, we cannot
When it comes to climate change, water afford to go back to ‘normal’ from an
security and deforestation, we have environmental perspective. Propping up
now entered a global emergency and the old system, with impending climate
the decade of action, our last chance change hazards increasing, will lock
“Disclosure, transparency, data to make rapid and deep cuts to global us into a pathway of even greater risk.
and science will be crucial to emissions and to protect biodiversity to Instead, we must reinvent and renew our
building a more resilient society. avoid the full force of these other global economy into one with greater resilience
As we’ve learned from this current crises. and more inclusivity.
pandemic and from climate
change, the best time for action is Despite the pandemic, we are bolstered Disclosure, transparency, data and
long before the problem becomes by the environmental leadership from science will be crucial to building a more
severe. Measuring and managing companies, investors, governments, resilient society. As we’ve learned from
environmental risks through cities, and regions worldwide. With so this current pandemic and from climate
disclosure helps companies, much at stake and the clock running change, the best time for action is long
cities, states and regions to build down, 2020 saw record disclosures before the problem becomes severe.
resiliency and plan for the future.” through CDP’s platform, with over 10,000 Measuring and managing environmental
entities now disclosing their data on risks through disclosure helps
climate change, water security and companies, cities, states and regions to
deforestation issues. build resiliency and plan for the future.
More than 9,600 companies, worth over We must build back better from the
50% of global market capitalization now COVID-19 pandemic. Our economies,
disclose through CDP and corporate societies and livelihoods depend on it.
disclosures are up 70% compared to five
years ago when the Paris agreement The time for action is now.
was formed. This is in addition to the
cities, states and regions that disclosed – Paul Simpson, CEO, CDP
to us last year.
2 ANNUAL REPORT | CDP IRELAND
CHAIRPERSON
SHANE O’REILLY, CHAIRPERSON
OF CDP IRELAND NETWORK
When we entered into 2020 we had climate policy and action. From the EU
a host of critical climate and societal Commission, climate action continues
challenges facing us from wildfires in to be in sharp focus and is core to the
California and Australia to increased European Green Deal. The ambition to
impacts of hurricanes and typhoons be the first climate neutral continent by
across affected parts of the globe. The 2050 has inspired numerous national
onset of COVID-19 has naturally taken governmental pledges to take similar
precedence in our minds and actions. steps and in turn many corporates are
As we compile this report, sadly, we also following suit. The intermediate
are not out of the woods as yet, with step to 2030 of reducing emissions by
vaccine roll out still in its infancy and 55% took a step closer with climate
our brave hospital frontline staff facing targets set for 2020 being realised.
ever increasing strain on mind, body
and resources. The correlation between There is still a long way to go but the
“The correlation between
COVID-19 and climate change has been Commission is taking action, via the
COVID-19 and climate change
made over the past year. We knew about initiatives set out in the Green Deal, for
has been made over the past year.
the likely impact of a global pandemic example, the EU Climate Law enshrining
We knew about the likely impact
for some time, the signals were clear but the target of carbon neutrality by 2050
of a global pandemic for some
we were called wanting when it became into law. Climate change is not only
time, the signals were clear but
a reality. Similarly, the warning signals about numbers, it is about people and
we were called wanting when it
from climate change have equally been how to drive awareness, influence
became a reality. Similarly, the
known for some time now, let’s hope we change and scaled solutions as outlined
warning signals from climate
are not found wanting! I am confident in the Climate Pact. It is this sense of
change have equally been known
when we look back on 2021 we shall climate awareness that started to swell
for some time now, let’s hope we
have more cause for positivity than 2020 in the public conscience in mid to late
are not found wanting!"
and we shall again return to more usual 2019 via Greta Thunberg and global
way of life which hopefully will be a youth movements that will deliver on our
greener and more socially inclusive one. climate ambitions. We look to COP26 in
November 2021 as the next milestone to
The impact of COVID-19 is not only see if COVID-19 has focused minds on
having an impact on our people and the interconnected nature of us all and
economy but it is starting to impact that the climate change warning signals
on the short-term actions needed to are being received.
contribute to longer term goals on
climate change. A recent report from We can also see clear action on behalf
the European Investment Bank (EIB) of our own Government over the
has suggested that EU firms could past 12 months. The programme for
reduce investment by 25% in the short Government has outlined ambitious
term, investment in areas of innovation reduction targets of 7% per annum in
and new technologies which are the overall greenhouse gas emissions by
cornerstone in facing up to the climate 2030, followed by a net zero economy
challenge. by 2050. To give a sense of scale of
the ambition, COVID-19 is likely to
Despite the EIB early indicators on reduce global CO2 emissions by c.7%
potential investment impact due to in 2020 despite the dramatic impact
COVID-19 we can look to more positive on global economies. The publication
macro indicators when it comes to of the Climate Action and Low Carbon
ANNUAL REPORT | CDP IRELAND 3
In 2020, we were delighted to see
Kingspan, ESB, AIB Group, Accenture and
Segate Technology awarded A List status,
joining only 278 other companies globally,
up 150% on 2019.
Development (Amendment) Bill is also We would like specifically to recognise Looking ahead to 2021, the CDP Ireland
a key positive, outlining our climate Ardagh Group, Applegreen Plc, Cairn Network intends to host another
targets and approach to climate action Homes Plc, CIE, Ecocem, Gas Networks series of virtual CDP climate change
via the setting of carbon budgets and Ireland, Glenveagh Properties Plc, and supply chain training workshops,
strengthening of the Climate Change Greencoat Renewable Plc, Hibernia REIT which are aimed at beginner as
Advisory Council powers. While details Plc, John Sisk & Son (Holdings) Ltd, well as experienced responders.
are yet to come on specific deliverables, Keelings Group, Kenmare Resources Plc, To find out more about dates and
The Climate Action Bill is seen as a Mercury Engineering, Permanent TSB registration, please go to: http://www.
positive step, further enhanced by Group Holdings, Ryanair Holding Plc and cdpirelandnetwork.net/ or for regular
political consensus that meaningful Uniphar Plc for responding for the first updates, join our CDP Ireland Network
action on climate is required. time in 2020. LinkedIn group.
The national and regional legislative While a key objective of the CDP Ireland In my second year as Chairperson of the
backdrop is a key driver of climate Network is to increase the number of CDP Ireland Network, it was inspiring to
action as already outlined but in the companies reporting to CDP, we also aim see an increase in commitment by Irish
absence of legislative frameworks as to increase the quality of submissions. companies in disclosing environmental
guidance for the most part, companies In 2020, we were delighted to see information and contributing to climate
continue to contribute via increasing Kingspan, ESB, AIB Group, Accenture solutions, ensuring water security and
levels of disclosure. CDP plays a key and Segate Technology awarded “A list” tackling deforestation.
role in these voluntary disclosures. status, joining only 278 other companies
Each year CDP supports thousands of globally, up 150% on 2019. Ireland The Network would not be possible
companies, cities, states and regions outperforms the global average, with without the continued support of the
to measure and manage their risks 11% of the 47 Irish companies measured EPA and SEAI. I would also like to pay
and opportunities on climate change, making the ‘A List”, compared to 3% special thanks to Clearstream Solutions
water security and deforestation. globally. who act as secretariat to CDP in Ireland
More locally, through the CDP Ireland and continue to be strong advocates for
Network we encourage and support As discussed in previous reports, the environmental issues nationally.
Irish stakeholders to engage with CDP, Supply Chain topic continues to grow
increasing Irish business transparency in importance for CDP in general and Finally, I wish to thank the CDP Ireland
on environmental performance and for Irish responders alike. This was Network Steering Committee members
promoting the image of Ireland as a evidenced with close to over 120 for their valued commitment and
sustainable place to do business. attendees registered for the CDP contribution throughout the year.
Supply Chain workshop delivered by
The CDP Ireland Network is pleased Clearstream Solutions in 2020, up 70% Shane O’Reilly
to report that the total number of local on prior year. - Chairperson of CDP Ireland Network.
and multinational companies reporting
emissions in Ireland now stands at Overall, supply chain responders globally
257. This is an important distinction have also grown from about 2,000 in
to make given the open economy Irish 2010 to over 7,000 in 2020. This is an
companies operate in with over 42 Irish important distinction to make given
companies responding via CDP Supply the open economy Irish companies
Chain Program to their customers’ operate in with over 42 Irish companies
requests for climate data.The total responding via CDP Supply Chain
number of Irish companies responding Program to their customers’ requests
to the climate change programme in for climate data.
2020 was 47, up from 31 in 2019.
4 ANNUAL REPORT | CDP IRELAND
CRH:
STORIES OF A RESPONDER
At CRH, we are across the globe. As the world’s leading
building materials business, we are
Providing nature–based solutions,
such as sustainable urban drainage
committed to acutely aware of the scale of the systems, is an example of how our
emissions challenge facing the 21st products work in tandem with nature
climate action Century. This informs our passion for to provide solutions to climate related
delivering products that enhance the risks. Our products can also contribute
through our resilience of urban landscapes and to more energy-efficient buildings.
processes, products contribute to a net-zero carbon, circular
built environment. Simultaneously, we
Examples include high performance
building envelope solutions, concrete
and relationships. acknowledge our responsibility to reduce
our direct and indirect emissions.
vaulted ceilings with improved thermal
comfort and construction accessories
that deliver energy savings. Concrete is
A fundamental stepping-stone on the identified as one of the most sustainable
road to attaining our 2050 ambition building materials when evaluated on
has been the adoption of a science- a life-cycle basis. Durable, resilient and
based approach to emissions reduction recyclable, concrete absorbs CO2 from
targets. We achieved our 2020 CO2 the atmosphere over the course of its
reduction commitment a year ahead lifetime, with most recarbonation taking
of schedule and we are now working place during appropriate recycling.
towards our 2030 target, using a CO2 Concrete has an important role in
Our 2050 ambition is to achieve emissions reduction roadmap that fulfilling the ambitions of the UN SDGs,
carbon neutrality along the cement and is in line with the goals of the Paris as innovations across areas such as
concrete value chain. This is testament Agreement. Achieving our 2030 target sustainable cities and communities,
to our sustainable business practices will lower our carbon footprint and climate-smart industries and responsible
which foster an ethos of collaboration we recognise that delivering on our consumption can all be positively
and innovation within our global CRH 2050 ambition requires a wider, value- impacted by building solutions.
community, spanning 200 companies chain based, collaborative approach.
at over 3,100 locations. Participating in Therefore, we are working closely with At CRH, we have a strong record of
CDP is supportive to our stakeholder our industry partners and stakeholders transparent reporting on sustainability.
engagement as it ensures openness and to accelerate global collaboration on Our first annual independently-assured
transparency around the progress we innovative technologies, strategies and CRH Sustainability Report was published
are making. policies, as well as to develop actions in 2005 and we are a long-time
and measurable milestones that support responder to CDP. Our investors and
Physical and transitional risks from our common goals of a net zero built customers are increasingly using the
climate change pose threats to environment. information we publish on climate to
societies, ecosystems and economies make business decisions, as they move
from commitment to focussed climate
action. We understand the challenges
they face in developing quantitative
models to compare risks, strategies,
metrics and targets across sectors and
industries. That’s why we are proud
to support the Task Force on Climate-
related Financial Disclosures (TCFD)
and participate in working groups to
further develop common approaches
for disclosure of relevant, robust and
comparable data. As the urgency of
the climate challenge is increasingly
recognised, transparency will continue to
underpin our approach to climate action.
ANNUAL REPORT | CDP IRELAND 5
COMMENTARY
FROM EPA
LAURA BURKE
Addressing the causes and consequences As we emerge from the global pandemic
of climate change represents a multi- Ireland needs a green recovery to rebuild our
generational challenge, with the scale of the economy, generate new jobs and respond
responses needed being determined by the to climate change. ‘Green’ stimulus and
effectiveness of actions taken now and in the ambitious measures will be needed to
coming years. The next decade needs to be meet Ireland’s commitments for a climate-
one of major developments and advances neutral economy by 2050. Creating a
in relation to Ireland’s response to climate resource efficient economy and resilient
change. Full and early implementation of society requires rapid and far-reaching
LAURA BURKE
ambitious policies and measures can deliver transformation across all sectors including
Director General, Ireland’s current and future commitments energy, transport, land use and industry.
Environmental Protection Agency
to be a climate neutral economy and
climate resilient society by 2050. However, Changes in business practices are needed to
EPA greenhouse gas projections show the drive the adoption of low-carbon products,
difficulties that Ireland faces in achieving even services and technologies. We know that
our current obligations of a 30% reduction in early actions will lead to more cost-effective
“As we emerge from the global
emissions by 2030. decarbonisation and so a priority focus
pandemic Ireland needs a green
on upskilling and innovation will be vital to
recovery to rebuild our economy,
In January, the EPA and SEAI published support early movers in this area.
generate new jobs and respond to
an assessment of the impact of Covid-19
climate change.“
restrictions on Ireland’s greenhouse gas Leadership from industry frontrunners such
emissions in 2020. These estimate a 6% as the CDP Ireland Network membership will
reduction in greenhouse gas emissions be key in delivering these changes across the
relative to 2019. This is largely because of the economy. The data generated by participating
dramatic changes in our economy and how companies in preparing their response
we lived, worked and travelled as a result of for CDP provides great insight into where
Covid-19 restrictions. Overall, the reduction emissions arise across the organisation. As
is comparable to that seen following the such, the underlying strength of disclosure is
global financial crisis. However, the expected about using this process as a framework for
economic rebound after the pandemic driving change. In the context of transforming
is estimated to bring emissions back to to a carbon-neutral economy, it is good to see
previous levels, unless additional action is a strong increase in Irish companies reporting
taken. It goes without saying that short- through CDP and also the high quality of
term emissions reductions due to a global these disclosures. EPA is pleased to continue
pandemic do not negate the need for targeted its support for the network and its promotion
and sustained action across all sectors. & training activities.
We are now at a pivotal point for our
economy, and the recovery steps we take
will shape Ireland for the next decade. While
these early estimates show a reduction in
greenhouse gas emissions for 2020 as a
result of Covid-19 restrictions, this level of
emission reductions, at a minimum, will be
required annually.
6 ANNUAL REPORT | CDP IRELAND
COMMENTARY
FROM SEAI
WILLIAM WALSH
to December. This of course will rebound over We are scaling up our role in research and
time as the economy reopens, to what extent innovation, community-based retrofit and
is uncertain. Although this is primarily driven renewable energy, rollout of electric vehicles
by restrictions in human and commercial and microgeneration. In 2021, we will be
movement with corresponding reduction designated as the Market Surveillance
in transport emissions, we have an all-new Authority for eco-design and energy labelling.
appreciation of how Covid-19 has forced a We are also scaling up significantly our
mindset of resilience across society requiring supports to business, industry and to the
us to adopt, or to invent, new systems of public sector.
WILLIAM WALSH
work and innovation emerges. The dilemma
CEO, Sustainable of having to overcome a very significant Our support programmes for business and
Energy Authority of Ireland disruption event and to recover to take full industry are particularly relevant to the CDP
advantage of positive change, rather than network and to its supply-chain in Ireland. We
reverting to the past is to be reflected. Climate will focus on a strong pipeline of projects over
change on the other hand has crept up on the coming years, engaging with projects of
society, evolved and hasn’t presented in such scale through our EXEED program and our
“Our support programmes
dramatic form across the globe. Be assured Support Scheme for Renewable Heat. EXEED
for business and industry are
however, it is set to be the biggest disruptor focuses on the lifecycle impact that added
particularly relevant to the CDP
for generations to come. And our response, in investment in energy efficient design will
network and to its supply-chain
the form of a green economy is to be the next provide across new, repurposed, and major
in Ireland. We will focus on a
wave of innovation. upgrade projects. The support scheme for
strong pipeline of projects over
renewable heat provides financial incentives
the coming years, engaging with
In the USA, it is heartening to see the changes when switching from fossil-fuel heating
projects of scale through our
that the Biden-Harris administration are systems to renewable heating systems using
EXEED program and our Support
expected to lead. Their re-entry into the biomass or heat pumps. I would encourage
Scheme for Renewable Heat."
Paris Agreement, commitment to a green members to engage with SEAI to learn more
economy and to environmental justice is a about these programmes that are guaranteed
strong and necessary undoing of the previous to add value and help incentivise better
administration. investment.
At home, the Programme for Government The 2020 report of CDP showcases the
commits a national emissions target of excellent improvement within the network
7% annual reduction to 2030. It is a strong in Ireland. We congratulate CDP and its
commitment and will be enshrined in the membership for these results and commend
new Climate Bill and delivered through the its work in this important area of carbon
updated Climate Action Plan. The Sustainable disclosure, promoting responsible investment
What a difference a single year makes Energy Authority of Ireland is responsible
There is absolutely no doubt that 2021 across many cross-cutting policy actions. We hope that in the spirit of collectively
will be remembered in history. We see first-hand the heightened levels of tackling climate change that we can challenge
collaboration and commitment to emissions ourselves to new forms of engagement and
We remain in the Covid-19 pandemic and it action, previously siloed and compromised. collaboration, new strategy and ideation,
will likely stay with us throughout 2021 and new innovation and investment in the green
probably beyond in some guise. Covid-19 I am happy to inform that SEAI is taking economy, new systems of working that puts
calibrates an understanding what 7% savings an increasingly significant role in scaled- us on a pathway to a zero-carbon future.
per year equates in terms of societal change. up action to a low carbon society. We are
The recent joint publication between SEAI and designated as the National Retrofit Delivery
the EPA reported a 5.9% emissions reduction Body that will support up to 500,000
through the restrictions imposed from March domestic retrofits over the coming decade.
ANNUAL REPORT | CDP IRELAND 7
CÓRAS IOMPAIR ÉIREANN:
FIRST TIME RESPONDER
Transporting Ireland
towards a sustainable future
With over 10,500 employees and a national group operations for Scope 1 and 2 and
network of bus and rail services, we have guidance in assessing Scope 3 emissions
a unique opportunity to address national and to develop a process for working with
economic, social and environmental suppliers. In line with CAP 2019, CIÉ has
challenges. We value our role in connecting been working to reduce total CO2 emissions
towns, cities and communities and are by 30% and energy efficiency savings of
working to protect the natural capital adjacent 50%, against 2005 levels, by 2030. Since
to our network. Focusing on the challenge of 2005, our annual reporting has provided
tackling climate change, we aim to become data on meeting these targets however, the
a fully sustainable and circular business, CDP reporting framework facilitates a more
CAOIMHE DONNELLY
working closely with the National Transport focussed analysis of activities, structures and
Chief Sustainability Officer Authority and the Department of Transport to behaviours that improve performance. The
deliver innovation in low-emissions transport CDP platform provides resources and insights
services and to decouple growth in public into economic and sector-specific climate
transport and carbon emissions. The Group innovation and international standards
is working to meet public sector climate for best practice climate governance. Our
targets for 2030, with renewed resolve to employees and customers are the backbone
achieve the climate targets which enable of our service and Clearstream’s expertise
Ireland’s carbon neutrality by 2050. supported CIÉ to develop a multi-functional,
cross-organisational approach, ensuring
Enhancing disclosure is a central pillar of our broad participation, awareness, and buy-in at
climate action strategy. Reporting through all levels of the Group.
CDP offers an opportunity for increased
transparency and provides a roadmap to Lorcan O’Connor, Group Chief Executive of
move from a position of management to CIÉ stated “the collaborative approach across
increased climate leadership. Opting for a our companies enabled us to fully capture
globally recognised, independent disclosure our performance and plans and indicates the
system, CDP has enhanced environmental commitment of our people to sustainability
reporting; established a benchmark for and how central our colleagues will be – from
performance; and given insight in best frontline to boardroom – in achieving our
practice carbon management. CDP offers goals. We look forward to working to meet
Córas Iompair Éireann (CIÉ), founded in 1945 a robust, independent and accountable our ambitions and that of our customers and
is the largest provider of public transport in methodology that aligns to international stakeholders, in ensuring climate resilience
Ireland. The CIÉ Group (“the Group”) provides best practice and the EU Taxonomy for non- in the provision of public transport across
essential, sustainable services across a financial climate disclosure. The framework Ireland.”
nation-wide network, carrying over 280m promotes strong governance for managing
passengers in 2019. uncertainty around climate related risks and
opportunities and provides a structure to raise
CIÉ’s commitment to sustainability is outlined awareness and enhance performance.
in the Group’s ‘Sustainability Strategy 2020’
which represents a plan of action for the CIÉ Our colleagues across the Group worked
Group of companies, including Dublin Bus, closely with Clearstream Solutions, an expert
Iarnród Éireann and Bus Éireann. At the core carbon management service provider and
of our strategy is a commitment to support secretariat for the CDP Ireland Network,
the U.N. Sustainable Development Goals to develop a rigorous first-time response
(SDGs); to meet the targets set out in the that reflected the significant climate action
Climate Action Plan (CAP) 2019; and to deliver progress and ambition of the Group’s
the objectives of the National Development operating companies. The process involved
Plan. an assessment of our carbon footprint for
8 ANNUAL REPORT | CDP IRELANDGLENVEAGH PROPERTIES PLC:
FIRST TIME RESPONDER
The Irish housing market has been Scope 1 and Scope 2 emissions for the first
chronically undersupplied for many years, time – and to ensure we continue to operate
creating profound structural challenges for in a socially responsible and ethical way. As
our economy and for our people. The biggest part of our environmental strategy, we have
pinch point is affordable homes for first time also set an emissions reduction target for
buyers and young families. 2025 with a view to fully align our following
target with a global aspiration of net zero
We believe that everyone should have greenhouse gas emissions by 2050.
access to high-quality homes in flourishing
communities, and we are determined that We are in the process of aligning our
our contribution to that great endeavour is sustainability strategy with the UN’s
delivered the context of the highest standards Sustainable Development Goals and the
of environmental stewardship requirements of the Task Force on Climate-
and responsible business. related Financial Disclosures (TCFD). We also
CONOR MURTAGH
reported our approach to the management
Director, Strategy & IR At Glenveagh, we are passionate and of environmental risk via CDP for the first
pragmatic about creating a positive time in FY20 and have included Sustainability
environmental, social and economic legacy Accounting Standards Board (SASB)
for future generations. Our is passion is disclosures as part of our first sustainability
manifested by the sheer scope of the topics report.
we are managing and monitoring, whilst our
pragmatism is evident from our rigorous Key attractions of disclosing through CDP
management approach. include its comprehensive disclosure
framework and alignment with TCFD, with
Our ambition is to set a new benchmark the work completed transferable to other
Key attractions of in our sector by delivering the maximum reporting areas in a PLC environment. CDP
possible social benefit at the lowest possible provided Glenveagh with a platform to put our
disclosing through environmental cost. This is consistent with climate initiatives in context for investors and
CDP include its our broader business vision which is to
create the leading sustainable homebuilding
ratings agencies.
comprehensive platform in Ireland. All these measures are merely steppingstones
on the journey towards our goal of class
disclosure framework During FY20 we began to put in place leading standards of environmental and social
and alignment with systems to measure and reduce our impact
on the environment – including reporting
responsibility.
TCFD, with the
work completed
transferable to other
reporting areas in a
PLC environment
Glenveagh Properties plc, listed on
Euronext Dublin and the London Stock
Exchange, is a leading Irish homebuilder
dedicated to expanding access to high-quality
new homes, with a focus on first time buyers
and young families.
ANNUAL REPORT | CDP IRELAND 9IRELAND OVERVIEW OF THE 2020
CLIMATE CHANGE RESULTS
New Responders 2020
Top 10
AIB Group Plc1 Applegreen Plc
Accenture 1 Cairn Homes Plc
Kingspan Group Plc 1 CIE
Irish Companies
by score ESB Group 1 Ecocem4
Seagate Technology Plc1 Gas Networks Ireland
1
Listed on the CDP 2020 A list. Mainstream Renewable Power Glenveagh Properties Plc
The other top 10 Irish companies
received an A- Smurfit Kappa Group Plc Greencoat Renewable Plc
2
Ardagh Group is a first time An Post Hibernia REIT Plc
CDP Climate Change responder
Ardagh Group2 John Sisk & Son (Holdings) Ltd
3
Johnson Controls International
Plc is new to the Ireland results Johnson Controls International Plc3 Keelings Group
but is a long time Climate Change
responder Kenmare Resources Plc
Ecocem has reported in Mercury Engineering
4
previous years, but not in 2019
Permanent TSB Group Holdings Plc
Ryanair Holding Plc
Uniphar Plc
Over 11 Million tonnes of 42 Irish companies
scope 1 + Scope 2 emissions completed a CDP Supply
reported in Ireland Chain response
52% increase in the
63% of Ireland top 30
number of Irish companies
companies reported to
reporting CDP
CDP in 2020
The analysis presented in this report is a brief summary of a Ireland’s top 30 companies responding to CDP, while this figure
subset of the data available through CDP. We encourage all was only 30% five years ago.
readers of this report to view the full corporate responses
individually from our website. Enhanced and unlimited If we look at the total number of Irish companies who received
access to the data is available through the CDP analytics a performance score, we see that 68% achieved a B- or higher
tool which makes benchmarking and trend analysis simple in 2020, up from only 35% in 2017. This compares favourably
via a series of interactive dashboards and export functions. to 35% in Europe and 25% Globally. Continuous improvement
Different versions of the tool are available for investors and by Irish responding companies is reflected in higher scores. In
companies. Visit www.cdp.net to find out more. 2020 29% of Irish responding companies received a leadership
score of an A or A-, this represents a 21% increase on the
In 2020, a total of 257 companies reported to the CDP Climate previous year. The focus for performance oriented companies
Change programme that are either headquartered or operating in 2021 will be on setting Science Based Targets, setting a
in Ireland. There were 47 Irish companies who reported as part Carbon Price and increasing Supplier Engagement. 17% of Irish
of this group, an increase of 52% on 2019. This includes 17 companies for example have set a Carbon Price, compared
new responders in 2020 which is an unprecedented increase to 13% in Europe and 9% Globally. The percentages are a little
compared to previous years and reflects the significant shift lower for Science Based Targets.
in sustainability reporting that has occurred among Irish
companies. Ireland now has five companies on the CDP A list The CDP Supply Chain programme had collected responses
which consists of only 278 companies globally. For the first from 42 Irish companies, a 17% increase on 2019. This
time all the other companies in the top 10 Irish companies programme is a key driver for CDP and will be a vital tool in
list achieved an A-. Significantly, in 2020 we now have 63% of achieving reductions in supply chain emissions in the future.
10 ANNUAL REPORT | CDP IRELANDChart 1:
Average Scope 1 and 2 Emissions by reporting companies with operations in Ireland
tCO2e 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000
2020 50,483
2019 66,228
2018 74,680
*Only public responses used for calculation
Chart 2:
The total number of companies, with operations in Ireland, reporting to CDP
100 125 150 175 200 225 250 275 300
2020 257
2019 274
2018 257
230
Chart 3: Scope 1
Total number of companies that provided emissions Scope 2
data on their Irish operations by sector
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 40 50 60 80+
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Biotech, Healthcare
& Pharma
Food, Beverage
& Agriculture
Manufacturing
Retail
Services
Other
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 40 50 60 80+
ANNUAL REPORT | CDP IRELAND 11THE CDP IRELAND
NETWORK UPDATE 2020
IRISH COMPANIES ACCELERATE THEIR CLIMATE
CHANGE AMBITION IN LINE WITH SCIENCE
Over 9,600 In 2014, following discussions with CDP
and several leading Irish organisations,
attending conferences and events on
behalf of CDP, representing CDP on
companies with over we successfully launched the ‘CDP industry and Government initiatives, and
Ireland Network’, working in partnership the organisation of local CDP marketing
50% of global market with CDP Europe and funded by the and online networks.
capitalization disclosed generous support of SEAI and EPA.
Key achievements in 2020
The overall objective of this initiative is
environmental data to motivate as many Irish companies
Corporate environmental change
through CDP in 2020. as possible, public and private, as well
as multi-nationals based in Ireland to disclosure is now firmly a Boardroom
disclose their Climate Change, Forest issue for Irish organisations. Encouraged
and Water Security strategies, providing by investor scrutiny, customer
CDP Ireland Network Purpose a consistent approach to corporate competitive focus and pushed by EU
sustainability reporting in Ireland. regulation, the topic of climate change
CDP is a global non-profit that runs We have seen the growth in companies has moved from the sustainability
the world’s environmental disclosure reporting their emissions in Ireland grow office onto the board room table and
system for companies, cities, states and from less than 80 in 2010 to over 250 is now an integral part of the annual
regions. Founded in 2000 and working in 2020. reporting cycle of many Irish companies.
with over 590 investors with $110 trillion 2020 saw a significant increase in the
in assets, CDP pioneered using capital Our CDP Ireland Network has attracted numbers of Irish companies disclosing
markets and corporate procurement to over 1,000 participants to our events to CDP and outlining how they address
motivate companies to disclose their and training and currently has over 130 climate change in their businesses,
environmental impacts, and to reduce Linked In network followers. We continue products and supply chains. Despite
greenhouse gas emissions, safeguard to bring together Irish corporate leaders the challenges of Covid-19, there
water resources and protect forests. in sustainability and other stakeholders was a massive 52% increase in Irish
Over 10,000 organizations around the to share best practice in addressing companies reporting to CDP in 2020.
world disclosed data through CDP climate change. The steering committee
in 2020, including more than 9,600 consists of representatives from the Irish The companies are scored based
companies worth over 50% of global divisions of reporting companies, and on CDP’s transparent scoring
market capitalization, and over 940 representatives from public and private methodology covering: comprehensive
cities, states and regions, representing bodies with an interest in environmental disclosure of environmental impacts,
a combined population of over 2.6 issues. Our Chair and Vice-Chair serve risks, opportunities, governance and
billion. Fully TCFD aligned, CDP holds the for 1-2 years; Shane O’Reilly of KPMG is actions; awareness of environmental
largest environmental database in the our current Chairperson, and Eoin Fahy risks and how they relate to their
world, and CDP scores are widely used from KBI Investors is our Vice Chair. business; demonstrating management
to drive investment and procurement of these environmental risks and
decisions towards a zero carbon, The role of the CDP Ireland Steering evidence of best practice associated
sustainable and resilient economy. CDP Committee is to promote and support with environmental leadership.
is a founding member of the Science measurement, disclosure and reporting
Based Targets initiative, We Mean of environmental data across a network Fueled by initiatives such as the Task
Business Coalition, The Investor Agenda of interested companies. This is Force on Climate Related Disclosure
and the Net Zero Asset Managers achieved through a range of activities (TCFD), the Science Based Targets
initiative. Visit cdp.net or follow us as defined by the steering committee; Initiative (SBTi), Carbon Pricing, RE100
@CDP and on LinkedIn to find out more. activities to promote and raise and local initiatives such as BITCI’s Low
awareness of environmental issues, Carbon Pledge, companies now have a
hosting of best practice workshops, clearer pathway as to what actions need
to be taken.
12 ANNUAL REPORT | CDP IRELANDThe market demand for corporate environmental transparency
is louder than ever: 590 investors with $110 trillion in assets,
and 150+ large purchasers with US$4 trillion in buying power
requested thousands of companies to disclose through CDP
in 2020. They use CDP data, including scores, to inform their
investment and procurement strategies.
Leading environmental action is correlated with financial
success. The CDP A List companies are combined worth
US$15 trillion in market value. Data from STOXX has shown
that the CDP ‘A’ List has outperformed its global reference
index by an average of 5.3% per annum over a 7-year period.
4 Irish companies achieved an ‘A’ score in 2020.
Some highlights from 2020
Over 250 global companies now report their Irish We continue our outreach to cooperate with other
emissions to CDP under the Climate Change like-minded organisations. We are actively working
program and 47 Irish owned or registered with The Dublin Chamber of Commerce and other
companies are now also reporting. networks to share best practice and have again
supported BITCI in its Low Carbon Pledge initiative.
The focus on environmental issues grows despite
challenges of Covid-19, with an increase of 48% in In September, we hosted a high-profile Supply Chain
Irish companies reporting to CDP in 2020. Event with excellent contributions from leading
supply chain organisations including Microsoft
5 Irish companies - AIB Group, Kingspan, ESB, and Kellogg.
Accenture and Segate Technology - were scored “A”
for their climate change responses. In terms of Training, we once again hosted our very
successful annual CDP Reporter training in May
Ireland outperforms the global average, with 11% 2020. Anja Chodosh from CDP, supported by Gráinne
of the 47 Irish Companies measured making the ‘A McIvor and Brian O’Kennedy from Clearstream
List’, compared to 3% globally Solutions delivered a very informative session for
both experienced, as well as new responders. Watch
Two first time responders, CIE and Glenveagh out for our 2021 training programmes in April and
Properties Plc scored a ‘B’ in 2020, an exceptional May.
score for new participants.
We now have over 130 members on our LinkedIn
While Investors are key influencers driving publicly group ‘CDP Ireland Network’ and a growing Twitter
quoted organisations to respond, there has been an following @CDPIrelandnet. Please follow us for
increasing interest from private companies to use details on upcoming training and events.
CDP as a framework to inform and develop their
internal environmental strategies. New responders
in this category included, Mercury Engineering,
Ecocem, Sisk & Sons and Keelings. We continue to
update our website
Encouraged by the Irish Government’s Climate
Strategy, an increasing number of semi state and www.CDPIrelandNetwork.net
public sector organisations responded in 2020. where you will find this report.
These include CIE, Gas Networks and ESB. Your input is always welcome, and
We have continued our close cooperation with we can be contacted at brian@
Sustainable Nation, hosting the Corporate clearstreamsolutions.ie or via our
Sustainability event during its highly successful social media links above.
‘virtual’ Climate Finance Week in November. Our
‘Carbon Targets towards Net Zero’ event was
extremely well attended. It included contributions
from CDP, DWS, Kerry Group and AIB.
ANNUAL REPORT | CDP IRELAND 13CDP IRELAND
NETWORK 2020 EVENTS
CDP Ireland Network 2019 Report Launch
Keynote Professor John FitzGerald
— Chair, National Advisory Council on Climate Change.
Panel Session Moderator Shane O’Reilly — Chair, CDP Steering Committee 2019 |
Professor John FitzGerald — Chair, National Advisory Council on Climate Change
Samantha Fahy – Sustainability Manager, DCU | Padraig Mallon — Sustainability
Director, Kerry Group | Catherine Moroney President, Dublin Chamber & Head of Supply Chain Event
Business Banking, AIB.
Managing and Reporting your Value
Chain Emissions – A focus on Scope 3
emissions
Scope 3 Demystified Gráinne McIvor
Clearstream Solutions, Hugo Ernest-
Jones | CDP Supply Chain EMEA Lead
and our expert Panel Ken O’Farrell,
Microsoft, Director of Fulfilment and
Logistics and Dave Fitzgerald | Kellogg,
Head of Responsible Sourcing Europe
Climate Finance
Week Event
Carbon Targets towards Net Zero
Keynote by Paul Dickinson, Chair of CDP
Worldwide with investor perspective
provided by Murray Birt ESG Analyst at
DWS and a panel which included Juan
Aguiriano, Group Head of Sustainability,
Technology Ventures at Kerry, Sarah
Dempsey, Head of Sustainability
Communications & Partnerships, AIB
In partnership with Sustainable
Nation Ireland and Sponsored by AIB
Photography by: Julien Behal
14 ANNUAL REPORT | CDP IRELANDA LIST MEDIA COVERAGE 2020
Companies criticised Project) measures the environmental
impact or companies on behalf of
It said companies that fail to disclose
their environmental impact will be at
over reporting of 515 global investors representing a disadvantage, given the importance
emissions $106trn in assets, who increasingly of climate change to their investors,
include so called environment, social customers, and employees.
By Peter Hamilton and governance (ESG) among their
– Irish Examiner 25/02/20
investment criteria. alongside more
Several leading Irish companies such
as Permanent TSB, Cairn Homes,
traditional targets around profitability.
Ireland outperforms the global
State’s climate inaction
Flutter Entertainments and Ryanair
average, with 8pc of the 48 companies sets tone for business
have been named and shamed for
measured here making the ‘A List’,
not reporting their green-house gas It would be foolish to suggest that Fine
compared to 5pc globally. There has
emissions. Gael was punished by the electorate for
been a 50pc increase in the number
failing to act on climate change.
CDP, a not-for-profit organisation that of Irish companies reporting to CDP in
measures companies’ environmental 2020. Globally. AstraZeneca. HP, Mars, Similarly, the EU fines coming our
impact, highlighted those prominent and Toyota are among multinationals way for failures in relation to our 2020
names in its report which found that that made the ‘A List’. emissions and renewable energy
the average Irish company reduced its targets are unlikely to be too punitive,
— Irish Independent 09/12/2020
CO2 emissions by 11 per cent last year. probably in the region of €150 million.
Among the top performers in the 4 Irish firms make For nearly a decade, the government
had delivered an entirely bogus
survey were Kingspan, AIB, Kerry
Group, Smurfit Kappa and CRH.
global climate A list message of activism on the climate
issue while effectively sitting on its
CPD’s analysis has found that 215 of By Ailbhe Daly
hands, a stance linked to the agendas
the biggest global companies estimate FOUR Irish companies have made a of two of the State’s largest lobby
the financial implications of climate global environmental A List. Kingspan, groups – the Irish Farmers’ Association
risks to be close to $1 trillion. ESB, AIB Group and Accenture have (IFA) and employers’ group Ibec.
“That’s the scary challenge, but the been named on the list by CDP, the
A report by not-for-profit organisation
good news is that forward-thinking EU-funded charity which runs the
CDP on Irish-headquartered companies
companies are taking action and global reporting system. The A List
reporting on their carbon emissions
setting emissions reductions targets names the companies leading on
was published yesterday. Among the
that are grounded in climate science” environmental transparency and action,
top performers were listed companies
said Paul Simpson, CDP’s chief based on annual disclosure through the
Kingspan, AIB, Kerry Group, Smurfit
executive yesterday. questionnaire.
Kappa and CRH.
CDP Ireland Network Chairman Shane
— The Irish Times 25/02/20 There were, however 25 companies
O’Reilly, said: “It is a tremendous
who were asked to respond and didn’t
achievement for four Irish companies
ESB joins firms with to obtain A List status. “There is
for whatever reason. These included
top green grade increasing recognition that companies
Cairn Homes, Flutter Entertainment
(owner of Paddy Power), Permanent
who fail to disclose their environmental
By Donal O’Donovan TSB and Ryanair.
impact will be at a competitive
disadvantage.” A key takeaway was that internationally
AlB. Accenture. ESB and Kingspan
have been given ‘A’ rankings by CDP. focused companies were more likely to
— Irish Daily Mirror – 09/12/2020
an EU-funded charity which runs the be active on climate issues, while those
with a domestic focus were likely to be
global environmental reporting system.
It is ESB’s first time getting the “A”
Rise in Irish firms found wanting.
rating. The A List ranks environmental reporting emissions — The Irish Times 25/02/20
transparency and action based on
The number of Irish-headquartered
companies’ annual disclosure through
companies reporting on their carbon
CDP’s Climate Change questionnaire.
emissions rose 11% last year to 31,
AIB Group, Accenture, Kingspan and
with Kingspan, Kerry Group, and AIB
ESB are scored ‘A’ for climate change.
among the top performers according to
CDP (formerly the Carbon Disclosure
CDP Ireland Network.
ANNUAL REPORT | CDP IRELAND 15CDP Ireland
Network Aims
and Objectives
To drive action by companies and cities to
reduce greenhouse gas emissions, safeguard
water resources and prevent the destruction
of forests.
To promote, encourage and support Irish
stakeholders to engage with CDP and
other organisations seeking to minimise
environment impacts.
To increase Irish organisations’ transparency
on environmental performance in order to
enhance resilience and comparability.
To make environmental performance central
to investment and business decisions.
To share best practice in GHG management
and policy from both Irish and international
organisations.
To provide a common and consistent
framework for Irish companies to measure
and report their GHG emissions.
Assist in promoting the image of Ireland as a
sustainable place to do business and to help
our companies to achieve a competitive
advantage from their initiatives by sharing
global best practice.
16 ANNUAL REPORT | CDP IRELANDSTEERING COMMITTEE 2020
We would like to express our appreciation to the EPA and SEAI for their continued
financial support and participation in the Network. We would also like to thank
Kingspan, CRH and AIB for their support in publishing and hosting this report launch.
Our Chairperson for 2020 was Shane O’Reilly KPMG, who will hand over the reins
in 2021 to Eoin Fahy of KBI Global Investors. Last year we welcomed one new CDP
Ireland Steering Committee member; Kathy Ryan from Irish Life Investment Managers.
Thanks again to all our committee members for their dedication and input.
Shane O’Reilly Caroline Pope Shane Colgan Padraig Mallon Bianca Wong
KPMG KPMG EPA Kerry Group Kingspan Group Plc
Eoin Fahy Outi Marin Cormac Madden John O'Sullivan Stephen Nolan
KBIGI Smurfit Kappa Plc ESB SEAI Sustainable
Nation Ireland
Emma Jane Joyce Kathy Ryan John Barcroft Sarah Dempsey Brian Kennedy
NTMA Irish Life Investment The Environmental AIB Davy
Managers Edge
Executive
Support
Brian O’Kennedy Gavin Whitaker Muriel de Bakker
Clearstream Clearstream CDP
Solutions Solutions
Disclosure Support
To assist with the increasing volume of activity in Ireland, we are delighted to
announce that CDP has appointed Muriel de Bakker as CDP Disclosure Support
Executive with responsibility for addressing responding companies’ queries
in relation to their annual disclosures. Muriel, based in Berlin, will assist Irish
companies in engaging with the CDP platform and will work with the CDP Ireland Muriel de Bakker
Network and Clearstream Solutions to accelerate the growth in the number of
responding companies across all CDP programs. Muriel replaces Olwen Smith +4930629033183
who has left CDP to return closer to home. Thank you Olwen for all your support. muriel.deBakker@cdp.net
ANNUAL REPORT | CDP IRELAND 1747 Irish Companies who
responded in 2020
ARDAGH GROUP EXPERIAN GROUP MEDTRONIC PLC
KENMARE RESOURCES PLC
DALATA HOTEL GROUP
FBD HOLDINGS PLC
UDG HEALTHCARE PLC
TOTAL PRODUCE PLC
PERMANENT TSB
BANK OF MAINSTREAM RENEWABLE POWER
GROUP HOLDINGS PLC IRELAND
GAS NETWORKS
APPLEGREEN PLC
IRELAND
RYANAIR KINGSPAN PERRIGO
GLANBIA PLC
KERRY GROUP PLC
GROUP PLC COMPANY PLC
HOLDING PLC SEAGATE
GROUP
KEELINGS
ORIGIN ENTERPRISES PLC
CORAS IOMPAIR EIREANN GROUP (CIE)
GREENCOAT RENEWABLE PLC
SMURFIT KAPPA JAMES HARDIE ECOCEM TECHNOLOGY PLC
CAIRN HOMES PLC
GROUP PLC INDUSTRIES DCC PLC
TULLOW OIL
AN POST
M50 CONCESSION LTD.
GLENVEAGH GREENCORE
RAND CO. LTD.
HIBERNIA
INGERSOLL-
ACCENTURE
ESB
PROPERTIES PLC
REIT PLC GROUP PLC
DUBLIN CITY JOHNSON CONTROLS
UNIVERSITY INTERNATIONAL PLC
GROUP UNIPHAR PLC
CRH (HOLDINGS)
AIB
JOHN SISK & SON
LTD
C&C GROUP PLC PLC ARYZTA AG
MERCURY GROUP PLC ALLEGION PLC
63% 257
of Ireland’s Top
Companies reporting
to CDP with operations
30 listed companies
in Ireland
18 ANNUAL REPORT | CDP IRELAND21
Irish companies have
committed to setting
IRELAND’S A LIST
COMPANIES
a Science Based Target
AIB Group Plc
Accenture
A 91% INCREASE ESB Group
FROM 2019 Kingspan Group Plc
Seagate Technology Plc
52%
increase in Irish
companies responding
to CDP Climate Change
in 2020
42
CDP Supply Chain
responders in Ireland
in 2020
ANNUAL REPORT | CDP IRELAND 19INVESTOR
PERSPECTIVE
BRIAN KENNEDY, CFA - ESG
& CLIMATE CHANGE STRATEGIES
AT DAVY
2020 can be looked back on as a year Looking forward to 2021, the pace
when sustainable investing became of regulation for asset managers will
mainstream with total assets in be dizzying as the Sustainable Fund
European sustainable funds crossing Disclosure Requirements roll out by
the USD1 trillion threshold in the fourth March 10. These will be followed in
quarter of 2020, according to numbers short order by the now infamous Level
from Morningstar. In Q3 alone, EUR50 2 Adverse Impact Indicators related to
billion flowed into European sustainable Sustainability Impact Requirements.
funds. For context, this represented 40% Let’s not forget preparation for the
of all European fund flows. These figures disclosures related to the EU Sustainable
are especially remarkable given the Finance Taxonomy in January. A busy
“An overarching goal of this uncertain backdrop created by COVID. year awaits.
regulatory agenda is to provide There is now a broad recognition that
transparency to an occasionally generating excellent investment returns, An overarching goal of this regulatory
opaque sustainable investment and providing a social or environmental agenda is to provide transparency to
industry. In much the same way good, do not need to be mutually an occasionally opaque sustainable
as consumers are able to evaluate exclusive activities. For those who recall investment industry. In much the same
the energy efficiency of household a time when sustainable investing was way as consumers are able to evaluate
appliances, soon we should be perceived as existing on the lunatic the energy efficiency of household
able to more easily ascertain how fringe, there can be pride that the appliances, soon we should be able to
sustainable a fund really is.” industry has matured in the way it has. more easily ascertain how sustainable a
fund really is.
This growth has been backboned
by a supportive regulatory regime These changes are welcome as, given
underpinned by the EU Green Deal. the growth in the industry, many funds
It was refreshing to see a significant have been quick to make bold claims
portion of funds under the EU COVID about their sustainability credentials.
recovery plan allocated to green However, any credibility may disappear
investment, supporting not just once their investment objective or
renewable energy but also areas such as process of selecting investments is
energy efficiency. We wait in hope that closely scrutinised. In 2020 alone,
this progressive approach is mirrored according to Morningstar, 330 new
across the Atlantic under the Biden sustainable funds were launched in
administration. Europe. Given the array of funds now
available to investors, it is imperative
to the future health of the industry that
investors can have trust that the fund
they have selected does what it claims
to do.
20 ANNUAL REPORT | CDP IRELANDYou can also read
