New report claims that only 19% of the world’s top companies have achieved significant reductions in their carbon emissions.
New research reveals that over 80% of the world's top companies aren't achieving significant carbon emissions reductions, although there is an increase in the amount of companies that identify significant opportunities instead of risks from climate change.
According to the Carbon Disclosure Project (CDP) report, produced by PricewaterhouseCoopers, while 65% of the Global 500 have implemented carbon emissions reduction targets, only 19% show significant carbon emissions reduction. What is more, the report reveals that these 500 companies contribute 11% of global emissions.
Reporting effectively on carbon emissions has direct financial implications
Reporting effectively on carbon emissions and climate change, to one standard, allows a company's performance and the direct financial implications of the issues to be assessed. Top performers include Siemens, Phillips, RBS, and Bayer. Some of the companies who submit their data in the survey are Tesco, BT, BSkyB, Shell.
European firms, particularly those involved in the EU ETS or UK's CRC Energy Efficiency Scheme are leading the way. Over 60% of the Global 500 are having their carbon emissions data independently verified, with a move towards using registered auditors to give their submissions credibility with both investors, and the public.
The study supports that climate change and carbon emissions have direct financial impacts related to having robust systems and processes to gather the data, report on it, analyse it and use it to drive value into a business.