Big business is facing up to climate change with more than half of the world's 500 largest companies introducing schemes to reduce greenhouse gas emissions, a report says today.
The Carbon Disclosure Project's (CDP) fifth annual global report finds that 76% of the FTSE 500 companies who responded to its survey have put emissions reduction schemes in place - compared to 48% last year.
Some 80% of public-owned companies who responded to the survey see climate change as presenting risks and opportunities for their business. Some 95% of those who see climate change as a commercial risk have implemented emissions reduction programmes with a specific target and timeline.
But the 383 top companies who responded to the survey report greenhouse gas emissions totalling almost seven billion tonnes, which represents 14% of all global emissions by humans.
The CDP report concludes that corporate giants had made "significant progress in understanding and disclosing their positions relative to the risks and opportunities associated with climate change." In particular, the report highlights a narrowing gap between climate awareness and action among the FT500.
But it finds that a fifth of companies disregarded shareholders' requests for information about their response to climate change, and that climate change is not yet the responsibility of top management in many companies.A report on major US firms revealed that many are lagging behind the FTSE500 with only 29% of survey respondents implementing emissions reductions schemes.
The New-York based CDP is a collaboration of more than 315 global institutional investors, with assets totalling more than $41 trillion (£20 trillion). It is also today launching a Climate Disclosure Leadership Index, to highlight 68 companies in the FTSE500 that are leading the way on disclosing and reducing their emissions. They include Royal Bank of Scotland, Unilever, Hewlett Packard and Coca-Cola.
A separate partnership with Wal-Mart Stores Inc. will also be announced. It will engage Wal-Mart's supply chain to report greenhouse gas emissions, emissions reduction targets and climate change strategies.
Paul Dickinson, the CDP's chief executive officer, says the partnership between CDP and Wal-Mart is a "very significant milestone in corporate action to mitigate climate change".
He adds: "Increasingly, investors view good carbon management as a sign of good corporate management. As CDP data plays an increasingly important role in informing investors on a company's approach to climate change, the pressure is increasing on companies to respond. And by moving CDP data collection into company supply chain management, CDP's reach will grow enormously."
The Carbon Disclosure Project's (CDP) fifth annual global report finds that 76% of the FTSE 500 companies who responded to its survey have put emissions reduction schemes in place - compared to 48% last year.
Some 80% of public-owned companies who responded to the survey see climate change as presenting risks and opportunities for their business. Some 95% of those who see climate change as a commercial risk have implemented emissions reduction programmes with a specific target and timeline.
But the 383 top companies who responded to the survey report greenhouse gas emissions totalling almost seven billion tonnes, which represents 14% of all global emissions by humans.
The CDP report concludes that corporate giants had made "significant progress in understanding and disclosing their positions relative to the risks and opportunities associated with climate change." In particular, the report highlights a narrowing gap between climate awareness and action among the FT500.
But it finds that a fifth of companies disregarded shareholders' requests for information about their response to climate change, and that climate change is not yet the responsibility of top management in many companies.A report on major US firms revealed that many are lagging behind the FTSE500 with only 29% of survey respondents implementing emissions reductions schemes.
The New-York based CDP is a collaboration of more than 315 global institutional investors, with assets totalling more than $41 trillion (£20 trillion). It is also today launching a Climate Disclosure Leadership Index, to highlight 68 companies in the FTSE500 that are leading the way on disclosing and reducing their emissions. They include Royal Bank of Scotland, Unilever, Hewlett Packard and Coca-Cola.
A separate partnership with Wal-Mart Stores Inc. will also be announced. It will engage Wal-Mart's supply chain to report greenhouse gas emissions, emissions reduction targets and climate change strategies.
Paul Dickinson, the CDP's chief executive officer, says the partnership between CDP and Wal-Mart is a "very significant milestone in corporate action to mitigate climate change".
He adds: "Increasingly, investors view good carbon management as a sign of good corporate management. As CDP data plays an increasingly important role in informing investors on a company's approach to climate change, the pressure is increasing on companies to respond. And by moving CDP data collection into company supply chain management, CDP's reach will grow enormously."
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