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“ Many countries and regions are taking action on climate change. However, without a comprehensive international agreement, we are likely to face different carbon prices and inconsistent policies in different markets across the world. This could create competitive distortions and would reduce the future return on our investments in low carbon and renewable technologies in areas without carbon pricing or support measures.” Tesco plc


Results of CDP Ireland 2011: ISEQ 40 At a glance:


• The 40 largest organisations by market capitalisation on Irish Stock Exchange were invited to respond;


• 19 companies responded, compared with 20 in 2010;


− One business responded for the first time this year, while two that responded in 2010 did not do so in 2011.


− The response rate of 48% is ahead of that for the largest 50 in New Zealand (42%) and not far behind those for the largest 200 in Australia (50%) and Canada (54%).


− The response rates of the US S&P 500 and the UK FTSE 350 (68% and 69% respectively) and the Global 500 largest companies (81%) are still well ahead of Ireland.


• Among the ISEQ 40 listed companies, those scoring more than 75% for the quality of their disclosure included:


CRH plc DCC plc Diageo plc


Smurfit Kappa Group plc Tesco plc


Risks and Opportunities


The 2011 responses saw a rise in the number of companies that have identified climate change risks driven by changes in regulation and changes in physical climate parameters.


Figure 6 illustrates the ISEQ 40 respondents that identify risks and assess opportunities.


Regulatory Risks and Opportunities More respondents recognise regulatory risks and opportunities than in 2010. The main areas where these risks and opportunities were identified are as follows:


• fuel/energy taxes and regulations; • carbon taxes; • cap and trade schemes; and • international agreements.


The most common regulatory risk, cited by 10 of the 19 respondents, is fuel/energy taxes and regulations as it is thought that this will lead to increased direct operating costs in the immediate future. Respondents are implementing energy efficiency initiatives to minimise this exposure.


Carbon tax is also commonly cited as a regulatory risk with 8 out of 19 respondents identifying this particular area.


Figure 6: ISEQ 40 Respondents Recognising Risks and Opportunities Associated with Climate Change


15 10 5 0 68% 58% 13 11 63% 12 37% 7 Regulation Physical Climate 42% 32% 8 6 Risks Opportunities Other


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