Carbon Disclosure Project – Nordic 260 Report 2011


Verification


CDP is committed to increasing the level of verification of emissions disclosures in order to improve the quality of the information submitted by companies globally. In turn, this will build trust in carbon reporting and lead to an increase in the use of the data in analysis and decision making. Key drivers for verification include the increasing market demand from investors, customers, regulators, non-governmental organizations and other stakeholders for assured and reliable climate data.


Improved internal management processes that can be harnessed for competitive advantage is a key benefit of verification. In order to support this drive, CDP rewards verification highly in both disclosure and performance scoring in 2011 and it is one of the criteria for entry into the CPLI.


Verification levels in 2011: In 2011, a number of criteria were introduced to determine what is accepted as verification within CDP’s scoring methodology. It requires that a verification statement:


1. Is related to the relevant emission scope


2. Clearly states the type of verification that has been given and the standard used


3. Covers the current reporting year 4. Is undertaken by an independent third party


Consumer Discretionary


14 14


0 20 40 % of sector respondents 60 80 100


Whilst 52% (74) of respondents stated that they had gained or were in the process of gaining verification of Scope 1 or 2 emissions, only 23% (33) met all verification criteria for Scope 1 or 2 emissions. This is a result of strengthened criteria from CDP to reflect the importance of verification. CDP sees this higher standard as a key strategic priority to enhance the quality and reliability of the data reported by companies for the use of investors and consumers, both now and in the future. The sector breakdown of companies verifying their Scope 1 and Scope 2 emissions is shown in Figure 17.


What is CDP doing to support reporting companies? For 2012, CDP is providing further clarity on what constitutes an acceptable verification process, which will be communicated as part of the questionnaire consultation process in September 2011. Looking further ahead, CDP has launched a verification white paper and consultation on a verification roadmap (2013-2018) aiming to encourage more companies to verify their climate data. Visit https://www.cdproject.net/ verification to find out more.


Figure 17: Percentage of companies in each sector with verification complete for at least a proportion of their emissions


Transportation 100 78 Telecommunications & IT


46 46


Materials 79 37 Industrials


34 34


Health Care


33 33


Financials 41 36 Energy & Utilities 42 33 Consumer Staples


67 67


Scope 1 Scope 2


26


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