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Executive Summary


the inability to do business at all, as one of them. Of the 178 opportunities identified, the increase in demand for existing products, as well as the creation of new products/ business services, are the two most significant.


Emissions


Only four companies have not published any information on their GHG emissions performance. The norm for the vast majority of responding companies is to disclose their GHG emissions performance in several company documents (such as annual report, regulatory filings and voluntary communications).


A final appraisal of companies’ responses highlights the trend that Italian companies are shifting from the traditional paradigm of considering climate change only as a compliance and risk driven issue, to a new paradigm that regards climate change also as an accelerator of business performance and value creation. Commitment to defining and implementing emissions’ reduction initiatives is very high, as demonstrated by the data. Nevertheless only half of the companies adopt traditional financial analysis and metrics to back up these initiatives and assess their overall financial impact: another sign that a course towards carbon management integration has been set, but there is still work to be done.


CDLI and CPLI overview of results


Ten companies (Ansaldo STS, Banca Monte dei Paschi di Siena, Enel, Eni, Fiat, Fiat Industrials, Finmeccanica, Hera, Terna and UBI Banca) are included in the CDLI for the Italy 100 and two companies (Enel and Fiat) have made CPLI for the Italy 100.


Compared to last year, the average disclosure score for companies in the CDLI has increased (84 in 2011 vs. 80 in 2010), while the average disclosure score among all responding companies is stable (63 both in 2010 and in 2011).


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