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III. Results

This section of the report focuses on the company responses to the questionnaire. The 2011 questionnaire is made up of three main sections:

• Management (including governance, strategy, targets, initiatives and communications);

• Risks and opportunities (including physical, regulatory and other risks and opportunities related to climate change);

• Emissions (including reporting methodology, emissions data and performance and emissions’ trading)

The CDP 2011 questionnaire has changed compared to last year. It now includes questions, among others, on the payback period of emissions’ reduction initiatives, as well as the expected magnitude of impact on company business of risks and opportunities related to climate change.

As hereafter presented, many aspects of carbon management are included in the request for information. The data provided by companies in their responses helps painting a very interesting picture of how climate change is being addressed in all its aspects by companies.


Regulatory uncertainty, over future developments in international agreements on emissions’ reduction, is still a restraint on companies’ long term decision making. It has to be said, however, that with or without agreement on an international framework over the next year or so, the likelihood is high that policymakers in most developed economies — and even in some developing countries — will adopt national GHG emissions targets and implement them through policies and regulations. This helps to explain why, despite the uncertainty, companies’ initiatives, investments and reporting standards have gone far

beyond mandatory requirements. The first step to emissions’ management is governance design and definition of responsibilities for issues related to climate change. 29 companies out of 332 have assigned the highest level of responsibility for climate change at least senior management level. This is in line with last year. Whilst senior management is identified as ultimately responsible for climate change, they are in only a few companies also entitled to benefit from incentives for the attainment of GHG targets. These incentives, set by 48% (16) responding companies, are mainly for energy and sustainability managers and the management group. In most of these cases (93%) incentives are set as monetary rewards. This figure is very important, as setting incentives around climate change targets is a very strong sign from a company to its employees and can act as a strong push to take action. The number of companies that set incentives increased from 12 in 2010 to 16 in 2011; yet the percentage has decreased significantly (57% in 2010 vs. 48% in 2011). Integration of climate change in companies’ processes is a common practice emerging from CDP 2011 data: 61% of respondents define their climate change risk management process as integrated into multi-disciplinary

company-wide risk assessment. An even higher percentage (82%) declare climate change is integrated in their business strategy. 67% (22) of responding companies, exactly the same percentage as last year, engage with policy makers on possible responses to climate change.

A further activity that indicates companies’ engagement with climate change is their identification of emissions’ reduction targets. 67% (22) responding companies have set an emission reduction target for the fiscal year 2010, compared to 76% (16) companies in the previous year: an increase in absolute numbers but a decrease of 9%. This decrease in target setting practice is most likely to be due to the increase in the number of respondents to this year’s request for information rather than to a lower commitment to accelerating actions to reduce emissions.

100% of companies reporting reduction target for the current fiscal year have defined more than one numeric emission reduction target.

2. Hereafter 33 companies are considered in the total responding companies (and not 35) because 2 companies responded via their parent company and did not directly fill in the CDP questionnaire.

Figure 13: % of respondents who have emission reduction targets

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

No Yes

23 24% 33% 61% 76%

67% 39%




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