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CEO Foreword


CEO Foreword


Corporations, investors and governments today are faced with a choice: to compete aggressively for finite resources, or to advance towards a low carbon economy that enables sustainable, profitable growth, whilst reducing reliance on increasingly scarce materials.


Last year, global energy-related carbon dioxide emissions reached a record high. The International Energy Agency’s estimates made for bleak reading but compounded the necessity to take bold and decisive action if we are to have any chance of limiting temperature increase to the 2°C level agreed by world leaders to protect against catastrophic climate change.


What’s more, rising energy demands are competing for a limited supply of fossil fuels. The competition for increasingly scarce natural resources is putting pressure on commodity prices and having a growing impact both socially and economically. It is clear that today, more than ever, we must build momentum to decouple economic growth from emissions.


Managing carbon emissions and protecting business from climate change impacts are fundamental to achieving sustainable and strong shareholder returns. Earlier this year, the investment consultancy Mercer released a report concluding that the best way for institutional investors to manage portfolio risk associated with climate change may be to shift 40% of their portfolios into climate-sensitive assets with an emphasis on those that can adapt to a low carbon environment.


An important part of investors’ strategy should be to engage with the companies in which they invest to encourage performance improvement. Carbon Action is a new initiative launched by CDP this year. It is driven by a leading group of investors to encourage their portfolio companies to reduce emissions by investing in emissions’ reduction activities with a satisfactory payback period. Carbon Action reflects a growing recognition that there is a huge range of carbon reduction activities that companies can undertake and which have a very clear business case. It is therefore in the interests of all investors, and not just the more active owners of investments, to ensure these actions are taken.


As the management of carbon continues to move into companies’ core business strategies and mainstream investment thinking, demand for primary corporate climate change information grows around the world. As well as working on behalf of 551 institutional investors to gather relevant information from large corporations around the world, CDP is also working with global businesses and governments to strengthen the resilience and sustainability of their supply chains through the CDP Supply Chain program. CDP Cities has been launched to help the world’s major cities reduce climate change risk and bolster economic growth, whilst CDP Water Disclosure is now in its second year of working with major global companies to improve water management. A key part of CDP’s strategy is to ensure the effective use of data collected. To assist with this companies are able to obtain tools that help them to measure, report and manage carbon more effectively through CDP Reporter Services.


It is through partnerships that CDP can achieve the greatest impact. In Italy we are delighted to be working with our local partners: Accenture SpA, Banca Monte dei Paschi di Siena and Kyoto Club. In addition, we highly value the continued support of our Global Advisor, PwC, as well as that of Accenture, Microsoft, SAP and Bloomberg. These and our other partners around the world are integral to the acceleration of CDP’s mission.


Whilst we wait patiently for much needed global regulation, business must continue to forge ahead, innovate and seek out opportunities by doing more with less. The decisions that perpetuate a legitimate, low carbon and high growth economy will bring considerable value to those who have the foresight to make them. The information contained in this report and the companies’ responses assist in illuminating that path.


Paul Simpson CEO


Carbon Disclosure Project 8


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