Contents


Contents


2011 Carbon Disclosure Project Members


2011 Carbon Disclosure Project Signatories


Foreword: Paul Simpson, CEO, Carbon Disclosure Project


Letter from Spain Letter from Portugal Prologue from Ecodes Comment from PwC Executive Summary


Towards a low carbon economic recovery


Key findings of CDP 2011 Iberia 125


Comment from BBVA Comment from Telefónica


Political context of climate change for business


The politics of climate change in Spain


1 2


5 6 7 8 9


12 12


13 15 16


17 17


The politics of climate change in Portugal


Highlights in 2011


The business response to climate change


Business strategy and Board oversight


Emissions reduction targets


External verification of emissions inventories


2011 leaders Sector analysis


Financials Industrials Utilities


Appendix I: Table of emissions, scores and sector information by company


Appendix II:Global key trends summary


Appendix III: Responses: Historical trends


18 21


21


22 23


Emissions reduction initiatives 24 Emissions reductions


25


26 28 31


32 34 36


38 44 46


11


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