Carbon Disclosure Project 2011 – Iberia Report 125
“We believe that our business and geographic diversification along with our active lobbying and R&D&I programs is allowing us to significantly benefit from any intensification of regulations”
ABENGOA
these companies that are taking the lead in attempting to assess the economic value of resources and developing a sustainable and viable economic growth for business. This shows, on the one hand, that a systemic change in business models is already taking place and, on the other hand, that carbon measurement and financial issues are intertwined in the decision-making process of companies leading the way in sustainability.
When business planning – whether or not it comes under pressure from regulations – takes into account the economic value of the use of resources and their present and future scarcity, it reflects a greater understanding of risks the company faces. Furthermore, there are also opportunities for companies that understand the way markets are affected by environmental issues and the associated political climate; determining these opportunities is a driver of innovation that is already leading companies to a reassessment of the climate change implications of their products and services across the value chain, resulting in new green sub-brands and products and access to markets that otherwise would not have been tapped.
Capital and investment are also needed in order to innovate and to develop new technologies. At a moment when capital is a scarce resource in Europe, investors, asset owners and asset managers are responsible for rewarding businesses that have long-term strategic thinking. In the Portuguese context, socially responsible investment is
limited. Therefore, the challenge remains for Portugal to create conditions so that stakeholders can create a new group of like-minded people and institutions pushing for the development of climate change policy. That in itself is an opportunity to the financial sector, comprising investors and banks, since they would be able to develop products to fund the investments that leading companies need to undertake.
In the near future, it is expected that businesses in Portugal will be faced by three regulatory and political instruments. Currently, they are in a development stage and are inter- connected in a hierarchical manner: the “Low Carbon Road Map”, the “National Program for Climate Change 2013-2020” and the “Low Carbon Sector Plans”. These policies constitute the first Portuguese climate change regulatory framework that some companies listed in the stock market, and not part of the EU ETS, will need to adjust to. These kinds of governmental policies are urgently needed in a matter such as climate change. Governments must deal with long-term issues by foreseeing the long-term risks and opportunities of current measures in a manner and on a timescale that company planners are not accustomed to. In addition, these policies provide a platform for building confidence in moving towards a low carbon economy that can influence companies, investors and society as a whole. These regulations could impact consumer patterns and may make climate change more of a priority issue amongst voters.
20
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50