Highlights in 2011


Figure 6: Responses to the CDP questionnaire in the Iberia 125 sample


The business response to climate change


Since 2008, the largest Spanish and Portuguese companies have regularly participated in CDP. The fact that in the past two years the 40% response rate has only risen modestly (4 new companies respond in 2011) reflects the difficulty smaller companies face in developing practices related to climate change measurement, management and communication. Yet management practices among responding companies continues to improve year on year indicating that they are being extended to other companies through their supply chain, through business competition and the reputational challenge posed by climate change.


Moreover, there have been improvements in the level of transparency from responding companies. In the Iberia 125 2011 Report, only 5% (6 of 125) of companies submitted non-public responses (See Figure 6 for details on the response rate and Appendix III for the status of responses from each


of the companies over time). Of the 48 direct responses to the CDP questionnaire in 2011, 73% (35) came from Spanish companies and 27% (13) from Portuguese companies. Two additional Portuguese companies answered the questionnaire indirectly via their parent companies.


In contrast, 60% (75) of the companies in the Iberia 125 sample did not respond to the questionnaire, neither directly or via their parent companies. Increasing the number of responding companies within the sample still poses challenges especially in for small companies.


In earlier CDP reports companies were only scored on the quality and completeness of their disclosure but in 2009 performance scoring was piloted and since 2010 Spanish and Portuguese companies with sufficient disclosure (minimum disclosure score of 50) are also scored on performance. Figure 7 illustrates those companies that score in the A and A- band on performance, are


Figure 7: Carbon Disclosure scores 70 or above vs. carbon performance bands of A, A-, B 100 95 Abengoa 90 85 80 Sonaecom 75 Brisa 70 B


Performance Band A-


A 21


Telefónica Abertis


Enagás Sonae


Repsol YPF OHL


Banco Espirito Santo


Banco Comercial Portugués


BBVA Endesa EDP


Caixa Geral de Depósitos


Gas Natural Ferrovial Acciona


Disclosure Score


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