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The Carbon Disclosure Leadership Index 2011


What does a disclosure score represent?


Generally, companies scoring within a particular range exhibit similar levels of commitment to, and experience of, disclosure. The indicative description of each level is provided below for guidance only; investors should read individual company responses to understand the context for each business.


How is the disclosure score determined?


In determining the disclosure score for each company, we assess the following:


• The level of understanding and disclosure of company-specific exposure to climate-related risks and opportunities.


• The level of strategic focus and commitment to understanding the business issues related to climate change, emanating from the top of the organization.


• The extent to which a company has measured its carbon emissions.


• The extent of the internal data management practices for understanding GHG emissions, including energy use.


• The frequency and relevance of disclosure to key corporate stakeholders.


• Whether the company uses third party or external verification of emissions data to promote greater confidence and usage of the data.


The journey to leadership Compliance


Figure 14: Carbon Disclosure Elements


What does a disclosure score typically represent? Low (<50)


Limited or restricted ability to measure and disclose climate related risks, opportunities and overall carbon emissions


Midrange (50-70) Increased


understanding and measurement of company-specific risks and opportunities related to climate change


High (>70)


Senior management understand the business issues related to climate change and build climate related risks and opportunities into core business


Disclosure score (Max. 100)


Managing for value Eligibility for the CDLI


In order to be included in the CDLI companies must:


• Respond using the Online Reporting System (ORS) prior to the deadline.


• Provide a public response.


• Score within the top 10% of the reporting population.


More information on the CDLI can be found in the information request, supporting methodology and guidance documents at www.cdproject.net.


Table 4: Carbon Disclosure Leadership Index for Iberia 125 Company


Country


Gas Natural Abengoa Ferrovial Telefonica Repsol YPF Caixa Geral


de Depositos Endesa Acciona Abertis


Enagás


Spain Spain Spain Spain Spain


Portugal Spain


Spain Spain


Banco Santander Spain EDP OHL


Portugal Spain Spain


Sector Utilities


Industrials Industrials


Financials Utilities


Industrials Industrials Financials Utilities


Industrials Energy


Strategic advantage


Disclosure Score


95 92 90


Telecommunications 90 Energy


89 88


88 86 85 85 85 84 83


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