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Carbon Disclosure Project 2011 – Iberia Report 125


Prologue from ECODES


We live in times of great uncertainty and of multiple crises. Spain, Portugal and many other countries are experiencing a deep and unprecedented economic and social crisis. Experts as well as ordinary citizens spend their mornings carefully scrutinizing the evolving risk premium paid by their governments. Economic jargon is on the front pages of daily newspapers. Days pass at a frenetic pace while there are weeks that seem like years... Therefore it is not surprising that the media - and consequently the political class - live by and for the short-term.


Meanwhile, there are environmental problems that have been developing over many years that we must now deal with and that will require a great and long-term effort from all of us. Indicators of environmental unsustainability are increasing across the globe. The recent accident in Fukushima, Japan, for example, has demonstrated that the shift towards a global energy system that is more efficient, safe and renewable is urgently needed. The British Petroleum oil spill leads us towards similar conclusions. Evidence of evolving climate change is becoming more worrisome. In short, the "environmental risk premium" is also growing.


The challenge that we now face is how to deal simultaneously with the urgent and important economic and financial crisis, the urgent and important social crisis and the urgent and important environmental crisis. All these crises coexist, overlap and are interdependent and should therefore be resolved in an integrated fashion. And in order to be able to succeed in this endeavor, the firm commitment of companies is essential. They all must exercise their social responsibility and integrate their internal search for value with the objective of creating value for society at large.


Companies which have voluntarily completed the Carbon Disclosure Project (CDP) questionnaire have demonstrated that they are working to tackle climate change. The CDP signatory financial institutions use this information when making investment decisions, thus creating a virtuous circle that rewards the more proactive companies and that also promotes a shift towards the use of environmental policies in the tens of thousands of small and medium enterprises that are part of their supply chains. All of these companies are creating shared value for themselves and for society.


Carbon Disclosure Project has established itself as a remarkably powerful tool to encourage movement towards sustainability in millions of companies worldwide. And the good news is that this remains so despite the deep economic crisis that we are experiencing. The pages of this 2011 CDP 125 Iberia Report are evidence of this fact. It is encouraging to note that in this period of crisis that we are living, the low-carbon economy that we so desperately need is already being built. Let's continue on this path.


Víctor Viñuales Edo CEO ECODES


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