- New baseline-setting report for corporate climate action will track progress against Paris climate goals in future editions, and finds companies already gaining competitive advantage from reducing their emissions;
- Business is gearing up to go low-carbon with 85% of companies already having emissions reduction targets in place;
- But these targets are lacking long-term vision and only take companies one quarter of the way to being in line with keeping global warming below critical 2˚C threshold;
- This year’s Climate A Listers are revealed including Apple, Sky plc and Toshiba.
October 25, 2016: Global corporations have begun the transition to a low-carbon economy and some are already capitalizing on the opportunities this affords, whilst a large number risk being left behind through lack of long-term planning and inertia, according to analysis released today by CDP, the not-for-profit global environmental data platform.
CDP’s report, Out of the starting blocks: Tracking progress on corporate climate action, produced in partnership with We Mean Business, presents carbon emissions and climate change mitigation data from 1,089 companies, disclosed to CDP at the request of 827 institutional investors with assets of US$100 trillion. These companies – which represent some of the world’s most significant in terms of market capitalization and environmental impact – account for 12% of total global greenhouse gas emissions.
With entry into force of the Paris Agreement on climate change confirming the shift to a low-carbon economy, CDP will show how business action is stacking up against the world’s new climate goals by tracking this group of companies in subsequent annual reports.
This year’s report, which sets the baseline, shows that the low-carbon transition can bring high returns. Over a five-year period, 62 companies have succeeded in cutting their emissions by 10% or more while increasing their revenue by the same margin. Collectively, revenue has increased by 29% and emissions reduced by 26% amongst this group, while the rest of the companies in the sample saw a 6% decrease in revenue alongside a 6% rise in emissions.
To view the full Press Release from CDP, please click here.
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