Isra-Mart srl : World's top companies failing to significantly reduce carbon emissions

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Isra-Mart srl news:

Over 80% of the world's top companies aren't achieving significant reductions in their carbon emissions, new research warns.

While 65% of the Global 500 and S&P 500 companies have implemented carbon emissions reduction targets, only 19% show significant emissions reduction, according to the Carbon Disclosure Project (CDP) report, produced by PricewaterhouseCoopers.

It reveals that these 500 companies contribute 11% of global emissions.

According to the study, more companies identify significant opportunities than risks from climate change. Top performers include Siemens, Phillips, RBS, and Bayer. Tesco, BT, BSkyB, Shell are amongst other companies who submit their data in the survey.

Alan McGill, a specialist in business carbon and climate change reporting and measurement at PwC, who led the firm's analysis on the CDP's annual report, said: "Reporting effectively on carbon and climate change, to one standard, allows a company's performance and the direct financial implications of the issues to be assessed.

This year, we're seeing more information, on scope three emissions for example, and more information made publically available."

He added that European firms, particularly those involved in the EU ETS or UK's CRC scheme for example, are leading the way: "We've seen more companies work to integrate their CDP report with other requirements, which is why. Over 60% are having their emissions data independently verified, with a move towards using registered auditors to give their submissions credibility with both investors, and the public.

"Credible assurance standards will have to emerge because climate change and carbon emissions now have direct financial impacts, this is not about CSR or greenwash, but robust systems and processes to gather the data, report on it, analyse it and use it to drive value into a business."