LONDON, Could 31 (Reuters) – Greater than 1,600 corporations recognized by non-profit platform CDP as having the most important impression on the setting are usually not disclosing environmental information, it stated because it launched its newest marketing campaign to get companies to supply the data.
CDP, which has standardised information to permit traders and others to match company efficiency in areas like local weather change, water and deforestation, stated 288 monetary establishments with round $29 trillion in belongings will write to the businesses to induce them to reveal the information.
The businesses focused within the 2023 marketing campaign embody repeat non-disclosers reminiscent of Exxon Mobil (XOM.N), Glencore (GLEN.L) and Caterpillar (CAT.N), CDP stated in a press release.
Exxon stated it had a plan “to cut back emissions to assist a net-zero future whereas rising worth for our shareholders and stakeholders.”
In an emailed assertion, the oil large stated between 2016 and end-2021 it had minimize the emissions from its personal operations and decreased methane emissions depth from operated belongings, and it had hiked the quantity it plans to speculate on lower-emission initiatives.
Glencore declined to remark.
Caterpillar didn't reply to a request for remark.
Collectively, the non-disclosers emit an estimated +4,200 megatonnes of carbon dioxide equal yearly – which CDP stated was virtually equal to the greenhouse fuel emissions of the UK, the European Union and Canada mixed.
CDP works to assist small teams of lead shareholders goal corporations and ratchet up stress on boards to pay attention, stated Claire Elsdon, CDP's joint international director of capital markets.
Monetary establishments want the information “to assist danger administration practices, monitoring portfolio alignment to web zero objectives and unlocking sustainability-linked alternatives,” she stated. “These makes use of can serve to not solely safeguard but additionally enhance long-term profitability,” Elsdon stated.
Because it launched in 2017, CDP has expanded the universe of corporations it targets for information disclosure. That has meant the variety of non-disclosing corporations focused this yr is larger than in its 2022 marketing campaign.
Regardless of the progress, disclosure stays an issue in high-emitting sectors and getting laggards to submit information will show tough, she acknowledged.
Total, about 50% of corporations throughout sectors disclose environmental information, Elsdon instructed Reuters.
The 2022 marketing campaign delivered responses from 388 high-impact corporations out of almost 1,500 focused, and CDP stated companies had been 2.3 instances extra prone to disclose in the event that they had been instantly engaged by monetary establishments.
Buyers focusing on non-dislosing corporations this yr embody Sumitomo Life Insurance coverage, AQR and Authorized & Basic Funding Administration.
Reporting by Tommy Reggiori Wilkes; Enhancing by Sharon Singleton and David Gregorio
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