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A Global Climate Deal And Boardrooms

Posted on September 17, 2015 at 5:05 AM

Did you know ? CDP is the only organisation acting on behalf of investors to ask companies the following question:

"Would your organisation's board of directors support an international agreement between governments on climate change, which seeks to limit global temperature rise to under 2 degrees Celsius ...."?

Among the companies it asked were 28 of the largest energy firms by market capitalisation, who it estimates account for more than a quarter (26%) of global greenhouse gas emissions. A majority - 12 - of the heavy emitters said their board backs a global agreement. They include Russia's Gazprom, the single biggest emitter of greenhouse gases among these carbon majors.

But eight of the companies amazingly reported they have no opinion on the matter and the remaining eight just did not answer the question - revealing once again that there are a lot of ostriches in boardrooms.

Looking beyond this significant energy sub sector, CDP says its data shows that companies that have formulated an opinion on a global climate deal are overwhelmingly in support: 805 companies answered 'yes' and 111 said 'no.'

But the worrying number to my mind is the high number of companies - 1,075 - that said they had no opinion - and the 331 who simply did not answer the question. Looking at the UK, BP was a 'blank' and Rio Tinto had no opinion.

Depending on where your boardroom sits, new analysis of major cities around the world released today by CDP and AECOM reveals that European and Latin American cities are the least reliant on fossil fuels to power their electricity, Asia Pacific cities continue to exhibit a high dependency on fossil fuels, while North American and African cities sit somewhere in the middle.

Note the mayor of Stockholm: Karin Wanngård:  “I have set the ambitious goal for Stockholm to be - not just climate neutral - but fossil fuel free by 2040. I am fully aware that the city must excel in all aspects to reach this goal. Stockholm is already an acknowledged global climate leader, where energy consumption decreases, as do emissions and waste. Measuring and reporting our progress are extremely important tools in helping us succeed and to ensure that the City of Stockholm continues to be a frontrunner when it comes to fighting climate change.”

Categories: Green Issues, Governance, Investors