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Amazon, Facebook, Tesla and Berkshire Hathaway have not reported data on climate change to their shareholders, according to a coalition of heavy investors, which demands that 1,320 companies make clearer disclosures about environmental risks.
Fears that climate change will cause catastrophic environmental damage fuel the demands of institutional investors and regulators for companies to accelerate their efforts to achieve the goal of a clean carbon economy.
In front of the Climate conference Cop26 in Glasgow scheduled for November, 168 asset managers and financial institutions from 28 countries, which together account for more than € 17 billion in combined assets, have signed up to support the Carbon Disclosure Project campaign to ensure that data on climate change, deforestation and water use are given. properly informed by companies.
According to CDP, it is estimated that more than 4,700 megatons (Mt) of carbon dioxide emissions will be produced by the 1,320 target companies, more than the EU as a whole.
Emily Kreps, CDP’s global director of capital markets, said the tide is turning against companies that didn’t respond to investors ’demands to better disclose environmental risks.
“This year’s campaign against non-disclosure has reached record levels of support with a 56% increase in investor participation. Investors need data that is consistent, comparable and complete to help them meet their own ambitions. clean from scratch, ”Kreps said.
U.S. regulators are holding a fierce debate over whether to impose formal disclosure requirements on environmental, social, and governance metrics on U.S. companies.
Amazon and Facebook signed one letter this month to the Securities and Exchange Commission stating that they supported “periodic and consistent notification of climate-related issues,” while urging the U.S. regulator to allow ESG data to be released. published separately of the company’s main financial reports to avoid possible legal issues.
“Mandatory disclosure of ESG is an essential planning tool that can help establish regulatory certainties and have a level playing field,” said Paula DiPerna, special advisor to CDP North America.
Roche, the Swiss pharmaceutical manufacturer Chipotle Mexican Grill, the American burrito chain and the American housing builder Lennar are among the 73 retarded who offer inappropriate disclosures on the three environmental issues highlighted by CDP.
Requests for improved disclosure have also been directed at 122 Chinese companies, including e-commerce group Alibaba, Kweichow Moutai, the distiller and Meituan Dianping, China’s largest food distribution app.
Environmental disclosure standards show signs of improvement as a result of pressure from large investors. The campaign coordinated last year by CDP made 206 companies respond to requests for investor disclosure, compared to 97 in 2019.
But the financial sector needs to do more to help achieve the goal of one zero carbon net economy with less than half of banks, asset managers and insurers taking steps to ensure their investment portfolios align with the limits of global temperature rises, according to CDP.
Amundi, Aviva, Cathay Financial, HSBC Global Asset Management, Legal & General, Nuveen and Schroders have pledged their support for the CDP campaign.
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