Nearly 300 financial institutions have launched a call for companies with a high climate impact to publish their full greenhouse gas emissions figures, including Tesla, Spotify or ExxonMobil, via CDP, the reference organization that already collects carbon data from more than 18,000 companies. "A record 288 financial institutions representing nearly $29 trillion in assets are calling on companies with high environmental impacts to disclose their environmental data through CDPs," the nonprofit organization (formerly known as the Carbon Disclosure Project) said in a statement Wednesday.
The CDP conducts, on a voluntary basis, thousands of companies each year a detailed questionnaire on the source and volumes of their greenhouse gas emissions; This data is then accessible in particular by investors who would like to know the carbon footprint of a particular company. Among the signatories, the British asset manager Schroders, the French Ostrum Asset Management, the Swiss private bank Pictet and La Banque Postale.
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'Critical' Climate Decade
These players in the financial sector intend to push companies to clarify their plan of attack to reduce their carbon emissions "to guarantee the future of their investments and of course, that of our planet," said Laurent Babikian, global director of data products at CDP. In particular, the CDP calls for companies to publish their direct and indirect emissions, upstream and downstream, from the company's value chain, to the consumer's use of the product or service. These indirect emissions are referred to as "scope 3", according to the dominant terminology.
Companies "must act across their entire supply chain to ensure the preservation of the planet and cannot afford to ignore Scope 3 emissions," Babikian said. Emissions from companies' supply chains are on average 11.4 times greater than emissions from their own operations (mostly related to the energy they use), according to CDP.
During this decisive decade for the climate, many companies have not yet shown real leadership in many areas such as energy, automotive or technology," says Laurent Babikian. The European Union has also adopted new obligations that will require around 50,000 companies on the continent to report their full emissions more accurately.