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The Low Carbon Economy Ltd

05 Apr 2011 12:04:18

Investors call on Global 500 to cut CO2 through Carbon Action

Investors call on Global 500 to cut CO2 through Carbon Action
FTSE Global 500 companies are being called upon to cut their CO2 emissions through a new scheme from the Carbon Disclosure Project (CDP).

Carbon Action is the body's newest drive on behalf of institutional investors to further encourage top companies to enhance their carbon reduction initiatives and in turn lower costs and reduce the risk to financial backers.

The group of 34 institutional investors, which own $7.6 trillion (£4.7 trillion) in assets, will be sending out requests through the CDP, asking to see year-on-year emission reductions and for those firms without a CO2 reduction target in place to implement one.

Companies will also be asked to demonstrate that they have in place a plan for cutting greenhouse gases which provides a "satisfactory positive return on investment".

Steve Waygood, head of sustainability, research and engagement at Aviva Investors and a founding signatory of Carbon Action, said: "We believe that the external costs of greenhouse gas emissions will become internalised into company cash flows and profitability. We encourage companies to consider what action that they can take now to reduce emissions."

Currently more than 3,000 organisations across 60 countries report their emissions through the CDP, which acts on behalf of over 50 institutional investors.  ADNFCR-1235-ID-800487533-ADNFCR

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