Major businesses, now including Banco Santander, BBVA and APG, are backing a new call from the Carbon Disclosure Project (CDP) for emission reductions.
In a letter to the CEOs of the world’s largest public companies on behalf of 92 pension funds, asset managers, insurers and banks, the CDP calls on businesses to undertake cost-effective management and reductions of their carbon emissions.
The CDP’s call is backed for the first time by Banco Santander, Banesto and BBVA from the banking sector, fund manager Henderson and asset manager APG. The campaign has also been joined by a significant number of new signatories in Australia, which passed a new Clean Energy Act last year.
“Institutional investors increasingly recognise that companies in their portfolios can reduce emissions while generating efficiencies,” says CDP’s CEO Paul Simpson. “Companies that capitalise on financial savings as a result of carbon reductions are well placed to improve their competitive position in the marketplace.”
The letters have been sent to two groups of companies – large emitters of around 4 million tons of carbon a year, such as energy generators, utilities, airlines, automakers and companies involved in metals and mining, paper, chemicals, construction materials and transport, and a second group with large supply chain emissions, like retailers, food and drinks companies and makers of household and electronic goods.
The CDP holds one of the largest collections of self-reported corporate environmental data and was awarded the $1.5 million Zayed Energy Prize earlier this year for its efforts.
The project now has over 655 signatories representing $78 trillion in assets and boasts carbon disclosure rates for the some of the world’s largest companies of 80%.
Meanwhile, a consortium of eight leading European energy companies, including DONG Energy, have sent an open letter to the European Commission calling for binding 2030 targets for renewables, carbon emission reductions and energy efficiency.
“Having a stable investment climate is critical for energy companies,” says Anders Eldrup, CEO of DONG Energy. “Binding 2030 targets for renewables and an effective CO2 price are crucial elements to set an economic framework that can drive the huge investments necessary to achieve the build-out of renewables and a modernised energy infrastructure.”
DONG Energy, which recently completed the commissioning of the Walney offshore wind farm in UK waters, says many of its current investment plans have time spans of a decade or more making policy certainty vital.
The EU currently has 2020 targets for cutting carbon emissions 20%, increasing renewables to 20% and improving energy efficiency 20% but it still debating goals for beyond that deadline.
The letter has also been signed by the UK’s SSE, Dutch energy company Eneco, Germany’s EWE, ACCIONA of Spain, Portugal’s EDP Renewables, Sorgenia from Italy and Greece’s Public Power Corporation.
For further information:
UK businesses not taking energy management seriously enough, warns Siemens (17-Feb)
Multinationals need to reduce emissions from supply chain, says report (3-Feb)
Carbon Disclosure Project wins $1.5 million Zayed Future Energy Prize (19-Jan)
EU emissions up in 2010, but still on track to meet Kyoto Protocol target (11-Oct 2011)
24 February 2012