Академический Документы
Профессиональный Документы
Культура Документы
Report sponsor
CDP 2014 scoring partners
CDP works with a number of partners to deliver the scores for all our responding companies.
These partners are listed below along with the geographical regions in which they provide the
scoring. All scoring partners have to complete a detailed training course to ensure the methodology
and guidance are applied correctly and the scoring results go through a comprehensive quality
assurance process before being published. In some regions there is more than one scoring partner
and the responsibilities are shared between multiple partners.
Japan China, Japan, Russia, Turkey Germany and Austria Germany: Mittelstand
sustainabl e
Aplicacin en B/N Aplicacin sobre color
Japan Spain, Portugal Japan Germany and Austria
and Latin America
Our sincere thanks are also PE International CVS Health Konica Minolta, Inc
extended to the following for ACCIONA Daimler AG Johnson Matthey
their generous support: BT Group Elekta Siemens Aktiengesellschaft
03
Contents
CEO foreword
04 Sector profiles
Sustainability data makes
05 16 Consumer discretionary
business stronger 18 Consumer staples
Guest commentary: PE International
20 Energy
22 Financials
Climate Performance
06
24 Health care
Leadership Index (CPLI)
26 Industrials
What makes a climate change
08
performance global leader? 28 Information technology
Executive summary 30 Materials
Leadership criteria
11 32 Telecommunication services
Where are the performance leaders?
12 34 Utilities
36
Investor analysis: Climate change
14 Building on climate change
leadership: Natural capital
action and financial performance
Appendix I
37
Investor members
Appendix II
38
Largest non-responders by
market capitalization
Appendix III
40
Investor signatories
Important Notice
The contents of this report may be used by anyone providing acknowledgement is given to CDP. This does not represent a license to repackage or resell any of the data reported to
CDP or the contributing authors and presented in this report. If you intend to repackage or resell any of the contents of this report, you need to obtain express permission from CDP
before doing so.
CDP has prepared the data and analysis in this report based on responses to the 2014 climate change information request. No representation or warranty (express or implied) is given
by CDP or any of its contributors as to the accuracy or completeness of the information and opinions contained in this report. You should not act upon the information contained in this
publication without obtaining specific professional advice. To the extent permitted by law, CDP and its contributors do not accept or assume any liability, responsibility or duty of care
for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this report or for any decision based on it. All information and views
expressed herein by CDP and its contributors are based on their judgment at the time of this report and are subject to change without notice due to economic, political, industry and
firm-specific factors. Guest commentaries where included in this report reflect the views of their respective authors; their inclusion is not an endorsement of them.
CDP and its contributors, their affiliated member firms or companies, or their respective shareholders, members, partners, principals, directors, officers and/or employees, may have a
position in the securities of the companies discussed herein. The securities of the companies mentioned in this document may not be eligible for sale in some states or countries, nor
suitable for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by exchange rates.
CDP refers to CDP Worldwide, a United Kingdom company limited by guarantee, registered as a United Kingdom charity number 1122330.
CEO foreword
The global economy has bounced back from crisis and a cautious
optimism is beginning to pervade the markets. As we embrace recovery
we must remember that greenhouse gas emissions continue to rise
and we face steep financial risk if we do not mitigate them.
The unprecedented environmental challenges that we There is growing momentum on the policy front with
confront today reducing greenhouse gas emissions, President Obamas announcement of new federal rules
safeguarding water resources and preventing the to limit greenhouse gases in the US. In the EU, some
destruction of forests are also economic problems. 6,000 companies will be required to disclose on specific
One irrefutable fact is filtering through to companies environmental, social and governance criteria as part
and investors: the bottom line is at risk from of their mainstream reporting to investors. In China
environmental crisis. over 20,000 companies will be required to report their
greenhouse gas emissions to the government.
The impact of climate events on economies around the
world has increasingly been splashed across headlines There is a palpable sea change in approach by
in the last year, with the worst winter in 30 years companies driven by a growing recognition that
suffered by the USA costing billions of dollars. Australia there is a cost associated with the carbon they emit.
has experienced its hottest two years on record and Measurement, transparency and accountability
the UK has had its wettest winter for hundreds of years drives positive change in the world of business
costing the insurance industry over a billion pounds. and investment. Our experience working with over
Over three quarters of companies reporting to CDP this 4,500 companies shows the multitude of benefits for
year have disclosed a physical risk from climate change. companies that report their environmental impacts,
Investing in climate changerelated resilience planning unveiling risks and previously unseen opportunities.
has become crucial for all corporations.
We are standing at a juncture in history. With the
Investor engagement on these issues is increasing. prospect of a global climate deal coming from the
In the US a record number of shareholder resolutions in United Nations process, governments, cities, the private
the 2014 proxy season led 20 international corporations sector and civil society have a great opportunity to take
to commit to reduce greenhouse gas emissions or bold actions and build momentum in the run up to the
sustainably source palm oil. Paris 2015 meeting. The decisions we make today can
lead us to a profitable and secure future. A future that
As mainstream investors begin to recognize the real
we can all be proud of.
value at risk, we are seeing more action from some of
the 767 investors who request disclosure through CDP.
The Norwegian pension fund, Norges Bank, with assets
Paul Simpson
worth over $800 billion, expects companies to show
Chief Executive Officer, CDP
strategies for climate change risk mitigation and water
management, and have divested from both timber and
1. www.un.org/ palm oil companies that did not meet their standards.
climatechange/towards-a-
climate-agreement/
05
Thanks to the efforts of CDP, the amount and quality Sustainability leaders are using the wealth of data
of data available to businesses has exploded. We now they now have available to define targets, identify
live in the age of big data and businesses have the opportunities, benchmark their performance,
ability to decode quickly and effectively the impact of monitor and measure cost savings and communicate
the way they operate. This is a boon to companies their progress.
and their stakeholders as they become increasingly
The integration of sustainability performance
concerned about issues ranging from greenhouse gas
management into their operations enables businesses
emissions and resource scarcity to labor conditions
not just to map their sustainability landscape but also to
and conflict minerals and their potential effects on
navigate their way through it and scale up their efforts.
business performance.
Armed with the knowledge of the full impacts of their
Businesses, cities, government departments and
value chains and products, they can improve them or
municipalities need to know, now more than ever, what
make entirely new products with sustainability designed
is going on within their own operations and throughout
into them. They can create innovative technologies
their value chains. However, there is a big difference
and sell into new markets. And crucially, they can
between having the information available and being able
do this not just on an ad-hoc or one-off basis but
to make good use of it.
they can scale up their sustainability performance
Trying to gather and use this data armed with little more throughout their organizations to create an ongoing
than a clipboard and a spreadsheet is no longer feasible competitive advantage.
if organizations want to manage their sustainability
True leaders in the field are using their sustainability
reporting and extract the maximum value from it. They
information to become stronger businesses and
need system-wide software platforms that enable them
to make better decisions based on what they have
to evaluate everything from a product carbon footprint
learned. They understand that analyzing, reporting and
to an enterprise-level sustainability strategy or supply
benchmarking the data they have gathered can help
chain program.
to boost revenues, strengthen brands, cut costs and
And information, once collected, should not be manage risks.
trapped in the silos of different departments but
We congratulate the companies recognised for their
should be used again and again to meet requests for
leadership in this report and are pleased to continue to
greater transparency from stakeholders ranging from
accompany many of them on their journey.
organisations such as CDP to investors, customers,
employees and regulators. However, disclosure on its
own is not enough. Christoph Wilfert
CEO, PE International
06
Years Years
Company Country on CPLI Company Country on CPLI
Years Years
Company Country on CPLI Company Country on CPLI
The single biggest risk that exists to the economy today is how
former U.S. Treasury Secretary Henry Paulson has categorized climate
change. He believes that the factors that nearly brought down the U.S.
financial sector have parallels with climate change.
75%
company with an IRR for each initiative of 57%. Those
of their non-leading peers, however, result in 6% and
50% respectively.
A companys overall absolute emissions can
vary for a range of reasons including mergers and
acquisitions but the A List has collectively reduced of the leaders are on track to meet
its absolute emissions by 33 million metric tons in the
past reporting year, with total emissions standing at
their emissions reduction targets
693.7 million metric tons. vs. 59% of their non-leading peers.
Additionally, the CPLI is making signicantly better
progress with its targets for absolute emissions
reductions than its non-leading peers. Targets of all
companies leaders and non-leaders are generally
too short-term, running to 2016/17 on average. CPLI
projects to reduce emissions, however, typically span
12 years, which demonstrates a willingness for some
long-term investing. Policy is cited by leaders as a risk
and opportunity in almost equal measure it is likely
that a lack of clear long term policy is stalling corporate
progress toward ambitious long-term targets.
10
Realizing returns
Practicing strong governance of how climate change
Policy: Risk or opportunity?
affects their business is driving these companies to
94% 98%
understand better how their operations impact the
environmental challenges that today face the world. In
turn, these companies are taking action to minimize
their contribution to a changing climate and to reduce
their reliance on natural resources. With such a robust of leader companies of leader companies
approach to managing these issues, it is perhaps no report policy report policy
surprise that the CPLI generates superior returns for as a risk as an opportunity
its shareholders than other global indices and has
33 Mt
The analysis presented in this report is a brief summary
of a subset of the data available through CDP. We
encourage all readers of this report to view the full
corporate responses individually from our website.
Enhanced and unlimited access to the data is
available through the CDP analytics tool which makes
benchmarking and trend analysis simple via a series of
interactive dashboards and export functions. Different
versions of the tool are available for investors and
companies. Visit www.cdp.net to find out more.
411
Mt CO e
370
80
60
40
20
Financials Healthcare Telecom- Information Energy Consumer Consumer Materials Industrials Utilities
munication technology discretionary staples
services
11
Each year, company responses are analyzed and scored against two
parallel scoring schemes: performance and disclosure. This report
focuses solely on performance and includes only those companies that
enter the Climate Performance Leadership Index (CPLI) and achieve the
highest A band.
The performance score assesses the level of action, as are doing with regards to climate change. This group
reported by the company, on climate change mitigation, accounts for 32% of the total number of companies that
adaptation and transparency. Its intent is to highlight had their disclosures to CDPs climate change program
positive climate action as demonstrated by a companys scored. It is clear from reading these responses that
CDP response. A high performance score signals that these companies are putting considerable resource and
a company is measuring, verifying and managing its effort into mitigating climate risk and maximizing climate
carbon footprint, for example by setting and meeting opportunities. While they do not qualify for climate
carbon reduction targets and implementing programs performance leadership as defined by the CDP scoring
to reduce emissions in both its direct operations and methodology in 2014, many of them have been leaders
supply chain. in previous years. They are continuing on their pathway
of investing in emission reductions, and driving this
In addition to the performance leaders CDP would like to
issue up through their management structure and out
commend all companies that achieved the performance
through their value chains.
bands of A and B this year for the excellent work they
What are the CPLI criteria? How is the CPLI used by investors?
To enter the CPLI (Performance Band A), Good performance scores are used by
a company must: investors as a proxy of good climate change
management or climate change performance of
^^ Make its response public and submit via CDPs
companies.
Online Response System
Investors identify and then engage with
^^ Attain a performance score greater than 85
companies to encourage them to improve their
^^ Score maximum performance points score. The Aiming for A initiative which was
on question 12.1a (absolute emissions initiated by CCLA Investment Management is
performance) for GHG reductions due to driven by a coalition of UK asset owners and
emission reduction actions over the past year mutual fund managers. They are asking major
(4% or above in 2014) UK-listed utilities and extractives companies
to aim for inclusion in the CPLI. This may
^^ Disclose gross global Scope 1 and Scope 2
involve filing supportive shareholder resolutions
figures
for Annual General Meetings occurring after
^^ Score maximum performance points for September 2014.
verification of Scope 1 and Scope 2 emissions
Investors are also using CDP scores for creation
^^ Furthermore, CDP reserves the right to of financial products. For example, Nedbank
exclude any company from the CPLI if there in South Africa developed the Nedbank Green
is anything in its response or other publicly Index. Disclosure scores are used for selecting
available information that calls into question its stocks and performance scores for assigning
suitability for inclusion. weight.
Note: Companies that achieve a performance score high For further information on the CPLI and how
enough to warrant inclusion in the CPLI, but do not meet all of
scores are determined, please visit www.cdp.net/
the other CPLI requirements are classed as Performance Band
A- but are not included in the CPLI. guidance.
12
Sweden
48/6
Norway
30/3
Canada 97/4 Netherlands 30/5
Italy 45/4
France 84/10
Switzerland 64/5
Respondent numbers for certain countries may differ from regional CDP reports
due to submission date of response for inclusion in analysis/scoring and difference
between company location and exchange/index listings. This map includes data
only from countries that produced climate performance leaders. More than 4,500
companies from more than 80 countries use CDP to manage and share vital
environmental information.
13
Resp
Australia 76/5
14
ECPI is based in Milan and Luxembourg and is At an industry level, the CPLI is over-weight in financial
dedicated to constructing investable products around and ICT companies versus the other indexes as com-
the concept of sustainability. In order to gauge the panies in these sectors have on average been quicker
influence of leadership in carbon management on the to integrate climate change into their core business
market performance of a company, ECPI compared strategy and set and met emissions reduction targets.
the market performance of the Climate Performance Conversely, the CPLI is under-weight in energy, basic
Leaders Index (CPLI)1 against that of a broad market materials and industrials companies as companies
index, the Bloomberg World Index,2 and that of a global in these sectors have on average found it tougher to
sustainability index, the Dow Jones Sustainability World improve their carbon efficiency and performance.
Index (DJSWI),3 for the period since the launch of the
The CPLI is therefore a good tool to infer the
CPLI in October 2010.
performance of the world market, while protecting
The results support the adoption of quantitative carbon the portfolio against the physical, regulatory and
data in developing investment strategies. Over this four reputational risks associated with carbon emissions and
year period the CPLI gained 37.53%, outperforming the promoting the reduction of emissions at company level.
Bloomberg World Index which gained 34.24% and the
In future it might be interesting to develop an index with
DJSWI which gained 31.38%.
the same industry weightings as the world market and
Looking more closely at the geographic breakdown companies ranked according to their CDP performance
of these indexes,4 the CPLI contains fewer emerging score.
market companies than the Bloomberg World Index
and a greater concentration of UK companies. The
CPLI also has a greater concentration of US companies
than the DJSWI.
Bloomberg World
Index 34.24%
1,200
Dow Jones
Sustainability
World Index
31.38%
1,000
900
800
Oct 1 Sept 22
Source: data in US$ from 1/10/2010 to 22/9/2014, source ECPI based on data by Thomson Reuters Datastream and Bloomberg.
15
Geographic breakdown
Bloomberg World Index Dow Jones Sustainability CPLI CPLI vs. CPLI vs. DJ
as of September 22, 2014 World Index as of September 22, 2014 Bloomberg Sustainability
as of August 31, 2014 World World
Sources: Bloomberg World Index, Bloomberg as of 22/9/2014; DJSWI index factsheet as of 31/8/2014
CDP index: ECPI based on data from CDP and TR Datastream. Data as of 22/9/2014.
Industry breakdown
Bloomberg World Index DJ Sustainability World Index CPLI CPLI vs. CPLI vs. DJ
as of September 22, 2014 as of August 31, 2014 as of September 22 , 2014 Bloomberg Sustainability
1. The Index is built using the historical composition of the CPLI, as annually assessed by CDP according to its proprietary methodology. The index adopts a market capital-
ization weighting system. The index composition is updated annually, in October, to reflect the results of that years scoring assessment.
2. The Bloomberg World Index is a capitalization weighted index of all equities included in the Bloomberg World Index Series. Equities in the series were in the top 85% mar-
ket capitalization of their respective Bloomberg Classification Sector at the time of the rebalance. The index series is rebalanced semi- annually in February and August.
3. The Dow Jones Sustainability World Index is composed of global sustainability leaders as identified by RobecoSAM through a corporate sustainability assessment. The
index represents the top 10% of the largest 2,500 companies in the S&P Global BMI based on long-term economic, environmental and social criteria. Review frequency:
annually in September.
4. It is worth mentioning that this comparison is influenced by the dimension of the indices and different standards adopted for industry classification.
16
Consumer discretionary
Sector analysis
Auto components
4,178,320 Fiat 36
1,260,493 Renault 23
Energy efficiency: 149 M
processes 112,127 Tofa Trk Otomobil Fabrikas A.. 30
Daimler AG
Sector profile
Daimler AG
18
Consumer staples
Sector analysis Food security is a key driver in longer term
business decisions... it drives our aims to source
more of our private label products locally and is
an explicit evaluation criteria in our technology
evaluations on food wastewe have changed
Similar to its peers in the discretionary sector, this group cites the sourcing patterns of some fresh produce to
changing consumer behavior as the most important short-term account for changing weather conditions.
risk and opportunity, noting that it will gain more business from
an enhanced reputation, than it would lose from a damaged Pick n Pay Holdings
reputation.Changes in weather patterns that would affect raw
material crop yields is cited as a significant longer-term risk
by the sector, which is largely comprised offood producers
and retailers.
Almost all of the leaders in this sectorengage with their
suppliers on climate change and emissions, with half using this
engagement to identify reduction opportunities, whilea third use
that data to score suppliers through their procurement process. Emissions trend and financial intensity
Emissions Financial
On the topic of corporate influence, this group ismostly trend* 2014 S1+S2, tCOe intensity
supportive of climate legislation and virtually every Emissions trend and financial intensity
Beverages
companysays the position of their trade associations is Emissions Financial
trend* 5,285,095 Anheuser Busch InBev 122
consistent with itsown corporate position. 2014 S1+S2, tCOe intensity
741,684 Coca-Cola HBC AG
Beverages 81
A third of the companies have an absolute reduction target to
5,285,095 Diageo PlcBusch InBev
701,388 Anheuser 39
122
2020 but only one Kirin Holdings from Japan has an absolute
target beyond this to 2050 set at 50% for itswhole value chain. 741,684 Heineken
1,882,389 Coca-ColaNV
HBC AG 74
81
Collectively, this group reduced its absolute emissions by 701,388 Kirin
1,140,369 DiageoHoldings
Plc Co Ltd 49
39
840,000 metric tons COe in the last reporting year.
1,882,389 SABMiller
1,839,413 Heineken NV 106
74
Top investment 232,253 Suntory
1,140,369 Beverage
Kirin Holdings & Food
Co Ltd 20
49
Annual Annual
areas Investment monetary COe Food 1,839,413
and staples retailing
SABMiller 106
required savings savings
Top investment $668 M $390 M 1.4 Mt 232,253 Aeon
2,529,095 Co.,
Suntory Ltd.
Beverage & Food 41
20
Annual Annual
CO e
areas Investment monetary COe Food 1,659,100 CVSretailing
and staples Health 13
required savings savings
$668 M $390 M 1.4 Mt 2,529,095 J
1,362,815 Sainsbury
Aeon Plc
Co., Ltd. 40
41
CO e 1,659,100 Morrison
1,082,818 Supermarkets
CVS Health 38
13
582,518 Pick
1,362,815 n Pay Stores
J Sainsbury Plc Ltd 82
40
0.5 Mt 241,725 Sonae
1,082,818 Morrison Supermarkets 38
38
582,518 Wal-Mart
21,435,137 Stores,
Pick n Pay StoresInc.
Ltd 46
82
Energy efficiency:
358 M 0.5 Mt Food products
241,725 Sonae 38
building services
21,435,137 Associated
3,144,397 Wal-Mart BritishInc.
Stores, Foods 151
46
Energy efficiency:
358 M 297 M products Danone
Food 1,238,822 44
building services
3,144,397 Unilever
1,953,147 plc British Foods
Associated 30
151
Sector profile
CVS Health
CVS Health
20
Energy
Sector analysis
Spectra Energy
Low carbon 53 M
energy installation * S1+S2 emissions reported to CDP 20122014
Energy effiency: 33 M
processes 0.2 Mt Total of Scope 1 and Scope 2 emissions reported to CDP 2014
Low carbon 0.4 Mt
energy purchase 31 M Financial intensity: Metric tons COe per unit of revenue (US$million) (scope 1&2 emissions).
Process emissions US$ revenue data sourced from Bloomberg for 2013 financial year.
reductions
Data are drawn from question 3.3b. Figures reflect total reported investment and savings. US$ revenue figure unavailable
Some companies do not provide quantitative data for all disclosed projects. Thus, any
Low carbon 53 M
implied relationship between investment, monetary savings, and COe reductions, as a
energy installation
sector, may be limited. For deeper analyses, refer to company-specific information.
33 M 0.2 Mt
Low carbon
energy purchase 31 M
Data are drawn from question 3.3b. Figures reflect total reported investment and savings.
Some companies do not provide quantitative data for all disclosed projects. Thus, any
implied relationship between investment, monetary savings, and COe reductions, as a
sector, may be limited. For deeper analyses, refer to company-specific information.
21
CDP is increasing its focus on a number The sector approach involves: Benefits include:
of key sectors, prioritized for their
dependence and impact on climate ^^ Consulting directly with investors and ^^ Collecting the most relevant and
change, water and deforestation. industry representatives, to assess the usable information for investors,
This will help to drive more targeted relevance of existing CDP questions decision makers and other
and effective action by companies to that oil and gas companies have been stakeholders;
reduce greenhouse gas emissions, requested to disclose to date, both
from CDPs climate change question- ^^ Focusing companies on disclosing
safeguard water resources, and prevent
naire, as well as from the supplemen- and taking action on key issues
the destruction of forests. This move
tary oil and gas sector module; identified for their relevance to the
towards greater sector focus is a result of
environment and investors; and
consultation with stakeholders including
^^ Adjusting climate change reporting
investors and responding companies. ^^ Providing a more meaningful
requirements for oil and gas
companies accordingly to reflect the assessment of companies progress
CDP will be implementing this approach
most relevant areas for the sector and on climate change.
gradually over the next three years,
initially through the focus on our climate its investors;
CDP is working closely with industry
change program, and then expanding and investor representatives to develop
^^ Developing sector specific guidance
this work to cover additional environmen- a sector-specific climate change
to drive standardization and support
tal areas. In 2015 the sector approach questionnaire for oil and gas companies
reporting companies;
will be piloted on the oil and gas sector, ahead of the 2015 CDP disclosure
which has been prioritized for its rele- ^^ Developing a sector specific scoring period. CDP will consult on proposed
vance to climate change. The aim is to methodology to assess the level of changes to the climate change questions
produce data that is more meaningful to detail and comprehensiveness of oil pertaining to the oil and gas sector in
investors, reduce reporting requirements and gas companies disclosures and October 2014.
for key sectors, incentivize transparency their level of action taken on climate
and catalyze sector-specific action. change; and
Capital markets
216,396 BNY Mellon 14
Emissions trend and financial intensity
Emissions 260,209 Goldman
2014 S1+S2, tCO e Sachs Group Inc. 6
Financial
trend* intensity
2,223 Henderson Group 2
This sector has the second highest number of performance Capital markets
162,813 UBS 4
leaders with 37 achieving the A band. Like many other sectors 216,396 BNY Mellon 14
they cite reputation and changing consumer behavior as one Commercial banks
260,209 Goldman Sachs Group Inc. 6
of the most significant opportunities in the next three years for 25,030 Banco Espirito Santo 4
attracting and retaining both staff and customers. Three quarters 2,223 Henderson Group 2
321,988 Banco Santander 4
report employee engagement and behavioral change as a key 162,813 UBS 4
driver to achieving reductions with a payback of less than one 4,271 Bankia 0.5
Commercial banks
year when combined with having a dedicated budget for energy 34,494 CaixaBank 5
25,030 Banco Espirito Santo 4
efficiency that improves their building performance. This sector 75,839 Comerica Incorporated 29
accounts for 30% of all CPLI references to employee engagement 321,988 Banco Santander 4
51,344 Commerzbank AG 2
as a key driver of reductions. 4,271 Bankia 0.5
142,498 Commonwealth Bank of Australia 3
Many reported short term risks from uncertainty around 34,494 CaixaBank 5
683,376 HSBC Holdings plc 8
new regulation, as well as the potential impact of product 75,839 Comerica Incorporated 29
efficiency regulation, incoming cap and trade schemes, fuel/ 111,737 Intesa Sanpaolo S.p.A 3
51,344 Commerzbank AG 2
energy regulation and carbon taxes. With regard to Scope 3 198,388 National Australia Bank 5
142,498 Commonwealth Bank of Australia 3
reporting,half the group reports that the emissions associated
632 Raiffeisen Bank International AG 0.05
with their investments are relevant, but not yet calculated.This 683,376 HSBC Holdings plc 8
highlights a focus area for the financial sector if it is to fully 105,663 Shinhan Financial Group 104
111,737 Intesa Sanpaolo S.p.A 3
understand its deeper impacton climate change. 353,995 Standard Bank Group 26
198,388 National Australia Bank 5
Six of the companies have set absolute reduction targets to 250,605 Standard Chartered 10
632 Raiffeisen Bank International AG 0.05
2020.Goldman Sachs goesthe furthest with a 100% target to be 207,381 TD Bank Group 7
105,663 Shinhan Financial Group 104
carbon neutral in all their offices and data centers.Collectively, 1,376,340 Wells Fargo & Company 16
this group reduced its absolute emissions by 340,000 metric tons 353,995 Standard Bank Group 26
Diversified financial services
COe in the last reporting year. 250,605 Standard Chartered 10
1,448,398 Bank of America 14
Top investment Annual 207,381 TD Bank Group 7
areas COe 248,688 Firstrand Limited 29
Annual 1,376,340 Wells Fargo & Company 16
Investment monetary savings 88,483 ING Group 1
required savings 0.17 Mt Diversified financial services
$143 M $55 M CO e Insurance
1,448,398 Bank of America 14
Top investment Annual 78,629 Aviva 1
areas COe 248,688 Firstrand Limited 29
Annual
31,267 Generali Deutschland Holding AG 1
Investment monetary savings 88,483 ING Group 1
required savings 0.17 Mt 44,822 Insurance Australia Group 5
$143 M $55 M CO e Insurance
0.07 Mt 60,883 Principal Financial Group, Inc. 7
23 M 78,629 Aviva 1
33,105 Samsung Fire & Marine Insurance 2
Energy efficiency: 31,267 Generali Deutschland Holding AG 1
87 M 39,124 Sanlam 4
building services 44,822 Insurance Australia Group 5
74,364 The Hartford Financial Services Group, Inc. 3
0.07 Mt 60,883 Principal Financial Group, Inc. 7
23 M
0.01 Mt 125,984 Zurich Insurance Group 2
33,105 Samsung Fire & Marine Insurance 2
Energy efficiency: 5M
87 M Real estate investment trusts
building services 39,124 Sanlam 4
111,240 Dexus Property Group 182
74,364 The Hartford Financial Services Group, Inc. 3
590,056 Host Hotels & Resorts, Inc. 114
Low carbon 0.01 Mt 125,984 Zurich Insurance Group 2
15
5M M 35,168 Investa Office Fund 194
energy installation Real estate investment trusts
29 M 0.08 Mt
44,844 Redefine Properties Ltd 127
Energy efficiency: 111,240 Dexus Property Group 182
building fabric 482,074 Simon Property Group 93
590,056 Host Hotels & Resorts, Inc. 114
Low carbon
Process emissions 15 M Real estate management and development
18 M 35,168 Investa Office Fund 194
energy installation
reductions
29 M 11 M 0.08 Mt 351,417 Daiwa House Industry Co., Ltd. 14
44,844 Redefine Properties Ltd 127
Energy efficiency:
Transportation: 6M
building
use fabric 0.01 Mt 482,074 Simon Property Group 93
4M
* S1+S2 emissions reported to CDP 20122014
Process emissions Real estate management and development
Data are drawn from question 3.3b. Figures Total of Scope 1 and Scope 2 emissions reported to CDP 2014
reductions 18reflect
M total reported investment and savings.
11 Mprojects. Thus, any
Some companies do not provide quantitative data for all disclosed 351,417
Financial intensity: MetricDaiwa
tons COHouse Industry Co., Ltd. 14
e per unit of revenue (US$million) (scope 1&2 emissions).
implied relationship between investment, monetary savings, and COe reductions, as a US$ revenue data sourced from Bloomberg for 2013 financial year.
Transportation: 6 refer
sector, may be limited. For deeper analyses, M to company-specific information.
use 0.01 Mt information not public (only available to CDP investors)
4M information not available
* S1+S2 emissions reported to CDP 20122014
Data are drawn from question 3.3b. Figures reflect total reported investment and savings. Total of Scope 1 and Scope 2 emissions reported to CDP 2014
Some companies do not provide quantitative data for all disclosed projects. Thus, any Financial intensity: Metric tons COe per unit of revenue (US$million) (scope 1&2 emissions).
implied relationship between investment, monetary savings, and COe reductions, as a US$ revenue data sourced from Bloomberg for 2013 financial year.
sector, may be limited. For deeper analyses, refer to company-specific information.
information not public (only available to CDP investors)
information not available
23
Sector profile
National Australia Bank
Health care
Sector analysis
Pharmaceuticals
Data are drawn from question 3.3b. Figures reflect total reported investment and savings. Total of Scope 1 and Scope 2 emissions reported to CDP 2014
Some companies do not provide quantitative data for all disclosed projects. Thus, any Financial intensity: Metric tons COe per unit of revenue (US$million) (scope 1&2 emissions).
implied relationship between investment, monetary savings, and COe reductions, as a US$ revenue data sourced from Bloomberg for 2013 financial year.
sector, may be limited. For deeper analyses, refer to company-specific information.
0.01 Mt
Low carbon
energy installation 15 M 5M
0.04 Mt
Energy efficiency: 8M 5M
building services
25
Sector profile
Elekta
Elekta
26
134,724 Cobham 48
Eight of the leaders in this sector have absolute targets out to Construction and engineering
2020 with the % reduction ranging from 7% to 35%. 3,984,008 Abengoa 408
177,927 Carillion 34
463,756 MAN SE 22
Sector profile
Siemens Aktiengesellschaft
One among many examples are the use of optimized drive technologies, which
can cut energy consumption by up to 70% and significantly reduce total cost of
ownership. While applying them in our own operations as our contribution to walk
the talk, the much bigger impact in terms of carbon abatement is at our customers.
In the last fiscal year we were able to help our customers reduce their CO emissions
by 377 million metric tons through products, solutions and services from the Siemens
Environmental Portfolio. This equals the carbon emissions of approximately 45% of
Germanys annual carbon emissions.
Siemens Aktiengesellschaft
28
Information technology
Sector analysis
orders, thus affecting the bottom line.As it is very likely this type Computers
andApple
121,898 peripherals
Inc. 1
of flooding will happen again, it necessitated a strategic re- 1,795,000
121,898 Apple Inc.
Hewlett-Packard 1
16
evaluation of alternative sources for these critical elements of the 1,795,000 Hewlett-Packard
Electronic equipment, instruments and components16
supply chain.
Electronic
equipment, instruments
262,284 Delta Electronics and components6
With regard to reduction target setting, a number of companies 262,284 Delta Electronics 6
3,888,476 Hitachi, Ltd. 36
have absolute targets out to 2020, but only Konica Minolta is
looking beyond this with a long-term target out to 2050. 932,999 Hitachi,
3,888,476 Samsung Ltd.
Electro-Mechanics Co., Ltd. 36
167
819,850 Samsung
932,999 Samsung Electro-Mechanics
SDI Co., Ltd. 167
225
7,063 Samsung
819,850 Vaisala OyjSDI 19225
12,305 Cap
156,268 EVRYGemini
ASA 12
6
12,305 EVRY
949,000 FujitsuASA
Ltd. 6
18
0.1 Mt
31 M
0.1 Mt 13,757 Fujitsu
949,000 GroupeLtd.
Steria 18
6
31 M
13,757 Groupe
422,589 Steria
Tata Consultancy Services 6
36
Energy efficiency: 86 M 0.03 Mt
buildingefficiency:
services 100,599 Tata
422,589 Tech Consultancy
Mahindra Services 36
80
Energy 86 M 3M 0.03 Mt
building services 3M 256,244 Tech
100,599 WiproMahindra 80
37
256,244 Wipro
Office electronics 37
Office electronics
402,289 Konica Minolta, Inc. 41
402,289 Konica
Semiconductors and Minolta,
equipmentInc. 41
Sector profile
Konica Minolta, Inc
Materials
Sector analysis
0.1 M
19 M
Data are drawn from question 3.3b. Figures reflect total reported investment and savings.
Some companies do not provide quantitative data for all disclosed projects. Thus, any * S1+S2 emissions reported to CDP 20122014
implied relationship between investment, monetary savings, and COe reductions, as a Total of Scope 1 and Scope 2 emissions reported to CDP 2014
sector, may be limited. For deeper analyses, refer to company-specific information.
Financial intensity: Metric tons COe per unit of revenue (US$million) (scope 1&2 emissions).
US$ revenue data sourced from Bloomberg for 2013 financial year.
31
Sector profile
Johnson Matthey
Johnson Matthey
32
Telecommunication services
Sector analysis
All except two of the leaders in this sector are returning leaders,
which shows those companies have managed to maintain
momentum. All report engagement with their suppliers to identify
reduction opportunities, enhance product innovation and use
supplier scorecards in the procurement process. In reporting their Sustainability is more and more a mandatory
Scope 3 emissions most are making good progress on assessing component and a key differentiator in
and calculating their upstream emissions, and there appears to governmental tendering processes, driven by the
be a consensus around which of the downstream categories EU directives. In general we see a rising customer
are not relevant. awareness and demand to help them to reduce
These companies have particularly good results in the emission energy costs.As an ICT company we have
reduction activitiesinvestedin, with six of the ten companies and further develop the solutions to help other
citingreductions of more than 10%. BT Group and Royal KPN in sectorson their journey to reduce carbon footprint
particular have achieved very large reductions in their Scope 2 and energy consumption.
emissions over the last three years. Many companies reference the
GESI Smarter2020 report and recommendations as informing their Belgacom
strategy and being consistent with their own corporate strategy.
Top investment Annual risks Annual
Across the whole suite of physical and regulatory
areas and
Investment monetary COe
opportunities there is no clear stand outsavings
required with most ofsavings
the available
categories getting at least one mention,
$538 M but again
$117 M it is clear
0.8 Mt that
CO e
reputation and changing consumer behavior present the most
reported risks and opportunities. As technology innovators
Top investment these companies want to be seen as leading the way to a
Annual Annual
areas Investment monetary COe low carbon future by providing the tools for their customers
required savings savings to reduce emissions thus any perception of holding it back
$538 M $117 M 0.8 Mt could be damaging.
CO e
252,243 BT Group 9
82 M Emissions trend
37,903 and financial
Koninklijke KPN NVintensity
(Royal KPN) 3
0.5 Mt Emissions Financial
trend* 1,098,991 KT tCO
2014 S1+S2, Corporation 67
intensity
e
Data are drawn from question 3.3b. Figures reflect total reported investment and savings.
Some companies do not provide quantitative data for all disclosed projects. Thus, any * S1+S2 emissions reported to CDP 20122014
implied relationship between investment, monetary savings, and COe reductions, as a Total of Scope 1 and Scope 2 emissions reported to CDP 2014
sector, may be limited. For deeper analyses, refer to company-specific information.
Financial intensity: Metric tons COe per unit of revenue (US$million) (scope 1&2 emissions).
US$ revenue data sourced from Bloomberg for 2013 financial year.
33
Sector profile
BT Group
We have also launched pilots for new and innovative carbon saving
innovations such as MK Smart and we are advancing the Net Positive
movement through the Net Positive Group and our Better Future Forum. Our
people are also playing their part with 78% of employees involved in energy
saving initiatives. Net Good is about real progress for us, our partners and
customers, for society and the planet.
BT Group
34
Utilities
Sector analysis
This group of companies finds itself in a somewhat difficult With regard to target setting special mention should go to
position due to the nature of itsbusiness as energy providers. Verbund who hascommitted to a 100% absolute reduction
Many have been working hard to engage with their customers, by 2050, that is to provide carbon neutral power supply. Two
promoting programs to encourage and incentivize less reliance other companies have absolute targets to 2020. Collectively, this
onelectricity. In fact itisthe only sector that engages more with group of companiesaccounts for the majority of the 33Mt COe
customers than with suppliers. When combined with a shift reductionsreported by the2014 CPLI.
away from coal to renewables, this has enabled itto achieve
reductions.SSE in particular reportsa 24% increase in renewable
generation and a 20% reduction in coal generation. While some
of SSEsreductions were as a resultof reduced demand this is
still a very positive step forward.
A deep change in the generation mix, derived
Though utilities leaders reported instances of risk from uncertainty
around forthcoming regulation, and the impact of new cap and from the increase in fossil fuel prices and policies
trade or carbon tax schemes, almost as many reported this as a to support security of supply and reduced
potential opportunity either by leveling the playing field or allowing CO2emissions, is taking place. IBERDROLA,as
the growth of lowcarbon electricity generation. Companies who a wind power-leader, can face up to this
see this low carbon future as part of their strategy welcome new situation due to the development of low carbon
regulationsince they are ahead of their peers who have not yet technologies and the ecoefficiency strategy
made the decision to invest in renewables in this way. an investment has been established to achieve
a renewable production of 40% among the total
Groups production.
Iberdrola
Emissions trend and financial intensity
Top investment Annual Annual
areas Investment monetary COe Emissions Financial
trend* 2014 S1+S2, tCOe intensity
required savings savings
$16 B $301 M 21 Mt
CO e Electric utilities
635,844 ACCIONA S.A. 72
9M 1 Mt
23,639,000 EnBW Energie
Baden-Wrttemberg AG 866
Top investment Emissions trend and financial intensity
Annual Annual 48,797,175 Endesa 1,177
areas Investment monetary COe Emissions Financial
required savings savings trend* 35,106,164 Entergy
2014 S1+S2, tCOe Corporation 3,082
intensity
22,343,386 Entergy
35,106,164 Gas Corporation
Natural SDG SA 3,082
674
Energy efficiency:
7B 19 Mt 32,843,476 Iberdrola
4,937,373 Korea SA Heating Corp.
District 744
2,032
processes
144 M 1,403,128 Pepco Holdings, Inc.
Multi utilities 301
Sector profile
ACCIONA
ACCIONA
36
Corporations, investors and governments must take Deforestation and forest degradation accounts
responsibility to create the systemic change we need for approximately 15% of the worlds greenhouse gas
for an environmentally sustainable economy.For emissions, the equivalent of the entire transport sector.
this reason we congratulate those companiesthat Land use change for agriculture is the main driver
have achieved a position on CDPs 2014 Climate of deforestation, with five agricultural commodities
Performance Leadership Index. responsible for most deforestation globally: Timber,
palm oil, soy, cattle and bio-fuels. CDPs forests
All economic activity ultimately depends upon a steady
program provides the only unified system for disclosing
ow of natural goods and services, such as fresh water,
corporate deforestation risk exposure and management
timber and food crops, or climate regulation and ood
information across these key commodities. Discover if
control. These goods and services can be considered
you can help reduce your business risks and limit your
the income generated by the worlds natural capital,
contribution to deforestation at cdp.net/forests.
the assets upon which the global economy rests.
Water security is one of the most tangible and
However, as is becoming increasingly clear, we are
fast-growing social, political and economic challenges
eroding that natural capital base.
faced today according to the World Economic Forum.
Businesses and investors are paying increasing CDPs water program helps businesses to respond to
attention to the erosion of the worlds natural capital. this challenge, to measure and manage water-related
By some estimates, the global economy is incurring risks in their direct operations and supply chains, and to
unpriced natural capital costs of US$7.3 trillion/year, or attain a position of leadership by starting the journey to
13% of global output. water stewardship. Find out more at cdp.net/water.
CDP has built a unique global system to drive Through CDP, major multinationals are using their
transparency and accountabilityfor business impacts purchasing power to achieve sustainable supply
across the earths natural capital, starting with climate, chains. Our 66 member companies who represent
then moving into water and forest-risk commodities. US$1.15 trillion in annual purchasing spend work with
Our programs are designed to help assess and CDP. This enables them to implement successful
manage corporate exposures to environmental risks supplier engagement strategies that reduce emissions,
and ultimately to set companies on the path to natural mitigate water and other environmental risks, and
capital leadership. protect against escalating costs in supply chains. Join
us at cdp.net/supplychain.
37
Appendix I
Investor members
Appendix II
Largest non-responders by market capitalization
1. Market capitalization data sourced from Bloomberg. For purposes of this table the term non-responders includes companies classified as no response, declined to
participate, and provided information and companies that registered to respond but never actually submitted.
39
Appendix III
Investor signatories
767
Assicurazioni Generali Spa Berti Investments
ATI Asset Management BioFinance Administrao de Recursos de
Atlantic Asset Management Pty Ltd Terceiros Ltda
ATP Group BlackRock
financial institutions with assets Australia and New Zealand Banking Group Blom Bank SAL
of US$92 trillion were signatories Australian Ethical Investment Blumenthal Foundation
to the CDP 2014 climate change AustralianSuper BNP Paribas Investment Partners
information request dated Avaron Asset Management AS BNY Mellon
February 1, 2014. Aviva Investors BNY Mellon Service Kapitalanlage
Gesellschaft
Aviva plc
Boardwalk Capital Management
AXA Group
Boston Common Asset Management, LLC
BAE Systems Pension Funds Investment
Management Ltd BP Investment Management Limited
Baillie Gifford & Co. Brasilprev Seguros e Previdncia S/A.
3Sisters Sustainable Management LLC BaltCap Breckenridge Capital Advisors
Aberdeen Asset Managers Banca Monte dei Paschi di Siena Group British Airways Pension Investment
Aberdeen Immobilien KAG mbH Management Limited
Banco Bradesco S/A
ABRAPPAssociao Brasileira das British Coal Staff Superannuation Scheme
Banco Comercial Portugus S.A.
Entidades Fechadas de Previdncia Brown Advisory
Complementar Banco de Credito del Peru BCP
BSW Wealth Partners
Achmea NV Banco de Galicia y Buenos Aires S.A.
BT Financial Group
Active Earth Investment Management Banco do Brasil Previdncia
BT Investment Management
Acuity Investment Management Banco do Brasil S/A
Busan Bank
Addenda Capital Inc. Banco Esprito Santo, SA
CAAT Pension Plan
Advanced Investment Partners Banco Nacional de Desenvolvimento
Econmico e SocialBNDES Cadiz Holdings Limited
AEGON N.V. CAI Corporate Assets International AG
Banco Popular Espaol
AEGON-INDUSTRIAL Fund Management Caisse de dpt et placement du Qubec
Co., Ltd Banco Sabadell, S.A.
Banco Santander Caisse des Dpts
AIG Asset Management
BanesprevFundo Banespa de Seguridade Caixa de Previdncia dos Funcionrios do
AK Asset Management Inc. Banco do Nordeste do Brasil (CAPEF)
Social
Akbank T.A.. Caixa Econmica Federal
Banesto
Alberta Investment Management Caixa Geral de Depsitos
Corporation (AIMCo) Banif, SA
Bank Handlowy w Warszawie S.A. CaixaBank, S.A
Alberta Teachers Retirement Fund Board
Bank Leumi Le Israel California Public Employees Retirement
Alcyone Finance System
AllenbridgeEpic Investment Advisers Bank of America Merrill Lynch
California State Teachers Retirement
Limited Bank of Montreal System
Alliance Trust PLC Bank Vontobel AG California State Treasurer
Allianz Elementar Versicherungs-AG Bankhaus Schelhammer & Schattera Calvert Investment Management, Inc.
Allianz Global Investors Kapitalanlagegesellschaft m.b.H.
Canada Pension Plan Investment Board
Kapitalanlagegesellschaft mbH BANKIA S.A.
Canadian Imperial Bank of Commerce
Allianz Group Bankinter (CIBC)
Altira Group bankmecu Canadian Labour Congress Staff Pension
Amalgamated Bank Banque Degroof Fund
Amlin plc Banque Libano-Franaise CAPESESP
AMP Capital Investors Barclays Capital Innovations, LLC
AmpegaGerling Investment GmbH Basellandschaftliche Kantonalbank Capricorn Investment Group, LLC
Amundi AM BASF Sociedade de Previdncia CareSuper
ANBIMAAssociao Brasileira das Complementar Carmignac Gestion
Entidades dos Mercados Financeiro e de Basler Kantonalbank CASER PENSIONES
Capitais Btirente Cathay Financial Holding
Antera Gesto de Recursos S.A. Baumann and Partners S.A. Catherine Donnelly Foundation
APG Bayern LB Catholic Super
Appleseed Fund BayernInvest Kapitalanlagegesellschaft CBF Church of England Funds
AQEX LLC mbH
CBRE
Aquila Capital BBC Pension Trust Ltd.
Cbus Superannuation Fund
Arisaig Partners Asia Pte Ltd BBVA
CCLA Investment Management Ltd
Arjuna Capital BC Investment Management Corporation
Cedrus Asset Management
Arkx Investment Management Bedfordshire Pension Fund
Celeste Funds Management Limited
Arma Portfy Ynetimi A.. Beetle Capital
Central Finance Board of the Methodist
Armstrong Asset Management BEFIMMO SA Church
As You Sow Bendigo & Adelaide Bank Limited Ceres
ASM Administradora de Recursos S.A. Bentall Kennedy CERESFundao de Seguridade Social
41
Appendix III
Investor signatories
Appendix III
Investor signatories
Governance for Owners Instituto Infraero de Seguridade Social Light Green Advisors, LLC
Government Employees Pension Fund INFRAPREV Living Planet Fund Management Company
(GEPF), Republic of South Africa Instituto Sebrae De Seguridade Social S.A.
GPT Group SEBRAEPREV Lloyds Banking Group
Greater Manchester Pension Fund Insurance Australia Group Local Authority Pension Fund Forum
Green Cay Asset Management Integre Wealth Management of Raymond Local Government Super
James
Green Century Capital Management Logos portfy Ynetimi A..
Interfaith Center on Corporate
GROUPAMA EMEKLLK A.. Responsibility London Pensions Fund Authority
GROUPAMA SGORTA A.. IntReal KAG Lothian Pension Fund
Groupe Crdit Coopratif Investec Asset Management LUCRF Super
Groupe Investissement Responsable Inc. Investing for Good CIC Ltd Lutheran Council of Great Britain
GROUPE OFI AM Investor Environmental Health Network Macquarie Group Limited
Grupo Financiero Banorte SAB de CV Irish Life Investment Managers MagNet Magyar Kzssgi Bank Zrt.
Grupo Santander Brasil Itau Asset Management MainFirst Bank AG
Gruppo Bancario Credito Valtellinese Ita Unibanco Holding S A Making Dreams a Reality Financial Planning
Guardians of New Zealand Superannuation Janus Capital Group Inc. Malakoff Mdric
Hang Seng Bank Jarislowsky Fraser Limited MAMA Sustainable Incubation AG
Hanwha Asset Management Company Jessie Smith Noyes Foundation Man
Harbour Asset Management Jesuits in Britain Mandarine Gestion
Harrington Investments, Inc JMEPS Trustees Limited MAPFRE
Harvard Management Company, Inc. JOHNSON & JOHNSON SOCIEDADE Maple-Brown Abbott
Hauck & Aufhuser Asset Management PREVIDENCIARIA Marc J. Lane Investment Management, Inc.
GmbH JPMorgan Chase & Co. Maryknoll Sisters
Hazel Capital LLP Jubitz Family Foundation Maryland State Treasurer
HDFC Bank Ltd. Jupiter Asset Management Matrix Asset Management
Healthcare of Ontario Pension Plan Kagiso Asset Management MATRIX GROUP LTD
(HOOPP)
Kaiser Ritter Partner Privatbank AG McLean Budden
Heart of England Baptist Association
KB Kookmin Bank MEAG MUNICH ERGO AssetManagement
Helaba Invest Kapitalanlagegesellschaft GmbH
mbH KBC Asset Management
KBC Group Mediobanca
Henderson Global Investors
KCPS Private Wealth Management Meeschaert Gestion Prive
Hermes Fund ManagersBUT Hermes
EOS for Carbon Action KDB Asset Management Co. Ltd Meiji Yasuda Life Insurance Company
HESTA Super KDB Daewoo Securities Mendesprev Sociedade Previdenciria
HIP Investor Kendall Sustainable Infrastructure, LLC Merck Family Fund
Holden & Partners Kepler Cheuvreux Mercy Investment Services, Inc.
HSBC Global Asset Management KEPLER-FONDS KAG Mergence Investment Managers
(Deutschland) GmbH Keva MetallRente GmbH
HSBC Holdings plc KeyCorp MetrusInstituto de Seguridade Social
HSBC INKA Internationale KfW Bankengruppe Metzler Asset Management Gmbh
Kapitalanlagegesellschaft mbH MFS Investment Management
Killik & Co LLP
HUMANIS Midas International Asset Management, Ltd.
Kiwi Income Property Trust
Hyundai Marine & Fire Insurance Co., Ltd Miller/Howard Investments, Inc.
Kleinwort Benson Investors
Hyundai Securities Co., Ltd. Mirae Asset Global Investments
KlimaINVEST
IBK Securities Mirae Asset Securities Co., Ltd.
KLP
IDBI Bank Ltd. Mirova
Korea Investment Management Co., Ltd.
Illinois State Board of Investment Mirvac Group Ltd
Korea Technology Finance Corporation
Ilmarinen Mutual Pension Insurance (KOTEC) Missionary Oblates of Mary Immaculate
Company
KPA Pension Mistra, Foundation for Strategic
Imofundos, S.A Environmental Research
La Banque Postale Asset Management
Impax Asset Management Mitsubishi UFJ Financial Group
La Financire Responsable
IndusInd Bank Ltd. Mitsui Sumitomo Insurance Co.,Ltd
La Francaise AM
Industrial Alliance Insurance and Financial Mizuho Financial Group, Inc.
Services Inc. Lampe Asset Management GmbH
Landsorganisationen i Sverige MN
Industrial Bank (A)
LaSalle Investment Management Mobimo Holding AG
Industrial Bank of Korea
LBBWLandesbank Baden-Wrttemberg Momentum Manager of Managers (Pty)
Industrial Development Corporation Limited
Industry Funds Management LBBW Asset Management
Investmentgesellschaft mbH Momentum Manager of Managers (Pty) Ltd
Inflection Point Capital Management Monega Kapitalanlagegesellschaft mbH
LD Lnmodtagernes Dyrtidsfond
Inflection Point Partners Mongeral Aegon Seguros e Previdncia S/A
Legal and General Investment Management
Infrastructure Development Finance Morgan Stanley
Company Legg Mason Global Asset Management
LGT Group Mountain Cleantech AG
ING Group N.V.
LGT Group Foundation MTAA Superannuation Fund
Insight Investment Management (Global) Ltd
LIG Insurance Munich Re
43
Appendix III
Investor signatories
Appendix III
Investor signatories
Solaris Investment Management Limited The Council of Lutheran Churches VietNam Holding Ltd.
Sompo Japan Nipponkoa Holdings, Inc The Daly Foundation Vinva Investment Management
Sonen Capital The Environmental Investment Partnership VOIGT & COLL. GMBH
Sopher Investment Management LLP VOLKSBANK INVESTMENTS
Soprise! Impact Fund The Hartford Financial Services Group Walden Asset Management
SouthPeak Investment Management The Joseph Rowntree Charitable Trust WARBURGHENDERSON
SPF Beheer bv The Korea Teachers Pension (KTP) Kapitalanlagegesellschaft fr Immobilien
The New School mbH
Spring Water Asset Management
The Oppenheimer Group WARBURG INVEST
Sprucegrove Investment Management Ltd KAPITALANLAGEGESELLSCHAFT MBH
Standard Chartered The Pension Plan For Employees of the
Public Service Alliance of Canada Water Asset Management, LLC
Standard Chartered Korea Limited Wells Fargo & Company
The Pinch Group
Standard Life Investments Wespath Investment Management
The Presbyterian Church in Canada
Standish Mellon Asset Management West Midlands Pension Fund
The Russell Family Foundation
State Bank of India West Yorkshire Pension Fund
The Sandy River Charitable Foundation
State Board of Administration (SBA) of Westfield Capital Management Company,
Florida The Shiga Bank, Ltd.
LP
State Street Corporation The Sisters of St. Ann
WestLB Mellon Asset Management
StatewideSuper The Sustainability Group at the Loring, (WMAM)
Wolcott & Coolidge Office
Stockland Westpac Banking Corporation
The United Church of CanadaGeneral
Storebrand ASA Council WHEB Asset Management
Strathclyde Pension Fund The University of Edinburgh Endowment White Owl Capital AG
Stratus Group Fund Wisconsin, Iowa, & Minnesota Coalition for
Sumitomo Mitsui Financial Group The Wellcome Trust Responsible Investment
Sumitomo Mitsui Trust Holdings, Inc. Third Swedish National Pension Fund (AP3) Woori Bank
Sun Life Financial Threadneedle Asset Management Woori Investment & Securities Co., Ltd.
Superfund Asset Management GmbH TOBAM YES BANK Ltd.
SURA Peru (AFP Integra, Seguros SURA, Tokio Marine Holdings, Inc York University Pension Fund
Fondos SURA, Hipotecaria SURA) Toronto Atmospheric Fund Youville Provident Fund Inc.
SUSI Partners AG Trillium Asset Management, LLC Zegora Investment Management
Sustainable Capital Triodos Investment Management Zevin Asset Management, LLC
Sustainable Development Capital Tri-State Coalition for Responsible Zrcher Kantonalbank
Sustainable Insight Capital Management Investment
Svenska kyrkan Trust Waikato
Svenska kyrkans pensionskassa Trusteam Finance
Swedbank AB Trustees of Donations to the Protestant
Swedish Pensions Agency Episcopal Church
Swift Foundation Tryg
Swiss Re Turner Investments
Swisscanto Asset Management AG UBS
Sycomore Asset Management UniCredit SpA
Syntrus Achmea Asset Management Union Asset Management Holding AG
T. Rowe Price Union Investment Privatfonds GmbH
T. SINA KALKINMA BANKASI A.. Unione di Banche Italiane S.c.p.a.
Tata Capital Limited Unionen
TD Asset Management (TD Asset Unipension Fondsmaeglerselskab A/S
Management Inc. and TDAM USA Inc.) UNISONS Staff Pension Scheme
Teachers Insurance and Annuity UniSuper
AssociationCollege Retirement Equities Unitarian Universalist Association
Fund
United Church Funds
Telluride Association
United Nations Foundation
Telstra Super
Unity College
Tempis Asset Management Co. Ltd
Unity Trust Bank
Terra Global Capital, LLC
Universities Superannuation Scheme (USS)
TerraVerde Capital Management LLC
Van Lanschot
TfL Pension Fund
Vancity Group of Companies
The ASB Community Trust
VCH Vermgensverwaltung AG
The Brainerd Foundation
Ventas, Inc.
The Bullitt Foundation
Veris Wealth Partners
The Central Church Fund of Finland
Veritas Investment Trust GmbH
The Childrens Investment Fund
Management (UK) LLP Vermont State Treasurer
The Collins Foundation Vexiom Capital Group, Inc.
The Co-operative Asset Management VicSuper
The Co-operators Group Ltd Victorian Funds Management Corporation
CDP Contacts CDP Board of Trustees CDP Advisors
Paul Dickinson Chairman: Alan Brown Lord Adair Turner
Executive Chairman Wellcome Trust
Rear Admiral Neil Morisetti CB
Paul Simpson James Cameron
Chief Executive Officer Climate Change Capital & ODI
Frances Way Ben Goldsmith
Co-Chief Operating Officer WHEB
Sue Howells Chris Page
Co-Chief Operating Officer Rockefeller Philanthropy Advisors
Marcus Norton Jeremy Smith
Chief Partnerships Officer
Takejiro Sueyoshi
Daniel Turner
Tessa Tennant
Head of Disclosure
Martin Wise
James Hulse
Relationship Capital Partners
Head of Investor Initiatives
stellar design
information | graphics | truth
stellar design
visualizing truth
stellar
visual truth
desi
stellar design
visualizing truth
stellar design
visualising truth
stellar design
visualizing truth
stellar design
visualising truth
Global Implementation Partner Design
stellar design
thestellardesign.com
Stellar Design
stellar