But US and Canadian companies must do much more if they are to manage their
carbon risks and play an active part in the transition to a low-carbon economy
BOSTON--(Business Wire)--
As the United Nations Copenhagen Climate Change Conference draws nearer, latest
research from sustainable investment specialists EIRIS (www.eiris.org) finds
finds that the vast majority of North American companies operating in sectors
with a high carbon footprint now have a corporate-wide policy on climate change
(91% compared to 93% at the global level).
However, North American companies still lag behind their global peers in terms
of implementing concrete measures to respond to the challenges of climate
change.
Highlights of the EIRIS 2009 Climate Change Tracker: North Americareport are
listed below:
Limited progress, further changes needed
* Rising CO2 emissions: Canada reported 751,974 gigagram (Gg) of CO2 equivalent
emissions in 2006 (a 54.8% increase from base year 1990), whilst the US reported
6,087,487 Gg of CO2 equivalent emissions in 2007 (a 15.8% increase from base
year 1990).
* North American companies are on a par with their global peers on climate
change policy and short term emission targets: 91% have a corporate-wide climate
change policy compared to 93% at the global level.
* Poor disclosure overall: 37% of North American companies have advanced or good
disclosure compared to about 50% at the global level; 35% meet external
verification of data compared to 51% at the global level. However, encouragingly
80% report absolute emissions compared to 84% at the global level; 72% disclose
scope of data compared to 81% at the global level.
* Improvements in short-term targets: 57% of North American companies have made
commitments to reduce short-term GHG emission targets, compared to 62% at the
global level.
* Lack of implementation: only 16% of North American companies have made a
commitment to link board remuneration to GHG emissions reductions compared to
28% at the global level; only 43% have policies committing them to address
climate change impact of their products compared to 71% at the global level.
* Product impacts ignored: only 9% have set targets to reduce indirect climate
change impacts arising from their products, compared to 19% at the global
level.
Stephanie Maier, Head of Research at EIRIS said `Evidence suggests that positive
policy developments announced by President Obama are beginning to provide an
impetus for companies to act on climate change. But there are still significant
areas where they lag behind and it clear that much more needs to be achieved in
the region.`
Stephanie Maier added `Investors should focus their attention on engaging with
companies to improve disclosure of GHG emissions and ensure that corporate
commitments to reduce climate change impacts apply to emissions associated with
products - as well as direct emissions.`
EIRIS London
Mark Robertson
+44-(0)20-7840-5741, +44(0)-7950-931313
mark.robertson@eiris.org
Copyright Business Wire 2009
