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A $ 10 billion investor alliance has accused more than 700 companies, including Amazon, Tesco and ExxonMobil, of failing to reveal the full impact of their activities on the climate crisis, water shortages and deforestation.
According to the intervention of some of the world's largest financial names, major global corporations, with a combined value of more than $ 15 million, lack transparency about their impact on the environment.
The CDP campaign platform brought together a record number of investors, including the HSBC and Investec giants, to ask companies to reveal data on the environmental cost of their activities.
The group said it was targeting 708 companies because of their "high environmental impact and lack of transparency" so far. The list includes the world's largest fossil fuel companies such as BP and ExxonMobil, as well as palm oil giant Genting Plantations and major British brands such as Tesco, Ocado, WH Smith, Marks & Spencer and JD Wetherspoon.
The CDP reported that 547 companies were about to release information on the climate crisis, 166 on water security and 97 on deforestation. More than 7,000 companies have already announced their impact on the environment via the CDP platform.
The United States is home to the largest number of companies listed in the campaign, with one fifth of the list, followed by Australia with 16%. British companies account for 3.5% of the named companies and include components of the FTSE 100.
Many companies on the list mention their environmental impact in their own sustainability reports, but the CDP says this is not enough because their reports do not use standardized data. This makes it difficult to compare companies' performance on the environment, according to CDP.
Emily Kreps, CDP's global director, formerly known as the Climate Disclosure Project, said that a growing number of investors were calling on companies to fully disclose their role in addressing the climate crisis. The number of investors lending their voice to the CPD campaign rose from 57 to 57 two years ago.
"We know that climate change, water security and deforestation are important risks for investments, but these risks can not be managed without adequate information," she said.
Kreps hopes that by using the influence of shareholders, companies will agree to reveal their data through the CPD disclosure platform.
Thomas O'Malley, Head of Corporate Governance at HSBC, said that the "model reporting model" of CPD allows investors to badess how well companies are managing "one of the biggest risks facing companies. businesses are facing.
Among the investors involved in the campaign are the Paneuropean management companies Candriam and Amundi, the NN group, as well as the Taiwanese companies Cathay Financial Holdings and Washington State Investment Board.
Sophia Cheng, investment director at Cathay Financial, said, "Climate change, deforestation, and water supply security are critical challenges that require immediate action."
"Cathay believes that investors can play an important role in encouraging their companies to disclose environmental information.This campaign should improve the transparency of the company and help investors better manage these environmental risks and opportunities."
The latest call from investors to hold companies to account comes less than a week after Norwegian MEPs voted in favor of the decision to order the country's $ 1 million sovereign fund, the most important in the world, to divest from hundreds of coal and coal companies to limit their exposure to currency risk. climate risk.
During the same week, an open letter to the European Investment Bank, signed by 80 civil society organizations and academics, called on the central bank to end its funding for fossil fuels, which had exceeded the 2.4 billion euros in 2018.
This year, Bank of England Governor Mark Carney and Banque de France Governor François Villeroy of Galhau warned that the climate crisis would pose an existential threat to the global financial system, unless urgent reform.
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