Cisco, Pepco, Boeing Named Top S&P 500 Climate Leaders
Cisco Systems, Boeing and Pepco Holdings – along with Consolidated Edison, EMC, E.I. du Pont de Nemours, Hewlett Packard, PPG Industries and Transocean – were among the U.S. corporations leading efforts to address climate change, according to this year’s Carbon Disclosure Project (CDP) S&P 500 Report.
CDP reports that this year’s S&P 500 Report, produced by PricewaterhouseCoopers, received the highest response rate ever from corporations with 332 responses that represent 66 percent of the S&P 500, up from 64 percent last year. It also touts the highest level of disclosed corporate greenhouse gas emissions with 260 responses, representing 79 percent of respondents, up from 73 percent last year. Companies reporting emissions reduction targets also rose from 32 percent of respondents last year to 52 percent.
Carbon Disclosure Project also launched its new performance scoring pilot methodology. The performance scores measure corporations’ actual performance in responding to and reducing their contribution to climate change. The scores complement the Carbon Disclosure Leadership Index (CDLI), which rates firms according to the level and quality of their disclosure and reporting on greenhouse gas emissions and climate change strategy data.
Companies leading in carbon disclosure (CDLI) for 2009 are Comerica, Walmart, Chevron, PG&E, Public Service Enterprise Group and Spectra Energy. Results showed that some corporations, including Boeing, Cisco Systems, Consolidated Edison, E.I. du Pont de Nemours, EMC, Hewlett Packard, News Corporation, Pepco Holdings, PPG Industries and Transocean, that scored highly in the CDLI also led in this year’s performance scoring pilot.
In 2010, CDP plans to formally incorporate the performance pilot into its analysis.
Other findings indicate that companies continue to embed climate change policies and practices enterprise-wide across all sectors, and see more climate change business opportunities (86 percent of respondents) than risks (82 percent). Sixty-eight percent of respondents report board or executive-level responsibility for climate change oversight, up from 65 percent last year.
The report also reveals that corporate greenhouse gas reduction targets almost doubled, and corporations’ indirect emissions (Scope 3), such as emissions caused by supply chain and employee travel, are being more widely reported. Disclosure of Scope 3 emissions rose by 215.5 percent, which suggest a better understanding of these emissions, according to CDP. Reporting of Scope 2 (purchased electricity) emissions also rose by 50 percent.
Philips Morris, Comcast, Amazon.com, Lockheed Martin and Caterpillar were some of the largest non-respondents by market capitalization.
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