Carbon Disclosure Project

1,17

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48

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4970

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Carbon Disclosure Project

2005

rok

Contents

1. Background to the CDP 2

2. The Climate Leadership Index 2005 6

3. Critical Changes Affecting Investors Since CDP2 10

Kyoto Protocol Ratification Focuses World Attention 12

Sea-Change Noticeable in Corporate 12

Positioning on Climate Change

The Carbon Markets Advance 12

Investor Collaboration on the Rise 13

The Current State of Climate Science 13

Accounting Organizations Move to Codify Carbon Accounting & Disclosure Rules 14

Climate Change Litigation Continues Its Slow March 14

4. Analysis of CDP3 Responses 16

Response Rates Rise Again, From 59% in CDP2 to 71% in CDP3 17

Awareness Rises... But Actions Lag 19

“Carbon Beta©” Varies Widely But Only Some Companies Are Ahead of the Curve 19

Carbon: $5 or $20? How the Cost of Carbon Plays Out Under Different Scenarios 24

Measuring Emissions Intensity 27

Differences of Opinion Persist on Business Relevance of Climate Change 27

Percentage of Non-respondent’s 29

Common Shares Owned by CDP3 Signatories

Only Modest Responsiveness to Investor Calls for Quantitative Disclosure 30

Other Themes Discussed in the Online Report 31

Conclusion: The Way Forward 31

5. Appendices 32

Appendix A. Comparative Company Analysis By Sector 33

Appendix B: CDP Questionnaire 38

Acknowledgements 39