Carbon Disclosure Project 2005

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Carbon Disclosure Project

2005

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Executive Summary 4

1. Background to the CDP 9

2. The Climate Leadership Index – 2005 13

3. Critical Changes Since CDP2 Affecting Investors 17

Kyoto Protocol Ratification Sharpens World Attention 19

Sea-Change Noticeable in Corporate Positioning on Climate Change 24

The Carbon Markets Advance 26

Investor Collaboration on the Rise 30

The Current State of Climate Science 32

Accounting Organizations Move to Codify Carbon Accounting & Disclosure Rules 35

Climate Change Litigation Continues its Slow March 36

4. Analysis of CDP3 Responses 39

Response Rates Rise Again, From 59% in CDP2 to 70% in CDP3 40

Awareness Rises… But Actions Lag 41

“Carbon Beta©” Varies Widely But Only Some Companies Are Ahead of the Curve 43

Carbon: $5 or $20? How the Cost of Carbon Plays Out Under Different Scenarios 45

Differences of Opinion Persist on Business Relevance of Climate Change 48

Percentage of Non-respondent’s Common Shares Owned by CDP3 Signatories 51

Only Modest Responsiveness to Investor Calls for Quantitative Disclosure 51

Strategies on Emissions Trading Evolve 53

Carbon-Related Profit Opportunities: Tomorrow’s Technologies Today 54

Cost Savings Associated with Energy Efficiency and GHG Reduction Efforts 56

Most Improved Company Responses 58

5. Appendices 59

Appendix A. Comparative Company Analysis By Sector 60

Appendix B: Climate Change Shareholder Resolutions 2005 141

Appendix C: Carbon Funds 143

Appendix D: The FT500 Companies and Response Status 146

Appendix E: CDP Questionnaire 152

Acknowledgments 153

Contacts 154