Seeking opportunities for bigger impact: Climate Performance in the Benelux. CDP Benelux Climate Change Report 2014

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1 1 Sking opportunitis for biggr impact: Climat Prformanc in th Bnlux CDP Bnlux Climat Chang Rport 2014 On bhalf of 767 invstors with assts of US$92 trillion. Rport writr Scoring Partnr

2 2 Ky mssags 1 Out of th 142 companis that wr invitd to rspond to th CDP in th Bnlux, only 44% rspondd, but ths rprsntd a markt capitalization of ovr 95%. Climat rporting has bcom th norm among major Bnlux companis, but is not yt common practic among othr stock-listd companis. 2 Th total amount of grnhous gass mittd by th Bnlux companis in this analysis has rmaind largly unchangd sinc last yar 334 million mtric tons CO 2. Companis hav bn taking masurs to rduc missions, but th ovrall ffcts hav bn offst by incrass du to othr factors such as incrasing businss activitis or advrs wathr conditions. 3 Th Bnlux companis with bst climat prformanc ar among th global ladrs, but th avrag prformanc has dcrasd, shifting from B to C. Eight Bnlux companis rcivd an A band for climat prformanc, and can b considrd Climat Prformanc Ladrs, but th gap with th pack is larg. 4 Th ight Climat Prformanc Ladrs st highr ambition lvls and strictr targts. All Climat Prformanc Ladrs hav targts, and 88% hav absolut targts, whil fw than half of th othr companis do. 5 Climat Prformanc Ladrs invst in climat initiativs that mak businss sns as wll as rduc missions. Th majority (55%) of missions rduction invstmnts of Climat Prformanc Ladrs pay back within 3 yars, whil this is only 47% across th othr group of companis. 6 Climat Prformanc Ladrs undrstand th businss opportunity of ffctiv climat stratgy, and invst in actions for transforming thir businss, rathr than implmnting masurs that optimiz thir xisting oprations. Bnlux companis highlight climat-chang rlatd risks of incrasing oprational costs and opportunitis in dmand for nw products and srvics, as customr bcom incrasingly awar of th climat impacts.

3 Contnt 3 4 CDP Forword 5 Accntur Forword 6 Ky statistics: Bnlux at a glanc 8 Natural Capital: Building on climat chang ladrship 9 Ladrship Critria Rporting a rang of initiativs, but limitd impact 13 Ovrviw of initiativs by sctor 14 Climat ladrship: Positioning for futur businss opportunity 17 Had s Up: Th EU Non-Financial Rporting Dirctiv 18 Mitigating risks and sizing opportunitis 23 Conclusion: Incrasing impact and sizing businss opportunitis 24 Appndix I: Rsponding companis 27 Appndix II: Non-Rsponding companis 28 Appndix III: Invstor mmbrs and Signatory invstors 34 Nots 36 Contacts Important Notic Th contnts of this rport may b usd by anyon providing acknowldgmnt is givn to CDP Worldwid (CDP). This dos not rprsnt a licns to rpackag or rsll any of th data rportd to CDP or th contributing authors and prsntd in this rport. If you intnd to rpackag or rsll any of th contnts of this rport, you nd to obtain xprss prmission from CDP bfor doing so. Accntur and CDP hav prpard th data and analysis in this rport basd on rsponss to th CDP 2014 information rqust. No rprsntation or warranty (xprss or implid) is givn by Accntur or CDP as to th accuracy or compltnss of th information and opinions containd in this rport. You should not act upon th information containd in this publication without obtaining spcific profssional advic. To th xtnt prmittd by law, Accntur and CDP do not accpt or assum any liability, rsponsibility or duty of car for any consquncs of you or anyon ls acting, or rfraining to act, in rlianc on th information containd in this rport or for any dcision basd on it. All information and viws xprssd hrin by CDP and/ or Accntur is basd on thir judgmnt at th tim of this rport and ar subjct to chang without notic du to conomic, political, industry and firm-spcific factors. Gust commntaris whr includd in this rport rflct th viws of thir rspctiv authors; thir inclusion is not an ndorsmnt of thm. Accntur and CDP, thir affiliatd mmbr firms or companis, or thir rspctiv sharholdrs, mmbrs, partnrs, principals, dirctors, officrs and/or mploys, may hav a position in th scuritis of th companis discussd hrin. Th scuritis of th companis mntiond in this documnt may not b ligibl for sal in som stats or countris, nor suitabl for all typs of invstors; thir valu and th incom thy produc may fluctuat and/or b advrsly affctd by xchang rats. CDP Worldwid and CDP rfr to Carbon Disclosur Projct, a Unitd Kingdom company limitd by guarant, rgistrd as a Unitd Kingdom charity numbr CDP Worldwid. All rights rsrvd.

4 4 CDP Forword On irrfutabl fact is filtring through to companis and invstors: th bottom lin is at risk from nvironmntal crisis. Th global conomy has bouncd back from crisis and a cautious optimism is bginning to prvad th markts. As w mbrac rcovry w must rmmbr that grnhous gas missions continu to ris and w fac stp financial risk if w do not mitigat thm. 1 climatchang/towards-aclimat-agrmnt/ Th unprcdntd nvironmntal challngs that w confront today rducing grnhous gas missions, safguarding watr rsourcs and prvnting th dstruction of forsts ar also conomic problms. On irrfutabl fact is filtring through to companis and invstors: th bottom lin is at risk from nvironmntal crisis. Th impact of climat vnts on conomis around th world has incrasingly bn splashd across hadlins in th last yar, with th worst wintr in 30 yars suffrd by th USA costing billions of dollars. Australia has xprincd its hottst two yars on rcord and th UK has had its wttst wintr for hundrds of yars costing th insuranc industry ovr a billion pounds. Ovr thr quartrs of companis rporting to CDP this yar hav disclosd a physical risk from climat chang. Invsting in climat chang rlatd rsilinc planning has bcom crucial for all corporations. Invstor ngagmnt on ths issus is incrasing. In th US a rcord numbr of sharholdr rsolutions in th 2014 proxy sason ld 20 intrnational corporations to commit to rduc grnhous gas missions or sustainably sourc palm oil. As mainstram invstors bgin to rcogniz th ral valu at risk, w ar sing mor action from som of th 767 invstors who rqust disclosur through CDP. Th Norwgian pnsion fund, Norgs Bank, with assts worth $800 billion, xpcts companis to show stratgis for climat chang risk mitigation and watr managmnt, and hav divstd from both timbr and palm oil companis that did not mt thir standards. Thr is growing momntum on th policy front with Prsidnt Obama s announcmnt of nw fdral ruls to limit grnhous gass in th US. In th EU, som 6,000 companis will b rquird to disclos on spcific nvironmntal, social and govrnanc critria as part of thir mainstram rporting to invstors. In China ovr 20,000 companis will b rquird to rport thir grnhous gas missions to th govrnmnt. Thr is a palpabl sa chang in approach by companis drivn by a growing rcognition that thr is a cost associatd with th carbon thy mit. Masurmnt, transparncy and accountability drivs positiv chang in th world of businss and invstmnt. Our xprinc working with ovr 4,500 companis shows th multitud of bnfits for companis that rport thir nvironmntal impacts, unviling risks and prviously unsn opportunitis. W ar standing at a junctur in history. With th prospct of a global climat dal coming from th Unitd Nations procss, govrnmnts, citis, th privat sctor and civil socity hav a grat opportunity to tak bold actions and build momntum in th run up to th Paris 2015 mting. Th dcisions w mak today can lad us to a profitabl and scur futur. A futur that w can all b proud of. Paul Simpson Chif Excutiv Officr, CDP

5 Accntur Forword 5 Th nxt fw yars will dtrmin much of th futur dvlopmnt of th world s climat conditions. By making informd dcisions now, w can driv a low-carbon transformation of th conomy, opning a rang of opportunitis for profitability and growth. Aftr a priod of rlativ quit, fforts to addrss climat chang ar back on th political agnda. Following th UN Climat Wk in Nw York in Sptmbr 2014, th focus of intrnational climat policy is firmly st on th way to Paris Th Europan Union has announcd its Enrgy and Climat policy for 2030, stting th bar for othrs to follow. And in th Nthrlands, th implmntation of th Enrgy Agrmnt is undr way, scaling up dploymnt of rnwabl nrgy to rach a 14% shar of final nrgy dmand by Amid th political dvlopmnts, th businss community has com to raliz that th impacts of climat chang can pos significant risks to currnt oprations. Th latst assssmnt of th IPCC stimats that an avrag tmpratur ris of an additional 2 C would lad to global conomic losss of up to 2% of GDP 1. At th sam tim, changs in climat and th rlatd shift in consumr dmand also crat opportunitis. In Sptmbr 2014, th Global Commission on th Economy and Climat, a group of lading politicians and conomists, concludd that countris at all lvls of incom now hav th opportunity to build lasting conomic growth at th sam tim as rducing th immns risks of climat chang 2. With incrasing clarity about th policy landscap and growing awarnss of risks and opportunitis, companis hav progrssd from voicing thir ambitions for rducing thir climat impact to implmnting initiativs to achiv ths. To go byond th odd masur, this involvs comprhnsiv approachs for tackling climat chang across th organization, systmatically idntifying impacts, risks, opportunitis and climat chang initiativs. Morovr, companis cannot do this alon; coopration within th supply chain is crucial. This yar s analysis of th rsponss to CDP s climat chang information rqust by Bnlux companis thrfor com at a critical momnt. It allows us to rflct on th ffctivnss of corporat mitigation activitis, and to masur th progrss towards targts. Th analysis also rvals in which aras mor fforts nd to b undrtakn in th lad up to th climat summit in Paris in 2015, and in th longr-trm transformation to a low-carbon conomy. Manon van Bk Country Managing Dirctor, Accntur Nthrlands Olivir Gillrot Country Managing Dirctor, Accntur Blgium and Luxmbourg 1 Intrgovrnmntal Panl on Climat Chang (2014): Climat Chang 2014: Impacts, Adaptation, and Vulnrability. WGII Rport. Yokohama, Japan. March Global Commission on th Economy and Climat (2014): Nw Climat Economy. Washington DC, USA. Sptmbr 2014.

6 6 Ky statistics Focus on Bnlux companis Th Bnlux is an intrnationally-orintd businss nvironmnt, so many multinational companis oprat in th thr countris. Rflcting this, a wid rang of companis participatd in CDP s climat chang information rqust in Of th total 62 companis rsponding to th CDP rqust, 45 ar hadquartrd in th Bnlux (11 from Blgium, 31 from Nthrlands and 3 from Luxmbourg). For th purpos of this rport, th analysis will focus on this sub-group of 45 businsss with a hadquartrs in th Bnlux. 334 Mt CO 2 total scop 1 & 2 missions by 45 Bnlux companis Comparabl to th total GHG missions of Spain in 2012 Matrials is th sctor with th largst missions 203 Mt CO 2 Excding th total missions of th Nthrlands in Mt CO Mt CO 2 11 Thr largst mittrs account for 87% of missions 1. Arclor Mittal: 180 Mt CO Mt CO Royal Dutch Shll: 83 Mt CO 2 3. Air Franc - KLM: 28 Mt CO 2 Consumr Discrtionary Consumr Stapls Enrgy Financials Halth car Industry Information Tchnology Matrials Tlcommunication Srvics

7 Ky statistics Focus on Bnlux companis 7 Invitd companis rsponding 44% Avrag prformanc band C Companis achiving A, A- and B 35% Avrag prformanc chang sinc % Avrag disclosur scor 80 An avrag dislosur scor chang sinc % Figur A: Band Scors Nthrlands 2013 and A B C D E 2 Avrag Disclosur scor Nthrlands 2013 = = 80 Rspons rat Nthrlands 49% (31 out 63) *Not: th submission of Kndrion was rcivd lat, so thy ar xcludd from this graph. Figur B: Prformanc scors for Blgium and Luxmbourg in 2013 and Avrag Disclosur scor Blgium 2013 = = Rspons rat Blgium 29% (14 out 49) 1 0 A B C D E 1

8 8 Natural Capital: Building on climat chang ladrship Th impacts of climat chang, watr strss and dforstation ar today affcting popl s livs all ovr th world and if unchckd will caus dvastation for gnrations to com. Corporations, invstors and govrnmnts must tak rsponsibility to crat th systmic chang w nd for an nvironmntally sustainabl conomy. For this rason w congratulat thos companis that hav achivd a position on CDP s 2014 Climat Prformanc Ladrship Indx. All conomic activity ultimatly dpnds upon a stady flow of natural goods and srvics, such as frsh watr, timbr and food crops, or climat rgulation and flood control. Ths goods and srvics can b considrd th incom gnratd by th world s natural capital, th assts upon which th global conomy rsts. Howvr, as is bcoming incrasingly clar, w ar roding that natural capital bas. Businsss and invstors ar paying incrasing attntion to th rosion of th world s natural capital. By som stimats, th global conomy is incurring unpricd natural capital costs of US$7.3 trillion/yar, or 13% of global output. CDP has built a uniqu global systm to driv transparncy and accountability for businss impacts across th arth s natural capital, starting with climat, thn moving into watr and forst-risk commoditis. Our programs ar dsignd to hlp assss and manag corporat xposurs to nvironmntal risks and ultimatly to st companis on th path to natural capital ladrship. Dforstation and forst dgradation accounts for approximatly 15% of th world s grnhous gas missions, th quivalnt of th ntir transport sctor. Land us chang for agricultur is th main drivr of dforstation, with fiv agricultur commoditis rsponsibl for most dforstation globally: Timbr, palm oil, soy, cattl and bio-fuls. CDP s forsts program provids th only unifid systm for disclosing corporat dforstation risk xposur and managmnt information across ths ky commoditis. Discovr if you can hlp rduc your businss risks and limit your contribution to dforstation at cdp.nt/ forsts. Watr scurity is on of th most tangibl and fastgrowing social, political and conomic challngs facd today according to th World Economic Forum. CDP s watr program hlps businsss to rspond to this challng, to masur and manag watr-rlatd risks in thir dirct oprations and supply chains, and to attain a position of ladrship by starting th journy to watr stwardship. Find out mor at cdp.nt/watr. Through CDP, major multinationals ar using thir purchasing powr to achiv sustainabl supply chains. Our 66 mmbr companis who rprsnt US$1.15 trillion in annual purchasing spnd work with CDP. This nabls thm to implmnt succssful supplir ngagmnt stratgis that rduc missions, mitigat watr and othr nvironmntal risks, and protct against scalating costs in supply chains. Join us at cdp.nt/supplychain.

9 Ladrship Critria Each yar, company rsponss ar analyzd and scord against two paralll scoring schms: prformanc and disclosur. Th prformanc scor asssss th lvl of action, as rportd by th company, on climat chang mitigation, adaptation and transparncy. Its intnt is to highlight positiv climat action as dmonstratd by a company s CDP rspons. A high prformanc scor signals that a company is masuring, vrifying and managing its carbon footprint, for xampl by stting and mting carbon rduction targts and implmnting programs to rduc missions in both its dirct oprations and supply chain. Th disclosur scor asssss th compltnss and quality of a company s rspons. Its purpos is to provid a summary of th xtnt to which companis hav answrd CDP s qustions in a structurd format. A high disclosur scor signals that a company providd comprhnsiv information about th masurmnt and managmnt of its carbon footprint, its climat chang stratgy and risk managmnt procsss and outcoms. Th highst scoring companis for prformanc and/ or disclosur ntr th Climat Prformanc Ladrship Indx (CPLI) and/or th Climat Disclosur Ladrship Indx (CDLI). Public scors ar availabl on th CDP wbsit and in CDP rports, through Bloombrg trminals, Googl Financ and Dutsch Bors s wbsit. What ar th CPLI and CDLI critria? To ntr th CPLI (Prformanc Band A), a company must: { Mak its rspons public and submit via CDP s Onlin Rspons Systm. { Attain a prformanc scor gratr than 85. { Scor maximum prformanc points on qustion 12.1a (absolut missions prformanc) for GHG rductions du to mission rduction actions ovr th past yar (4% or abov in 2014). { Disclos gross global Scop 1 and Scop 2 figurs. { Scor maximum prformanc points for vrification of Scop 1 and Scop 2 missions. { Furthrmor, CDP rsrvs th right to xclud any company from th CPLI if thr is anything in its rspons or othr publicly availabl information that calls into qustion its suitability for inclusion. Not: Companis that achiv a prformanc scor high nough to warrant inclusion in th CPLI, but do not mt all of th othr CPLI rquirmnts ar classd as Prformanc Band A but ar not includd in th CPLI. How ar th CPLI and CDLI usd by invstors? Good prformanc and disclosur scors ar usd by invstors as a proxy of good climat chang managmnt or climat chang prformanc of companis. Invstors idntify and thn ngag with companis to ncourag thm to improv thir scor. Th Aiming for A initiativ which was initiatd by CCLA Invstmnt Managmnt is drivn by a coalition of UK asst ownrs and mutual fund managrs. Thy ar asking major UK-listd utilitis and xtractivs companis to aim for inclusion in th CPLI. This may involv filing supportiv sharholdr rsolutions for Annual Gnral Mtings occurring aftr Sptmbr Invstors ar also using CDP scors for cration of financial products. For xampl, Ndbank in South Africa dvlopd th Ndbank Grn Indx. Disclosur scors ar usd for slcting stocks and prformanc scors for assigning wight. For furthr information on th CDLI and th CPLI and how scors ar dtrmind, plas visit To ntr th CDLI, a company must: { Mak its rspons public and submit via CDP s Onlin Rspons Systm. { Achiv a scor within th top 10% of th total rgional sampl population.* * Not: whil it is usually 10%, in som rgions th CDLI cut-off may b basd on anothr critria, plas s local rports for confirmation.

10 10 Rporting a rang of initiativs, but limitd impact Climat prformanc: world-class ladrs but limitd progrss Th Bnlux companis with bst climat prformanc ar among th global ladrs, but th gap with th pack is larg. Out of th 45 companis, ight achivd th highst prformanc band A in 2014, but th majority rcivd a C for prformanc. Morovr, th avrag prformanc has dcrasd, shifting from B to C sinc last yar. This clarly lavs room for improvmnt. Th ight companis that rcivd an A band for climat prformanc ar considrd th ovrall Climat Prformanc Ladrs according to CDP s scoring mthodology. Thir total missions ar 8.5 million tons CO 2, or only 3% of th total 334 million tons CO 2 scop 1 and 2 missions by th 45 companis. Top Prformanc Ladrs - Climat Prformanc Ladrship Indx (CPLI) Four out of th 2014 climat prformanc ladrs improvd thir scor compard to Th fastst risr was bpost, incrasing its scor from C to A, whil ING, Royal BAM Group and Hinkn ros from B to A. Company Consumr stapls Prformanc band Disclosur scor Yars in CPLI Hinkn A 99 1 Anhusr Busch InBv A 94 2 Financials ING Group A 97 1 Industrials Royal Philips A Royal BAM A 98 1 bpost A 90 1 Tlcommunication Srvics Royal KPN A 99 3 Blgacom A 88 2

11 Rporting a rang of initiativs, but limitd impact 11 Climat disclosur: improving yar-on-yar Th quality of climat rporting in th Bnlux rgion continus to incras vry yar. Th avrag disclosur scor among th 45 Bnlux basd companis incrasd from 68 in 2012 and 74 in 2013 to 80 in For th scond yar in a row, Royal Philips achivd th prfct disclosur scor of 100, which rflcts comprhnsiv rporting and a thorough undrstanding of climat chang impacts on its businss. Climat Disclosur Ladrship Indx (CDLI) 2014 In 2014, 15 Bnlux companis ar includd in th CDLI indx, and th thrshold to qualify for th Bnlux CDLI ros slightly to 88. Th avrag disclosur scors among th ladrs rmains stabl at 93. Company Consumr discrtionary Disclosur scor Prformanc band Tlnt Group Holding 93 B Consumr stapls Hinkn 99 A Anhusr Busch InBv 94 A Dlhaiz Group 90 B Financials ING Group 97 A Cofinimmo 89 C Industrials Royal Philips 100 A Royal BAM Group 98 A bpost 90 A TNT Exprss 89 D Matrials Akzo Nobl 96 B Solvay 90 B Tlcommunication Srvics Royal KPN 99 A Blgacom 88 A Enrgy Royal Dutch Shll 90 B *For th purpos of this rgional rport, th Bnlux CPLI and CDLI only considr companis whos hadquartrs ar basd in th Bnlux rgions. Non-Bnlux basd companis that ar in th 2014 Bnlux sampl ar rcognizd in thir local CPLI and/or CDLI.

12 12 Rporting a rang of initiativs, but limitd impact Grnhous gas missions rduction: biggr impact ndd Th total amount of grnhous gass mittd by th Bnlux companis in this analysis has rmaind largly unchangd sinc last yar at 334 Mt CO 2, which is comparabl to th total missions of Spain. Companis in all sctors hav workd towards rducing thir grnhous gas missions, and hav mad major invstmnts to do so. Howvr, ths achivmnts hav bn largly offst by incrass of missions du to othr factors, such as incrasing businss activitis or advrs wathr conditions (figur 1). This lack of progrss mphasizs th nd for incrasing th impact of missions rduction initiativs. Bnlux companis hav rducd GHG missions through targtd initiativs, but ths gains hav bn offst by othr factors. Companis in tlcommunications and th financial sctor hav mad th most significant missions rduction through thir climat initiativs (11% and 10%, rspctivly), particularly through low-carbon products and purchasing rnwabl nrgy, but ths sctors only account for 0.1% of th total 334 Mt CO 2 mittd. Companis in consumr discrtionary hav managd to rduc total missions by improving procss fficincy and purchasing rnwabl nrgy, whil growing thir businss at th sam tim. Othr sctors also nd to dcoupl growth from missions in this way to mov th whol Bnlux towards a low carbon conomy. Figur 1: Total missions of Bnlux companis hav rmaind largly unchangd ovr th past yar Emissions rduction inititativs Businss activitis Othr (mthodology, unidntifid) Total scop 1 & 2 missions (Mt CO 2 ) Consumr Discrtionary Consumr Stapls Enrgy Financials Halth Car Industrials Information Tchnology Matrials Tlcommunication Srvics Rducd missions -9% -5% 0% -1% -10% -6% -1% -3% -7% -1% -1% -4% -1% -4% 0% 0% -11% -1% 0% Incrasd missions 7% 1% 7% 3% 0% 3% 2% 2%

13 Ovrviw of initiativs by sctor 13 Companis in consumr discrtionary hav implmntd a wid rang of small initiativs to rduc missions, particularly optimizing nrgy us in buildings and promoting lowcarbon businss travl. Th publishing companis in this group also grw thir businss, both organically and through acquisition, which ld to rising missions, partly offstting th fficincy gains. 4 companis 0.1 Mt CO 2 In consumr stapls, Climat Prformanc Ladrs AB Inbv and Hinkn accountd for 96% of th missions rduction through targtd initiativs. Ths companis implmntd nrgy fficincy programs in thir brwrs, improving hat rcovry and incrasing fficincy of installations, among othrs. Acquisitions wr th main factor rsulting in incrasing missions. Th targtd mission rductions by th companis in th nrgy sctor cam from incrasing captur of fugitiv missions, and bttr procss control through automation. At th sam tim, missions incrasd bcaus of growing output, and a widning of th rporting scop. 5 companis 11.7 Mt CO 2 4 companis 86.2 Mt CO 2 Th companis in financials hav achivd missions rductions of 10% through thir climat initiativs. Almost all buy low-carbon nrgy, and hav introducd nrgy fficincy masurs in thir buildings. Th biggst impact in this sctor, howvr, is through financing low-carbon nrgy projcts. Th participating companis hav financd 7.2 Mt CO 2 missions rduction this way, which is mor than 30 tims thir own footprint. 8 companis 0.2 Mt CO 2 UCB, th only halthcar company among participants, has achivd most missions rductions from its targtd initiativs through low-carbon nrgy purchas. Divstmnt also contributd to th ovrall dcras, whil th cold start to 2013 ld to incrasing missions. 1 company 0.1 Mt CO 2 In industrials, low-carbon missions rductions account for 66% of missions rductions achivd by th companis within thir own oprations, supplmntd by initiativs to lowr missions from transport and production procsss, among othrs. Howvr, th low-carbon products that ths companis offr to thir customrs hav a bnfit far gratr than th intrnal rductions, xcding thm by a factor 60. Thr wr also significant changs in businss activitis of participating companis, including mrgrs, dcrasing rvnus, and rorganizations. Across th sctor, ths dvlopmnts ld to an missions incras of 2%. A switch to mor ful-fficint vhicls was th most impactful initiativ lading by information tchnology companis, rprsnting 74% of missions rduction achivd through th diffrnt initiativs. Dcrasing businss activity and changs in mthodology also contributd to missions rductions. 12 companis 32.0 Mt CO 2 3 companis 0.1 Mt CO 2 Th matrials sctor accounts for 61% of total missions. Thr hav only bn a slight (0.15%) missions rduction through climat initiativs in this sctor, 99% of which through procss fficincy. This includs installing hot rolling mills in stl manufacturing and capturing wast nrgy strams for r-us. Businss-wis, thr wr shifts in product portfolios, which ld to an ovrall incras of missions. Blgacom and KPN, th two tlcommunication srvics providrs in th group of companis, hav achivd a joint 11% in missions rduction through thir climat initiativs. Th dcras is all th mor rmarkabl givn th rapid growth in data communication volums (+45% sinc prvious yar, in th cas of KPN). Both Blgacom and KPN buy 100% rnwabl lctricity, which accounts for 95% of missions rductions achivd in this sctor. 6 companis Mt CO 2 2 companis 0.1 Mt CO 2

14 14 Climat ladrship: Positioning for futur businss opportunity Corporat climat prformanc is a multi-factd concpt, so th CDP mthodology considrs a rang of factors in assssing climat prformanc. Th stratgy for rducing missions (15%), undrlying initiativs (19%), and th rsulting missions prformanc (20%) ar clarly critical, making up mor than half of th total scor. And yt thr ar othr factors that play an important rol in ffctiv climat mitigation, including, vrification, govrnanc and a thorough undrstanding of risks and opportunitis. Kping in mind all th diffrnt aspcts of climat prformanc, this chaptr focusss on th lmnts by which climat prformanc ladrs thos achiving an A for prformanc distinguish thmslvs most clarly from th rst. Th ight companis that stand out as Climat Prformanc Ladrs stand out from th othrs, th followrs, by thir proactiv, forwardapproach to climat prformanc. Thy distinguish thmslvs in thr aras.. 1 Climat Prformanc Ladrs st clar targts for rducing missions, mostly in absolut trms (figur 2). All Climat Prformanc Ladrs in th Bnlux hav dfind clar and ambitious targts. Among th 37 followrs, howvr, 10 hav no climat-rlatd targt in plac. Figur 2: All Climat Prformanc Ladrs in th Bnlux has st targts, whil 27% of th followrs do not Absolut targt Intnsity targt Absolut and intnsity targt No targt Ladrs 38% 13% 50% 0% Followrs 22% 30% 22% 27% 2 Climat Prformanc Ladrs invst in Ladrs hav invstd clos to 140 million ach, actions for transforming thir businss, on avrag, most of which in product dsign, whil Figur 3: Climat Prformanc Ladrs focus on cost-ffctiv opportunitis for rducing missions rathr than implmnting masurs that followrs invst primarily in fficincy. optimiz thir xisting oprations. Ladrs Followrs Climat prformanc ladrs focus thir climat-rlatd invstmnt in dsigning <1 yar products for a low-carbon world. 29% 34% Pr 1-3 company yars avrags Climat prformanc ladrs Followrs 41% 18% Intrnal Product Intrnal Product initiativs dsign initiativs dsign 11% Invstmnt 4-10 yars 1.7 m m 10.9 m 0.07 m 18% Annual montary savings 2.4 m 0.02 m 5.2 m 0.7 m 2% Annual yars missions rductions 2% as shar of total missions 1% 6% 2% 0% >15 yars 11% 34%

15 Figur 2: All Climat Prformanc Ladrs in th Bnlux has st targts, whil 27% of th followrs do not Absolut targt Intnsity targt Absolut and intnsity targt No targt Climat ladrship: Positioning for futur businss opportunity 15 Ladrs 38% 13% 50% 0% 3 Followrs 22% 30% 22% 27% Climat Prformanc Ladrs invst in masurs that mak businss sns as wll as dcras climat impacts. Th financial payback priods of initiativs of Climat Prformanc Ladrs ar typically blow thr yars, whil followrs fail to idntify costffctiv mitigation options, and targt about on-third of thir invstmnt on masurs that do not pay back within 15 yars (such as low-carbon nrgy purchas) (figur 3). Figur 3: Climat Prformanc Ladrs focus on cost-ffctiv opportunitis for rducing missions Ladrs Followrs <1 yar 29% 34% 1-3 yars 18% 41% 4-10 yars 11% 18% yars 2% 2% >15 yars 11% 34% 76% 23% 100%

16 16

17 Had s Up: Th EU Non-Financial Rporting Dirctiv Risks & Opportunitis 17 A pragmatic EU wid approach to non-financial rporting is th optimal solution for businss and invstors. On Sptmbr 29th 2014, th EU Council approvd a nw Dirctiv on disclosur of non-financial information for companis with ovr 500 mploys within th EU. Th dirctiv will b rolld out ovr th nxt two yars and must b nforcd by 2017 undr th EU Accounting Dirctiv. Unfortunatly, Mmbr Stats can individually choos how to intrprt th nvironmntal rporting componnt of th Dirctiv. This could potntially crat a patchwork of fragmntd and incompatibl rporting rquirmnts, which would add complxity and cost to rporting companis and would not satisfy th nds of th invstor community. An EU-wid approach is ndd, stablishing standardisd (or at last compatibl) rporting framworks, and promoting a consistnt and intgratd approach to rporting financial and nonfinancial corporat information. CDP s position CDP s long-trm ndorsmnt by narly 800 institutional invstors with ovr USD 92 trillion assts undr managmnt has d-facto introducd a standard for rporting corporat nvironmntal information. Som 4,500 companis worldwid (of which around 1,000 alon ar in Europ) alrady apply this rporting standard, cumulativly rprsnting ovr half of th world s markt capitalization. Institutional invstors us non-financial CDP data in thir daily dcision making via various information channls such as Bloombrg trminals, CSR rports, annual financial statmnts, ESG ratings, as wll as dirctly through CDP. CDP data is also usd to driv chang through corporat supply chains, and to inform nvironmntal policy that rlats to businss activity. How CDP can hlp Via th CDP rporting platform, companis alrady rport information to invstors that fulfils thir rquirmnts as rgards nvironmntal rporting. In addition to this, CDP has promotd th dvlopmnt of standards for mainstram non-financial rporting through its support of th Climat Disclosur Standards Board (CDSB), in coalition with svn othr ky nvironmntal NGOs (CERES, Th Climat Group, Th Climat Rgistry, IETA, WBCSD, WEF, WRI). CDSB s rporting framwork is a uniqu tool, which would nabl companis to us data from thir CDP rspons to comply with th nw EU accounting dirctiv as rgards nvironmntal rporting. Th CDSB rporting framwork also provids th basis on which th social and govrnanc rporting rquirmnts could b built. How your company can gt involvd In ordr to mak th nw lgislation maningful, as wll as simpl to implmnt by companis, w ncourag you to advocat your national govrnmnts dirctly and through your trad associations. A pragmatic EU wid approach to non-financial rporting is th optimal solution for businss and invstors. It should build on availabl and stablishd rporting framworks, such as CDSB. CDP and CDSB ar hr to support you in that ffort. Our staffs ar availabl to answr any qustions and provid furthr information. Stvn Tbb Managing Dirctor, CDP Europ To nsur a lvl playing fild among larg, comptitiv companis, CDP has bn supportiv of EU wid lgislation, making non-financial rporting mandatory within mainstram annual rports.

18 18 Mitigating risks and sizing opportunitis Proactivly daling with risks and opportunitis Climat prformanc ladrs ar mor awar of th risks and opportunitis that can affct thir businss. Thy idntifid th majority of all risks, as wll as th majority of high-rankd risks (risks that scord at last 28 points on th ovrall probability and impact multiplid). Accordingly, thy tnd to hav mor dtaild appropriat mitigation and adaptation action plans in plac. Many followrs, on th othr hand, just rspond to xtrnal dvlopmnts, such as rgulation or changs in physical oprating nvironmnt. Assssing risks and opportunitis Rsponding companis highlight two main climatrlatd impacts on thir businss: { impacts on oprational costs (primarily a risk). { impacts on rputation and dmand for products and srvics (both a risk and opportunity), largly drivn by changing customr bhavior, as consumr choics ar bcoming incrasingly drivn by climat impacts. In thir rsponss, companis hav indicatd th risks and opportunitis rlating to climat chang that thy hav idntifid, including thir liklihood (xtrmly unlikly to virtually crtain) and impact (low to high) on th company. This information was usd for ranking th risks and opportunitis, multiplying probability and impact to yild a scor for ach risk and opportunity. Probability Impact Virtually crtain 8 High 5 Vry likly 7 Mdium-high 4 Likly 6 Mdium 3 Mor likly than not 5 Low-mdium 2 About as likly as not 4 Low 1 Unlikly 3 Unknown 0 Vry unlikly 2 Excptionally unlikly 1 Unknown 0 Bnlux companis highlight risks of incrasd oprational costs du to changs in climat and climat rgulation. Figur 4: Idntifid risks rlatd to climat chang Inability to do businss Incrasd oprational costs Rproduction/disruption in production capacity Rducd dmand for goods & srvics Incrasd capital losss Othr Rducd stock pric (markt valuation) Bubbl siz dnots th numbr of tims th risk is mntiond Probability Virtually crtain Likly Unlikly Low Mdium High Impact

19 Mitigating risks and sizing opportunitis 19 Managing impacts on oprational costs For many Bnlux companis climat initiativs ar primarily about managing risks of rising oprational costs, which is both th most rportd risk and th highstrankd risk (figur 4). Climat-rlatd rgulation, with a pollutr pays -principl, can incras costs, particularly in th matrials sctor. Companis fors that complianc with nvironmntal obligations may rquir additional capital xpnditurs or modifications in oprating practics, lading to incras of oprational costs. Many also s volatil nrgy prics as a significant risk, drivn by uncrtainty surrounding nw rgulation and cap and trad schms. Concrnd about rising costs, most companis in th matrials sctor focus on optimizing thir xisting oprations. Masurs in procss fficincy account for 99% of th missions rduction initiativs of th companis in this sctor, and rprsnt an invstmnt of mor than 14 million. Ths initiativs ar highly ffctiv, both from a climat and businss point of viw; ths masurs now sav th companis mor than 28 million pr yar. In paralll, matrials companis monitor nrgy and CO 2 pric dvlopmnts and work on stratgis for optimizing supply of nrgy and raw matrials. Lading matrial production and procssing companis tak a mor proactiv approach to th impacts of rgulation. Thy s this as an opportunity to dvlop products and srvics for nw markts cratd by rgulation. Whn thr is a stabl long-trm policy framwork, ths businsss can mak informd stratgic dcisions about long-trm invstmnts in ths markts for low-carbon matrials. Boosting th rsilinc of supply chains Companis in consumr stapls rais concrns about th physical impacts of climat chang on thir oprations, as changing in wathr pattrns and xtrm vnts can disrupt supply chains and rais th costs of raw matrials. To addrss this risk, climat prformanc ladrs work with thir supplirs in making supply of fdstock mor rsilint and divrs. Thy hav pronouncd stratgis rgarding local sourcing, ngag small farmrs and invst in bttr agricultural practics. At th sam tim, ths companis ar looking into circular conomy approachs of rcovring matrial strams and products, b it for thir own r-us or for rslling to customrs. Climat Prformanc Ladrs rap concrt bnfits from thir forward looking approach to natural rsourc risks. Strongr ngagmnt with partis along th supply chain provid mor visibility and transparncy, and nsur mor stabl product sourcs for th products offrd. In addition to bing ffctiv climat chang adaptation, this approach crats bnfits in stakholdr rlationships and rputation. And by working in partnrship with othrs, thy crat broadr social bnfits, such as a mor rsilint agricultural sctor. Nw markts for rnwabl nrgy products Th majority of Solvay s dirct and indirct missions ar causd by facilitis within th EU, so th company monitors Europan climat chang rlatd rgulation closly. Incrasd mission taxs, for xampl, would lad to th ovrall incrasd oprational costs, and rnwabl nrgy rgulation is supporting dvlopmnt of nw nrgy sourcs, for which Solvay is xploring aras of us. Solvay is involvd in diffrnt partnrships and collaborativ rsarch projcts to accss nw and complmntary high-tch xprtis in filds such as rnwabl nrgy or advancd matrials. Th Solar Impuls projct is a good xampl of this. This projct aims to build a solar airplan that can fly day and night on solar powr, without a drop of ful and without pollution. This way, th projct contributs to innovativ applications of rnwabl nrgis in aviation, dmonstrating th possibilitis of clan tchnologis for sustainabl dvlopmnt. Solvay contributs to Solar Impuls through rsarch of innovativ matrials and tchnical solutions and th study of thir bhavior in xtrm conditions. Solvay supplid 11 of its products, fiftn applications and ovr 6,000 parts to th first vrsion of th aircraft. Aftr an intrcontinntal flight of this prototyp in 2012, from Payrn (Switzrland) to Ouarzazat (Morocco) and back, 2013 saw a coast-to-coast US flight, from San Francisco to Nw York City. Solar Impuls s tam and partnrs hav now built a scond solar airplan, aiming to fly around th world in th first half of Incrasing th climat rsilinc of supply chains through local sourcing AB Inbv has st up barly fficincy and sd rsarch programs to improv crops tolration to xtrm wathr conditions, such as drought. This rsarch and dvlopmnt aims to crat nw varitis with bttr yilds and dvlop sustainabl tchniqus that hlp improv th volum and quality of th barly producd. This hlps th company to manag th cost of raw matrials bttr and scur a sourc of high-quality raw matrials. Morovr, by cooprating with growrs in this rsarch program, th company dpns its rlationships with smallholdr farmrs. In paralll, AB Inbv works with local communitis to improv frsh watr managmnt, st an xampl for rducing watr risks and to find opportunitis to consrv watr rsourcs.

20 20 Mitigating risks and sizing opportunitis Sizing th futur businss opportunitis Climat and mission stratgy ar not just about mitigating risks; thr ar tangibl businss opportunitis. Companis in th global Climat Prformanc Ladrship Indx hav outprformd businsss in th Bloombrg World Indx and Dow Jons Sustainability World Indx by ovr 9.6% ovr 2010 to 2014 (figur 5). Th strong focus on managing risks among Bnlux companis could thratn to clips initiativs for sizing businss opportunitis. Climat Prformanc Ladrs do look to th opportunitis ahad. Thos in th Bnlux highlight opportunitis in changing dmand for products and srvics in rlation to climat chang and for strngthning company rputation and brand valu (figur 6). Dsigning products for a low-carbon world Changs in physical climat pattrns lad to nw dmands for products and srvics in th nginring sctor, for instanc for watr managmnt and rnwabl nrgy. Climat Prformanc Ladrs in industrials, hav invstd mor than 500 million in nw products for a low-carbon world. This includs Philips EcoDsign product rang, as wll as infrastructur products lik building matrials and machinry with smallr carbon footprint, and full nginring solutions for adapting to climat chang. Companis lik Royal BAM hav introducd initiativs for rducing th climat impact of thir currnt oprations, using approachs lik prdictiv modlling and lowcarbon sourcing. Shifts in dmand for goods and srvics do not just rsult from changs in th climat; companis also s risks and opportunitis rlating to a shift in consumr bhaviour. As consumrs incras thir awarnss of climat chang, thy shift thir consumption pattrns to mor sustainabl products and srvics, and ar looking to companis that can provid ths. This shift in dmand poss a risk to xisting product portfolios, but crats opportunitis to grow into nw markts. Th way companis dal with ths shifts also affcts thir rputation among customrs, as wll as thir ability to do businss and maintain currnt valu. Ractiv approachs focus on dfnding markt shar of products that ar bing ovrtakn by nw, bttr altrnativs. Climat prformanc ladrs hav a mor forward-looking approach to managing ths risks. By focusing thir invstmnts on rducing missions in product dvlopmnt, thy mak a transition to products and markts that mt th nw consumr nds. Enginring practics, matrials and solutions for a low-carbon world BAM is awar of th high risks rlatd to physical changs in climat. It forss that irrgularitis in monsoon sasons can caus disruption in projct planning, and rais rlatd cost. Th company has thrfor implmntd various masurs for mitigating this risk. For vryday oprations, for instanc, thy mak us of BABOS, a systm that uss wathr prdictions to giv advic rgarding th appropriat tims to apply asphalt, among othrs. At th sam tim, BAM has bn adapting its nginring dsigns for customrs to incras rsilinc to futur climat conditions. It conducts dynamic thrmal modlling to assss th prformanc of buildings in futur climat conditions, using this information to slct appropriat thrmal proprtis of building fabric, and dsign appropriat hat and cooling systms for coping with largr tmpratur fluctuations. Thy also us sustainabl urban drainag systms in aras at risk of flooding. BAM is also invsting in longr-trm opportunitis for nw infrastructur products lik dik dowl, cobach (a systm that supports natural nourishmnt of sand), x-bloc (brakwatrs), box barrirs (a tmporary dik) and th soutrrain systm (a systm that collcts rainwatr undrnath roads). BAM has startd to invstigat th us of slf-haling concrt, which may provid a solution to longr trm rsilinc of larg infrastructur dvlopmnts and buildings. Companis in th global Climat Prformanc Ladrship Indx hav outprformd businsss in th Bloombrg World Indx and Dow Jons Sustainability World Indx by ovr 3% ovr 2010 to 2014.

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