CDP Global Climate Change Report 2015

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1 CDP Global Climat Chang Rport 2015 At th tipping point? Writtn on bhalf of 822 invstors with US$95 trillion in assts CDP Rport Octobr 2015 Global rport sponsor 1

2 CDP 2015 climat chang scoring partnrs CDP works with a numbr of partnrs to dlivr th scors for all our rsponding companis. Ths partnrs ar listd blow along with th gographical rgions in which thy provid th scoring. All scoring partnrs hav to complt a dtaild training cours to nsur th mthodology and guidanc ar applid corrctly and th scoring rsults go through a comprhnsiv quality assuranc procss bfor bing publishd. In som rgions thr is mor than on scoring partnr and th rsponsibilitis ar shard btwn multipl partnrs. In 2015, CDP workd with RpRisk, a businss intllignc providr spcializing in ESG risks ( who providd additional risk rsarch and data into th proposd A-List companis to assss whthr thy wr svr rputational issus that could put thir ladrship status into qustion. Australia & Nw Zaland, Bnlux, Canada, Hong Kong, India, Irland, Italy, Japan, Nordic, SE Asia, South Africa, UK,. Switzrland Cntral and Eastrn Europ (CEE) China Dloitt Blu Dloitt Grn 基 準 色 PANTONE DIC F294 近 似 色 CMYK C100 M75 Y0 K13 C45 M0 Y93 K0 RGB R0 G39 B118 R146 G212 B0 PANTONE:コート 紙 を 使 用 する 場 合 にはPANTONE COATEDチップ 非 コート 紙 の 場 合 にはPANTONE UNCOATEDチップを 基 準 としてください Franc Japan, Turky Japan, Kora Grmany & Austria Brazil Kora Japan Latin Amrica Spain & Portugal (Ibria) sustainabl 2 Japan Grmany & Austria All rgions

3 Contnts CDP 2015 climat chang scoring partnrs 2 Paul Dickinson forword 4 Mg Whitman forword 5 Global ovrviw 6 Th Climat A List Ladrship Critria 12 Low carbon invsting hits mainstram 13 Country Summaris Appndix I 88 Invstor signatoris and mmbrs Appndix II 89 Largst non-rspondrs by markt capitalization Plas not: Th slction of analyzd companis in this rport is basd on markt capitalization of rgional stock indics whos constitunts chang ovr tim. Thrfor th analyzd companis ar not th sam in 2010 and 2015 and any trnds shown ar indicativ of th progrss of th largst companis in that rgion as dfind by markt capitalization. Larg mittrs may b prsnt in on yar and not th othr if thy droppd out of or ntrd a stock indx. Lik for lik analysis on missions for sub-st of companis that rportd in both 2010 and 2015 is includd for clarity. Som dual listd companis ar prsnt in mor than on rgional stock indx. Companis rfrring to a parnt company rspons, thos rsponding aftr th dadlin and slf-slctd voluntary rsponding companis ar not includd in th analysis. For mor information about th companis rqustd to rspond to CDP s climat chang program in 2015 plas visit: 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. CDP has prpard th data and analysis in this rport basd on rsponss to th CDP 2015 information rqust. No rprsntation or warranty (xprss or implid) is givn by 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, CDP dos 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 ar 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. 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 CDP Worldwid, a rgistrd charity numbr and a company limitd by guarant, rgistrd in England numbr CDP Worldwid. All rights rsrvd. 3

4 Paul Dickinson Excutiv Chairman CDP CDP was st up, almost 15 yars ago, to srv invstors. A small group of 35 institutions, managing US$4 trillion in assts, wantd to s companis rporting rliabl, comprhnsiv information about climat chang risks and opportunitis. Dcarbonizing th global conomy is an ambitious undrtaking, vn ovr many dcads corporat ladrs undrstand th siz of th challng, and th importanc of mting it. W ar on th thrshold of an conomic rvolution that will transform how w think about productiv activity and growth. Sinc that tim, our signatory bas has grown normously, to 822 invstors with US$95 trillion in assts. And th corporat world has rspondd to thir rqusts for this information. Mor than 5,500 companis now disclos to CDP, gnrating th world s largst databas of corporat nvironmntal information, covring climat, watr and forst-risk commoditis. Our invstor signatoris ar not intrstd in this information out of mr curiosity. Thy bliv, as w do, that this vital data offrs insights into how rporting companis ar confronting th cntral sustainability challngs of th 21st cntury. And th data, and this rport, shows that companis hav mad considrabl progrss in rcnt yars whthr by adopting an intrnal carbon pric, invsting in low-carbon nrgy, or by stting long-trm missions rduction targts in lin with climat scinc. For our signatory invstors, insight lads to action. Thy us CDP data to hlp guid invstmnt dcisions to protct thmslvs against th risks associatd with climat chang and rsourc scarcity, and profit from thos companis that ar wll positiond to succd in a low-carbon conomy. This yar, in particular, momntum among invstors has grown strongly. Sharholdrs hav com togthr in ovrwhlming support for climat rsolutions at lading nrgy companis BP, Shll and Statoil. Thr is vr incrasing dirct ngagmnt by sharholdrs to stop th boards of companis from using sharholdrs funds to lobby against govrnmnt action to tax and rgulat grnhous gasss. This activity is vital to protct th public. Many invstors ar critically assssing th climat risk in thir portfolios, lading to slct divstmnt from mor carbon-intnsiv nrgy stocks or, in som cass, from th ntir fossil ful complx. Lading institutions hav joind with us in th Portfolio Dcarbonization Coalition, committing to cut th carbon intnsity of thir invstmnts. This momntum coms at a crucial tim, as w look forward to COP21, th pivotal UN climat talks, in Paris in Dcmbr. A succssful Paris agrmnt would st th world on cours for a goal of nt zro missions by th nd of this cntury, providing businss and invstors with a clar, longtrm trajctory against which to plan stratgy and invstmnt. Without doubt, dcarbonizing th global conomy is an ambitious undrtaking, vn ovr many dcads. But th actions that companis ar alrady taking, and rporting to CDP, show that corporat ladrs undrstand th siz of th challng, and th importanc of mting it. W ar on th thrshold of an conomic rvolution that will transform how w think about productiv activity and growth. W ar bginning to dcoupl nrgy us and grnhous gas missions from GDP, through a procss of dmatrialization whr consumption migrats from physical goods to lctronic products and srvics. This will crat nw assts, multi-billion dollar companis with a fraction of th physical footprint of thir prdcssors. Similarly, thr is a growing ralization that work is no longr a plac, but incrasingly an activity that can tak plac anywhr. And it no longr rlis on th physical, carbon-intnsiv infrastructur w onc built to support it. In th 19th cntury w built railway lins across th glob to transport popl and goods. Now w nd to crat a nw form of transportation, in th form of broadband. Invstmnt in fixd and mobil broadband will crat advancd ntworks upon which th communications-drivn conomy of th 21st cntury can b built an conomy whr opportunity is not limitd by tim or gography, and whr thr ar no limits to growth. An conomic rvolution of this scal will crat losrs as wll as winnrs. Schumptr s crativ dstruction, applid to th climat challng, is st to transform th global conomy. It is only through th provision of timly, accurat information, such as that collctd by CDP, that invstors will b abl to proprly undrstand th procsss undrway. Our work has just bgun. 4

5 Mg Whitman Prsidnt and CEO, Hwltt Packard Entrpris Climat chang is on of th most complx challngs facing businss and govrnmnts. At Hwltt Packard Entrpris, w bliv that by uniting popl, idas and tchnology, w can hlp solv many of th world s challngs, including climat chang. Th way w rspond will hav a profound and prmannt impact on th halth and prosprity of futur gnrations. W must tak swift and bold action to addrss th root causs of climat chang. This mans disrupting th status quo changing th way w do businss, holding ourslvs and othrs accountabl, and crating innovativ solutions that driv a low-carbon conomy. As country ladrs gathr at COP21 to discuss a nw global agrmnt to combat climat chang, th mssag from climat scintists is clar: grnhous gass ar contributing to th warming of our plant at an alarming rat. W must tak swift and bold action to addrss th root causs of climat chang. This mans disrupting th status quo changing th way w do businss, holding ourslvs and othrs accountabl, and crating innovativ solutions that driv a low-carbon conomy. Th Information and Communication Tchnology (ICT) industry is uniquly suitd to combat climat chang by nabling mor sustainabl businss modls and rvolutionizing industris at spd and scal. But vn as tchnology transforms othr industris, w also must work to rduc th carbon footprint of th ICT industry. By 2020, 30 billion connctd dvics will gnrat unprcdntd amounts of data. And this will only incras. This massiv amount of data is collctd, procssd, stord and managd in largscal data cntrs around th world, which collctivly consum a trmndous amount of nrgy. Soon, w may not b abl to mak nough nrgy to kp up with th nds of ths normous data cntrs. Today, data cntrs that powr th public cloud us mor nrgy than th countris of Grmany and Japan combind, and may soon rquir mor nrgy than w can vn produc ach yar. Clarly, w must rduc th nrgy dmand and spac rquirmnts of data cntrs. That s why Hwltt Packard Labs is focusd on rimagining computing at its cor. Th Machin is our transformativ rsarch initiativ that w bliv will fundamntally chang th architctur of computing which has stood unchallngd for 60 yars nabling a quantum lap in prformanc and fficincy. W stimat that Th Machin will us only 1 prcnt of th nrgy pr calculation achivabl today. W bliv this is th typ of disruptiv innovation that is rquird to sustainably mt th data nds of th futur. At th sam tim, w must addrss data cntr nrgy at th sourc. In July, w signd a 12-yar powr purchas agrmnt for 112 mgawatts (MW) of wind powr with SunEdison, Inc. This agrmnt is sufficint to powr 100 prcnt of our Txas-basd data cntr oprations, which support Hwltt Packard Entrpris s ntir intrnal global information tchnology (IT) rquirmnts and th dlivry of IT srvics to a portion of our customrs. I m thrilld to say that this agrmnt will hlp us rach our 2020 oprational grnhous gas missions rduction goal by th nd of fiscal yar 2015, fiv yars ahad of schdul. This action also maks us th first global IT company to st and achiv a scinc-basd oprational targt in part using CDP and World Wildlif Fund s Th 3% Solution 1. Th 3% Solution provids corporations with a guid for stting targts on a track to stay blow th 2 dgrs Clsius incras idntifid as a critical thrshold, whil driving profits. Scinc-basd goals hlp promot accountability and maximiz impact, which is why w joind CDP and othr businss ladrs in supporting th W Man Businss Commit to Action initiativ, in which w committd to dvlop corporat nvironmntal goals that ar basd on climat scinc. W invit othr forward-thinking companis to join us in supporting W Man Businss, snding a clar signal to global ladrs that w ar taking bold and maningful action to combat climat chang. W ar proud to stand with CDP, both as Hwltt Packard in th past and in th futur as Hwltt Packard Entrpris, to hlp crat a mor scur, prosprous futur for all. It is our hop that whn futur gnrations look back at 2015, thy rcogniz this as th yar that businss and govrnmnt ladrs took th ncssary action to combat climat chang and driv a sustainabl conomy

6 Global ovrviw Th cas for corporat action on climat chang has nvr bn strongr and bttr undrstood. With th scintific vidnc of manmad climat chang bcoming vr mor incontrovrtibl, lading companis and thir invstors incrasingly rcogniz th stratgic opportunity prsntd by th transition to a low-carbon global conomy. Global Analyzd rsponss 1,799 1,997 Markt cap of analyzd companis US$m* 25,179,776 35,697,470 Scop 1 5,459 MtCO 2 5,382 MtCO 2 Scop 2 1,027 MtCO 2 1,301 MtCO 2 Scop 1 lik for lik: 1,306 companis 4,135 MtCO 2 4,425 MtCO 2 Scop 2 lik for lik: 1,306 companis 794 MtCO MtCO 2 Businss is alrady stpping up. Th Unitd Nations Environmnt Programm stimats that xisting collaborativ missions rduction initiativs involving companis, citis and rgions ar on cours to dlivr th quivalnt of 3 gigatons of carbon dioxid rductions by That s mor than a third of th missions gap btwn xisting govrnmnt targts for that yar and grnhous gas missions lvls consistnt with avoiding dangrous climat chang. * Markt capitalization figurs from Bloombrg at 1 January 2010 and 1 January And thy ar acting to siz this opportunity. Th latst data from companis that this yar took part in CDP s climat chang program as rqustd by 822 institutional invstors, rprsnting US$95 trillion in assts provid vidnc that rporting companis ar taking action and making invstmnts to position thmslvs for this transition. Growing momntum from th corporat world is coinciding with growing political momntum. Latr this yar, th world s govrnmnts will mt in Paris to forg a nw intrnational climat agrmnt. Whatvr th contours of that agrmnt, businss will b cntral to implmnting th ncssary transition to a low-carbon global conomy. Thos invstors who undrstand th nd to dcarboniz th global conomy ar watching particularly closly for vidnc that th companis in which thy invst ar positiond to transition away from fossil ful dpndncy. By rqusting that companis disclos through CDP, ths invstors hav hlpd crat th world s most comprhnsiv corporat nvironmntal datast. This data hlps guid businsss, invstors and govrnmnts to mak bttr-informd dcisions to addrss climat challngs. This rport offrs a global analysis of th currnt stat of th corporat rspons to climat chang. For 1. Improving climat actions Globally = 80% 9400= 94% 4700= 47% 7500= 75% 6000= 60% 8400= 84% 2100= 21% 5000= 50% 2700= 27% 4400= 44% 4700= 47% 8900= 89% 2900= 29% 6300= 63% 3800= 38% 6400= 64% = 34% 6400= 64% Board or snior managmnt rsponsibility for climat chang Incntivs for th managmnt of climat chang issus Engagmnt with policymakrs on climat issus Intnsity missions rduction targts Absolut missions rduction targts Activ missions rduction initiativs Emissions data for two or mor Scop 3 catgoris Scop 1 data indpndntly vrifid Scop 2 data indpndntly vrifid 6

7 W ar targting th full oprational missions for th organisation, including lctricity, natural gas, disl and rfrigrant gass usd in oprational buildings and flts. J Sainsbury Plc CDP has changd th way invstors ar abl to undrstand th impact of climat chang in thir portfolio... promoting awarnss of what risks or bnfits ar mbddd into invstmnts. Anna Karny BNY Mllon th first tim, CDP compars th xisting landscap to whn th world was last on th vrg of a major climat agrmnt. By comparing data disclosd in 2015 with th information providd in 2010, this rport tracks what companis wr doing in 2009, ahad of th ill-fatd Copnhagn climat talks at th nd of that yar. Th findings show considrabl progrss: with corporat and invstor ngagmnt with th climat issu; in lading companis managmnt of climat risk; and vidnc that corporat action is proving ffctiv. Howvr, th data also shows that much mor nds to b don if w ar to avoid dangrous climat chang. Growing corporat ngagmnt on climat chang For th purposs of this 2015 rport and analysis, w focusd on rsponss from 1,997 companis, primarily slctd by markt capitalization through rgional stock indxs and listings, to compar with th quivalnt 1,799 companis that submittd data in Ths companis, from 51 countris around th world, rprsnt 55 th markt capitalization of listd companis globally. Th data shows significant improvmnts in corporat managmnt of climat chang. What was lading bhavior in 2010 is now standard practic. For xampl, govrnanc is improving, with a highr prcntag of companis allocating rsponsibility for climat issus to th board or to snior managmnt (from 80% to 94 rspondnts). And mor companis ar incntivizing mploys through financial and non-financial mans to manag climat issus (47% to 75%). Importantly, th prcntag of companis stting targts to rduc missions has also grown strongly. Forty four pr cnt now st goals to rduc thir total grnhous gas missions, up from just 27% in Evn mor 50% - hav goals to rduc missions pr unit of output, up from 20% in Companis ar rsponding to th vr-mor complling vidnc that manmad grnhous gas missions ar warming th atmosphr. This hlps build th businss cas for monitoring, masuring and disclosing around climat chang issus. But gratr corporat ngagmnt with climat chang is at last partly down to influnc from incrasingly concrnd invstors. Amid growing invstor concrn Sinc 2010, thr has bn a 54% ris in th numbr of institutional invstors, from 534 to 822, rqusting disclosur of climat chang, nrgy and missions data through CDP. Invstors ar also broadning th mans by which thy ar ncouraging corporat action on missions. In rcnt yars, thy hav launchd svral othr initiativs. For xampl, a numbr of institutional invstors hav com togthr in th Aiming for A coalition to call on spcific major mittrs to dmonstrat good stratgic carbon managmnt by attaining (and maintaining) inclusion in CDP s Climat A List. Th A List rcognizs companis that ar lading in thir actions to rduc missions and mitigat climat chang in th past CDP rporting yar. In 2015, following a priod of ngagmnt with th companis, th coalition was succssful in passing sharholdr rsolutions calling for improvd climat disclosur at th annual mtings of BP, Shll and Statoil, with narly 100 th vots in ach cas. Invstors ar also applying principls of transparncy and xposur to thmslvs. Mor than 60 institutional invstors hav signd th Montréal Carbon Pldg, undr which thy commit to masur and publicly disclos th carbon footprint of A A prformanc bands globally* prformanc bands globally 4. Disclosur scors ovr tim Globally A - 72 D - 69 A B No Band A minus - 79 C B * in 2010 and 2015 not all companis wr scord for prformanc C D E No band Lowst Avrag Highst 7

8 W hav a public commitmnt to mt 100 lctricity rquirmnts through rnwabls by fiscal 2018 and w will b invsting in about 200 MW of solar PV plants. Infosys Googl uss carbon prics as part of our risk assssmnt modl. For xampl, th risk assssmnt at individual data cntrs also includs using a shadow pric for carbon to stimat xpctd futur nrgy costs. Googl Th numbrs for companis using or planning to implmnt intrnal carbon pricing ar basd on th sampl analyzd for Putting a pric on risk:carbon pricing in th corporat world. Of th 1,997 companis analyzd in this rport 315 hav disclosd that thy st an intrnal carbon pric, with 263 planning to do so. For mor dtail, s carbon-pricing-in-th-corporat-world.pdf 8 thir invstmnt portfolios on an annual basis. It aims to attract commitmnt from portfolios totaling US$3 trillion in tim for th Paris climat talks. Invstors ar sking to bttr undrstand th link btwn lowr carbon missions and financial prformanc, including through th us of innovativ invstor products such as CDP s sctor rsarch, launchd this yar, which dirctly links nvironmntal impacts to th bottom lin. Som invstors ar taking th nxt logical stp, and ar working to shrink thir carbon footprints via th Portfolio Dcarbonization Coalition (PDC). As of August, th PDC of which CDP is on th founding mmbrs was ovrsing th dcarbonization of US$50 billion of assts undr managmnt by its 14 mmbrs. Lading to ffctiv corporat action Companis ar rsponding to ths signals. In total, companis disclosd 8,335 projcts or initiativs to rduc missions in 2015, up from 7,285 in 2011 (th yar for which th data allows for th most accurat comparison). Th thr most frquntly undrtakn typs of projct ar: improving nrgy fficincy in buildings and procsss; installing or building low carbon nrgy gnrators; and changing bhavior, such as introducing cycl to work schms, rcycling programs and shard transport. Mor than a third (36%) of rporting companis hav switchd to rnwabl nrgy to rduc thir missions. On avrag, th companis that purchasd rnwabl nrgy in 2015 hav doubld th numbr of activitis thy hav in plac to rduc thir missions, showing thir growing undrstanding or capacity to raliz th bnfits of lowr carbon businss. Furthr, 71% (1,425) of rspondnts ar mploying nrgy fficincy masurs to cut thir missions, compard with 62% (1,185) in 2011, dmonstrating that companis ar committd to rducing wastd nrgy whrvr possibl. Companis ar also quitly prparing for a world with constraints and a pric on carbon missions. In th past yar particularly, w hav sn a significant jump in th numbr of companis attributing a cost to ach ton of carbon dioxid thy mit, to hlp guid thir invstmnt dcisions. This yar companis disclosd using an intrnal pric on carbon, a nar tripling of th 150 companis in Manwhil, an additional 582 companis say thy xpct to b using an intrnal pric on carbon in th nxt two yars. Howvr, ths fforts hav not provd sufficint to adquatly constrain missions growth. On a likfor-lik basis, dirct ( Scop 1 ) missions from th companis analyzd for this rport grw 7% btwn 2010 and Scop 2 missions, associatd with purchasd lctricity, grw 11%. Thr ar many factors that might xplain this, not last conomic growth but this ris in missions is also considrably lowr than would hav bn th cas without th invstmnts mad by rsponding companis in missions rduction activitis. Good progrss but it nds to acclrat Companis disclosing through CDP s climat chang program hav mad substantial progrss in undrstanding, managing and bginning to rduc thir climat chang impacts. Howvr, if dangrous climat chang is to b avoidd, missions nd to fall significantly. Govrnmnts hav committd to hold global warming to lss than 2 C abov pr-industrial lvls. Th Intrgovrnmntal Panl on Climat Chang calculats that to do this, global missions nd to fall btwn 41% and 72% by Although mor companis ar stting missions targts, fw of thm ar in lin with this goal. In most cass, targts ar nithr dp nough nor sufficintly long trm. Mor than half (51%) of absolut missions targts adoptd by th rporting sampl xtnd only to 2014 or Two fifths (42%) run to 2020 but only 6% xtnd byond that dat. Th figurs for intnsity targts ar almost idntical. This caution in targt stting is likly th rsult of th uncrtain policy nvironmnt: many companis will b awaiting th outcom of th Paris climat talks bfor committing to longr-trm targts. Howvr, a numbr of big mittrs such as utilitis Ibrdrola, Enl and NRG hav stablishd longtrm, ambitious missions targts that ar in lin with climat scinc. Ths companis rcogniz that thr is a businss cas for taking on such targts and stting a clar stratgic dirction, including ncouraging innovation, idntifying nw markts and building long-trm rsilinc. Many othr companis hav pldgd to do so through th W Man Businss Commit to Action initiativ. CDP aims to work along a numbr of fronts to hlp othr companis, spcially in high-mitting sctors, join thm. With its partnrs, CDP has dvlopd a sctor-basd approach to hlp companis st climat scinc-basd missions rduction targts. Th Scinc Basd Targts initiativ uss th 2 C scnario dvlopd by th Intrnational Enrgy Agncy. Looking forward, CDP will ncourag mor ambitious targt stting through our prformanc scoring, by giving particular rcognition to scinc-basd targts. W ar planning gradual changs to our scoring mthodology that will rward companis that ar transitioning towards rnwabl nrgy sourcs at pac and scal. In addition, CDP is working with high-mitting industris to dvlop sctor-spcific climat chang qustionnairs and scoring mthodologis, to nsur that disclosur to CDP, and th actions rquird to show lading prformanc, ar appropriat for ach sctor. In 2015, w pilotd a sctor-spcific climat chang qustionnair and scoring mthodology privatly with slctd oil and gas companis, ahad of thir intndd implmntation in 2016.

9 Th climat ngotiations in Paris at th nd of th yar prsnt a uniqu opportunity for countris around th world to commit to a prosprous, low carbon futur. Th mor ambitious th ffort, th highr th rwards will b. But Paris is a milston on th road to a bttr climat, not th grand final. Unilvr And businss nds a sat at th tabl in Paris Th Paris climat agrmnt will, w hop, provid vital ncouragmnt to what is a multi-dcad ffort to bring grnhous gas missions undr control. It will hopfully giv privat sctor mittrs th confidnc to st longr-trm missions targts alignd with climat chang. Companis and thir invstors thrfor will b, alongsid national govrnmnts, arguably th most important participants in nsuring th succss of th global ffort to rin in missions. Companis that hav an opinion on a global climat dal ar ovrwhlmingly in support: whn askd if thir board of dirctors would support a global climat chang agrmnt to limit warming to blow 2 C, 805 companis said ys, whil 111 said no. Howvr, a larg numbr of rspondnts (1,075) statd thy hav no opinion, and 331 did not answr th qustion. This suggsts ithr a lack of clarity around th official board position on th issu, or that many companis ar not trating th imminnt climat talks with th ncssary stratgic priority. Conclusion Th dirction of travl is clar: th world will nd to rapidly rduc missions to prvnt th worst ffcts of climat chang. And th political will is building to undrtak thos rductions. Th majority of thos rductions will nd to b dlivrd by th corporat world crating both risk and opportunity. CDP and th invstors w work with hav playd a formativ rol in building awarnss of ths risks and opportunitis. Our data has hlpd build th businss cas for missions rduction and inform invstmnt dcisions. Th corporat world is rsponding with thousands of missions rduction initiativs and projcts. But th data also shows that fforts will nd to b rdoubld, by both companis and thir invstors, if w ar to succssfully confront th challng of climat chang in th yars to com. A dpr div into corporat nvironmntal risk Working towards watr stwardship Cntral to CDP s mission is communicating th progrss companis hav mad in addrssing climat chang, and highlighting whr risk may b unmanagd. To bttr do so, CDP has introducd sctor-spcific rsarch for invstors. This forward-looking rsarch links nvironmntal impacts dirctly to th bottom lin and dircts invstors as to how thy can ngag with companis to improv nvironmntal prformanc. Th rsarch flags topical nvironmntal and rgulatory issus within particular sctors, rlvant to spcific companis financial prformanc and valuation, and dsignd for incorporation into invstmnt dcisions. Sctors covrd to dat includ automotiv, lctric utilitis and chmicals. Th rsarch is intndd to support ngagmnt with companis, providing actionabl company-lvl conclusions. To bttr quip invstors in undrstanding carbon and climat risk, CDP is also dvloping furthr invstor tools such as a carbon footprinting mthodology, and is working continuously to improv th quality of our data. CDP has this yar introducd th first valuation and ranking of corporat watr managmnt, using scoring carrid out by our lad watr-scoring partnr, South Pol Group. Th qustions in th watr disclosur procss guid companis to comprhnsivly assss th dirct and indirct impacts that thir businss has on watr rsourcs, and thir vulnrability to watr availability and quality. Introducing crdibl scoring will catalyz furthr action. It will illuminat whr companis can improv th quality of th information thy rport, and thir watr managmnt prformanc. Participants will bnfit from pr bnchmarking and th sharing of bst practic. Watr scoring will follow a bandd approach, with scors mad public for thos companis raching th top ladrship band. Scoring will rais th visibility of watr as a stratgic issu within companis and incras transparncy on th fforts thy ar making to manag watr mor ffctivly. Furthrmor, scoring will b usd to inform businss stratgis, build supply chain rsilinc and scur comptitiv advantag. W hop that kping scor on companis and watr will rduc th dtrimntal impacts that th commrcial world has on watr rsourcs, nsuring a bttr futur for all. 9

10 Th Climat A List 2015 Company Country Company Country Consumr Discrtionary Financials Bst Buy Co., Inc. Bank of Amrica BMW AG Grmany BNY Mllon Coway Co Ltd South Kora CaixaBank Spain Fiat Chryslr Automobils NV Italy Citigroup Inc. Las Vgas Sands Corporation Crdit Suiss Switzrland LG Elctronics South Kora Dxus Proprty Group Australia Mlia Hotls Intrnational SA Spain Foncièr ds Régions Franc NH Hotl Group Spain Grupo Financiro Banort SAB d CV Mxico Nissan Motor Co., Ltd. Japan Host Hotls & Rsorts, Inc. Sky UK Limitd Unitd Kingdom ING Group Nthrlands Sony Corporation Japan Intsa Sanpaolo S.p.A Italy Wyndham Worldwid Corporation Invsta Offic Fund Australia YOOX SpA Italy Invstc Limitd South Africa Kiwi Proprty Group Nw Zaland Consumr Stapls Macrich Co. Asahi Group Holdings, Ltd. Japan MAPFRE Spain Brown-Forman Corporation Ndbank Limitd South Africa Diago Plc Unitd Kingdom Principal Financial Group, Inc. J Sainsbury Plc Unitd Kingdom Raiffisn Bank Intrnational AG Austria Ksko Corporation Finland Shinhan Financial Group South Kora L'Oréal Franc Simon Proprty Group Nstlé Switzrland Standard Chartrd Unitd Kingdom Philip Morris Intrnational Stat Strt Corporation SABMillr Unitd Kingdom T.GARANTİ BANKASI A.Ș. Turky Suntory Bvrag & Food Japan Th Hartford Financial Srvics Group, Inc. Unilvr Plc Unitd Kingdom Halth Car Enrgy Roch Holding AG Switzrland Galp Enrgia SGPS SA Portugal PTT Exploration & Production Public Company Limitd Thailand Industrials Abngoa Spain Carillion Unitd Kingdom 10

11 Company Country Company Country CNH Industrial NV Unitd Kingdom Googl Inc. CSX Corporation Hwltt-Packard Dai Nippon Printing Co., Ltd. Japan Hitachi, Ltd. Japan Dutsch Bahn AG* Grmany Junipr Ntworks, Inc. Dutsch Post AG Grmany LG Innotk South Kora Frrovial Spain Microsoft Corporation Hubr + Suhnr AG Switzrland Samsung Elctro-Mchanics Co., Ltd. South Kora Hyundai E&C South Kora Samsung Elctronics South Kora Kingspan Group PLC Irland Kon Oyj Finland Matrials Obrascon Huart Lain (OHL) Spain BillrudKorsnäs Swdn Pitny Bows Inc. Givaudan SA Switzrland Raython Company Harmony Gold Mining Co Ltd* South Africa Royal BAM Group NV Nthrlands Intrnational Flavors & Fragrancs Inc. Royal Philips Nthrlands Kumba Iron Or South Africa Samsung C&T South Kora Sald Air Corp. Samsung Enginring South Kora Symris AG Grmany Schnidr Elctric Franc Th Mosaic Company Snior Plc Shimizu Corporation Unitd Kingdom Japan Tlcommunication Srvics Simns AG Grmany Proximus (formrly Blgacom) Blgium Stanly Black & Dckr, Inc. KT Corporation South Kora Unitd Tchnologis Corporation LG Uplus South Kora Sprint Corporation Information Tchnology Swisscom Switzrland Accntur Irland Tlfonica Spain Adob Systms, Inc. Tlnor Group Norway Alcatl - Lucnt Appl Inc. Franc Utilitis Atos SE Franc ACCIONA S.A. Spain Autodsk, Inc. E.ON SE Grmany Cisco Systms, Inc. EDP - Enrgias d Portugal S.A. Portugal EMC Corporation Entrgy Corporation Ibrdrola SA Spain *Dutsch Bahn rspondd through Mittlstand program and is not includd in analysis *Harmony Gold Mining is not part of analysis sampl 11

12 2015 ladrship critria Each yar companis that participat in CDP s climat chang program ar scord against two paralll assssmnt 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 A List (Prformanc band A) and / or th Climat Disclosur Ladrship Indx (CDLI). Public scors ar availabl in CDP rports, through Bloombrg trminals, Googl Financ and Dutsch Bors s wbsit. In 2015 th climat chang scoring mthodology was rvisd to put mor mphasis on action and as a rsult achiving A is now bttr alignd with what th currnt climat chang scnario rquirs. CDP oprats a strict conflict of intrst policy with rgards to scoring and this can b viwd at CDP-conflict-of-intrst-policy.pdf 12 What ar th A List and CDLI critria? To ntr th A List, 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 2015) Disclos gross global Scop 1 and Scop 2 figurs Scor maximum prformanc points for vrification of Scop 1 and Scop 2 missions (having 70% or mor of thir missions vrifid) Furthrmor, CDP rsrvs th right to xclud any company from th A List if thr is anything in its rspons or othr publicly availabl information that calls into qustion its suitability for inclusion. CDP is working with RpRisk in 2015 to strngthn this background rsarch. Not: Companis that achiv a prformanc scor high nough to warrant inclusion in th A List, but do not mt all of th othr A List rquirmnts ar classd as Prformanc Band A- but ar not includd in th A List. To ntr th CDLI, a company must: Mak its rspons public and submit via CDP s Onlin Rspons Systm Achiv a disclosur scor within th top 10 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. Communicating progrss Cntral to CDP s mission is communicating th progrss companis hav mad in addrssing climat chang, and highlighting whr risk may b unmanagd. To bttr do so, CDP is changing how our climat prformanc scoring is prsntd, and w hav introducd sctor-spcific rsarch for invstors. Banding prformanc scors Starting with watr and forsts in 2015 and including climat chang and supply chain in 2016, CDP is moving to prsnt scors using an approach that illustrats companis progrss towards nvironmntal stwardship. Each rporting company will b placd in on of th following bands: Disclosur masurs th compltnss of th company s rspons; Awarnss masurs th xtnt to which th company has assssd nvironmntal issus, risks and impacts in rlation to its businss; Managmnt masurs th xtnt to which th company has implmntd actions, policis and stratgis to addrss nvironmntal issus; Ladrship looks for particular stps a company has takn which rprsnt bst practic in th fild of nvironmntal managmnt. W bliv that this approach will b clarr and asir to undrstand for companis, invstors and othr stakholdrs. Watr and forst scors will us this nw prsntation of bandd scors in 2015, whil th updatd scoring mthodology for climat chang will b availabl in Fbruary 2016 with rsults in lat 2016.

13 Low carbon invsting hits mainstram I think thr ar grat bnfits to invstmnt managrs who ar abl to intgrat nvironmntal data into thir modls. Thy ar th ladrs in finding a valu-drivr within an industry and modling it whn th rst of th markt can t. That givs you a comptitiv advantag. Gorg Srafim Harvard Businss School Capital markts ar waking up to climat-conscious invsting. Mainstram Europan invstors ar finding ways to lowr th carbon contnt of thir portfolios, without sacrificing rturns. Th largst asst managrs on Wall Strt now offr financial products to addrss carbon opportunitis and risks. And mor activist funds from Swdn to Australia ar ngaging with th havist mittrs, urging thm to lowr thir grnhous gas missions. CDP ld this shift, harnssing th powr of invstors now rprsnting on-third of th world s invstmnt. In 2000, whn CDP first askd invstors to sign its disclosur rqust to companis, most fund dirctors wr indiffrnt to climat chang issus. Sinc thn, CDP has won th support of financial giants including AIG, Bank of Amrica Mrrill Lynch, Barclays, BlackRock, Crdit Suiss, Dutsch Bank, HSBC, ING, Itau, J.P. Morgan Chas, Macquari, Nomura, Santandr, and Wlls Fargo. Th fild would not b whr it is today without CDP, said Curtis Ravnl, dirctor of sustainability for Bloombrg, whos trminals display CDP data, scoring and rankings that form th basis for nw indx-basd funds. Thy mobilizd th invstmnt community to rcogniz climat chang and to driv disclosur from companis. Whil th US has long laggd Europ in invstor action on climat chang, many Wall Strt stalwarts ar now focusing on it. Ovr th last two yars, ESG has bcom mor cntral to our clints, said Hugh Lawson, Goldman Sachs rcntly appointd first dirctor of nvironmntal, social and govrnanc (ESG) Invsting. Climat chang is clarly on popl s minds. Wall Strt is building products and tools to rduc carbon intnsity in portfolios, and shifting invstmnt to nw low carbon tchnologis and opportunitis, building on indxs dvlopd by Standard & Poor s and MSCI. Nw products includ xchang-tradd funds at Stat Strt and BlackRock, BNY Mllon s Grn Bta Invsting Approach, and a low-carbon portfolio at Northrn Trust. * sourcd from Bloombrg ** *** Dvloping nw stratgis and products rquirs solid information, and CDP gathrs and analyzs th nvironmntal impact of mor than 5,500 companis rprsnting 55%* of th world s markt capitalization. Qualitativ answrs to CDP s climat chang qustionnair offr intgratd information for activ invstors ngaging companis. Invstmnt managr Rockfllr & Co. ss in CDP disclosurs how companis ar daling with watr and missions challngs, and th transparncy of thir supply chain. W lik to put th (financial) mtrics in contxt, said Farha-Joyc Haboucha, Rockfllr s dirctor of Sustainability & Impact Invsting. All thos nitty-gritty dtails hlp us talk to managmnt. W can show on company s dtails to anothr, and say: You can do bttr on this. Companis will now hav to prov thy mt strict ESG standards to b includd in th portfolio of ABP, on of th world s biggst pnsion funds, with 350bn in assts and 2.8 million participants. Th Dutch pnsion fund xpcts to shift 30bn of its 90bn in quitis to cut th carbon missions of companis within its portfolio by 25% ovr th nxt fiv yars. Th nw stratgy must not hav an impact on th rturn on invstmnt, th fund s chairwoman Corin Wortmann said. Whthr activ or passiv, invstors actions ar backd by rsarch that shows that good disclosur is a proxy for good managmnt globally and that bst-in-class climat prformrs may outprform thir prs. It is mor fasibl to incorporat climat chang into invstmnt dcisions bcaus th data availability and quality has incrasd in th last 10 yars du to groups lik CDP, said Gorg Srafim at Harvard Businss School. Globally, $21.4 trillion was invstd in funds with ESG mandats in 2014, up 61% in two yars, according to th Global Sustainabl Invstmnt Allianc**. In Europ, it is mor than half of institutionally managd assts. Invstors taking a long-trm viw ar crucial to avoiding th tragdy of th horizon, according to Mark Carny, Chairman of th Financial Stability Board and Govrnor of th Bank of England. In a rcnt spch*** to Lloyd s of London, Carny calld for bttr disclosur worldwid, citing CDP as a modl, to mak th global conomy mor rsilint. H said clar prics on carbon, anothr focus of CDP, and strss-tsting would buttrss this. As mainstram invstors tak a longr viw, thy ar asking companis to futur-proof thir businss to tak bttr account of nvironmntal risks and opportunitis to stabiliz, maximiz and grow sharholdr rturn. Th North Amrican dition of CDP s 2015 global climat chang rport will furthr xamin trnds and innovation in low-carbon invsting. 13

14 Australia and Nw Zaland Australia/NZ Analyzd rsponss 98 (13) 97 (7) Markt cap of analyzd companis US$m 1,338,617 1,292,207 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 61 companis MtCO MtCO 2 Scop 2 lik for lik: 61 companis 64.8 MtCO MtCO 2 Companis in this rgion ar dmonstrating an incrasing apptit to act on climat chang, and hav bn stadily dvloping thir approach to climat chang managmnt. This is prhaps indicativ of a corporat undrstanding of th issus that is gratr than th political will to act. Dspit th Australian govrnmnt scrapping its carbon pricing mchanism, around a quartr of companis us an th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis A A prformanc bands in Australia and Nw Zaland prformanc bands in Australia and Nw Zaland 3. Disclosur scors ovr tim in Australia and Nw Zaland A - 10 D - 8 A - 3 C - 17 B - 21 No Band - 27 A minus - 4 D - 29 No Band - 7 C - 41 B - 18 E Lowst Avrag Highst 4. Improving climat actions in Australia and Nw Zaland = 91% 9700= 97% 4200= 42% 6400= 64% 6900= 69% 7700= 77% 1200= 13% 3400= 34% 2100= 21% 3000= 30% 4700= 47% 8200= 82% 3300= 33% 5400= 54% 3900= 39% 5900= 59% 3900= 39% 5700= 57% Board or snior managmnt rsponsibility for climat chang Incntivs for th managmnt of climat chang issus Engagmnt with policymakrs on climat issus Intnsity missions rduction targts Absolut missions rduction targts Activ missions rduction initiativs Emissions data for two or mor Scop 3 catgoris Scop 1 data indpndntly vrifid Scop 2 data indpndntly vrifid 14

15 35 % incras of companis with activ missions rduction initiativs. intrnally dtrmind pric pr ton of carbon to guid thir invstmnt dcisions. This dmonstrats th valu that thos companis s from carbon pricing, and thir blif that it has a futur. Sinc 2010 thr has bn a jump of at last 20 prcntag points in th proportion of this sampl using incntivs to driv climat chang managmnt, stting intnsity-basd missions rduction targts and sking xtrnal vrification for thir Scop 1 missions data. And this is lading into action: fiv yars ago, fwr than half of th companis participating in CDP s climat chang program wr activly moving to rduc thir missions. This yar, mor than 80% hav initiativs in plac to do so. Furthr, Scop 2 missions of th companis that disclosd to CDP in both 2010 and 2015 hav dclind by 18%, suggsting that thy hav rducd th amount of powr thy us and/or its carbon intnsity. Indd, nrgy fficincy projcts ar consistntly th most popular approach to missions rductions. Australian Ral Estat managmnt firm Invsta Offic Fund nots that tnant organisations ar incrasingly intrstd in lasing nvironmntally rsponsibl and climat rsilint offic spac and this givs thm a stratgic advantag to mt thir W hav invstd ovr AUS$3 billion in nw rnwabl nrgy projcts, including wind, solar and hydro projcts and constructd th southrn hmisphr s largst wind farm and ar currntly building th southrn hmisphr s largst solar PV installation. AGL Enrgy clints changing rquirmnts, whil thir Nw Zaland sctor pr Kiwi Proprty Group cho this sntimnt of rducd oprating costs and improvd rputation as part of thir stratgic dcision to install larg scal solar at thir Sylvia Park shopping Cntr. Whil companis in this rgion hav bn moving in th right dirction, thy would bnfit from policy that will hlp acclrat thir progrss and lad to Scop 1 missions rductions. 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Australia and Nw Zaland rspondrs Consumr Discrtionary - 10% Financials - 30% IT - 2% Utlitis - 3% Consumr Stapls - 3% Halthcar - 3% Matrials - 21% Enrgy - 9% Industrials - 14% Tlcomms - 5% missions Consumr Discrtionary - 0% Financials - 1% IT - 0% Utlitis - 11% Consumr Stapls - 4% Halthcar - 0% Matrials - 54% Enrgy - 18% Industrials - 10% Tlcomms - 1% 15

16 Bnlux Bnlux Analyzd rsponss 31 (3) 47 (6) Markt cap of analyzd companis US$m 507, ,195 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 26 companis MtCO MtCO 2 Scop 2 lik for lik: 26 companis 45.3 MtCO MtCO 2 Companis in Blgium, th Nthrlands and Luxmbourg dmonstrat an abov avrag apptit for action on climat chang. Bnlux companis prform bttr than th global CDP sampl in svn of th nin indicators includd in th chart blow (Fig. 4). Th prcntag of thos companis carrying out missions rduction activitis - such as invsting in nrgy fficincy improvmnts, or installing rnwabl th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis A A prformanc bands in Bnlux prformanc bands in Bnlux 3. Disclosur scors ovr tim in Bnlux A - 3 No Band - 4 A - 4 D - 11 B - 14 B - 9 E - 6 C - 9 C - 14 No Band Lowst Avrag Highst 4. Improving climat actions in Bnlux = 90% 9800= 98% 6100= 61% 7900= 79% 6800= 68% 8900= 89% 2300= 23% 4500= 45% 3900= 39% 5300= 53% 3900= 39% 9400= 94% 4200= 42% 6200= 62% 6100= 61% 7000= 70% = 65% 7000= 70% Board or snior managmnt rsponsibility for climat chang Incntivs for th managmnt of climat chang issus Engagmnt with policymakrs on climat issus Intnsity missions rduction targts Absolut missions rduction targts Activ missions rduction initiativs Emissions data for two or mor Scop 3 catgoris Scop 1 data indpndntly vrifid Scop 2 data indpndntly vrifid 16

17 55 % incras btwn 2010 and 2015 in Bnlux companis undrtaking missions rduction activitis. nrgy systms - has mor than doubld to 94% from 39%. For xampl, lctronics giant Royal Philips has carrid out a suit of nrgy fficincy projcts undr its EcoVision and Grn Oprations programs, such as installing LED lighting, rplacing old air conditioning units, optimizing tmpratur control sttings, and rcovring wast hat. Ths projcts hav dlivrd annual carbon savings of 2,625 tons and montary saving of 338,400 a yar. Particularly notworthy is that 70 companis in th Bnlux sampl including pharma group Akzo Nobl and tlcoms firms Proximus (formrly Blgacom) and Royal KPN ar consuming rnwabl nrgy to rduc thir missions, compard with 36 th global sampl. Thr has also bn a jump in th prcntag of companis stting missions rduction targts: 45% st targts basd on missions pr unit of production (up from 23%) and 53% st absolut targts (up from 39%). With a 50% ris in th numbr of Bnlux corporations participating in CDP s climat chang program sinc 2010, an imprssiv jump in th avrag disclosur scor and 98 companis stating board or snior managmnt rsponsibility for climat chang, this rgion shows on of th gratst apptits for incrasingly ambitious climat action. Ths fforts hav dlivrd mixd rsults, howvr, whn it coms to missions rductions. Companis disclosing both in 2010 and 2015 hav rducd thir Scop 2 missions by 14.8% but thir Scop 1 missions hav risn by a similar proportion. This suggsts that companis in th rgion nd to rdoubl thir missions rduction fforts, and incras thir focus on th missions ovr which thy hav dirct rsponsibility. W hav found that th wighting placd on nvironmntal / CO 2 issus as part of tndrs and bids is incrasing. Th importanc of ths issus is xpctd to grow in th nar futur and Royal BAM Group has to comply with xpctations of clints. Royal Bam Group 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Bnlux rspondrs Consumr Discrtionary - 6% Financials - 19% IT - 6% Utlitis - 0% Consumr Stapls - 11% Halthcar - 2% Matrials -19% Enrgy - 9% Industrials - 23% Tlcomms - 4% missions Consumr Discrtionary - 0% Financials - 0% IT - 0% Utlitis - 0% Consumr Stapls - 3% Halthcar - 0% Matrials - 67% Enrgy - 28% Industrials - 1% Tlcomms - 0% 17

18 Profil: ING Group, Financials I bliv that climat chang is on of th biggst global challngs of our tim. A challng to our plant s halth, and a challng to th sustainability of socitis and conomis around th world. On bhalf of ING, I commit to rducing th impact of our oprations of our buildings, our IT systms and our businss travl by stting a targt of 20% rduction by But th impact of ING s businss activitis rachs furthr. Through th choics w mak as a lndr, as an invstor and through th srvics w offr our customrs w hav a significant influnc. With that influnc coms rsponsibility. Our Environmntal and Social Risk Framwork guids us in making th right choics in how, whr and with whom w do businss. Mitigating any ngativ impact that our businss or our customrs businsss may hav on th nvironmnt and communitis. By th first half of 2015 w v financd mor than 20.9 billion in sustainabl projcts and customr transitions. Driving sustainabl progrss is intgral to our purpos, and w continu to sk opportunitis to hlp customrs adapt and innovat thir businsss in prparation for th low-carbon conomy of th futur. Ralph Hamrs, Chif Excutiv Officr, ING Group This profil is collaborativ contnt sponsord by ING 19

19 Brazil Brazil Analyzd rsponss 47 (7) 55 (8) Markt cap of analyzd companis US$m 928, ,730 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 36 companis MtCO MtCO 2 Scop 2 lik for lik: 36 companis 2.8 MtCO MtCO 2 Brazilian companis show considrabl improvmnt in thir stratgic actions in rspons to th climat challng, dspit conomic instability. Brazilian participation in CDP s climat chang program is incrasing ovr tim but th markt capitalization of th sampl has halvd. Howvr, financial constraints do not appar to hav rducd corporat focus on movs to transition to lowr th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis A A prformanc bands in Brazil* prformanc bands in Brazil 3. Disclosur scors ovr tim in Brazil B- 3 D - 1 A minus - 1 C - 3 No Band - 1 B - 11 D - 12 E * in 2010 only 8 Brazilian companis in Global 500 wr scord for prformanc C - 14 No Band - 8 Lowst Avrag Highst 4. Improving climat actions in Brazil = 68% 8400= 84% 3000= 30% 6900= 69% 6600= 66% 7800= 78% 100= 9% 2900= 29% 100= 9% 3100= 31% 3200= 32% 6700= 67% 2600= 26% 7300= 73% 2800= 28% 4900= 49% 2800= 28% 4900= 49% Board or snior managmnt rsponsibility for climat chang Incntivs for th managmnt of climat chang issus Engagmnt with policymakrs on climat issus Intnsity missions rduction targts Absolut missions rduction targts Activ missions rduction initiativs Emissions data for two or mor Scop 3 catgoris Scop 1 data indpndntly vrifid Scop 2 data indpndntly vrifid 20

20 39 % incras in th numbr of Brazilian companis incntivizing managmnt to addrss climat chang. carbon modls. Th prcntag of companis stting targts to rduc missions has tripld, whil thos with activitis to rduc thir missions has doubld. Ths companis initiatd 224 missions rduction activitis in 2015 up 27% on th 176 initiatd in For xampl, oil company Ptrólo Brasiliro SA (Ptrobras) rportd an imprssiv 41 mission rduction activitis in Mor than two-thirds of companis incntiviz managmnt to addrss climat chang issus, up from lss than a third in This may b associatd with climat chang climbing th boardroom agnda in Brazil: Th prcntag of companis with board lvl ovrsight has risn to ovr 80%, in lin with countris traditionally mor advancd in tackling climat chang. Th currnt drought in Brazil - which has ld to incrasd thrmal powr gnration to compnsat for a drop in th availability of hydrolctric powr will hav had a dirct impact on rising Scop 2 missions thos causd by purchasd lctricity. Brazilian companis lag th global avrag in trms of rnwabl nrgy us, with only a quartr consuming rnwabl nrgy to rduc thir missions, compard with th global avrag of 36%. Tapping wind and solar nrgy is a particularly important rspons in th light of challngs to Brazil s currnt lctricity mix. Braskm s stratgy is influncd by rputational aspcts and changs in consumption habits, rcognising th growing dmand for products that ar lss carbon-intnsiv and us rnwabl fdstock, such as our innovativ procss for th production of polymrs from sugar can which givs us a comptitiv advantag in th global markt. Braskm 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Brazil rspondrs Consumr Discrtionary - 15% Financials - 16% IT - 2% Utlitis - 18% Consumr Stapls - 15% Halthcar - 2% Matrials - 11% Enrgy - 7% Industrials - 11% Tlcomms - 4% missions Consumr Discrtionary - 0% Financials - 1% IT - 0% Utlitis - 9% Consumr Stapls - 23% Halthcar - 0% Matrials - 22% Enrgy - 44% Industrials - 0% Tlcomms - 0% 21

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