CDP Global Climate Change Report 2015

Transcription

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

21 Canada Canada Analyzd rsponss 95 (8) 100 (21) Markt cap of analyzd companis US$m 1,049,097 1,447,035 Scop MtCO MtCO 2 Scop 2 26 MtCO MtCO 2 Scop 1 lik for lik: 69 companis MtCO MtCO 2 Scop 2 lik for lik: 69 companis 20.7 MtCO MtCO 2 th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis. Th climat chang actions of Canadian companis ar improving. Mor than nin in tn companis now apply board or snior managmnt ovrsight to climat issus. Dspit limitd policy support from th prvious national govrnmnt that placd a low priority on climat action, Canadian companis ar incrasingly politically ngagd on th issu, prhaps du to dvlopmnts on an intrnational lvl. Th arly signals from th nw administration appar to rflct this mor progrssiv position A A prformanc bands in Canada* prformanc bands in Canada A - 1 D - 2 A minus - 4 D Disclosur scors ovr tim in Canada B - 7 No Band - 6 B - 20 C - 6 C - 21 E - 17 No Band * in 2010 only 22 Canadian companis in Global 500 wr scord for prformanc Lowst Avrag Highst 4. Improving climat actions in Canada = 72% 9200= 92% 4100= 41% 7100= 71% 6200= 62% 8700= 87% 1700= 17% 3700= 37% 100= 9% 3300= 33% 3800= 38% 8500= 85% 2000= 20% 5100= 51% 2800= 28% 4900= 49% 1900= 19% 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 22

22 47 % incras btwn 2010 and 2015 in th numbr of Canadian companis undrtaking missions rduction activitis Mor than two-thirds incntiviz managrs to act on climat chang and th total prcntag of companis with activ missions rduction initiativs undrway incrasd to 85% in 2015, from 38% in Companis that hav bn acting to rduc thir missions sinc 2010 s th valu in lowring thir carbon. For xampl, thos that purchasd rnwabl nrgy fiv yars ago hav sinc doubld th numbr of missions rduction activitis in plac. This is in lin with th global avrag, illustrating a growing capacity to raliz th bnfits of low-carbon businss. But this dos not apply to th Canadian sampl as a whol. Thr is a 16% drop in th numbr of companis pursuing rductions through rnwabl nrgy projcts, which contrasts with th 6% avrag incras globally. Furthr, Canadian companis lag in trms of climat chang stratgy. For xampl, only 33% st absolut missions targts compard with 44% globally. Prhaps unsurprisingly, missions ar continuing to incras. Comparing companis that rportd in both 2010 and 2015, Scop 1 missions hav risn 12% and Scop 2 by 24% ovr th last fiv yars. Ths indicators point to growing visibility of climat issus within corporat ladrship, and a growing willingnss to undrtak mitigation. An ffctiv agrmnt in Paris would man mor stringnt rgulations rgarding carbon missions. Such rgulations would provid markt opportunitis to sll our carbon-rducing products and srvics, including rmot collaboration tools, cloud computing, grn data Cntrs, virtualization. BCE Inc 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Canada rspondrs Consumr Discrtionary - 10% Financials - 19% IT - 3% Utlitis - 4% Consumr Stapls - 5% Halthcar - 1% Matrials - 20% Enrgy - 20% Industrials - 14% Tlcomms - 4% missions Consumr Discrtionary - 5% Financials - 1% IT - 0% Utlitis - 24% Consumr Stapls - 1% Halthcar - 0% Matrials - 15% Enrgy - 44% Industrials - 11% Tlcomms - 0% 23

23 Cntral & Eastrn Europ (CEE) CEE Analyzd rsponss 6 (9) 7 (9) Markt cap of analyzd companis US$m 19,386 24,255 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 3 companis 10.9 MtCO MtCO 2 Scop 2 lik for lik: 3 companis 2.9 MtCO MtCO 2 th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis. 67 % incras btwn 2010 and 2015 in th numbr of companis in th CEE rgion undrtaking missions rduction activitis A prformanc bands in CEE B - 1 D - 3 E - 1 No Band Disclosur scors ovr tim in CEE* Disclosur from Cntral and Eastrn Europan companis is still at a vry low lvl. From th sampl of th 100 largst listd companis in Poland, th Czch Rpublic, Hungary and th Baltic Stats, only svn disclosd dirctly to CDP, whil nin disclosd through parnt companis. Thos companis that ar lading in th rgion by participating in CDP s climat chang program ar still somwhat projct-orintd, rathr than stratgic, in thir approach to addrssing climat chang. Th majority of rporting companis lack mission rduction targts, and vn lading companis in th rgion ar failing to analyz thir Scop 1 and Scop 2 missions, nor vrify missions data with third partis. Howvr, thr ar signs that companis in th rgion ar bginning to rcogniz th challng posd by climat chang. All but on ar ngaging with policymakrs, whil a majority hav chargd a board mmbr with rsponsibility for th ara, and hav mission rduction initiativs undrway. Whil CDP s climat program is still clarly in dvlopmnt in th rgion, btwn 2011 and 2014 th numbr of mission rduction initiativs ros to 23 from 13, and almost half of companis disclosing ar consuming rnwabl nrgy to rduc thir missions Lowst Avrag Highst * only on CEE company was scord in In hous tchnological xprtis and vrtical intgration into 2nd and 3rd gnration biofuls is a ky succss factor. In addition, nrgy fficincy will rmain in focus, all nrgy-intnsiv sits hav bn implmnting projcts to rduc both nrgy consumption and CO 2 missions. MOL Nyrt 24

24 China 56 % of Chins companis hav st absolut missions rduction targts China s commitmnt to tackling climat chang is drivn from th vry top of its political ladrship. Prsidnt Xi s Sptmbr joint statmnt, with US Prsidnt Barack Obama, saw China announc US$3.1 billion in intrnational climat financ, and ritratd Bijing s plan to launch a national carbon trading program in Howvr, among Chins corporations, climat chang disclosur is at its arly stags. Only nin Chins companis disclosd to CDP s climat chang program by th dadlin in 2015, up from ight in With such a limitd sampl siz, it is difficult to draw maningful infrncs from th data collctd. What w hav sn, howvr, is a gratr numbr of Chins companis disclosing through CDP s Th company has rcognizd th opportunitis brought by climat chang, and ralizd that information and Intrnt of things srvic would b th low carbon srvic which th company should dvlop... and announcd th nrgy saving targt of 35% rduction on nrgy consumption pr unit of information flow by 2015 compard to that of China Mobil China Analyzd rsponss 8 (5) 9 (19) Markt cap of analyzd companis US$m 530, ,697 Scop 1 21 MtCO 2 68 MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 3 companis* 0.01 MtCO 2 67 MtCO 2 Scop 2 lik for lik: 3 companis 0.15 MtCO 2 no data * not all companis providd missions data th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis. supply chain program, and an improvmnt in th quality of th information thy provid. This mans that Chins supplir companis ar rsponding to rqusts from thir multinational customrs for grnhous gas missions and othr climat chang rlatd data. It suggsts that corporat influnc from othr conomis is driving action within th Chins markt. Lading companis such as China Mobil ar disclosing targts to rduc nrgy us, and hav idntifid low-carbon stratgic opportunitis. CDP will continu to work with th Chins govrnmnt and domstic companis to ncourag disclosur as an ssntial foundation of climat chang managmnt. To that nd, w ar working with th Ministry of Financ, with support from th UK s Forign and Commonwalth Offic, to lvrag its purchasing powr as th coordinating body for public procurmnt. W ar also partnring with th China Quality Crtification Cntr, with a viw to addrssing concrns about disclosur among Chins companis. 1. Improving climat actions in China = 63% 8900= 89% 5000= 50% 5600= 56% 5000= 50% 6700= 67% 1300= 13% 3300= 33% 3800= 38% 5600= 56% 3800= 38% 7800= 78% 0= 0% 0= 0% 3800= 38% 2200= 22% 2500= 25% 2200= 22% 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 25

25 Austria, Grmany & Switzrland (DACH) DACH Analyzd rsponss 166 (11) 155 (10) Markt cap of analyzd companis US$m* 1,988,204 2,685,313 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 120 companis MtCO MtCO 2 Scop 2 lik for lik: 120 companis 62.9 MtCO MtCO 2 * Plas not: Volkswagn 2015 climat chang rspons and scor withdrawn du to lgal nquiry into misstatd disl missions Sp 2015 th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis. Companis in Austria, Grmany and Switzrland ar significantly improving thir actions to mitigat climat chang, as dmonstratd by a particularly larg incras in th prcntag ngaging in mission rduction initiativs, which has narly tripld to 90% from 33%. Th prcntag of companis in th rgion with ky climat actions in plac has jumpd across th A A prformanc bands in DACH A - 11 D - 7 A - 13** prformanc bands in DACH B - 26 No Band A minus C - 26 B - 36 C - 24 D - 27 E - 17 No Band - 27 ** includs Dutsch Bahn AG as part of Mittlstand program 3. Disclosur scors ovr tim in DACH Lowst Avrag Highst 4. Improving climat actions in DACH = 72% 9200= 92% 3000= 30% 6300= 63% 4100= 41% 7900= 79% 1600= 16% 4700= 47% 2300= 23% 3700= 37% 3300= 33% 9000= 90% 2800= 28% 5900= 59% 3600= 36% 5800= 58% 2700= 27% 5800= 58% 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 26

26 90 % Of companis in th rgion hav initiativs in plac to rduc missions board, with th rgion placing just marginally lowr than th global bnchmark against most of th mtrics. For xampl, 94 th global sampl cits board or snior lvl rsponsibility for climat chang, which compars with 92 th DACH rgion. Almost half of companis (47%) ar consuming rnwabl nrgy to rduc thir missions. This high prcntag is supportd by strong policy signals from th Grman govrnmnt, in particular, which is an nthusiastic supportr of rnwabl nrgy through its Enrgiwnd ( Enrgy Transition ) suit of policis. Spcifically, Grmany s fd-in tariff has mad invsting in rnwabl nrgy highly attractiv. Som companis ar stting ambitious low-carbon targts: Austrian utility Vrbund, for xampl, has pldgd to gnrat all its lctricity from nonmitting sourcs by Thr has, howvr, bn a fall in th numbr of companis in this rgion disclosing to invstors through CDP s climat chang program, to 156 from 165 partly du to prvious rsponding companis falling out of th stock indx slction in 2015, although an additional 10 companis chos to participat on a voluntary basis. By 2015 W will rduc dirct GHG missions pr tonn of product by 35% sinc 2005, rsulting in an absolut rduction of GHG missions... w will rduc nrgy consumption pr tonn of product in vry product catgory to achiv an ovrall rduction of 25% sinc Nstlé 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in DACH rspondrs Consumr Discrtionary - 13% Financials - 21% IT - 6% Utlitis - 4% Consumr Stapls - 4% Halthcar - 11% Matrials - 12% Enrgy - 1% Industrials - 26% Tlcomms - 3% missions Consumr Discrtionary - 3% Financials - 0% IT - 0% Utlitis - 43% Consumr Stapls - 2% Halthcar - 2% Matrials - 41% Enrgy - 2% Industrials - 7% Tlcomms - 1% 27

27 Profil: Daimlr AG, Consumr Discrtionary As th invntor of th automobil, w confirm our commitmnt for its futur in a halthy nvironmnt. Economic dvlopmnt and walth incras happn at a global scal. W must not wait for climat chang to drogat this dvlopmnt for th arth s growing population. W xpct th intrnational community to com to broadly supportd dcisions for climat protction at COP21 in Paris, which tak into account both th climat challng and th individual conomic prospcts of th rgions worldwid. Our contribution to a sustainabl conomy is an intllignt composition of driv concpts: advancd high-tch combustion ngins with vr dcrasing ful consumption hlp us mt th ambitious CO 2 and ful fficincy targts. Plus, by 2017 our customrs will b abl to choos btwn 10 plug-in hybrid modls to find thir own tailor-mad hybrid solution. Nxt to our stratgic hybrid initiativ w push for markt pntration of lctric vhicls with battry and ful cll. Our Sustainability Program 2020 has clar CO 2 - rduction targts and incorporats all stags of our vhicls lif-cycl, plus, th social and thical impacts of our businss. W pursu our Sustainability Program as a continuous rqust and a tru challng to ourslvs. Prof. Dr. Thomas Wbr, Mmbr of th Board of Managmnt of Daimlr AG, Group Rsarch & Mrcds-Bnz Cars Dvlopmnt This profil is collaborativ contnt sponsord by Daimlr AG 29

28 Profil: Givaudan, Matrials Rsponsibl growth is th cornrston of Givaudan s futur succss. To continu to dlivr valu in th long-trm w look byond th financials to mak a positiv diffrnc for th nvironmnt and th communitis whr w ar prsnt. W hav strngthnd our co-fficincy targts to b achivd by 2020 and now aspir to stabilis our nvironmntal impact whil incrasing our production volums. Notably, w will lvrag innovation to rduc our annual CO 2 footprint by 4 th absolut CO 2 footprint of th prvious yar. In addition to dmonstrating our commitmnt to rsponsibl growth, this targt aligns Givaudan with othr companis using scinc-basd targts to limit thir impact on climat chang. Givaudan has numrous succss storis that giv us confidnc in mting our challnging targts by At our production sit in St. Cloni, Spain, whn production capacity doubld, local mploys lookd into rducing th nrgy consumption of th sit. Th rsult was a dcras in nrgy to lvls vn lowr than thos rportd prior to th incras in production. Our co-fficincy targts ar ambitious but w ar dply committd to tackling ths objctivs for th good of th Company, th plant and our stakholdrs. Gills Andrir, Chif Excutiv Officr, Givaudan SA This profil is collaborativ contnt sponsord by Givaudan 31

29 Profil: Simns, Industrials At Simns, w ar plasd to hav rachd 100 A in th 2015 CDP Climat Chang Rport. This highst possibl rsult clarly rflcts our commitmnt to transparncy and our improvd prformanc on dlivring innovativ solutions around climat chang mitigation. On of our USPs on a global scal is that w ar supplying our customrs with nrgy-fficint and lowcarbon tchnologis. About 46 Simns rvnu is rlatd to products from our Environmntal Portfolio, hlping our customrs to rduc carbon missions by 428 million mtric tons pr yar quivalnt to mor than half of Grmany s total annual CO 2 missions. As on of th world s largst producrs of rsourcsaving tchnologis, our company also has a clar rsponsibility to lad by xampl. That s why w ar committing to cut our own global carbon footprint in half by 2020 and to mak our global oprations carbon nutral by Th dirction th G7 ladrs agrd upon is clar: dcarbonizing th global conomy ovr th cours of this cntury is th only way forward. W support this ffort and snd a clar signal to COP21 that th privat sctor can and should tak action to addrss climat chang. Dr. Roland Busch, Mmbr of th Managing Board and Chif Sustainability Officr, Simns AG This profil is collaborativ contnt sponsord by Simans 33

30 Franc Franc Analyzd rsponss 77 (4) 95 (3) Markt cap of analyzd companis US$m 1,551,873 1,578,903 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 67 companis MtCO MtCO 2 Scop 2 lik for lik: 67 companis 77.9 MtCO MtCO 2 th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis. Franc offrs a supportiv rgulatory nvironmnt for action on climat chang: its Grnll II law rquirs companis to publicly rport Scop 1 and 2 missions. Th numbr of Frnch companis disclosing on climat through CDP has risn to 98 sinc 2010, and th quality of th rportd information has improvd strongly in that tim, with th avrag disclosur scor rising to 88 from A A prformanc bands in Franc prformanc bands in Franc 3. Disclosur scors ovr tim in Franc A - 3 D - 5 No Band - 22 A - 5 C - 18 A minus - 8 D - 19 No band C - 21 B - 30 E - 11 Lowst Avrag Highst B = 86% 4. Improving climat actions in Franc = 96% 4800= 48% 7900= 79% 6200= 62% 8900= 89% 2300= 23% 6400= 64% 2700= 27% 4100= 41% 4200= 42% 9600= 96% 3600= 36% 6800= 68% 5500= 55% 8800= 88% 4400= 44% 8800= 88% 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 34

31 88 avrag disclosur scor for Frnch companis Furthr, th Frnch sampl rports high lvls of xtrnal vrification of both Scop 1 and 2 missions, at 88% for ach, compard with a global bnchmark of 64%. Th prcntag of Frnch companis rporting two or mor catgoris of Scop 3 missions has almost doubld sinc 2010, to 68%. And this bttr data is lading to bttr action. Th numbr of missions rduction activitis initiatd in th last yar has grown strongly, up 26% compard with 2010, to 505. In trms of th mission rduction activitis favord by Frnch companis, rnwabl nrgy, transportation and nrgy fficincy initiativs hav bcom mor popular. Ths fforts ar hlping to mak lading companis mor comptitiv. Our long- and short-trm stratgis giv us stratgic advantag ovr our comptitors by providing oprational cost savings and dvloping innovativ products and srvics for which dmand is xpctd to grow as th nrgy challng and climat chang bcom mor prvalnt, says Schnidr Elctric. Howvr, this action is yt to dcoupl productivity from missions growth: th avrag Scop 1 missions of th 67 companis which rspondd both in 2010 and 2015 hav risn 7%, whil Scop 2 missions hav falln marginally, by 0.7%. In May 2014, th Group issud a 2.5 billion Grn Bond, th largst vr by a privat company. Th procds of th opration will b usd to financ th Group s dvlopmnt in rnwabl nrgy projcts such as wind farms and hydrolctric plants as wll as in its nrgy fficincy activity. ENGIE (formrly GDF Suz) 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Franc rspondrs Consumr Discrtionary - 21% Financials - 13% IT - 12% Utlitis - 4% Consumr Stapls - 7% Halthcar - 3% Matrials - 7% Enrgy - 4% Industrials - 26% Tlcomms - 2% missions Consumr Discrtionary - 1% Financials - 0% IT - 0% Utlitis - 34% Consumr Stapls - 1% Halthcar - 0% Matrials - 48% Enrgy - 7% Industrials - 8% Tlcomms - 0% 35

32 Profil: L Oréal, Consumr Stapls W ar ngagd in a profound transformation towards an incrasingly sustainabl and rsponsibl businss modl, through our program Sharing Bauty with All, our commitmnts on sustainabl dvlopmnt for 2020 which covr our whol valu chain, and hav bcom a stratgic priority. W hav succdd in dcoupling our growth from grnhous gas missions and in 2014, w rachd a ky milston: succssfully rducing carbon missions from our production activitis by 50% in absolut trms compard to 2005, whil production incrasd by 22% ovr th sam priod. Two policis hav hlpd us achiv this rsult: a committd nrgy fficincy policy and th dvlopmnt of major rnwabl nrgy production projcts. Howvr, givn th urgncy of taking action to fight climat chang, I flt it was our duty to go vn furthr in ordr to rspond to th challngs th world facs. W dcidd to acclrat our transition to a low-carbon businss. Through our sustainabl sourcing projcts, w aim to gnrat carbon savings corrsponding to th amount of grnhous gas missions linkd to our activitis. This will allow us to bcom a carbon-balancd company by Imag L Oréal / DR This profil is collaborativ contnt sponsord by L Oréal Group Jan-Paul Agon, Chairman and Chif Excutiv Officr, L Oréal Group 37

33 Profil: Rnault, Consumr Discrtionary As a global car manufacturr with a long-standing commitmnt to nvironmntal sustainability, w at Rnault ar wll awar of th contribution of th transportation industry to climat chang and our subsqunt rsponsibility to tak an activ part in its mitigation. W ar calling for an intrnational agrmnt to maintain th global tmpratur incras at +2 C by 2100 and fully support th COP 21 Paris confrnc, of which w ar an Official Partnr. Sinc 2011 th Rnault-Nissan Allianc has bn lading th way in mass-markting lctric vhicls with ovr 50% global markt shar and mor than 250,000 sals. Th lctric vhicl is an ffctiv solution to rduc automotiv grnhous gas missions as its carbon footprint, which is narly half that of an intrnal combustion vhicl with th avrag Europan powr production mix, dcrass constantly as th shar of rnwabl nrgy riss. W ar committd to a 3% annual rduction, from 2010 to 2016, of th lif cycl carbon footprint of our vhicls, by continuously improving th nrgy fficincy of our products and oprations, dvloping on-sit rnwabls, rducing logistics CO 2 missions and applying th principls of circular conomy such as larg scal us of rcycld matrials, nd-of-lif vhicl rcycling and usd parts rmanufacturing. GROUPE RENAULT This profil is collaborativ contnt sponsord by Rnault 39

34 Hong Kong and South East Asia HK and SE Asia Analyzd rsponss 44 (6) 42 (11) Markt cap of analyzd companis US$m 489, ,005 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 13.9 MtCO MtCO 2 In th fiv yars sinc 2010, disclosur and implmntation of climat actions hav risn dramatically among thos companis in Hong Kong and South-East Asia. On all but two mtrics includd in th figur blow, companis in th rgion outprform th global sampl. All but on company assigns board or snior managmnt rsponsibility for climat chang. Narly 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 Hong Kong and SE Asia prformanc bands in Hong Kong and SE Asia 3. Disclosur scors ovr tim in Hong Kong and SE Asia B - 4 No Band A - 1 C C - 2 A minus - 1 * in 2010 only 8 companis from HK and SE Asia that wr part of th Global 500 wr scord for prformanc B - 8 D - 11 E - 2 No band Lowst Avrag Highst 4. Improving climat actions in Hong Kong and SE Asia = 75% 9800= 98% 4300= 43% 7900= 79% 5900= 59% 9300= 93% 1800= 18% 6200= 62% 2700= 27% 4500= 45% 5700= 57% 8800= 88% 1600= 16% 3800= 38% 4100= 41% 7100= 71% = 34% 7100= 71% 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 40

35 98 % of companis in th rgion assign board or snior managmnt rsponsibility for climat chang two-thirds st missions intnsity targts. Mor than two thirds sk third-party vrification of thir Scop 1 and 2 data. Ovrall, th avrag disclosur scor has risn to 83 from 57 in Th numbr of missions rduction activitis initiatd by participating firms ros in 2015, to 190 from 138 in This 38% incras compars favorably with th global avrag incras of 14%. Comparing th 26 companis that disclosd in both 2010 and 2015, Scop 1 missions ros by an avrag of 5%, although Scop 2 missions fll by 7%. Bcaus th sampl is rlativly small, and is sprad across a numbr of jurisdictions, it is difficult to idntify particular drivrs for trnds in missions, but it is worth noting that th companis grw significantly ovr th priod, as masurd by th 55% incras in thir collctiv markt capitalization. Th numbr of companis disclosing climat chang information in th rgion continus to b somwhat low compard with Europ and North Amrica. CDP sought disclosur from 170 companis, comprising th 75 largst companis listd in Hong Kong, th top 25 in both Singapor and Taiwan, th top 15 in Malaysia, and th top 10 in ach of Thailand, th Philippins and Indonsia. A total of 53 rspondd (11 of which through thir parnt company), slightly incrasing from 50 in Our stratgy includs...promoting th dsign for high fficincy, low nrgy consumption products considring climat chang as a major issu whil choosing manufacturing sit locations and implmnting low-carbon partnr program for carbon mission rduction from th supplirs sid. Unitd Microlctronics Domstic stock xchangs ar ncouraging corporat nvironmntal, social and govrnanc (ESG) rporting and this should hav a positiv influnc on gratr disclosur in th rgion. Most ncourag voluntary rporting by listd companis, and th Hong Kong Stock Exchang is working on implmnting ESG rporting on a comply or xplain basis, highlighting th nd for providing consistncy and comparability btwn financial and ESG information. 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Hong Kong and SE Asia rspondrs Consumr Discrtionary - 7% Financials - 38% IT - 19% Utlitis - 5% Consumr Stapls - 5% Halthcar - 0% Matrials - 2% Enrgy -5% Industrials - 14% Tlcomms - 7% missions Consumr Discrtionary - 1% Financials - 10% IT - 6% Utlitis - 29% Consumr Stapls - 1% Halthcar - 0% Matrials - 11% Enrgy - 21% Industrials - 19% Tlcomms - 1% 41

36 India India Analyzd rsponss 34 (16) 49 (13) Markt cap of analyzd companis US$m 551, ,671 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 23 companis 68.3 MtCO MtCO 2 Scop 2 lik for lik: 23 companis 18.5 MtCO MtCO 2 th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis. With signs that th Govrnmnt in Dlhi is incrasing its fforts to tackl climat chang, corporat India is bginning to rspond. Th numbr of Indian companis managing climat chang through CDP has incrasd to 49 sinc Th rgion ss on of th most dramatic jumps in avrag disclosur scors, rflcting a sophistication of approach to data collction and climat accountability. Th avrag disclosur scor stands at 86 just abov th global avrag up from 50 in A A prformanc bands in India* prformanc bands in India 3. Disclosur scors ovr tim in India A - 2 C - 6 B - 11 E - 7 B - 2 C - 18 * in 2010 only 8 Indian companis in Global 500 wr scord for prformanc D - 9 No band Lowst Avrag Highst 4. Improving climat actions in India = 86% 9600= 96% 3500= 35% 6900= 69% 6500= 65% 7800= 78% 2100= 21% 6900= 69% 1200= 12% 1600= 16% 3800= 38% 9200= 92% 2400= 24% 6900= 69% 2400= 24% 6700= 67% 1800= 18% 6700= 67% 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 42

37 36 point incras in avrag disclosur scor sinc 2010 In othr aspcts of missions disclosur and prformanc, Indian companis show significant improvmnts sinc For xampl, vrification of missions data and disclosur of Scop 3 missions is now in lin with, or slightly abov, th global bnchmark. Som Indian companis rcogniz th thrat posd by climat chang. Tata Global Bvrags, for xampl, nots that, th physical impacts of climat chang on th sourcing of ta/coff is impacting th buying dpartmnt s sourcing stratgy. Th company is moving towards buying from Rainforst Allianc Crtifid farms for som brands, and is piloting a numbr of stratgic climat chang initiativs. Th Govrnmnt, too, is acting, with its climat chang plan ahad of th COP21 Paris climat talks pldging dramatic incrass in rnwabl nrgy pntration and a on-third cut in missions intnsity. Th plan also cits CDP s climat chang program, in a dvlopmnt that will hopfully ncourag mor Indian companis to participat: givn th siz of India s conomy, rats of corporat climat disclosur ar low. Emissions from rsponding companis hav risn ovr th priod. Comparing companis that rportd in both 2010 and 2015, Scop 1 missions wr 135% highr in Such a ris is unsurprising givn conomic growth and improvmnts in rporting practics, which tnd to mor accuratly rflct actual missions. In that Our targts for th nxt 5 yars and byond ar basd on scinc basd mthodologis lik th Sctoral Dcarbonization approach and alignd with RCP2.6 scnario as rcommndd by IPPC. Our board is supportiv of our GHG rduction targts program and a formal ratification is xpctd from th chairman by nd of Our activitis will continu to focus on an acclratd rat of nrgy fficincy and rnwabl nrgy sourcing. Wipro rgard, it is notworthy that just 16 rsponding companis hav adoptd absolut missions targts considrably blow th global avrag of 44% whil 69% hav optd for intnsity targts, abov th global avrag of 50%, rflcting th focus of th govrnmnt on rducing carbon intnsity. 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in India rspondrs Consumr Discrtionary - 14% Financials - 18% IT - 14% Utlitis - 6% Consumr Stapls - 6% Halthcar - 4% Matrials - 24% Enrgy - 6% Industrials - 4% Tlcomms - 2% missions Consumr Discrtionary - 1% Financials - 0% IT - 0% Utlitis - 19% Consumr Stapls - 1% Halthcar - 0% Matrials - 70% Enrgy - 8% Industrials - 0% Tlcomms - 0% 43

38 Irland Irland Analyzd rsponss 17 (3) 11 Markt cap of analyzd companis US$m 155, ,029 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 11 companis 15.9 MtCO MtCO 2 Scop 2 lik for lik: 11 companis 5.6 MtCO MtCO 2 th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis. 6 of th companis ar still rsponding in 2015, but ar now countd in th UK sampl. Irish companis disclosing to CDP s climat chang program hav dmonstratd strong progrss sinc Avrag disclosur scors hav risn to 86 from 58. On four out of nin indicators, Irish companis show bttr prformanc compard to th global sampl. This solid prformanc contrasts with 2010, whn thy wr blow avrag on all but on A A prformanc bands in Irland* prformanc bands in Irland 3. Disclosur scors ovr tim in Irland A - 1 B - 2 C - 1 No Band - 1 * In 2010 only 5 Irish companis in Global 500 wr scord for prformanc A - 1 D - 3 B - 1 C - 4 E - 1 No Band Lowst Avrag Highst 4. Improving climat actions in Irland = 76% 10000= 100% 2900= 29% 6400= 64% 4700= 47% 7300= 73% 2400= 24% 3600= 36% 2400= 24% 3600= 36% 2400= 24% 8200= 82% 60= 6% 6400= 64% 2900= 29% 8200= 82% = 24% 8200= 82% 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 44

39 100 % of Irish companis rport Board or snior managmnt rsponsibility for climat chang Som such as A Listr Kingspan ar sizing opportunitis rlatd to climat chang, namly th building supplis company s dvlopmnt of an onsit rnwabls product rang. Although a smallr numbr of companis disclosd this yar compard to 2010, th sampl rports highr grnhous gas missions. It is likly that ths highr numbrs ar a function of mor accurat rporting of missions by th companis involvd. It is ncouraging that non-public organizations such as M50 Concssions hav startd disclosing to CDP. Th improving prformanc of thos companis continuing to rport on climat risks nds to b rplicatd mor widly across th Irish conomy. AIB has xprincd significant montary savings through th adoption of its nrgy saving programm which includs; (a) Invstmnt in a combind hat and powr plant (b) th procurmnt of 100% grn lctricity whrvr fasibl, (c) ngagmnt of a singl supplir of gas and lctricity to as and improv th collction of nrgy consumption data nrgy rduction has also bn achivd via thin-clint tchnology to rplac th traditional PC workstation. Allid Irish Banks 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Irland rspondrs Consumr Discrtionary - 18% Financials - 27% IT - 0% Utlitis - 0% Consumr Stapls - 18% Halthcar - 0% Matrials - 18% Enrgy - 9% Industrials - 9% Tlcomms - 0% missions Consumr Discrtionary - 0% Financials - 0% IT - 0% Utlitis - 0% Consumr Stapls - 4% Halthcar - 0% Matrials - 63% Enrgy - 32% Industrials - 0% Tlcomms - 0% 45

40 Profil: Kingspan Group Plc, Industrials As a lading building products manufacturr with facilitis across th world, th climat chang agnda is at th hart of th Kingspan Group s vision and activitis. W rcogniz th significanc of climat chang to global socity and th cntral importanc of addrssing th built nvironmnt both xisting and nw build - as part of fforts to mitigat grnhous gas missions. Product and srvic innovation to hlp achiv optimum building nrgy fficincy and dlivr grnhous gas mission rductions is at th hart of our approach. Our insulation matrials such as Koolthrm, Optim-R and rcntly launchd IPN Quadcor provid th most thrmally fficint matrials availabl in thir rspctiv markt sctors. W ar ddicatd to achiving our nt zro nrgy commitmnt by 2020 and hav dvlopd a thr stp stratgy to aid us in achiving our rnwabl nrgy goal Sav Mor Gnrat Mor Buy Mor. As of 2014, 28 th Group s nrgy usag was from rnwabl sourcs and w ar currntly on track to xcd our intrim targt of 50% in Kingspan supports a strong global agrmnt on climat chang as it will hlp to mt intrnational dvlopmnt aims, provid a clar signal to businss to guid invstmnt toward low carbon outcoms and bring hug bnfits to th natural nvironmnt. Gn M Murtagh, Chif Excutiv Officr, Kingspan Group Plc This profil is collaborativ contnt sponsord by Kingspan Group Plc 47

41 Italy Italy Analyzd rsponss (4) Markt cap of analyzd companis US$m 462, ,759 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 20 companis MtCO MtCO 2 Scop 2 lik for lik: 20 companis 9.3 MtCO MtCO 2 th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis. Mor than doubl th numbr of Italian companis disclosd to CDP s climat program in 2015 than in 2010 and thos companis gnrally scord highly in both carbon disclosur and prformanc. This is partly du to a high proportion of companis stting absolut missions targts: 66%, which has risn from 33% in 2010 and compars vry favorably with th global bnchmark of 44%. Furthr, Italian A A prformanc bands in Italy prformanc bands in Italy 3. Disclosur scors ovr tim in Italy A - 1 No Band - 2 A - 4 B - 16 D - 7 E C - 5 C - 13 No band - 5 Lowst Avrag Highst 4. Improving climat actions in Italy B = 67% 8700= 87% 5700= 57% 8300= 83% 6700= 67% 8700= 87% 1400= 14% 5100= 51% 3300= 33% 6600= 66% 5700= 57% 9600= 96% 2900= 29% 5300= 53% 8100= 81% 8100= 81% 6200= 62% 8100= 81% 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 48

42 27 million tco 2 rduction in Scop 1 missions from th 20 Italian companis rporting in both 2010 and companis xhibit an improving approach to th valu of rporting rliabl data, with 81% having thir Scop 1 and 2 missions xtrnally vrifid. This placs Italy ahad of th global bnchmark of 64%. Th avrag disclosur scor has subsquntly jumpd to 85 points, up from 67 in This improving govrnanc of Italian companis is driving bttr action: Th numbr of mission rduction projcts undrtakn has risn to 314 projcts in 2015, rprsnting an incras of 73%. Mor than half th sampl is using rnwabl nrgy to rduc its missions (51% compard with global avrag of 36%). Som companis, such as onlin fashion rtailr YOOX, ar furthr strngthnd thir focus on rnwabl nrgy, by signing up to th RE100 initiativ, which involvs committing to sourc 100 thir powr from rnwabl sourcs. On avrag, companis purchasing rnwabl nrgy in 2015 ar carrying out fiv tims th numbr of missions rduction activitis thy wr carrying out in This shows thir growing undrstanding, or capacity to raliz th bnfits, of lowr carbon businss. This strong prformanc has dlivrd missions rductions: Italian companis that participatd in CDP s climat chang program in both 2010 and 2015 hav succssfully rducd thir Scop 1 missions by 27 million tco 2. As a financial intrmdiary w considr thos risks and missions linkd to our customrs businsss and contribut to innovation through loans for th installation of rnwabl nrgy and support for tchnological R&D in clan nrgy. Intsa Sanpaolo 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Italy rspondrs Consumr Discrtionary - 15% Financials - 23% IT - 6% Utlitis - 15% Consumr Stapls - 2% Halthcar - 2% Matrials - 9% Enrgy - 4% Industrials - 21% Tlcomms - 2% missions Consumr Discrtionary - 2% Financials - 0% IT - 1% Utlitis - 52% Consumr Stapls - 0% Halthcar - 0% Matrials - 25% Enrgy - 18% Industrials - 1% Tlcomms - 0% 49

43 Profil: Enl SpA, Utilitis Climat chang is a rality. Th upcoming COP 21 confrnc offrs an historical opportunity to acclrat th transition to a low carbon conomy. As a businss, and as citizns, w xpct th intrnational community to dlivr an ambitious - as wll as ralistic and tangibl - commitmnt to contain th ffcts of climat chang. Enl, as a global utility, taks nvironmntal sustainability sriously and is alrady working hard to contain th missions rlatd to its activity. Around 47 th nrgy currntly gnratd by th Group is from CO 2 fr sourcs, and w ar confidnt of bating our targt of carbon nutrality by 2050, consistnt with th lvl of d-carbonization rquird to limit global warming to 2 dgrs and thrfor a Scinc Basd Targt. W will dvot 8.8bn for rnwabls growth by 2019, which mans ovr 7 GW of nw clan powr capacity, a 50% incras compard to our prvious plan. On top of that, Enl will continu to lvrag th most advancd and sustainabl tchnologis to acclrat th procss of d-carbonization ovr th nxt fw yars. W urg othr companis and nations to join this global ffort in advancing tchnologis, upgrading infrastructurs and driving fficincy sinc bing sustainabl today mans bing comptitiv tomorrow. Imag Alssandro Cosmlli. This profil is collaborativ contnt sponsord by Enl Francsco Starac, Chif Excutiv Officr, Enl SpA 51

44 Japan Japan Analyzd rsponss 201 (13) 230 (16) Markt cap of analyzd companis US$m 2,119,195 2,652,961 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 161 companis MtCO MtCO 2 Scop 2 lik for lik: 161 companis 85.7 MtCO MtCO 2 th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis. Mor Japans companis ar disclosing to CDP than in Th quality of thir disclosurs is also substantially bttr, with an avrag disclosur scor of 89, abov th global avrag of 84, and considrably highr than th 52 achivd in Thy ar also adopting missions targts at a high rat, with 69% opting for absolut targts and 67% stting intnsity goals, abov th global avrags of 44% and 50% rspctivly A A prformanc bands in Japan prformanc bands in Japan 3. Disclosur scors ovr tim in Japan A - 2 No Band - 17 B - 8 C - 11 A - 7 C - 57 A minus - 8 B - 86 D - 45 E - 13 No band Lowst Avrag Highst 4. Improving climat actions in Japan = 90% 9900= 99% 6100= 61% 8900= 89% 6100= 61% 9300= 93% 2700= 27% 6700= 67% 5000= 50% 6900= 69% 6300= 63% 9800= 98% 1800= 18% 7900= 79% 2900= 29% 6300= 63% = 30% 6300= 63% 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 52

45 98 % of Japans companis hav initiativs in plac to rduc missions. Japans companis dmonstrat high lvls of missions rduction activity, with no fwr than 98 thos analyzd initiating projcts this yar, compard with th global avrag of 89%. Thr has bn a tripling in th numbr of activitis rportd in 2015 compard with 2011, to 722 from 204. Enrgy fficincy projcts rmain particularly popular rflcting Japan s traditional focus on this ara sinc th oil shocks of th 1970s, and a rnwd attntion to nrgy us in th wak of th Fukushima nuclar disastr of For xampl, Sony Corporation, will gnrat annual savings of 190 million (US$1.6 million) through various nrgy fficincy projcts. Uptak of rnwabl nrgy rmains rlativly lss favord. Svnty companis (30%) rport that thy ar consuming rnwabl nrgy to rduc missions. Whil this is highr than in 2011, it still lags th global avrag of 36%. This likly rflcts rlativly limitd policy support for rnwabl nrgy until rcntly, and th difficultis many projcts fac in accssing th lctricity grid. Howvr, dspit strong prformanc in many rgards, missions in Japan ar still hadd in th wrong dirction. Th 161 companis analyzd in both 2010 and 2015 incrasd thir Scop 1 missions by 14.7%, and thir Scop 2 missions by 39.5%. This lattr is a consqunc of Fukushima, which has ld to th incrasd us of fossil fuls for lctricity gnration. Th damag to our plants du to floods as a rsult of climat chang-inducd changs in prcipitation is on of th risks as it damags th continuity of our businss activitis. This in turn calls for nhancing our stratgy, such as introducing mor quipmnt with highr watr fficincy. Suntory Bvrag & Food 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Japan rspondrs Consumr Discrtionary - 17% Financials - 11% IT - 15% Utlitis - 1% Consumr Stapls - 7% Halthcar - 5% Matrials - 15% Enrgy - 2% Industrials - 24% Tlcomms - 1% missions Consumr Discrtionary - 6% Financials - 1% IT - 3% Utlitis - 1% Consumr Stapls - 2% Halthcar - 0% Matrials - 48% Enrgy - 4% Industrials - 34% Tlcomms - 1% 53

46 Kora Kora Analyzd rsponss 77 (7) 74 (4) Markt cap of analyzd companis US$m 478, ,267 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 41 companis 97.9 MtCO MtCO 2 Scop 2 lik for lik: 41 companis 19.9 MtCO 2 35 MtCO 2 th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis. In 2015, Kora introducd a carbon trading systm, taking an mphatic stp forward in its fforts to tackl grnhous gas missions. Efforts on th corporat sid ar qually ncouraging with 11 out of 74 participating companis (14%) achiving a plac on th A List which is thr tims th global avrag A A prformanc bands in Kora* prformanc bands in Kora 3. Disclosur scors ovr tim in Kora A - 2 B - 3 A - 11 C - 18 A minus - 5 D - 9 No band * in 2010 only 5 Koran companis in Global 500 wr scord for prformanc B - 21 E - 2 Lowst Avrag Highst 4. Improving climat actions in Kora = 64% 9500= 95% 5200= 52% 8900= 89% 5100= 51% 8800= 88% 2100= 21% 3900= 39% 1900= 19% 6600= 66% 5700= 57% 8500= 85% 1300= 13% 5700= 57% 3100= 31% 8600= 86% 3000= 30% 8600= 86% 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 54

47 14 % of Koran companis ar in th A list Rsults from CDP s climat chang program this yar show Koran companis improving thir disclosur scors, undrtaking a largr numbr of missions rduction activitis, and stting missions rduction goals. This yar, companis hav initiatd 250 projcts to rduc missions, a 26% incras in th numbr of projcts in 2011, for whn comparabl data is availabl. This compars favourably with th avrag global incras of 14%. Th prcntag of Koran companis consuming rnwabl nrgy to rduc thir missions has grown quickly by 31% sinc Thr has bn a particularly markd improvmnt in th prcntag of companis vrifying Scop 1 and Scop 2 missions, to 86% abov th global avrag of 64% from around 30% in In addition, two-thirds of companis hav absolut missions targts, against 44% for th global sampl, which is likly to b a rsult of th introduction of an missions trading schm. Howvr, if th missions prformanc of Koran companis disclosing to CDP is any guid, th trading program coms non too soon. Btwn 2010 and 2015, companis disclosing in both yars incrasd thir Scop 1 and 2 missions. Samsung Group mad an agrmnt with th Koran govrnmnt that Samsung will invst 7.6 trillion KRW (US$6.7billion) to stablish R&D and manufacturing facilitis for grn nrgy rlatd facilitis from 2021 to Samsung also plans to build additional facilitis of Enrgy Storag Systms, wind powr gnrators, and solar clls by 2030 as scond phas of grn nrgy dvlopmnt. Samsung Elctronics 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Kora rspondrs Consumr Discrtionary - 14% Financials - 18% IT - 11% Utlitis - 4% Consumr Stapls - 8% Halthcar - 3% Matrials - 15% Enrgy - 1% Industrials - 23% Tlcomms - 4% missions Consumr Discrtionary - 3% Financials - 0% IT - 13% Utlitis - 4% Consumr Stapls - 0% Halthcar - 0% Matrials - 61% Enrgy - 4% Industrials - 14% Tlcomms - 1% 55

48 Profil: Shinhan Financial Group, Financials In 2010, Shinhan Financial Group stablishd th Grn Managmnt Systm for nrgy and GHG data managmnt and is constantly managing th GHG invntory. In 2013, w sought to upgrad th Grn Managmnt Systm to systmatically manag th 12 nvironmntal and sustainability managmnt indicators of th holding company and th 6 affiliats (Shinhan Bank, Shinhan Card, Shinhan Invstmnt Corp., Shinhan Lif Insuranc, Shinhan Capital, and Shinhan BNP Paribas Asst Managmnt). W hav bn carrying out nrgy saving and GHG rduction activitis such as controlling indoor tmpratur during summr and wintr, rplacing LED lights, and purchasing grn IT products; furthrmor, w ar oprating an nvironmntally frindly data cntr that is quippd with solar panls, LED lights, a wastwatr rcycling systm, as wll as an ic thrmal systm. W also hird an xtrnal xprt as a consultant to bttr oprat th nrgy managmnt systm (ISO 50001) and ffctivly rspond to th GHG & Enrgy Targt Managmnt Systm. Shinhan Financial Group This profil is collaborativ contnt sponsord by Shinhan Financial Group 57

49 Latin Amrica Latin Amrica Analyzd rsponss 17 (10) 25 (9) Markt cap of analyzd companis US$m 687, ,585 Scop MtCO MtCO 2 Scop MtCO 2 10 MtCO 2 Scop 1 lik for lik: 5 companis MtCO MtCO 2 Scop 2 lik for lik: 5 companis 6.9 MtCO MtCO 2 th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis. In th past fiv yars, Latin Amrican companis hav dmonstratd strongly improvd prformanc across a numbr of mtrics, and th sampl has significantly rducd its missions as a whol. Furthr, looking spcifically at th fiv companis that participatd in CDP s program for climat chang managmnt in both 2010 and 2015, thr ar substantial Scop 1 and Scop 2 missions rductions of an avrag of 59% and 32% rspctivly A A prformanc bands in Latin Amrica* prformanc bands in Latin Amrica 3. Disclosur scors ovr tim in Latin Amrica A - 3 C - 1 A - 1 D - 4 B - 3 B - 7 * in 2010 only 7 Latin Amrican companis in Global 500 wr scord for prformanc C - 5 E - 5 No Band Lowst Avrag Highst 4. Improving climat actions in Latin Amrica = 82% 9600= 96% 2400= 24% 6400= 64% 8200= 82% 8800= 88% 060= 6% 3200= 32% 010= 0% 2800= 28% 3500= 35% 9200= 92% 4700= 47% 7200= 72% 4100= 41% 6400= 64% 3500= 35% 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 58

50 57 % incras btwn 2010 and 2015 in th proportion of Latin Amrican companis undrtaking mission rduction activitis Companis in this rgion dmonstrat som of th gratst chang in th past fiv yars and hav hlpd plac Latin Amrica in a strong position against th global bnchmark. For xampl, th prcntag of companis with incntivs for climat managmnt has almost tripld in just fiv yars. Companis ar bttr at rporting information too: Th avrag disclosur scor has risn to 77 from 66, although this lags th global avrag. Som companis in th rgion ar showing climat ladrship, such as Grupo Financiro Banort, which is planning to introduc an intrnal carbon pric as a tool to inform dcision making. It will join thr othr participating companis in th rgion that ar alrady using carbon pricing. Thr is, howvr, a clar pathway for building on th momntum sn sinc Particular attntion should b paid to absolut and missions rduction targts, which compar unfavorably with th global bnchmarks of 44% and 50%. Gnrally, th companis that ar disclosing to CDP ar doing wll but rprsnt a small sampl siz, suggsting missd opportunity in th rgion. Dvlopmnt and implmntation of a Carbon Footprint mthodology and tool for our main businsss (cmnt, aggrgats, and radymix concrt) marks th start of a nw ra of transparncy rgarding our full rsponsibility for climat chang. This tool provids customrs with th CO 2 footprint of th products w supply, so thy can calculat th CO 2 footprint of thir construction projcts. Cmx 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Latin Amrica rspondrs Consumr Discrtionary - 8% Financials - 24% IT - 0% Utlitis - 20% Consumr Stapls - 24% Halthcar - 0% Matrials - 16% Enrgy - 8% Industrials - 0% Tlcomms - 0% missions Consumr Discrtionary - 0% Financials - 0% IT - 0% Utlitis - 6% Consumr Stapls - 7% Halthcar - 0% Matrials - 76% Enrgy - 10% Industrials - 0% Tlcomms - 0% 59

51 Nordics Nordics Analyzd rsponss 130 (1) 147 (2) Markt cap of analyzd companis US$m 868,927 1,246,693 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 94 companis MtCO MtCO 2 Scop 2 lik for lik: 94 companis 18.5 MtCO 2 19 MtCO 2 th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis. Sinc 2010, Nordic companis using CDP to manag thir climat impacts hav rducd thir Scop 1 missions by 17%. At th sam tim, th numbr of participating companis has risn to 147 from prformanc bands in Nordic prformanc bands in Nordic 3. Disclosur scors ovr tim in Nordic A - 4 D - 9 B A No Band A A - 4 C - 24 A minus - 7 D - 36 No band C - 53 B - 48 E - 8 Lowst Avrag Highst 4. Improving climat actions in Nordic = 88% 9500= 95% 4400= 44% 6800= 68% 6200= 62% 8600= 86% 2500= 25% 5600= 56% 2900= 29% 3900= 39% 4500= 45% 8500= 85% 4500= 45% 6400= 64% 4400= 44% 5900= 59% 3600= 36% 5900= 59% 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 60

52 17 % dcras in Nordic companis Scop 1 missions btwn 2010 and Howvr, companis in th rgion ar initiating fwr mission rduction activitis, with 469 activitis startd this yar, compard with 517 in Morovr, whil 44 companis rport consuming rnwabl nrgy to rduc missions ahad of th global avrag of 36% that figur has dcrasd by 1 prcntag point sinc Th data suggsts, thn, that th sampl s strong prformanc in trms of missions rductions is a function of th maturity of climat chang managmnt among companis in th rgion, and of mor sophisticatd assssmnt of thos rduction activitis that yild th gratst CO 2 and cost rductions. Activitis startd in arlir yars ar likly to b baring fruit, spcially thos that sought to ncourag bhavioral chang among staff, as ths wr th most popular typ in rcnt yars. Nonthlss, Nordic companis would do wll to rdoubl fforts, including in som aras whr companis in th rgion ar lagging. Only 68 companis link managmnt incntivs to climat chang, compard with a global avrag of 75%. And th prcntag of Nordic companis stting absolut targts, at 39%, is blow th global avrag of 44%. Climat chang is on of th mgatrnds driving our businss and rcognizd in KONE stratgy to b th forrunnr in providing nrgy fficint lvator and scalator solutions for nt zro nrgy buildings. KONE Oyj Thr is also a rlativly small proportion using carbon pricing to guid intrnal invstmnt dcisions, with just 13 of th 147 companis doing so. On of ths is biotch company Novozyms: W bliv that a carbon pric will support climat chang mitigation fforts globally and driv CO 2 rductions, th company says. 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Nordic rspondrs Consumr Discrtionary - 12% Financials - 16% IT - 6% Utlitis - 1% Consumr Stapls - 5% Halthcar - 7% Matrials - 12% Enrgy - 7% Industrials - 31% Tlcomms - 3% missions Consumr Discrtionary - 4% Financials - 0% IT - 0% Utlitis - 15% Consumr Stapls - 3% Halthcar - 1% Matrials - 23% Enrgy - 16% Industrials - 36% Tlcomms - 1% 61

53 Profil: Mtsä Board, Matrials Mtsä Board supports a global dal at COP21, and w hop Paris dlivrs a positiv conclusion. Our stratgy in combating climat chang concntrats on thr aras: incrasing us of bionrgy; improving nrgy fficincy; and light wighting our paprboards. In addition to nvironmntal bnfits, ths actions improv cost fficincy and comptitivnss in th valu chain. Consumrs, companis and th public sctor ar incrasingly intrstd in a product s carbon footprint, rflctd in thir buying dcisions. By invsting in bionrgy as wll as nrgy and matrial fficincy, Mtsä Board s CO 2 missions dcrasd by 37% during Last yar 83 nrgy purchasd was CO 2 nutral, and improving nrgy fficincy at our mills is intgral to all major invstmnts in production capacity. For xampl 31 nrgy fficincy actions rducd consumption by 74 GWh, quivalnt to a rduction in CO 2 missions of 12 kton. Our boards ar mad of pur and strong frsh fibrs from northrn forsts. In lightwighting our boards, w hav undrtakn yars of rsarch into pulps and paprboard manufacturing, achiving a significant advantag ovr comptitors boards as much as 30% lightr for th quivalnt strngth. So our boards nd lss raw matrials, watr and nrgy in manufacturing. Thr s lss to transport, and at th nd of thir lif cycl, our boards can b rcycld. Mika Joukio, Chif Excutiv Officr, Mtsä Board This profil is collaborativ contnt sponsord by Mtsä Board 63

54 Portugal Portugal Analyzd rsponss (1) Markt cap of analyzd companis US$m* 49,700 39,693 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 6 companis 20.1 MtCO MtCO 2 Scop 2 lik for lik: 6 companis 2.3 MtCO MtCO 2 Portugus companis xhibit a strong stratgic approach to climat chang rlativ to th global sampl: 91% rport at last two catgoris of Scop 3 missions data, compard with 63% globally, and 82% xtrnally vrify both thir Scop 1 and Scop 2 numbrs, compard with 64% globally. This has hlpd rais th companis avrag disclosur scor to 90, up from a rlativly high 75 in * markt cap data was only availabl for 9 of ths companis in 2010 and 10 of ths companis in 2015 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 prformanc bands in Portugal* A prformanc bands in Portugal 3. Disclosur scors ovr tim in Portugal B - 5 C - 1 A - 2 C - 1 * in 2010 only 6 Portugus companis in Euro 300 wr scord for prformanc A minus - 1 B - 3 D - 2 No band Lowst Avrag Highst 4. Improving climat actions in Portugal = 83% 9100= 91% 4200= 42% 6400= 64% 5800= 58% 9100= 91% 1700= 17% 6400= 64% 1700= 17% 5500= 55% 7500= 75% 8200= 82% 5800= 58% 9100= 91% 6700= 67% 8200= 82% 6700= 67% 8200= 82% 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 64

55 91 % of Portugus companis rport data for two or mor catgoris of Scop 3 missions Thr is also a high prcntag consuming rnwabl nrgy to rduc missions thr quartrs (73%) compard with th global avrag of just ovr a third (36%). Lading Portugus companis, such as nrgy firms Galp Enrgia and EDP both on th Climat A List dmonstrat thy ar intgrating climat chang into corporat stratgy. Galp Enrgia says it is changing its cor businss focus in rspons to climat, introducing nw tchnologis and taking a long-trm prspctiv in rspons to th issu. Indd, narly all companis (91%) ar ngagd with policymakrs on climat chang. Portugus companis also show strong support for an intrnational climat agrmnt, with two-thirds (64%) in favor of a global dal at COP21 in Paris. Whil it is a small sampl it has bn rlativly stabl ovr tim and comparing companis that rportd in both yars, Scop 1 missions hav falln 16% btwn 2010 and 2015, although Scop 2 missions ar up 49%. EDP s long-trm growth stratgy is focusd on rnwabl gnration, with th goal of incrasing th shar of rnwabls on its gnration portfolio from 69% in 2013 to 75% in 2017, and will continu to invst in smart grids, grn nrgy rtail, micro gnration and nrgy srvics. EDP has st a long-trm objctiv of rducing by 70% its CO 2 missions pr unit of lctricity output in 2020, compard to 2008 lvls. Enrgias d Portugal 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Portugal rspondrs Consumr Discrtionary - 9% Financials - 9% IT - 9% Utlitis - 18% Consumr Stapls - 18% Halthcar - 0% Matrials - 9% Enrgy - 9% Industrials - 9% Tlcomms - 9% missions Consumr Discrtionary - 0% Financials - 0% IT - 0% Utlitis - 78% Consumr Stapls - 5% Halthcar - 0% Matrials - 0% Enrgy - 15% Industrials - 0% Tlcomms - 1% 65

56 South Africa South Africa Analyzd rsponss 71 (3) 74 (5) Markt cap of analyzd companis US$m 698, ,742 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 58 companis MtCO MtCO 2 Scop 2 lik for lik: 58 companis 84 MtCO MtCO 2 Btwn 2010 and 2015, South African companis participating in CDP s climat program gnratd a small dcras in Scop 1 missions of 1% and a significant rduction in Scop 2 missions of 14%. Thr has also bn an incras in th numbr of companis rporting, to 79 from 74. For a dvloping conomy, and on that is havily dpndnt on coal-fird powr, ths rsults ar an achivmnt. 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 South Africa prformanc bands in South Africa 3. Disclosur scors ovr tim in South Africa A - 3 D - 4 B - 27 C - 24 No Band - 11 A - 5 C - 25 A minus - 6 B - 24 D - 10 E - 4 No band Lowst Avrag Highst 4. Improving climat actions in South Africa = 96% 10000= 100% 5100= 51% 8100= 81% 8000= 80% 9300= 93% 3100= 31% 4700= 47% 80= 8% 4500= 45% 5400= 54% 9600= 96% 5400= 54% 8500= 85% 3900= 39% 7700= 77% = 41% 7700= 77% 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 66

57 94 avrag 2015 disclosur scor for South African companis Participating companis dmonstrat som of th highst quality disclosur practics in th world, and ar lading prformanc across a numbr of othr indicators. South Africa s avrag disclosur scor of 94 is 10 prcntag points abov th global avrag, and is up from 71 in Board ovrsight of climat chang mattrs stands at 100%, and 81 companis link managmnt incntivs to climat chang, compard with a global avrag of 75%. Lvls of xtrnal vrification ar at 77% compard with 64%. A rlativly larg numbr (19) us a carbon pric to guid invstmnts. A highr proportion of South African companis track climat risk in thir valu chains than th global avrag: 85% rport two or mor typs of Scop 3 data. And lading companis ar working to rduc ths risks: Brwr SABMillr, for xampl, has dvlopd a dtaild valu chain carbon footprint, and has a targt to rduc th intnsity of this footprint by 25% by Dspit South African companis displaying ladrship across a numbr of indicators, intrstingly thr has bn a rduction in th numbr of rportd rnwabl nrgy missions rduction activitis. Whil on a prcntag basis, invstmnt in rnwabl nrgy activitis has dcrasd by only 1%, th numbr of activitis rportd dclind from 43 in 2011 to 29 in Kumba supports an intrnational agrmnt but cautions against agrmnts that may b dtrimntal to th dvlopmnt of mrging conomis, such as South Africa. Thrfor such an agrmnt should b basd on multilatral discussions and must b lgally binding. Th agrmnt must contain both mitigation and adaptation actions and acknowldg th rol of businss towards a low carbon futur. Kumba Iron Or Purchasing and installing rnwabl nrgy rmains a challng for South African companis, who ar limitd by a rgulatd, stat-ownd lctricity markt, with no xisting lgal framwork to purchas rnwabl nrgy or to sll xcss powr to th grid. 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in South Africa rspondrs Consumr Discrtionary - 11% Financials - 26% IT - 0% Utlitis - 0% Consumr Stapls - 18% Halthcar - 5% Matrials - 26% Enrgy - 3% Industrials - 8% Tlcomms - 4% missions Consumr Discrtionary - 1% Financials - 1% IT - 0% Utlitis - 0% Consumr Stapls - 4% Halthcar - 0% Matrials - 56% Enrgy - 34% Industrials - 1% Tlcomms - 1% 67

58 Spain Spain Analyzd rsponss Markt cap of analyzd companis US$m 751, ,047 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 27 companis MtCO MtCO 2 Scop 2 lik for lik: 27 companis 45.8 MtCO MtCO 2 Th numbr of Spanish companis participating in CDP s climat chang program has grown significantly sinc 2010, to 42 from 34. And thos companis that rportd in both 2010 and 2015 hav hld thir Scop 1 missions to a small incras of 0.6%, whil rducing Scop 2 missions by an imprssiv 43% A A prformanc bands in Spain* A - 4 No Band A B - 6 A minus - 2 C - 7 B - 14 * in 2010 only 18 Spanish companis in Global 500 scord for prformanc prformanc bands in Spain C - 9 D - 3 E - 3 No band Disclosur scors ovr tim in Spain Lowst Avrag Highst 4. Improving climat actions in Spain = 85% 9800= 98% 5000= 50% 9300= 93% 5900= 59% 9300= 93% 1800= 18% 6700= 67% 2600= 26% 7100= 71% 7100= 71% 9300= 93% 3800= 38% 7900= 79% 7100= 71% 8600= 86% = 68% 8600= 86% 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 68

59 91 avrag 2015 disclosur scor for Spanish companis Part of this positiv rsult can b xplaind by th svrity of Spain s conomic downturn as can b sn in th rducd markt capitalization figurs. But a gratr part is accountd for by th firm commitmnt of rsponding Spanish companis to addrssing climat chang, as dmonstratd by high disclosur and prformanc scors. Spanish companis hav improvd significantly on disclosur mtrics that wr alrady rlativly high in For xampl, 93% now undrtak mission rduction activitis, up from 71% in Ths figurs compar, rspctivly, to global avrags of 89% and 48%. Almost thr-quartrs (71%) hav absolut missions targts, such as ACERINOX s 20% rduction against 2005 lvls by Mor than 90 companis offr managmnt incntivs to manag climat chang, compard with a global avrag of 75%. Mor than half of companis (52%) consum rnwabls to rduc thir missions, compard with 36% globally, and that figur has risn by a quartr sinc Th numbr undrtaking spcific rnwabl nrgy mission rduction activitis has grown vn mor significantly, by 111%. This is dspit dp govrnmnt cuts in support for clan nrgy sinc th financial crisis. Tlfonica approvd 30 million of global capx to implmnt nrgy and carbon rductions activitis. Th risk of growing lctricity prics has influncd this businss dcision. Tlfonica Givn this commitmnt to addrssing climat chang, it is unsurprising that 70% support an intrnational climat chang agrmnt. Howvr, dspit th strong prformanc of thos companis disclosing to CDP, th ovrall rspons rat of just undr half of th 85 companis that wr approachd is lowr than in othr lading jurisdictions. 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Spain rspondrs Consumr Discrtionary - 12% Financials - 24% IT - 5% Utlitis - 14% Consumr Stapls - 2% Halthcar - 5% Matrials - 10% Enrgy - 5% Industrials - 21% Tlcomms - 2% missions Consumr Discrtionary - 0% Financials - 0% IT - 0% Utlitis - 28% Consumr Stapls - 0% Halthcar - 0% Matrials - 56% Enrgy - 4% Industrials - 11% Tlcomms - 1% 69

60 Profil: ACCIONA, Utilitis For ACCIONA, with ovr 100 yars of history and oprations in mor than 30 countris, sustainability and social wll-bing ar th cornrstons of conomic growth, nvironmntal balanc and social progrss, govrning th Company s stratgy. ACCIONA is convincd that carbon pricing is a ky tool to crat a low mission conomy. W ar lading, along with companis in all sctors and intrnational public institutions, th task of obtaining an actual commitmnt from govrnmnts on this at COP21 in Paris As stratgic partnrs of WEF, w blong to th CEO Climat Ladrship Group. W collaborat with W Man Businss and work with th World Bank in th Carbon Pricing Ladrship Coalition. ACCIONA has bgun to voluntarily incorporat CO 2 pricing to its invstmnt dcisions, anticipating what w hop will bcom a rality. ACCIONA considrs that th privat sctor has th rsponsibility of activly participating in th cration of a low carbon conomy. In this rgard som of th milstons achivd by th Company ar; rducing its Carbon and Enrgy intnsitis by 71% ovr th last tn yars, calculatd th mission of grnhous gass and watr consumption associatd with 100 its supply chain and prvntd th mission into th atmosphr of 16.3 million tons of CO 2 thanks to its production of 100% rnwabl nrgy. Félix Rivas Anoro, Procurmnt Excutiv Dirctor Innovation, Environmnt and Quality Excutiv Dirctor, ACCIONA This profil is collaborativ contnt sponsord by ACCIONA 71

61 Turky Turky Analyzd rsponss (5) Markt cap of analyzd companis US$m 51, ,409 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 7 companis 2.8 MtCO MtCO 2 Scop 2 lik for lik: 7 companis 0.29 MtCO MtCO 2 th numbr in brackts rfrs to companis that rspondd aftr th dadlin, or rfrrd to a parnt company. Thy ar not includd in analysis. Turky has shown th largst prcntag growth in th numbr of companis participating in CDP s climat chang program ovr th last fiv yars, with 35 companis now disclosing two and a half tims mor than th 10 which disclosd in Manwhil, th numbr of mission rduction activitis thy ar undrtaking has incrasd mor than 300%. This is at last partly xplaind by th prformanc bands in Turky 100 In 2010 only 1 Turkish company in Global 500 was scord. Thy achivd a scor of 81 B A prformanc bands in Turky 3. Disclosur scors ovr tim in Turky A - 1 D - 7 B - 7 C - 11 E - 1 No band Lowst Avrag Highst 4. Improving climat actions in Turky = 80% 9300= 93% 8000= 80% 8700= 87% 4000= 40% 8700= 87% 100= 10% 4300= 43% 4000= 40% 3700= 37% 7000= 70% 8300= 83% 3000= 30% 6000= 60% 4000= 40% 4700= 47% 4000= 40% 4700= 47% 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 72

62 250 % growth in th numbr of Turkish companis participating in CDP s climat chang program btwn 2010 and 2015 country s strong conomic growth ovr rcnt yars, and th incrasing intrnationalization of its conomy. Turkish companis prform largly in lin with global avrags in trms of carbon disclosur and prformanc, although thy lag somwhat in trms of targt stting and th vrification of missions data. Thy also rport significant opportunitis from climat chang: tir company Brisa Bridgston, for xampl, cits a nw concpt tir that hlps improv vhicl ful fficincy and rduc missions. Turkish companis appar particularly mindful of th physical risks posd by climat chang. Nin in tn rport physical climat xposurs, compard with th global avrag of 79%. This is up from 70% in 2010, which itslf was abov th global avrag, thn, of 59%. Givn that only svn companis disclosd in both 2010 and 2015, missions prformanc should b tratd with caution. Scop 1 missions hav risn 39%, but Scop 2 missions ar down 30%. Garanti Bank has idntifid that on of th most significant aras that customrs nd support is dvlopmnt of innovativ products for rnwabls. Consquntly, Garanti Bank has includd a longtrm targt in its stratgy rlatd to dvloping products and srvics that hlp catalyz th transition towards a mor sustainabl conomy th tchnical and rgulatory know-how accumulatd in rnwabl nrgy continus to mak Garanti Bank a prfrrd financing partnr for invstors in this fild. T.Garanti Bankasi 5.Proportion of 2015 companis and Scop 1 & 2 missions by sctor in Turky rspondrs Consumr Discrtionary - 17% Financials - 23% IT - 3% Utlitis - 7% Consumr Stapls - 7% Halthcar - 0% Matrials - 13% Enrgy - 0% Industrials - 27% Tlcomms - 3% missions Consumr Discrtionary - 2% Financials - 1% IT - 0% Utlitis - 6% Consumr Stapls - 2% Halthcar - 0% Matrials - 61% Enrgy - 0% Industrials - 27% Tlcomms - 1% 73

63 Unitd Kingdom UK Analyzd rsponss 219 (28) 232 (18) Markt cap of analyzd companis US$m 2,758,474 3,117,458 Scop MtCO MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 170 companis MtCO MtCO 2 Scop 2 lik for lik: 170 companis 104 MtCO MtCO 2 UK companis in th FTSE 350 dmonstrat considrabl improvmnt in climat managmnt and disclosur in th fiv yars sinc Th prcntag initiating missions rduction activitis in 2015 has risn significantly, to 89% from 47% in This is coupld with growth in th numbr of mmbrs of th FTSE 350 quity indx disclosing to CDP, which has risn to 232 from 219. 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 UK prformanc bands in UK 3. Disclosur scors ovr tim in UK A - 13 D - 12 B - 60 C - 74 No Band - 57 A - 8 C -68 A minus - 2 B - 66 D E - 41 No band Lowst Avrag Highst 4. Improving climat actions in UK = 96% 9500= 95% 5200= 52% 7400= 74% 6200= 62% 8000= 80% 2500= 25% 5400= 54% 3100= 31% 3800= 38% 4700= 47% 8900= 89% 3500= 35% 5800= 58% 4500= 45% 6600= 66% 4200= 42% 6600= 66% 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 74

64 42 % incras in companis rporting activ missions rductions sinc 2010 UK companis rport 1,090 projcts in 2015, up from 832 in 2011 a 31% ris that compars imprssivly with an avrag ris globally of 14%. Enrgy fficincy rmains th most popular projct typ: for xampl, Standard Chartrd has gnratd US$740,000 of financial savings through its nrgy fficincy invstmnt program. Strong ngagmnt with th climat agnda is likly to hav bn supportd by th rlativ stability of climat policy in rcnt yars, undrpinnd by th UK s binding targts undr th Climat Chang Act. Howvr, rcnt signals from th UK indicat a significant wakning of th govrnmnt s political will to addrss climat chang, which may wll b rflctd in corporat climat prformanc in futur. Rathr than backtracking on climat policy, th UK nds to rdoubl its fforts. Although missions for this sampl hav dcrasd, thos companis disclosing to CDP in both 2010 and 2015 hav bn unabl to constrain missions growth, with Scop 1 missions incrasing by an avrag of 24%. Participants hav, howvr, dlivrd a 1.8% rduction in Scop 2 missions, as th gradual dcarbonization of th UK lctricity mix continus. Som lading UK companis ar looking byond short-trm policy signals to position thmslvs for a low-carbon futur: Building supplis company Marshalls has committd to rduc missions by 80% by 2050, whil pharmacuticals giant GlaxoSmithKlin has pldgd a 100% rduction by that point. W v invstd ovr 5 million in rnwabls in th dvlopmnt of our main campuss in England and Scotland, which in 2013/14 accountd for 7 our nrgy usag, saving > 800k pr yar in avoidd nrgy costs and workd to futurproof our nrgy supply at ths ky sits, rducing our rlianc on fossil fuls. Th CCHP and wind turbin at our Ostrly sit produc 40 Sky Studio s nrgy, and our nw building Th Hub is fittd with 753m 2 of solar panls. Sky UK 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in UK rspondrs Consumr Discrtionary - 18% Financials - 25% IT - 7% Utlitis - 3% Consumr Stapls - 8% Halthcar - 4% Matrials - 11% Enrgy - 4% Industrials - 19% Tlcomms - 2% missions Consumr Discrtionary - 6% Financials - 1% IT - 0% Utlitis - 6% Consumr Stapls - 4% Halthcar - 1% Matrials - 50% Enrgy - 20% Industrials - 12% Tlcomms - 1% 75

65 Profil: BT Group, Tlcommunication Srvics Whn I think about th futur, I s two potntial paths. On is whr humankind dos nothing. W ignor th climat scinc and don t chang th way w do businss. Th scond is whr w tak maningful action. It s clar to businsss lik ours which th right path is. I v sn th powr of tchnology to connct. And I know, brought to lif vry day at BT, th powr of communications tchnology as a tool to tackl climat chang. Th fact that ICT solutions hav th potntial to rmov 9.1Gt of CO2 from industrial production mans w at BT, a world-lading communications company, hav a hug rsponsibility. It dtrmins how, and whr w invst. From th rsourcs rquird to hav all our lctricity from rnwabls, to product innovations which rduc carbon impact and nrgy us. But continud invstmnt for any businss nds clarity and crtainty. A framwork of nw financial instrumnts to stimulat invstmnt in altrnativ nrgy and fficincy projcts, as wll as grn bonds, is ovrdu. And prhaps most importantly, whn our political ladrs gathr in Paris w nd a strong global climat dal which limits tmpratur riss to 2 C. Togthr, w can crat a bttr world. Niall Dunn, Chif Sustainability Officr, BT Group This profil is collaborativ contnt sponsord by BT Group 77

66 Profil: SSE, Utilitis SSE is a lading gnrator of rnwabl nrgy with its hritag in th hydro-lctricity rvolution that took plac in th North of Scotland som svnty yars ago. W wr producing powr from th plntiful supplis of Scottish rainfall long bfor anyon undrstood th imprativ to combat climat chang. SSE has long bn at th forfront of th low carbon nrgy industry. Svn yars of continuous invstmnt in rnwabl nrgy - 4bn sinc 2007 is paying dividnds. Last yar (2014/15) SSE producd mor rnwabl lctricity than any othr company in th UK and Irland (8,466MWh) from th most divrs rang of sourcs. Th rsult of which is a shift in mphasis of our gnrational mix, with SSE s carbon missions down by 34% in 2014/15. But mor nds to b don. A halthy carbon pric in th UK would do much to undrpin th invstmnt cas for low carbon nrgy. SSE blivs th bst way to tackl climat chang intrnationally is for a firm agrmnt in Paris to limit th quantity of carbon missions worldwid and importantly w nd a robust global mchanism for crating a pric for carbon too. Martin Pibworth, Managing Dirctor, SSE Wholsal This profil is collaborativ contnt sponsord by SSE 79

67 Analyzd rsponss 346 (6) 334 (16) Markt cap of analyzd companis US$m 8,996,809 15,517,298 Scop 1 1,540 MtCO 2 1,315 MtCO 2 Scop MtCO MtCO 2 Scop 1 lik for lik: 268 companis 1,127 MtCO 2 1,121 MtCO 2 Scop 2 lik for lik: 268 companis MtCO MtCO 2 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 prformanc bands in Th constitunts of th S&P500 quity indx xhibit high lvls of climat accountability, with som twothirds (334) disclosing climat chang information through CDP. Companis ar also dmonstrating a growing apptit for climat action, with a mainstraming of climat chang occurring ovr th last fiv yars. Board-lvl rsponsibility has jumpd from twothirds in 2010 to 95% in Th prcntag of companis stting absolut missions targts has 3. Disclosur scors ovr tim in A - 14 D - 22 B - 83 C No Band A - 32 C - 77 A minus - 18 B - 82 D - 70 E - 24 No band Lowst Avrag Highst 4. Improving climat actions in = 67% 8300= 95% 4900= 49% 8300= 83% 6300= 63% 8400= 84% 2200= 22% 4800= 48% 2400= 24% 4600= 46% 5200= 52% 9600= 96% 2700= 27% 6600= 66% 3500= 35% 6500= 65% 2900= 29% 6500= 65% 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 80

68 96 % of companis hav initiativs in plac to rduc missions incrasd from a quartr (24%) to almost half (46%), and thos pursuing missions rduction initiativs has incrasd from just ovr a half (52%) to almost all (96%). In addition, th proportion ngaging in xtrnal missions vrification has doubld, to twothirds. Whn analyzing th 268 companis that disclosd in both 2010 and 2015, Scop 1 missions ar broadly flat (down just 0.5%). Howvr, Scop 2 missions ar up 16%. And only 46 companis ar consuming rnwabl nrgy to rduc missions a dcras from 52% in This is a surprising finding, givn th incrasd pntration of rnwabls into th US lctricity mix and th growing popularity of rnwabls among CDP s global sampl. Ths findings indicat that govrnanc, managmnt and goal-stting structurs ar in plac, but companis nd to build on ths foundations, st robust targts, and fully raliz both th nvironmntal and conomic bnfits providd by missions rductions. In support of continud rductions, th succss of cap-and-trad programs on th East and Wst Coasts should ncourag mor companis to put a financial numbr on thir carbon missions, as should th administration s Clan Powr Plan, which many analysts bliv could s carbon pricing much mor widly applid across th US. In fact, 74 companis in th S&P 500 rport that thy currntly us an intrnal pric on carbon or xpct to in th Appl s xcutiv ladrship blivs that a strong, ffctiv agrmnt at COP21 is an important lmnt of harnssing th businss community in th global fight against climat chang. Making rnwabl nrgy mor prdictabl, accssibl, and conomical will acclrat th transition from fossil fuls to clan sourcs of lctricity w hav shown that data cntrs, which consum trmndous amounts of lctricity, can run on rnwabl nrgy gnratd from solar, wind and micro-hydro sourcs. Appl Inc. nxt two yars. For xampl, Enrgy giant Exxon Mobil stats: W addrss th potntial for futur climat chang policy, including th potntial for rstrictions on missions, by stimating a proxy cost of carbon. This cost, which in som gographis may approach US$80 pr ton by 2040, has bn includd in our outlook for svral yars. 5. Proportion of 2015 companis and Scop 1 & 2 missions by sctor in rspondrs Consumr Discrtionary - 14% Financials - 17% IT - 16% Utlitis - 5% Consumr Stapls - 11% Halthcar - 11% Matrials - 6% Enrgy - 5% Industrials - 13% Tlcomms - 1% missions Consumr Discrtionary - 4% Financials - 1% IT - 2% Utlitis - 42% Consumr Stapls - 5% Halthcar - 1% Matrials - 12% Enrgy - 19% Industrials - 10% Tlcomms - 4% 81

69 Profil: BNY Mllon, Financials As a global invstmnts company, BNY Mllon plays a cntral rol in supporting markts and promoting sustainabl practics. In managing our own oprations and supply chain, w striv for th highst standards of nvironmntal prformanc and disclosur across our company. W ar on track to achiv our nw goal to rduc Scop 1 and Scop 2 carbon missions by 40 prcnt by 2020 against our 2008 baslin missions. But our potntial to rspond to th risks and opportunitis associatd with climat chang dos not stop with our own oprations. Our ability to rduc carbon impact also lis in what w can achiv through invstmnts and how w srv our clints. W bliv th powr of invstmnts can b harnssd to hlp our clints succd and positivly impact social and nvironmntal chang. For that to happn, th industry s approach to impact masurmnt and transparncy must volv. By voluntarily rporting our own progrss to CDP, w undrscor our commitmnt to advancing masurmnt, transparncy and prformanc. CDP s ranking is on way that institutional invstors can undrstand how climat chang affcts thir invstmnts. W ar proud of our ladrship in climat chang accountability as w sk to powr global invstmnts and growth, arn th trust of our clints and stakholdrs, and innovat for a bttr world. BNY Mllon This profil is collaborativ contnt sponsord by BNY Mllon 83

70 Profil: Carnival Corporation & plc, Consumr Discrtionary Carnival Corporation & plc is th largst cruis company in th world, with a portfolio of 10 global cruis brands. W host ovr 10 million gusts ach yar and visit ovr 725 ports of call around th world. Sustainability is a cor guiding principl as our businss is dpndnt on halthy ocans and communitis. In 2014, w mt our goal to rduc th intnsity of CO 2 missions by 20% on yar ahad of schdul. This yar w announcd our 2020 sustainability goals focusd on rducing our carbon footprint whil nhancing th halth, safty and scurity of our gusts and crwmmbrs and nsuring sustainabl businss practics across our brands and businss partnrs. Thr of th tn goals focus on rducing missions, including installing xhaust gas claning systms, incrasing cold ironing capacity and furthr rducing th intnsity of our CO 2 missions. W ar sparhading a nw ra in th us of low carbon fuls, by using liqufid natural gas to gnrat 100 th ship s powr in four nw ships. Continuing our sustainability journy, our nwst brand Fathom is pionring impact travl with purpos-drivn activitis and programs that nabl gusts to mak a ral sustainabl impact on th communitis w travl to. Arnold W. Donald, Prsidnt and Chif Excutiv Officr, Carnival Corporation & plc This profil is collaborativ contnt sponsord by Carnival Corporation & plc 85

71 Profil: Stanly Black & Dckr, Industrials At Stanly Black & Dckr w ar ECOSMART. Our cultur is committd to improving th sustainability of our oprations, our products, and our communitis. W challng ourslvs to sk nw and bttr ways to dlivr on our conomic, nvironmntal and social rsponsibilitis, and w work with our supplirs and customrs to do th sam. Our ECOSMART cultur hlps us idntify nvironmntal stratgis that nsur w stay ahad of climat-rlatd influncs and rduc th nvironmntal impact of our oprations. In Rialto, California, 11,000 solar panls provid 2.5 mgawatts of clan rnwabl nrgy at our Wst Coast Distribution Cntr. W produc 30,000 mgawatt hours of nrgy pr yar through our Windsor, Conncticut hydrolctric facility. In Hllaby, England, w v liminatd narly 110 tons of wast in just thr yars. And with an advancd plating lin in Taichung, Taiwan, w r rducing nrgy consumption by 300,000 kilowatts pr yar. And this is just th bginning. With ECOSMART, w will continu to rinforc our position as a sustainabl businss ladr, now and wll into th futur. John Lundgrn, Chairman & Chif Excutiv Officr, Stanly Black & Dckr This profil is collaborativ contnt sponsord by Stanly Black & Dckr 87

72 Appndix 1 Invstor signatoris and mmbrs A Invstor signatoris by location Europ = 46% North Amrica = 26% Latin Amrica & Caribban - 75 = 9% Asia - 78 = 9% Australia and NZ - 67 = 8% Africa - 16 = 2% A 2. Invstor signatoris by typ Asst Managrs = 44% Asst Ownrs = 30% Banks = 19% Insuranc - 37 = 5% Othrs - 19 = 2% CDP invstor initiativs backd in 2015 by mor than 822 institutional invstors rprsnting in xcss of US$95 trillion in assts giv invstors accss to a global sourc of yar-on-yar information that supports long-trm objctiv analysis. This includs vidnc and insight into companis grnhous gas missions, watr usag and stratgis for managing climat chang, watr and dforstation risks. Invstor mmbrs hav additional accss to data tools and analysis. to bcom a mmbr visit: Pags/what-is-mmbrship.aspx To viw th full list of invstor signatoris plas visit: Pags/Sig-Invstor-List.aspx 3. Invstor signatoris ovr tim Numbr of signatoris Assts undr managmnt US$trillion Invstor mmbrs ABRAPP - Associação Brasilira das Entidads Fchadas d Prvidência Complmntar AEGON N.V. Allianz Global Invstors ATP Group Aviva Invstors AXA Group Bank of Amrica Mrrill Lynch Bndigo & Adlaid Bank Limitd BlackRock Boston Common Asst Managmnt, LLC BP Invstmnt Managmnt Limitd California Public Employs' Rtirmnt Systm California Stat Tachrs' Rtirmnt Systm Calvrt Invstmnt Managmnt, Inc. Capricorn Invstmnt Group, LLC Catholic Supr CCLA Invstmnt Managmnt Ltd ClarBridg Invstmnts DEXUS Proprty Group Environmnt Agncy Pnsion fund Etica SGR Eurizon Capital SGR Fachsf FAPES Fundação Itaú Unibanco Gnration Invstmnt Managmnt Goldman Sachs Asst Managmnt Hndrson Global Invstors HSBC Holdings plc Infraprv KyCorp KLP Lgg Mason Global Asst Managmnt London Pnsions Fund Authority Main Public Employs Rtirmnt Systm Morgan Stanly National Australia Bank Limitd NEI Invstmnts Nubrgr Brman Nw York Stat Common Rtirmnt Fund Norda Invstmnt Managmnt Norgs Bank Invstmnt Managmnt Ovrlook Invstmnts Limitd PFA Pnsion Prvi Ral Grandza Robco RobcoSAM AG Rockfllr Asst Managmnt, Sustainability & Impact Invsting Group Royal Bank of Canada Sampnsion KP Livsforsikring A/S Schrodrs SEB AB Sompo Japan Nipponkoa Holdings, Inc Sustainabl Insight Capital Managmnt TD Asst Managmnt Trra Alpha Invstmnts LLC Th Wllcom Trust UBS Univrsity of California

73 Appndix 2: Largst non-rspondrs by markt capitalization Consumr Discrtionary Amazon.com Inc. Comcast Corporation Fuji Havy Industris Ltd. Hrms Intrnational Luxottica Group Ntflix, Inc. Saic Motor Corporation Tsla Motors, Inc. Th Priclin Group Inc Tim Warnr Cabl Inc. Consumr Stapls Alimntation Couch-Tard Inc. Grupo Modlo S.A. Hngan Intl Group Kwichow Moutai Lorillard Inc. Magnit Monstr Bvrag Corporation Thai Bvrag PCL Tyson Foods, Inc. Want Want China Holdings Ltd. Enrgy Churchill Mining PLC Enrgy Transfr Entrpris Products Partnrs L.P. Kindr Morgan Inc. Oil & Natural Gas Phillips 66 Rlianc Industris Rosnft OAO Valro Enrgy Corporation Williams Companis, Inc. Financials AIA Group Ltd. Amrican Towr Corp. Bank of China Brkshir Hathaway Chung Kong DBS Group Holdings Industrial Bank Munich R Public Storag Sun Hung Kai Proprtis Halth Car Alxion Pharmacuticals Crnr Corp Gilad Scincs, Inc. HCA Illumina Inc McKsson Corporation Mylan Inc. Prrigo Co. Sun Pharmacutical Industris Vrtx Pharmacuticals Inc Country Japan Franc Italy China Canada Mxico China China Russia Thailand Hong Kong Unitd Kingdom India India Russia Hong Kong China Hong Kong Singapor China Grmany Hong Kong Irland India Industrials Catrpillar Inc. China Shipbuilding Industry Co Ltd CITIC Pacific Daqin Railway Gnral Dynamics Corporation Hutchison Whampoa Industris Qatar Jardin Mathson Nidc Corporation Prcision Castparts Corp. Information Tchnology ASML Holding Avago Tchnologis Baidu Inc Elctronic Arts Inc. Facbook Hanrgy Thin Film Powr Group Ltd Kync Corporation MdiaTk Nintndo Co., Ltd. Tncnt Holdings Matrials Baoshan Iron & Stl CF Industris Holdings, Inc. Formosa Plastics Corp Grupo Mxico S.A.B. d CV LyondllBasll Industris Cl A MMC Norilsk Nickl OSJC Nan Ya Plastics Nucor Corporation Siam Cmnt Southrn Coppr Corporation Tlcommunication Srvics Advancd Info Srvic Amrica Movil Axiata Group Brhad Bharti Airtl China Unitd Ntwork Communications Maroc Tlcom SBA Communications Corp. SoftBank Corporation Tlkomunikasi Indonsia VimplCom Ltd Utilitis China Yangtz Powr Co., Ltd. Dominion Rsourcs, Inc. Edison Intrnational Hong Kong & China Gas Company Limitd NxtEra Enrgy, Inc. PPL Corporation Public Srvic Entrpris Group Inc. Saudi Elctricity Tnaga Nasional Th Southrn Company Country China Hong Kong China Hong Kong Qatar Hong Kong Japan Nthrlands Singapor China China Japan Taiwan Japan China China Taiwan Mxico Russia Taiwan Thailand Pru Thailand Mxico Malaysia India China Morocco Japan Indonsia Nthrlands China Hong Kong Saudi Arabia Malaysia 89

74 CDP Contacts Paul Dickinson Excutiv Chairman Paul Simpson Chif Excutiv Officr Francs Way Co-Chif Oprating Officr Su Howlls Co-Chif Oprating Officr Marcus Norton Chif Partnrships Officr Danil Turnr Had of Disclosur Jams Huls Had of Invstor Initiativs CDP 3rd Floor, Quadrant Hous 4 Thomas Mor Squar Thomas Mor Strt London E1W 1YW Unitd Kingdom Tl: +44 (0) [email protected] CDP Board of Trusts Chairman: Alan Brown Wllcom Trust Bn Goldsmith WHEB Chris Pag Rockfllr Philanthropy Advisors Jams Camron Ovrsas Dvlopmnt Institut (ODI) Jrmy Burk Grn Invstmnt Bank Jrmy Smith Kat Hampton Childrns Invstmnt Fund Foundation Martin Wis Rlationship Capital Partnrs Takjiro Suyoshi Tssa Tnnant CDP Advisors Lord Adair Turnr Rar Admiral Nil Moristti CB Global scoring and outsourcing partnr 92 Dsign and production