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firms ignoring climate change

March 2003

The vast majority of heads of large companies accept that climate change is a risk to profits, but only a third have actually addressed those risks, according to a survey.

The poll of chairpersons of the 500 largest global companies by market capitalization found that while 80 per cent of respondents acknowledged the importance of climate change as a financial risk, only 35 per cent said they were taking action to counter the risks.

The survey was carried out by the Carbon Disclosure Project, a group of 35 institutional investors that collectively manages more than $4trillion (£2.48tn) in assets.

Project chair Tessa Tennant claimed firms are missing an opportunity and that those who are quick to reduce greenhouse gas emissions ‘stand to gain competitive advantage’.




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