The CDP FTSE 350 Climate Change Report was published yesterday, 9th October. This report asks whether or not UK companies are prepared for the international impacts of climate change.
As a verification partner of CDP (formerly the Carbon Disclosure Project), LRQA attended the launch event in London and heard first-hand how the primary findings of this year’s FTSE 350 report show that the majority of companies scope 1 and scope 2 emissions originate overseas.
The report goes on to highlight that companies’ current focus on risks and opportunities needs broadening. While the majority of FTSE 350 companies identify risks (86%) and opportunities (82%) from climate change, the focus remains relatively narrow, looking primarily at direct, shorter-term risks. Only 32% of companies report risks (14% opportunities) which have timeframes of ten years or more and 13% of companies report that they have not identified any climate change related risks at all.
In order for companies to be fully prepared for the international impacts of climate change, the report suggests a five point plan that UK companies can implement: engage the executive team; engage the value chain; identify and assess risks; evaluate options for managing risks and capitalising on opportunities; implement decisions, monitor effectiveness and plan for the future.
Commenting on the report findings, Madlen King, LRQA Global Head of Climate Change and Sustainability said; “The data regarding companies lacking focus on the longer term risks together with those within their value chain is disappointing. This report from CDP is a very welcome call for action that companies should not ignore.”