More than 200 of the world's largest listed companies forecast that climate...
LONDON - More than 200 of the world’s largest listed companies forecast that climate change could cost them a combined total of almost $1 trillion, with much of the pain due in the next five years, according to a report published on Tuesday.
“Most companies still have a long way to go in terms of properly assessing climate risk,” said Nicolette Bartlett, CDP’s director of climate change, who authored the report. In its latest study, CDP analyzed survey data from 215 of the largest companies, ranging from Apple and Microsoft to Unilever, UBS, Nestle, China Mobile, Infosys, Sony and BHP.
The companies in the CDP study, which have a combined market capitalization of roughly $17 trillion, saw potential opportunities worth $2.1 trillion, spanning faster-than-expected demand for electric vehicles to investments in renewables.Investor concerns over climate risk have risen sharply in parallel with an upsurge in climate activism in many countries as the heat waves, droughts, wildfires and super-storms fueled by climate change have become harder to ignore.
British-based CDP acknowledges its research cannot provide a perfect snapshot of companies’ thinking since a lack of mandatory reporting requirements on climate risk means it has to rely on whatever figures executives are willing to share.
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