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Title | Major Companies Face USD 1 Trillion in Climate Risks |
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June 4, 2019, London: A group of the world’s biggest companies representing nearly US$17 trillion in market capitalization have valued the climate risks to their businesses at almost US$1 trillion - with many likely to hit within the next 5 years. This is revealed in a groundbreaking new report published today by CDP, which runs the global disclosure system for environmental information. But the group also reported cumulative gains from realising business opportunities related to climate change at US$2.1 trillion, with the majority on track as almost certain. These opportunities include increased revenue through demand for low emissions products and services (such as electric vehicles), shifting consumer preferences and increased capital availability as financial institutions increasingly favor low-emissions producers. Nicolette Bartlett, Director of Climate Change, CDP commented, “The goalposts for climate action have never been clearer for companies. Our analysis shows that there are a multitude of risks posed by climate change, including impaired assets, market changes and physical damages from climate impact, as well as tangible impacts to business bottom lines. Other key findings from the report include: The full report covers 6937 companies who reported data to CDP in 2018, including a sample based on the 500 biggest global companies by market cap, 366 of which reported to CDP. It analyzes the risks and opportunities related to climate change reported by companies in 2018 in line with the recommendations from Mark Carney’s Task Force on Climate-related Financial Disclosures (TCFD). CDP has committed to align its information requests with the TCFD, which will help drive the adoption of TCFD recommendations by reporting companies. View the executive summary of the report. See the original CDP press release here. |
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Category | UNFCCC |
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Sources | United Nations Framework Convention on Climate Change |
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