UK's top companies are failing to act on climate change as less than half of the FTSE 350 companies have introduced schemes to reduce greenhouse gas emissions, according to a newly released report.
The second annual report from the Carbon Disclosure Project (CDP), a New York-based independent organisation which works with shareholders and corporations to disclose their greenhouse gas emissions, found only 38% of the companies responding to its survey had established reduction schemes with targets for carbon emissions, now a financially material commodity with an economic and financial value.
The report findings have prompted a coalition of leading environmental agencies, UK companies and cross party MPs to write an open letter to Hilary Benn, the environment secretary, and John Hutton, the business and enterprise secretary, calling for standardised carbon reporting.
Adrian Wilkes, chairman of the Aldersgate Group, which wrote the letter, said the lack of transparency obscured the UK's true contribution to carbon emissions and would impede the setting of accurate carbon targets and budgets in the proposed climate change bill.
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