The number of companies sharing climate data with CDP, the world's leading disclosure platform, jumped by nearly 40 per cent over the last year as investors and policymakers pressured boards, data seen by Reuters showed.
Most of the world's asset managers focus on climate change disclosures in their efforts to pick the winners of the transition to a low-carbon economy and to assess the risks for their portfolios.
While some countries have begun to make such disclosures mandatory, the standardised data required by the non-profit CDP platform has long provided investors with data that allows them to compare corporate performance.
Since the Paris Agreement of 2015, when countries agreed to try to limit global warming, the number of companies filing to CDP has more than doubled to 13,132 from 5,532. The CDP was founded in 2000.
"If you look at those numbers, you see this rate of change increase, and I think that's really important. Each year is a much bigger leap than we expected from the previous year," Nicolette Bartlett, executive director at CDP, said.
The pace of disclosures has also risen consistently, bar a Covid-19 induced slow-down last year. In 2020-2021, it grew by 38 per cent.
Despite the increase in companies reporting to CDP, the quality of disclosures remains patchy and nearly 17,000 companies received the lowest possible 'F' grade in the NGO's annual assessment for not reporting any data.
After disclosing data, companies are encouraged to set targets to reduce emissions, and specifically targets in line with the science of climate change and the goal to cap global warming at 1.5 degrees Celsius (2.7 Fahrenheit) above the pre-industrial average.
Yet, just 1,054 companies have had their targets signed off by the Science-based Targets Initiative, a collaboration between CDP and other NGOs, and less than a thousand of the CDP disclosers report the emissions tied to the goods and services they buy and the use of their sold products.
"We're clear that for the companies coming into our system, disclosure is the first step of the journey and measurement obviously means that you end up managing and, ultimately, hopefully transforming your business model," Bartlett said.
The drivers of disclosure continue to be investors and companies pushing their suppliers to act, with further impetus coming from fresh pledges to rein in emissions at UN climate talks in Scotland last month.
A regional breakdown, shows the biggest jump in disclosures since Paris was from Latin America, up 332 per cent to 1,614 from 374. Asia climated 201 per cent to 3,774 from 1,256 and Europe, increased 140 per cent to 4,187 from 1,745.
By country, China stood out with a 416 per cent rise in disclosures to 1,408 from 273. While the number of corporate disclosers jumped, a breakdown by sector shows some of the heaviest-emitting lagged in sharing data.
Just 11 coal mining companies and 63 oil and gas producers globally reported data, despite fossil fuels being the chief driver of human-driven emissions. At the other end of the scale, electrical & electronic equipment companies led disclosures, with 1,395.
The UAE, the company’s largest market, saw high growth in merchant payments processed from domestic consumers at 20 per cent year on year, and payments from international visitors growing 92 per cent
The company’s revenue increased 31 per cent to Dh1.041 billion as compared to Dh792 million in first half of 2021 while its operating costs dropped 16 per cent
Kashkari sticks to his view of 3.9% Fed funds rate at end-2022; Evans sees 3.4% policy rate this year; Both push back on market expectation for rate cuts next year; Inflation, employment data to determine size of Sept rate hike
Approval would save time, money on Asian routes; Q2 net profit $100m versus loss of $81m a year ago; Revenue up sharply, but still below Q2 in 2019
The five-year contract was awarded by Adnoc Offshore to Adnoc Logistics and Services (Adnoc L&S) and underpins the world-class capabilities within Adnoc’s group companies