Thu, 27th Sep 2018
An independent review into the issue of climate change has found that BT, M&S and Unilever are leading the way when it comes to climate action, however most companies are not doing enough to safeguard the environment.
According to research conducted by EcoAct, an international climate change consultancy, more than half of the companies in the FTSE 100 have not provided their investors with an adequate assessment of climate risk to their respective businesses, in spite of calls from investors to do so. More than one quarter of companies have failed to acknowledge that climate change could pose a risk to them, in their annual reports.
The research highlights how the most influential companies in the UK have responded to climate change and other sustainability issues, and follows on from one of the hottest summers on record.
Climate action is becoming a commercial imperative, as rising global temperatures can have a significant impact on the economy. Many investors are highlighting their concerns about environmental risk factors, and are moving away from things like fossil fuels, to invest more in green technologies.
The Task Force on Climate-Related Financial Disclosures, which is being spearheaded by Mark Carney of the Bank of England, has an important role to play in climate disclosures. The TCFD focus on financial risk has inspired action in some sectors, with the banking sector becoming one of the best performing industries in terms of disclosure, having previously communicated very little about the issue.