With 2017 CDP climate change reporting season coming to a close, you may be wondering: What else can I do to improve my company’s score in 2018? To give you a head start, we’ve teased out important considerations for four key responses in the CDP Climate Change Questionnaire. Using this guidance, and thinking critically about your organization’s environmental goals, will set you well on your way to a successful 2018 CDP climate change response.
1. Is climate action integrated into your business strategy?
Global 500 organizations are bringing climate action to the forefront of their corporate agendas like never before. Earlier this year, over 530 companies called on the White House to continue participation in the Paris Agreement and accelerate a low-carbon economy. These forward-thinking C-suites are signaling inaction in the face of climate change demands significantly more cash than the cost of moving towards renewable energy sources. They are responding with energy efficiency upgrades, green power procurement, and other sustainability initiatives to mitigate potential social and economic externalities.
What climate action is your organization taking?
2. Do you have an emissions reduction or renewable energy consumption or production target?
A recent World Wildlife Fund (WWF) report found 63% of Fortune 100 companies have at least one clean energy target, and 48% of Fortune 500 companies have at least one climate or clean energy goal. Ninety-six companies, to date, have joined the RE100 with a commitment to go 100% renewable, and cities across the world are following suit with similar pledges. Sustainable goals range from GHG emissions reductions, renewable energy procurement, efficiency improvements, and beyond.
What targets has your organization set?
3. Have you published information about your organization’s response to climate change and GHG emissions performance?
In this era of transparency, both internal and external stakeholders expect – and even demand – that the brands they interact with operate sustainably. Therefore, multinational businesses should leverage their use of Energy Attribute Certificates (EACs), Power Purchase Agreements (PPAs), and other contractual instruments to make claims about their associated emissions reductions and sustainability efforts. In order for these claims to be valid, however, organizations must utilize a variety of criteria including generation data, ownership, and the Scope 2 reporting and quality assurance guidance.
What benefits has your organization experienced from publishing sustainability news?
4. Have you identified any inherent climate change risks and opportunities affecting your business operation?
Climate action offers ample opportunity. Technology improvements worldwide, as well as current federal subsidies in the US, have made renewable solutions to climate change financially attractive in a volatile energy price environment. Implementing sustainability strategy also offers an opportunity to reduce water consumption, improve air quality, create jobs, stimulate the economy, and promote domestic energy security. Inaction, on the other hand, presents the risk of an energy short position, environmental and health risks associated with the impact of carbon emissions, and regulatory risk of carbon pricing.
Ready to take action? Reach out to our team of experienced renewable energy advisors to learn how your company can use any of the methods mentioned above to reduce emissions and improve on your next CDP climate change disclosure.
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