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June 30, 2008

PwC to tackle carbon disclosure project

PricewaterhouseCoopers Global (PwC) has been appointed adviser and report writer for the world’s largest investor collaboration on climate change. The Carbon Disclosure Project (CDP) is a not-for-profit collaboration of 385 institutional investors with assets under management of $57 trillion.

Each year CDP sends out a request to more than 3,000 companies asking them to measure and disclose greenhouse gas emissions and report on their strategy for dealing with risks and opportunities associated with climate change.

PwC will analyse company responses to produce the CDP report on the Global 500 companies together with reports on the Standard & Poor’s 500 and the FTSE 350 companies.

The Big Four firm will also work with CDP as a strategic adviser, offering support and expertise on areas such as carbon emissions, climate risk reporting, carbon accounting systems and data verification.

On the agenda

Tom Craren, the PwC US thought leadership and brand leader, said growing awareness of climate change is creating opportunities to develop strategic programmes that increase shareholder value, while also driving down carbon emissions.

“Climate change has become an important strategic issue in boardrooms around the world. Carbon emissions increasingly impact the value, risk and long-term growth potential for businesses in virtually every industry,” Craren explained. “Our work with the CDP will help to shape the future of management strategies and reporting in an increasingly carbon constrained environment.”

Paul Dickinson, the chief executive of CDP, said: “This is an important step for CDP. The expertise PricewaterhouseCoopers has in evaluating carbon risk and opportunity will be invaluable in providing new insight and analysis through CDP reports. Their expertise will also help in driving forward the CDP’s goals to work with companies globally to measure, disclose and reduce corporate greenhouse gas emissions.”

Investors involved in the CDP include Merrill Lynch, Goldman Sachs, Allianz, ANZ, Banco do Brazil, Mitsubishi, AIG Investments, the RBS Group and HSBC.

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