Industry Fails to Lead on Climate Change
The Carbon Disclosure Project, supported by a coalition of institutional investors with more than $21,000bn in assets, wrote to the world’s largest companies asking for information on their output of greenhouse gases. More than 70 percent of the FTSE 500 companies responded by disclosing the amount of carbon dioxide they produce, answering whether they considered climate change a commercial risk or an opportunity, and outlining the risks faced by their company as a result of climate change. It was found that most of the world's biggest companies are failing to cut their carbon emissions even though the long-term cost of complying with tougher rules to tackle global warming could have a devastating impact on their profitability. There can be no stabilizing of climate change without industry leadership, which unfortunately was found to be dreadfully lacking.