$9 trillion global initiative by 87 institutional investors on climate change led by Environmental Grantmakers

On November 1st, 2003, the Carbon Disclosure Project, a special project of Rockefeller Philanthropy Advisors with 501(c)3 status, wrote to the board chairs of the 500 largest companies in the world asking them to report their greenhouse gas emissions. Representing 87 investors with $9 trillion assets, this is the largest initiative on corporate responsibility ever undertaken.

The Carbon Disclosure Project (CDP) aims to create a lasting relationship between shareholders and corporations with regard to the investment risk and business implications presented by climate change. In doing so it aims to reduce greenhouse gas emissions and catalyze the transition to a globally carbon-sensitive economy. CDP is a coordinating secretariat for institutional investor collaboration on this issue (specifically, pension funds, fund managers and insurance companies).

There have been two iterations of CDP to date:

• CDP 2002––May 31st, 2002; 35 institutional investors representing assets in excess of $4.5 trillion. 71% of corporations replied and 45% answered the questionnaire in full. These responses, and an analysis of them, are available at www.cdproject.net. Launches in London (Derek Higgs), New York (Madeleine Albright) and Hong Kong (Tessa Tennant). Strong press coverage, and 900 references on Google.

• CDP 2003–– November 1st, 2003; 87 institutional investors representing assets in excess of $9.2 trillion.

It is our strong belief that this significant quantity of investment capital can contribute to catalyzing the development of the clean energy economy. CDP is legitimizing climate change among the financial services sector. It is publicly facilitating the measurement of carbon by corporations, in response to investor concern. It is enabling corporate management to manage the climate change issue, backed by investor support. The initiative is providing multiple other communities (policymakers, NGOs, consultants, accountants) backed by investment community leadership and corporate data to accelerate their own climate change initiatives. We are aware of no other initiative tackling the climate change issue with such scale.

CDP has a focused, independent and proven management team. It is backed by a global advisory board of leading climate change experts from varying constituencies. We believe that with low overheads we have developed a world-leading process in terms of garnering the support of the financial services sector with regard to the climate change issue.

The team is eager and committed to delivering a successful CDP 2003, develop an even larger and more comprehensive CDP 2004, and in doing so catalyze global carbon abatement:

Deliver CDP 2003––having successfully assembled $9.2 trillion investor collaboration and issued the information request, the team aims to execute CDP 2003 with its proven process:

• Chase corporations to maximise quality/quantity of responses
• Produce analysis of report in conjunction with Innovest
• Launch CDP 2003 in London, New York, Hong Kong
• Aggressively disseminate CDP message and information

Develop CDP 2004––acquire around 150 signatories representing c.$15 trillion of assets and issue information request to top 1000 companies worldwide.

The broader objective is to continue to leverage CDP into reducing carbon emissions.

The Carbon Disclosure Project was funded by Esmée Fairbairn Foundation UK, Climate Initiatives Fund UK, Home Foundation Holland, The Nathan Cummings Foundation USA, Network for Social Change UK, Rufus Leonard UK, Turner Foundation USA, W. Alton Jones Foundation USA, WWF UK.

Contact Paul Dickinson, coordinator of the Carbon Disclosure Project in London,
+44 7958 772864, paul@cdproject.net or visit their website www.cdproject.net.