The Age reports today that Australia’s big greenhouse polluters are doing less than their global counterparts to combat global warming and, in doing so, risking cost blowouts, regulatory burden and damage to their reputation.
Some of the key points include:
- 48% of Australia’s largest 200 companies are classified as having a high or very high potential impact from climate change
- More than half (53%) of companies in the S&P/ASX200 were considered to have unmitigated risk
- Few companies at risk are doing anything to tackle climate change and reduce investor risk
- The only sector in which companies had done anything to mitigate the risk was construction and materials. But even there, it only applied to 33% of companies in that sector.
- Four out of 10 (39%) of high and very high-risk companies, worth a total of $213 billion, had no or only limited response to climate change.
- Just under two-fifths (39%) of the high and very high-risk companies had a corporate-wide commitment to deal with global warming, but only 18% were basing their efforts on international targets, regulations or scientific research.
- Only 4% were showing they were serious by linking board or senior management remuneration to greenhouse gas emission reductions or climate change strategies
- 33% of companies that generated a significant impact on climate change claimed they recognised the importance of dealing with global warming
- Only 5% had made a public commitment or disclosed a quantitative target to reduce the climate change impact of their products.
See the full article here.
