Financial services companies think they have relatively low direct exposure to climate change because of the small carbon footprint of their own operations.
A number of companies, especially in the insurance industry, stated that climate change does have an impact on their business strategy. However, other companies see it as a minor concern which does not present a real need to integrate into their overall strategy, but does offer some opportunities on carbon markets.
To minimise their indirect exposure to climate change, risk leaders in the financial services industry are researching, monitoring and managing the impact of companies in their investment portfolios. They fear that in the absence of legislation, stakeholders may hold the industry responsible for the effects of its lending.
Now in it's eighth year, PwC is the global advisor and report writer of the Carbon Disclosure Project (CDP). This report aims to give investors a unique analysis of how the world’s largest companies are responding to climate change.