Commonwealth Bank places in top 10 per cent in 2009 CDP Global 500 Report
Sydney, 23 September 2009: The Commonwealth Bank has achieved a strong result in the 2009 Carbon Disclosure Project (CDP) Global 500 Report, recognising the Group's commitment to implementing environmental sustainability initiatives and reducing carbon emissions.
Released on 21 September in the USA, the CDP Global 500 Report reveals the Commonwealth Bank has achieved a place in the Carbon Disclosure Leadership Index. The Index captures the top scoring 10 per cent (based on the level and quality of disclosure and reporting on greenhouse gas emissions and climate change strategy data) of the Global 500, the largest 500 companies in the world by market capitalisation.
The Commonwealth Bank achieved a score of 81 out of 100 in the Carbon Disclosure Leadership Index. This is the second year the Bank has participated in the CDP Global 500 Report.
The CDP is an independent not-for-profit organisation that seeks information from the world’s largest companies on the business risks and opportunities presented by climate change and greenhouse gas emissions data; on behalf of 475 institutional investors with more than US$55 trillion of funds under management. In May, the Commonwealth Bank submitted a questionnaire disclosing its carbon emissions as well as covering information on organisational strategy, processes and initiatives related to managing the risks and opportunities associated with climate change.
According to the CDP, the best performing companies in 2009 all shared a number of behaviours. These are:
- taking effective action to manage risks and capitalise on new opportunities;
- showing carbon reduction activities that deliver results; and
- incorporating expected regulation into forward thinking and planning.
The Commonwealth Bank’s result can be attributed to some specific initiatives including:
- setting a carbon emissions reduction target of 20 per cent by 2013, from 2008-2009 levels; and
- the disclosure of identified risks and opportunities climate change presents to its business and management actions in response, for example the establishment of the Carbon Solutions Group.
Commonwealth Bank Executive General Manager, Ms Tristan Wills, said the strong result highlighted the Commonwealth Bank's commitment to its environmental sustainability program and implementation of new initiatives.
“We are committed to managing our environmental initiatives and reducing our carbon emissions, and our result in the 2009 CDP Global 500 Report and place in the Carbon Disclosure Leadership Index is fantastic recognition of the work we are doing in this area,” Ms Wills said.
For further information contact:
Holly Williams, Commonwealth Bank, Ph: (02) 9378 7130