Russia's top companies report their carbon emissions and strategy via the Carbon Disclosure Project

 
 
 Centre Telecom, Federal Grid Company of Unified Energy System, Gazprom, Irkutskenergo, Novatek and Tatneft were the Russian corporations leading efforts to understand and tackle climate change, according to this year’s inaugural Carbon Disclosure Project (CDP) Russia 50 report. The report which details the greenhouse gas (GHG) emissions and climate change strategies of Russia’s largest companies was supported by the British Embassy and launched on Wednesday in Moscow.
CDP is a global carbon reporting initiative of 534 institutional investors with approximately $64 trillionof assets under management. Investors worldwide work with CDP and factor climate change information into their investment decisions and asset allocations. In 2009 for the first time, CDP sent its request for information to Russia’s top 50 companies based on the Russian Trading System stock exchange (RTS 50), in partnership with the WWF Russia Trade & Investment programme. Six companies answered the CDP questions around greenhouse gas emissions and climate change strategy, and an additional three companies provided other information. “This is a positive start for CDP’s work in Russia”, commented Paul Dickinson, CEO of the Carbon Disclosure Project. “However, there is a clear need for greater engagement of companies on the issue of climate change in Russia and we want to see more companies following the example of these leading responding companies in 2010 and coming years.”
Discussion at the event, where speakers included Yury Maksimenko, Deputy Chairperson of RSPP Committee on Environmental Management and Ecology, and representatives from Russian subsidiaries of international companies such as Allianz/ROSNO and SAP underscored the importance of proactive climate strategies in the Russian context and internationally, emphasising how good carbon reporting is an essential first step towards climate change management. Yury Maksimenko stressed the importance of finance and investment programmes for addressing issues of ecology and climate change. Leonid Golovanov, Chief of Nature & Agricultural Risks Management Unit at ROSNO, remarked: “Allianz Group, the key shareholder of ROSNO, supports the transition to a low-carbon economy through international investments in relevant technologies and industries. Allianz and ROSNO work on their climate change strategies in partnership with WWF. Carbon reporting and ongoing engagement with thought leaders in the field have helped ROSNO gradually implement carbon risk management into everyday decision making processes.”
CDP 2009 showed that Russian companies have started to investigate and address carbon issues: three of the responding companies provided detailed information on direct and indirect greenhouse gas emissions from their operations, and four companies reported having a GHG emissions or energy reduction plan in place. Risks from climate change were identified by 50% of the participating companies, while two thirds see opportunities arising from climate change.
Institutional investors that request disclosure through CDP require the data to inform investment decisions and financing strategies. Gianfranco Gianfrate from Hermes concluded that “climate change reporting is a process that companies need to engrain within their businesses: The role of carbon reporting and climate change strategy will continue to grow, and the first movers will be rewarded with increased credibility and an advantage in addressing climate risks and opportunities. This is why we as investors encourage all companies to participate in CDP and hope for an increasing number or Russian companies to respond to the information request in 2010.”
The CDP 2010 information request went out to the chairmen of the top 50 Russian companies in February 2010. Companies have until 31 May 2010 to submit their response to CDP.