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CDP Unveils New Platform to Boost Environmental Data Disclosure

CDP Unveils New Platform to Boost Environmental Data Disclosure

The CDP (formerly the Carbon Disclosure Project) has launched a new disclosure platform. This initiative is set to streamline and harmonize global standards, making environmental data disclosure more efficient for companies worldwide. The platform aims to unlock faster action on climate change and nature conservation, addressing the growing demands from financial institutions and regulatory bodies.

What is CDP?

CDP, formerly known as the Carbon Disclosure Project, is a global non-profit organization that operates the world’s leading environmental disclosure system. Founded in 2000, CDP works with over 700 financial institutions holding more than $142 trillion in assets, leveraging capital markets and corporate procurement to motivate companies to disclose and manage their environmental impacts.

The organization collects extensive data on greenhouse gas emissions, water usage, and forest management from over 24,000 organizations, including more than 23,000 companies and 1,100 cities, states, and regions. Fully aligned with the Task Force on Climate-related Financial Disclosures (TCFD), CDP holds the largest environmental database in the world, using this data to drive investment and procurement decisions that foster a zero-carbon, sustainable, and resilient global economy.

Record Number of Companies to Disclose Data

CDP has requested a record 75,000 companies to disclose their environmental data through its new platform. This includes a wide array of entities such as cities, states, and regions. The platform's introduction is timely, aligning with the rising global trend of mandatory climate disclosure legislation.

Alignment with Global Standards

The CDP platform features a new corporate questionnaire that aligns with the ISSB (IFRS S2) climate standard. This alignment brings together various critical issues such as forests, water, biodiversity, and plastics into one comprehensive questionnaire and dataset. This integrated approach simplifies the disclosure process and ensures that companies can efficiently report their environmental impacts.

Key Benefits of the New CDP Platform

  1. Efficiency and Compliance: The platform reduces the complexity of reporting and helps companies comply with various global standards, including ISSB, TNFD, and European Union standards (ESRS).

  2. Holistic Environmental Assessment: By combining climate, forests, water, biodiversity, and plastics into one questionnaire, organizations can better understand and manage their environmental footprint.

  3. Support for SMEs: CDP has introduced a standalone questionnaire tailored for SMEs, helping them build capacity and engage in the global value chain.

  4. Global Reach and Impact: Last year, companies representing over 66% of global market capitalization disclosed their data to CDP. This demonstrates the platform’s extensive influence and ability to drive change.

Significant Milestones and Developments

CDP's new analysis reveals that nearly 60% of listed companies are well-prepared for the new questionnaire, already responding to the majority of questions aligned with IFRS S2. This readiness is crucial as jurisdictions representing over 55% of global GDP move towards mandatory full alignment with ISSB Standards. The streamlined questionnaire allows organizations to better assess and manage environmental risks, impacts, and opportunities within their operations and supply chains.

The Role of CDP in Driving Change

CDP's new platform, developed in collaboration with BCG X (Boston Consulting Group’s tech build and design unit), aims to reduce the reporting burden on organizations. By making the disclosure process more agile, CDP helps companies focus their resources on tangible environmental actions. The platform ensures that disclosed data can be utilized by investors, lenders, and procurement teams worldwide.

Statements from Key Figures

Sherry Madera, CEO of CDP, emphasized the efficiency and business benefits of the new platform:

"Every dollar an organization spends on reporting is a dollar they cannot spend on action. This year, CDP is a better partner for corporates, cities, states, and regions than ever before, making their disclosure even more efficient."

Emmanuel Faber, Chair of the International Sustainability Standards Board (ISSB), highlighted the importance of the partnership:

"CDP is the ISSB's key global climate disclosure partner. We are delighted that CDP's new 2024 questionnaire aligns with our climate standard IFRS S2 as the baseline for climate-related disclosures for investors. Our partnership will make life easier for companies to disclose relevant data to their stakeholders and will critically accelerate rapid global uptake of IFRS S2 and the availability of information so urgently needed by investors."

Tony Goldner, Executive Director of the Taskforce on Nature-related Financial Disclosures (TNFD), stated:

"Today’s launch of CDP’s new corporate questionnaire represents another exciting milestone for TNFD and corporate reporting. Reporting to the global market through CDP will be critical in ensuring that investors, lenders, insurers, and companies can respond to their material nature-related dependencies, impacts, risks, and opportunities."

Andrew Buay, Vice President at Singtel Group, added:

"CDP’s comprehensive framework has played a role in guiding the Group’s longstanding commitment to environmental stewardship. CDP’s rigorous framework has sharpened our decarbonisation approach and prepared the Group for upcoming IFRS S2 climate-related disclosures. We look forward to CDP's support in our journey to realise our revalidated SBTi-approved target and reach net zero target by 2045."

Xavier Denoly, SVP of Sustainability Development at Schneider Electric, noted:

"Our partnership with CDP goes well beyond measurement and disclosure: it spurs us to drive tangible initiatives, foster innovation, and bring everyone along. Together with our A List peers, we are committed to making a meaningful impact and shaping positive change in the business world, using disclosure as the bedrock for action."

Global Disclosure Dialogue: A New Era for Environmental Reporting

To underscore the launch of the new platform, CDP is hosting the Global Disclosure Dialogue, an unprecedented event held online and across various global locations. This event features notable speakers, including CEOs from Standard Chartered, NTT Data, Klabin, Nissay Asset Management, and the Green Finance Institute. Leadership teams from ISSB, TNFD, EFRAG, JP Morgan, Lenovo, Bloomberg, LSEG, and the Monetary Authority of Singapore are also participating.

Renowned speakers like Emmanuel Faber of ISSB and Tony Goldner of TNFD will provide insights into the integration of climate and nature disclosures. The event aims to foster global cooperation and enhance the effectiveness of environmental reporting.

The Future of Environmental Disclosure

CDP is committed to continuously advancing its disclosure system to meet the evolving needs of the market. This includes investing in technology for an open cycle of reporting, further harmonizing standards beyond climate, and ensuring the usefulness of disclosed data to drive change. The new platform developed by CDP’s technology team and supported by BCG X is a pivotal first step in this journey.

CDP’s new disclosure platform marks a significant step forward in environmental data reporting. By aligning with key global standards and simplifying the disclosure process, CDP is empowering a record number of companies to take meaningful climate action. The platform not only enhances compliance and efficiency but also supports the broader goal of achieving a zero-carbon, sustainable, and resilient global economy.

For more information, visit CDP's press release here.


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