CDP platform to report plastic-related impact, issues other updates

The Carbon Disclosure Project (CDP) announced that its global environmental disclosure platform has enabled reporting on plastic-related impact for nearly 7,000 companies worldwide, published its response to the Intergovernmental Panel on Climate Change (IPCC) sixth assessment synthesis report, and a report on the 2022 supply chain emissions.

Below is a summary of the recent announcements:

• The online disclosure platform of CDP will enable companies to disclose information or data on the production and use of the most problematic plastics, that is, plastic polymers, durable plastics, and plastic packaging, which will be made available to the public from September 2023. Companies and investors face significant financial, physical, legal, technological, regulatory and reputational risks as a result of the plastic pollution crisis. In 2022, several large companies including Amazon, ExxonMobil and McDonalds faced shareholder petitions asking for more disclosures on efforts to reduce plastic waste. Through CDP’s disclosure platform, companies can accelerate plastic-related disclosure and access to data at scale. As mandatory environmental disclosure gathers momentum, CDP encourages governments to include plastics in their mandatory disclosure regimes.
• In its response to IPCC sixth assessment synthesis report, CDP highlights that the scenarios included in the synthesis report and its warnings are a direct result of a continued lack of ambition and most importantly, concrete action, from governments and corporates alike. Credible transition plans toward a net-zero future must include increasing and tracked adaptation measures if they are to be truly effective, alongside robust, science-based 2030 targets. Setting science-based climate targets and reporting environmental risks and actions is the best way for local governments to ensure they are reducing emissions and increasing resilience. CDP encourages policymakers to embed these practices into policies and regulation to ensure effective implementation of national commitments and action plans, and ultimately to rapidly decarbonize in the transition to a 1.5°C future.
• CDP published a report on 2022 supply chain that identifies data on companies that are falling behind on tracking supply chain emissions and risk missing completely mandatory regulation on nature in supply chains. The report highlights that less than half (41%) of companies disclosing to CDP are reporting on any of their supply chain emissions despite their impact significantly outsizing (11.4x) direct emissions. Nearly 70% of companies reported they do not assess the impact of their value chain on biodiversity despite fast approaching mandatory regulations on nature. Companies are not treating their impact on the environment as a whole, with most not engaging suppliers on climate and vital parts of nature, including water security, deforestation and biodiversity.