Publication / 13 Jun 2005

The Carbon 100: Quantifying the Carbon Emissions, Intensities and Exposures of the FTSE 100

Trucost measured the carbon emissions of the top 100 listed companies in the UK, their carbon intensity in terms of revenue, EBITDA, market capitalization and exposure to carbon costs.

Climate change is widely recognized as the most significant environmental issue facing the global economy. 2005 is set to be a pivotal year, with regulatory controls on carbon tightening and discussions starting on global carbon reductions after 2012.

Investors need to understand how their investments are contributing to the problem, and also how they could be impacted by a changing climate. This report addresses the first of these challenges. Among its findings, the report demonstrates that UK corporate emissions are globally significant. Direct carbon emissions from the UK’s 100 largest companies by market capitalization amounted to 480 million tonnes of CO2-e in 2003/04, or about 1.6% of the global total.

Emissions are concentrated in terms of sectors and stocks. Just five sectors accounting for 29% of market capitalization generated 85% of direct carbon emissions: Oil & Gas, Electricity, Mining, Steel and Leisure. In addition, two-thirds of emissions are accounted for by five companies: Shell, BP, Scottish Power, Corus and BHP Billiton. The concentrated nature of emissions provides a focus for further investment analysis and shareholder engagement.

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