Investors Target Netflix, Chipotle, Wayfair + 1300+ Businesses For Failure To Disclose Environmental Data

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As part of annual Non-Disclosure Campaign (NDC) campaign, CDP published a list of companies that have repeatedly refused investor requests to disclose their environmental footprint. This list will be released on behalf of our engagement with 168 global investors with over US$17 trillion in assets.

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CDP’s annual Non-Disclosure Campaign aims to increase engagement among companies that have either never disclosed, or stopped disclosing. The full list of companies being targeted by investors includes 1,320 companies across 51 countries. This year’s campaign attracted record levels of support from investors, with a 56% increase since 2020 in the number of investors requesting corporate environmental disclosure.

These companies fail to report their climate change, water security or deforestation data to CDP, despite repeated requests by their investors and the rising normalization of corporate environmental disclosure. The list includes Netflix, Chipotle, Wayfair, Alibaba Group and Rio Tinto.

A Record 168 Investors With US$17 Trillion Of Assets Urge 1300+ Firms To Disclose Environmental Data

  • 168 global investors and financial institutions with US$17 trillion in assets join CDP’s 2021 campaign to urge some of the world’s highest impact companies to disclose environmental data;
  • Netflix, Alibaba Group, Rio Tinto and Roche Holding AG among 1,320 companies from 51 countries engaged;
  • This year’s campaign attracted record levels of support from investors, with a 56% increase since 2020 in the number of investors requesting corporate environmental disclosure;
  • These investors are also engaging 29% more companies than last year, which collectively represent over a third of all global non-disclosers; The campaign demonstrates that companies are more than twice as likely to disclose their environmental impact when directly engaged by investors.

London; June 21, 2021: 168 investors from 28 countries, including Amundi, Aviva, Cathay Financial Holdings, HSBC Global Asset Management, Legal and General Investment Management, M&G Investments, Nuveen, Schroders and Union Investment are urging companies with a high environmental impact to disclose data through CDP, the non-profit global environmental disclosure platform.

The companies engaged cover over US$28 trillion in global market capitalization and are estimated to collectively emit more than 4,700 megatonnes (Mt) of carbon dioxide equivalent (CO2e) annually – equivalent to more than the entire European Union[1].

This investor engagement is coordinated by CDP’s 2021 Non-Disclosure Campaign (NDC), which aims to increase disclosure among companies that have either never disclosed, or stopped disclosing, through CDP.

A 38% YoY Growth In Investor Participation

The Non-Disclosure Campaign has seen an average 38% year-on-year growth in investor participation, since inception in 2017, with a 56% uplift compared to last year. This reflects the growing momentum, particularly in the lead up to COP26, of net-zero commitments and investment in sustainable products. Especially noteworthy is the recent launch of the Glasgow Financial Alliance for Net Zero (GFANZ), which will require signatories to set science-based targets to reach net-zero no later than 2050. Joining GFANZ are the likes of Net Zero Asset Managers initiative (NZAMi) and Net Zero Banking Alliance (NZBA), which includes 43 banks that have committed to align operational emissions from their portfolios with net-zero pathways by 2050 or sooner.

In order to meet these commitments, investors and financial institutions require environmental disclosure from their portfolio so that they can understand and manage their direct operational as well as financed environmental impact.

A fifth (20%) of the companies selected by investors in this year’s campaign already disclose through CDP on one theme; climate change, forests or water security. They are included because they do not yet disclose data on another theme, which has been identified as material for them.

The majority (58%) of the companies were selected by investors to be part of this campaign to disclose their impact on climate change. Nearly a quarter (21%), including Prada and Zijin Mining Group, were asked to disclose on at least two themes from climate change, forests or water security.

The services sector predominates with over a fifth (21%) of the 1,320 contacted companies. Four other industries are also well represented: manufacturing (17%), materials (12%), infrastructure (11%), fossil fuels (6%). However, these numbers differ significantly by environmental theme being targeted: for example, of the companies being asked to disclose on deforestation and water security, the strong bias towards heavy industry is clear.

Last year’s Non-Disclosure Campaign resulted in the highest response rate to date, with more than double the number of companies disclosing compared to 2019. It also showed that companies are more than twice as likely to disclose through CDP when they are directly engaged by investors to do so.

The First Step To Environmental Action

Emily Kreps, Global Director of Capital Markets at CDP, commented: “Investor engagement is critical to driving disclosure, and disclosure is the first step to environmental action. Climate change, deforestation and water security present material risks to investments, and companies that are failing to disclose their impact risk trailing behind their competitors in their access to capital.

As demonstrated by the continued growth and success of this annual campaign, investors require decisive data that is consistent, comparable and comprehensive. To make this possible and support them in setting and meeting their own net-zero ambitions, they expect companies to fully engage with TCFD-aligned standards on environmental disclosure and reporting. We are delighted that this year’s campaign has achieved record levels of investor support. Rather than diverting attention, the COVID-19 pandemic is focusing investors on the need to meet global systemic risks such as climate change and the tide is rapidly turning against companies not taking note of investor demands.”

Aiming For A Carbon-Neutral Investment Portfolio

Carina Silberg, Head of Corporate Governance & Sustainability at Alecta, commented: “Alecta is one of the Founding Members of the UN-convened Net-Zero Asset Owners Alliance which underlines our commitment to aim for a carbon-neutral investment portfolio by 2050. Having access to transparent and robust climate disclosure is a pre-condition to track our progress on this journey, and a focus in our engagement with holding companies. We believe that the CDP’s Non-Disclosure Campaign represents an excellent opportunity to achieve this objective, as the aim is to target specific companies that have not disclosed their environmental data.”

The Non-Disclosure Campaign is one of CDP’s flagship investor initiatives. The objective of the campaign is to drive further corporate transparency around climate change, deforestation and water security, by encouraging companies to respond to CDP’s disclosure request.

Investors will be engaging with companies over the summer while CDP’s disclosure system is open. Companies will be asked to submit their response to investors via the CDP online response system.

About CDP

CDP is a global non-profit that runs the world’s environmental disclosure system for companies, cities, states and regions. Founded in 2000 and working with more than 590 investors with over $110 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. Over 10,000 organizations around the world disclosed data through CDP in 2020, including more than 9,600 companies worth over 50% of global market capitalization, and over 940 cities, states and regions. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. CDP is a founding member of the Science Based Targets initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Managers initiative. Visit or follow us @CDP to find out more.