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Report written for Carbon Disclosure Project by: Carbon Disclosure Project [email protected] +44 (20) 7970 5660 www.cdproject.net Principal Sponsor: On behalf of 551 investors with assets of US$71 trillion CDP Ireland Report 2011 Preparing for the Low Carbon Economy

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Page 1: CDP Ireland Report 2011 - CR Navigatorcrnavigator.com/img/file/CDPReport2011.pdf · AEGON N.V. AKBANK T.A.S. Allianz Global Investors Kapitalanlagegesell-schaft mbH ATP Group

Report written forCarbon Disclosure Project by:

Carbon Disclosure [email protected]+44 (20) 7970 5660www.cdproject.net

Principal Sponsor:

On behalf of 551 investors with assets of US$71 trillion

CDP Ireland Report 2011Preparing for the Low Carbon Economy

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ABRAPP - Associação Brasileira das Entidades Fechadas de Previdência Complementar

AEGON N.V.

AKBANK T.A.S.

Allianz Global Investors Kapitalanlagegesell-schaft mbH

ATP Group

Aviva Investors

Bank of America Merrill Lynch

BlackRock

BP Investment Management Limited

California Public Employees’ Retirement System

California State Teachers’ Retirement System

Calvert Asset Management Company, Inc.

Catholic Super

CCLA Investment Management Ltd

Ethos Foundation

Generation Investment Management

HSBC Holdings plc

ING

KB Kookmin Bank

KLP

Legg Mason, Inc.

London Pensions Fund Authority

Mitsubishi UFJ Financial Group (MUFG)

Morgan Stanley

National Australia Bank

NEI Investments

Neuberger Berman

Newton Investment Management Limited

Nordea Investment Management

PFA Pension

Raiffeisen Schweiz

Royal Bank of Scotland Group

Robeco

Rockefeller & Co., Inc.

SAM Group

Schroders

Scottish Widows Investment Partnership

SEB

Sompo Japan Insurance Inc.

Standard Chartered

Sun Life Financial Inc.

TD Asset Management Inc. and TDAM USA Inc.

The Wellcome Trust

Zurich Cantonal Bank

2011 Carbon Disclosure Project Investor Members

CDP works with investors globally to advance the investment opportunities and reduce the risks posed by climate change by asking almost 6,000 of the world’s largest companies to report on their climate strategies, GHG emissions and energy use in the standardized Investor CDP format. To learn more about CDP’s member offering and becoming a member, please contact us or visit the CDP Investor Member section at www.cdproject.net/investormembers

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Carbon Disclosure Project 2011 551 financial institutions with assets of US$71 trillion were signatories to the CDP 2011 information request dated February 1st, 2011.

Aberdeen Asset ManagersAberdeen Immobilien KAG mbHABRAPP - Associação Brasileira das Entidades Fechadas de Previdência ComplementarActive Earth Investment ManagementAcuity Investment ManagementAddenda Capital Inc.Advanced Investment PartnersAdvantage Asset Managers (Pty) LtdAEGON Magyarország Befektetési Alapkezelo Zrt.AEGON N.V.AEGON-INDUSTRIAL Fund Management Co., LtdAFP IntegraAIG Asset ManagementAk Asset Management AKBANK T.A.S.Alberta Investment Management Corporation (AIMCo)Alberta Teachers Retirement FundAlcyone FinanceAllianz Elementar Versicherungs-AGAllianz GroupAltira GroupAmalgamated BankAMP Capital InvestorsAmpegaGerling Investment GmbHAmundi AMANBIMA – Associação Brasileira das Entidades dos Mercados Financeiro e de CapitaisAntera Gestão de Recursos S.A.APG GroupAprionisAquila CapitalARIA (Australian Reward Investment Alliance)Arisaig Partners Asia Pte LtdARK Investment Advisors Inc.Arma Portföy Yönetimi A.S.ASB Community TrustASM Administradora de Recursos S.A.ASN BankAssicurazioni Generali SpaATP GroupAustralia and New Zealand Banking Group LimitedAustralian Central Credit Union incorporating Savings & Loans Credit UnionAustralian Ethical Investment LimitedAustralianSuperAvivaAviva InvestorsAXA GroupBaillie Gifford & Co.Bakers Investment Group (Australia) Pty LtdBanco Bradesco S/ABanco de Credito del Peru BCPBanco de Galicia y Buenos Aires S.A.Banco do Brasil S/ABanco Nacional de Desenvolvimento Econômico e Social - BNDESBanco SantanderBanesprev – Fundo Banespa de Seguridade Social

Banesto (Banco Español de Crédito S.A.)Bank of America Merrill LynchBank of MontrealBank Sarasin & Cie AGBank VontobelBankhaus Schelhammer & Schattera Kapitalanlagegesellschaft m.b.H.BANKINTER S.A.BankInvestBanque DegroofBarclaysBaumann and Partners S.A.BAWAG P.S.K. INVEST GmbHBayern LBBayernInvest Kapitalanlagegesellschaft mbHBBC Pension Trust LtdBBVABedfordshire Pension FundBentall KennedyBeutel Goodman and Co. LtdBioFinance Administração de Recursos de Terceiros LtdaBlackRockBlumenthal FoundationBNP Paribas Investment PartnersBNY MellonBNY Mellon Service Kapitalanlage GesellschaftBoston Common Asset Management, LLCBP Investment Management LimitedBrasilprev Seguros e Previdência S/A.British Columbia Investment Management Corporation (bcIMC)BT Investment ManagementBusan BankCAAT Pension PlanCadiz Holdings LimitedCaisse de dépôt et placement du QuébecCaisse des DépôtsCaixa Beneficente dos Empregados da Companhia Siderurgica Nacional - CBSCaixa de Previdência dos Funcionários do Banco do Nordeste do Brasil (CAPEF)Caixa Econômica FederalCaixa Geral de DepositosCaja de Ahorros de Valencia, Castellón y Valencia, BANCAJACaja NavarraCalifornia Public Employees’ Retirement SystemCalifornia State Teachers’ Retirement SystemCalifornia State TreasurerCalvert Asset Management Company, IncCanada Pension Plan Investment BoardCanadian Friends Service Committee (Quakers)Canadian Imperial Bank of Commerce (CIBC)CAPESESPCapital Innovations, LLCCARE Super Pty LtdCarlson Investment ManagementCarmignac GestionCatherine Donnelly FoundationCatholic SuperCbus Superannuation FundCCLA Investment Management LtdCeleste Funds Management LimitedCentral Finance Board of the Methodist ChurchCeresChristian SuperChristopher Reynolds FoundationChurch Commissioners for EnglandChurch of England Pensions BoardCI Mutual Funds’ Signature Global AdvisorsClean Yield Group, Inc.

Cleantech Invest AGClearBridge AdvisorsClimate Change Capital Group LtdCM-CIC Asset ManagementColonial First State Global Asset ManagementComerica IncorporatedComite syndical national de retraite BâtirenteCommerzbank AGCommInsureCommonwealth Bank of AustraliaCompton Foundation, Inc.Concordia VersicherungsgruppeConnecticut Retirement Plans and Trust FundsCo-operative Financial Services (CFS)Corston-Smith Asset Management Sdn. Bhd.CRD AnalyticsCrédit AgricoleCredit SuisseGruppo Credito ValtellineseDaegu BankDaiwa Securities Group Inc.de Pury Pictet Turrettini & Cie S.A.DekaBank Deutsche GirozentraleDeutsche Asset Management Investmentgesellschaft mbHDeutsche Bank AGDeutsche Postbank Vermögensmanagement S.A.Development Bank of Japan Inc.Development Bank of the Philippines (DBP)Dexia Asset ManagementDexus Property GroupDnB NOR ASADomini Social Investments LLCDongbu InsuranceDWS Investment GmbHEarth Capital Partners LLPEast Sussex Pension FundEcclesiastical Investment ManagementEcofi Investissements - Groupe Credit CooperatifEdward W. Hazen FoundationEEA Group LtdElan Capital PartnersElement Investment ManagersELETRA - Fundação Celg de Seguros e PrevidênciaEnvironment Agency Active Pension fundEpworth Investment ManagementEquilibrium Capital GroupErste Asset ManagementErste Group BankEssex Investment Management Company, LLCESSSuperEthos FoundationEureko B.V.Eurizon Capital SGREvangelical Lutheran Church in Canada Pension Plan for Clergy and Lay WorkersEvli Bank plcF&C Management Ltd FAELCE – Fundacao Coelce de Seguridade SocialFAPERS- Fundação Assistencial e Previdenciária da Extensão Rural do Rio Grande do SulFASERN - Fundação COSERN de Previdência ComplementarFédéris Gestion d’ActifsFIDURA Capital Consult GmbHFIM Asset Management LtdFIPECq - Fundação de Previdência Complementar dos Empregados e Servidores da FINEP, do IPEA, do CNPqFIRA. - Banco de MexicoFirst Affirmative Financial Network, LLC

2011 Carbon Disclosure Project Investor Signatories

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Carbon Disclosure Project 2011

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First Swedish National Pension Fund (AP1)Firstrand LimitedFive Oceans Asset Management Pty LimitedFlorida State Board of Administration (SBA)FolketrygdfondetFolksamFondaction CSNFondation de LuxembourgFondiaria-SAIFonds de Réserve pour les Retraites – FRRFourth Swedish National Pension Fund (AP4)FRANKFURT-TRUST Investment-Gesellschaft mbHFukoku Capital Management IncFUNCEF - Fundação dos Economiários FederaisFundação AMPLA de Seguridade Social - BrasiletrosFundação Atlântico de Seguridade SocialFundação Attilio Francisco Xavier FontanaFundação Banrisul de Seguridade SocialFundação de Assistência e Previdência Social do BNDES - FAPESFUNDAÇÃO ELETROBRÁS DE SEGURIDADE SOCIAL - ELETROSFundação Forluminas de Seguridade Social - FORLUZFUNDAÇÃO ITAUBANCOFundação Itaúsa IndustrialFundação Promon de Previdência SocialFundação Vale do Rio Doce de Seguridade Social - VALIAFundação Rede Ferroviaria de Seguridade Social – ReferFundação Sistel de Seguridade Social (Sistel)FUNDIÁGUA - FUNDAÇÃO DE PREVIDENCIA COMPLEMENTAR DA CAESBFuturegrowth Asset ManagementGartmore Investment Management LtdGEAP Fundação de Seguridade SocialGenerali Deutschland Holding AGGeneration Investment ManagementGenus Capital ManagementGjensidige Forsikring ASAGLS Gemeinschaftsbank eGGoldman Sachs Group Inc.GOOD GROWTH INSTITUT für globale Vermögensentwicklung mbHGovernance for OwnersGovernment Employees Pension Fund (“GEPF”), Republic of South AfricaGreen Cay Asset ManagementGreen Century Capital ManagementGroupe Crédit CoopératifGroupe Investissement Responsable Inc.GROUPE OFI AMGrupo Banco PopularGrupo Santander BrasilGruppo Credito ValtellineseGruppo MontepaschiGuardian Ethical Management IncGuardians of New Zealand SuperannuationGuosen Securities Co., LTD.Hang Seng BankHarbourmaster CapitalHarrington Investments, IncHauck & Aufhäuser Asset Management GmbHHazel Capital LLPHDFC Bank LtdHealth Super FundHealthcare of Ontario Pension Plan (HOOPP)Henderson Global InvestorsHermes Fund ManagersHESTA Super

HSBC Global Asset Management (Deutschland) GmbHHSBC Holdings plcHSBC INKA Internationale Kapitalanlagegesellschaft mbHHyundai Marine & Fire Insurance. Co., Ltd.Hyundai Securities Co., Ltd.Ibgeana Society of Assistance and Security SIAS / Sociedade Ibgeana de Assistência e Seguridade (SIAS)IDBI Bank LtdIlmarinen Mutual Pension Insurance CompanyImpax Group plcIndusInd Bank LimitedIndustrial Bank (A)Industrial Bank of KoreaIndustry Funds ManagementInfrastructure Development Finance CompanyINGInsight Investment Management (Global) LtdInstituto de Seguridade Social dos Correios e Telégrafos- PostalisInstituto Infraero de Seguridade Social - INFRAPREVInstituto Sebrae De Seguridade Social - SEBRAEPREVInsurance Australia GroupInvestec Asset ManagementIrish Life Investment ManagersItau Asset ManagementItaú Unibanco Holding S AJanus Capital Group Inc.Jarislowsky Fraser LimitedJPMorgan Chase & Co.Jubitz Family FoundationJupiter Asset ManagementKaiser Ritter Partner (Schweiz) AGKB asset ManagementKB Kookmin BankKBC Asset Management NVKDB Asset Management Co., Ltd.KEPLER-FONDS Kapitalanlagegesellschaft m. b. H.KfW BankengruppeKlimaINVESTKLPKorea Investment Management Co., Ltd.The Korea Teachers Pension (KTP)Korea Technology Finance Corporation (KOTEC)KPA PensionLa Banque Postale Asset ManagementLa Financiere ResponsableLampe Asset Management GmbHLandsorganisationen i SverigeLBBW - Landesbank Baden-WürttembergLBBW Asset Management Investmentgesellschaft mbHLD Lønmodtagernes DyrtidsfondLegal & General Investment ManagementLegg Mason, Inc.LGT Capital Management Ltd.LIG Insurance Co., LtdLight Green Advisors, LLCLiving Planet Fund Management Company S.A.Local Authority Pension Fund ForumLocal Government SuperLocal SuperLombard Odier Darier Hentsch & CieLondon Pensions Fund AuthorityLothian Pension FundLupus alpha Asset Management GmbHMacif GestionMacquarie Group Limited

MAMA Sustainable Incubation AGManMaple-Brown Abbott LimitedMarc J. Lane Investment Management, Inc.Maryland State TreasurerMatrix Asset ManagementMcLean BuddenMEAG MUNICH ERGO Asset Management GmbHMeeschaert Gestion PrivéeMeiji Yasuda Life Insurance CompanyMendesprev Sociedade PrevidenciáriaMerck Family FundMeritas Mutual FundsMetallRente GmbHMetrus – Instituto de Seguridade SocialMetzler Investment GmbhMFS Investment ManagementMidas International Asset ManagementMiller/Howard InvestmentsMirae Asset Global Investments Co. Ltd.Mirae Asset Securities Co., Ltd.Missionary Oblates of Mary ImmaculateMistra, Foundation for Strategic Environmental ResearchMitsubishi UFJ Financial Group (MUFG)Mizuho Financial Group, Inc.Mn ServicesMonega Kapitalanlagegesellschaft mbHMorgan StanleyMotor Trades Association of Australia Superannuation Fund Pty LtdMutual Insurance Company Pension-FenniaNatcan Investment ManagementNathan Cummings Foundation, TheNational Australia BankNational Bank of CanadaNational Grid Electricity Group of the Electricity Supply Pension SchemeNational Grid UK Pension SchemeNational Pensions Reserve Fund of IrelandNational Union of Public and General Employees (NUPGE)NATIXISNedbank LimitedNeedmor FundNEI InvestmentsNelson Capital Management, LLCNest SammelstiftungNeuberger BermanNew Amsterdam Partners LLCNew Mexico State TreasurerNew York City Employees Retirement SystemNew York City Teachers Retirement SystemNew York State Common Retirement Fund (NYSCRF)New Zealand Earthquake CommissionNewton Investment Management LimitedNGS SuperNH-CA Asset ManagementNikko Asset Management Co., Ltd.Nikko Cordial SecuritiesNissay Asset Management CorporationNORD/LB Kapitalanlagegesellschaft AGNordea Investment ManagementNorfolk Pension FundNorges Bank Investment Management (NBIM)North Carolina Retirement SystemNorthern Ireland Local Government Officers’ Superannuation Committee (NILGOSC)Northern TrustNykreditOddo & Cie

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CDP Investor Signatories

OECO Capital Lebensversicherung AGOld Mutual plcOMERS Administration CorporationOntario Teachers’ Pension PlanOP Fund Management Company LtdOppenheim Fonds Trust GmbHOpplysningsvesenets fond (The Norwegian Church Endowment)OPSEU Pension TrustOregon State TreasurerOrion Asset Management LLCParnassus InvestmentsPax World FundsPensioenfonds VervoerPension DenmarkPension Fund for Danish Lawyers and EconomistsPension Protection FundPensionsmyndighetenPETROS - The Fundação Petrobras de Seguridade SocialPFA PensionPGGMPhillips, Hager & North Investment Management Ltd.PhiTrust Active InvestorsPhoenix Asset Management Inc.Pictet Asset Management SAPKAPluris Sustainable Investments SAPNC Financial Services Group, Inc.Pohjola Asset Management LtdPortfolio 21 InvestmentsPorto Seguro S.A.PREVHAB PREVIDÊNCIA COMPLEMENTARPREVI Caixa de Previdência dos Funcionários do Banco do BrasilPREVIG Sociedade de Previdência ComplementarProvinzial Rheinland HoldingPrudential Investment ManagementPsagot Investment House LtdPSP InvestmentsPSS - Seguridade SocialQ Capital Partners Co. LtdQBE Insurance GroupRabobankRaiffeisen SchweizRailpen InvestmentsRathbones / Rathbone Greenbank InvestmentsReal Grandeza Fundação de Previdência e Assistência SocialRei SuperReliance Capital LtdResolutionResona Bank, LimitedReynders McVeigh Capital ManagementRLAMRobecoRockefeller Financial Rose Foundation for Communities and the EnvironmentRoyal Bank of CanadaRoyal Bank of Scotland GroupRREEF Investment GmbHSAM GroupSAMPENSION KP LIVSFORSIKRING A/SSAMSUNG FIRE & MARINE INSURANCESamsung SecuritiesSanlamSanta Fé Portfolios LtdaSAS Trustee CorporationSauren Finanzdienstleistungen GmbH & Co. KG

SchrodersScotiabankScottish Widows Investment PartnershipSEBSEB Asset Management AGSecond Swedish National Pension Fund (AP2)SEIU Master TrustSeligson & Co Fund Management plcSentinel InvestmentsSERPROS - Fundo MultipatrocinadoSeventh Swedish National Pension Fund (AP7)Shinhan BankShinhan BNP Paribas Investment Trust Management Co., LtdShinkin Asset Management Co., LtdSiemens Kapitalanlagegesellschaft mbHSignet Capital Management LtdSMBC Friend Securities Co., LTDSmith Pierce, LLCSNS Asset ManagementSocial(k)Sociedade de Previdencia Complementar da Dataprev - PrevdataSolaris Investment Management LimitedSompo Japan Insurance Inc.Sopher Investment ManagementSPF Beheer bvSprucegrove Investment Management LtdStandard CharteredStandard Chartered Korea LimitedStandard Life InvestmentsState Bank of IndiaState Street CorporationStatewideSuperStoreBrand ASAStrathclyde Pension FundStratus GroupSumitomo Mitsui Banking CorporationSumitomo Mitsui Card Company, LimitedSumitomo Mitsui Finance & Leasing Co., LtdSumitomo Mitsui Financial GroupThe Sumitomo Trust & Banking Co., Ltd.Sun Life Financial Inc.Superfund Asset Management GmbHSUSI Partners AGSustainable CapitalSvenska Kyrkan, Church of SwedenSwedbank ABSwiss ReSwisscanto Holding AGSyntrus Achmea Asset ManagementT. Rowe PriceT. SINAI KALKINMA BANKASI A.S.T.GARANTI BANKASI A.S.Tata Capital Limited TD Asset Management Inc. and TDAM USA Inc.Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF)Telluride AssociationTempis Asset Management Co. LtdTerra Forvaltning ASTerraVerde Capital Management LLCThe Brainerd FoundationThe Bullitt FoundationThe Central Church Fund of FinlandThe Collins FoundationThe Co-operative Asset ManagementThe Co-operators Group LtdThe Daly FoundationThe GPT GroupThe Hartford Financial Services Group, Inc.The Japan Research Institute, Limited

The Joseph Rowntree Charitable TrustThe Local Government Pensions InstitutionThe Pension Plan For Employees of the Public Service Alliance of CanadaThe Pinch GroupThe Presbyterian Church in CanadaThe Russell Family FoundationThe Shiga Bank, Ltd.The Standard Bank GroupThe United Church of Canada - General CouncilThe University of Edinburgh Endowment FundThe Wellcome TrustThird Swedish National Pension Fund (AP3)Threadneedle Asset ManagementTokio Marine & Nichido Fire Insurance Co., Ltd.Toronto Atmospheric FundTrillium Asset Management CorporationTriodos Investment ManagementTrygUBSUniCredit GroupUnion Asset Management Holding AGUnipensionUNISON staff pension schemeUniSuperUnitarian Universalist AssociationUnited Methodist Church General Board of Pension and Health BenefitsUnited Nations FoundationUniversities Superannuation Scheme (USS)Vancity Group of CompaniesVCH Vermögensverwaltung AGVeris Wealth PartnersVeritas Investment Trust GmbHVermont State TreasurerVexiom Capital, L.P.VicSuper Pty LtdVictorian Funds Management CorporationVietNam Holding Ltd.Vision SuperVOLKSBANK INVESTMENTSWaikato Community Trust IncWalden Asset Management, a division of Boston Trust & Investment Management CompanyWARBURG - HENDERSON Kapitalanlagegesellschaft für Immobilien mbHWARBURG INVEST KAPITALANLAGEGESELLSCHAFT MBHWells Fargo & CompanyWest Yorkshire Pension FundWestLB Mellon Asset Management (WMAM)Westpac Banking CorporationWhite Owl Capital AGWinslow Management, A Brown Advisory Investment GroupWoori BankWoori Investment & Securities Co., Ltd.YES BANK LimitedYork University Pension FundYouville Provident Fund Inc.Zegora Investment ManagementZevin Asset ManagementZurich Cantonal Bank

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Carbon Disclosure Project 2011

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2011 Carbon Disclosure Project Investor Members

2011 Carbon Disclosure Project Investor Signatories

Foreword, Paul Simpson, CEO, Carbon Disclosure Project 8

CDP Ireland 2011 at a Glance 9

1. About CDP 10

2. Executive Summary 11

3. Carbon Disclosure Scoring and 2011 Leaders 14

4. A Keystone for Business Strategy, Terence O’Rourke, KPMG 16

5. Immense Challenges Present Wide Opportunities, Tanya Harrington, NTR Foundation 17

6. Results of CDP Ireland 2011: ISEQ 40 18

7. Results of CDP Ireland 2011: EU-ETS Companies 24

8. Results of CDP Ireland 2011: Other Respondents 26

9. Interviews by Ann O’Dea, Editor of Irish Director Magazine with: Phil Hogan T.D., Minister for the

Environment, Community & Local Government 28 Gary McGann, Smurfit Kappa Group plc 29 Gabriel D’Arcy, Bord na Móna plc 30 Jim Corbett, Bewley’s Limited 31

10. Additional Understanding 32

11. Appendix 1: Global Key Trends Summary 34

12. Appendix 2: Irish Companies in CDP 2011 and their Response Status 36

Contents

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Corporations, investors and governments today are faced with a choice: to compete aggressively for finite resources, or to advance towards a low-carbon economy that enables sustainable, profitable growth, whilst reducing reliance on increasingly scarce materials.

Last year global energy-related carbon dioxide emissions reached a record high. The International Energy Agency estimates made for bleak reading but compounded the necessity to take bold and decisive action if we are to have any chance of limiting temperature increase to the 2°C level agreed by world leaders to protect against catastrophic climate change.

What’s more, rising energy demands are competing for a limited supply of fossil fuels. The competition for increasingly scarce natural resources is putting pressure on commodity prices and having a growing impact both socially and economically. It is clear that today, more than ever, we must build momentum to decouple economic growth from emissions.

Managing carbon emissions and protecting the business from climate change impacts is fundamental to achieving sustainable and strong shareholder returns. Earlier this year,

investment consultancy Mercer released a report concluding that the best way for institutional investors to manage portfolio risk associated with climate change may be to shift 40% of their portfolios into climate-sensitive assets with an emphasis on those that can adapt to a low-carbon environment.

An important part of an investor’s strategy should be to engage with the companies in which they invest to encourage performance improvement. In a new initiative launched by CDP this year, a leading group of investors is encouraging their portfolio companies to reduce emissions by investing in emissions reducing activities with a satisfactory payback period. This reflects the growing recognition that there is a huge range of carbon reducing activities companies can undertake that have a very clear business case. It is in the interests of all investors and not just the more active owners of investments to ensure these actions are taken.

As the management of carbon continues to move into companies’ core business strategies and mainstream investment thinking, demand for primary corporate climate change information grows around the world. As well as working on behalf of 551 institutional investors to gather relevant information from large corporations around the world, CDP is also working with global businesses and governments to strengthen the resilience and sustainability of their supply chains through the CDP Supply Chain program. CDP Cities has launched to help the world’s major cities reduce climate change risk and bolster economic growth; and CDP Water Disclosure is now in its second year of working with major global companies to improve water management.

A key part of CDP’s strategy is to ensure the effective use of data collected. To assist with this, companies are able to obtain tools that help them to measure, report

and manage carbon more effectively, through CDP Reporter Services.

It is through partnerships that CDP can achieve the largest impact. We are delighted to be working again this year with KPMG, our Ireland advisor and report writer, as well as with our principal sponsor in Ireland the NTR Foundation, the Environmental Protection Agency, the Sustainable Energy Authority of Ireland and Whitespace Publishing. These and our other partners around the world are integral to the acceleration of CDP’s mission.

Whilst we wait patiently for much needed global regulation, business must continue to forge ahead, innovate and seek out opportunities by doing more with less. The decisions that perpetuate a legitimate, low-carbon and high growth economy will bring considerable value to those that have the foresight to make them. The information contained in this report and the companies’ responses assist in illuminating that path.

Paul SimpsonCEO Carbon Disclosure Project

ForewordPaul Simpson, CEO, Carbon Disclosure Project

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CDP Ireland 2011 at a GlanceThe key findings in this report

33 ResponsesUp from 29 last year; double the number in 2009

Climate change continues to be a priority for many Boards

“Actions speak louder than words”94% of Irish respondents state that they undertook emission reduction activities in 2011...however only 56% have emission reduction targets

Respondents see more risks than opportunities when it comes to climate change

Verification...Still a long way to go

Celebrating the best Irish Carbon Leaders (companies scoring above 75%)*

Bewley’s Limited

Bord na Móna plc

CRH plc

DCC plc

Diageo plc

Endesa Ireland Limited

Smurfit Kappa Group plc

Tesco plc

* See page 14 for more on Disclosure Scores

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“ The first step towards managing carbon emissions is to measure them because what gets measured gets managed. The Carbon Disclosure Project has played a crucial role in encouraging companies to take the first steps in that measurement and management path.” Lord Adair Turner, Chairman, UK Financial Services Authority

“ CDP illustrates how the answer to reducing GHG emissions lies as much with companies and investors as it does with governments, international agencies and the public.” Tony Blair, former UK Prime Minister

“ I don’t think I am saying anything new when I say that climate change requires a willingness to approach economic growth in new ways.” Angela Merkel, German Chancellor

The Carbon Disclosure Project (CDP) is an independent not-for-profit organisation holding the largest database of primary corporate climate change information in the world.

Thousands of organisations from across the world’s major economies measure and disclose their greenhouse gas emissions, water use and climate change strategies through CDP, whose aim is to put this information at the heart of financial and policy decision-making.

Over 3,000 organisations in some 60 countries around the world now measure and disclose their greenhouse gas emissions, water management and climate change strategies through CDP, in order that they can set reduction targets and make performance improvements (see Figure 1). This data is made available for use by a wide audience including institutional investors, corporations, policymakers and their advisors, public sector organisations, government bodies, academics and the public.

CDP operates the only global climate change reporting system and believes that climate change is a problem that transcends national boundaries. CDP act on behalf of 551 institutional investors, holding US$71 trillion in assets under management and some 50 purchasing organisations such as Dell, PepsiCo and Walmart.

The CDP questionnaire and disclosure reports are structured around issues that are most pertinent to the effect of climate change on company value. The key areas of corporate climate change management examined are: • risks and opportunities; • reporting for emissions; • performance; and • governance.

The results of corporations’ responses in various regions around the globe are freely available at www.cdproject.net

Ireland

The 2011 CDP Ireland report is the third report since the project was launched here in 2008. It covers 40 of the largest companies in Ireland based on market capitalisation, together with the largest businesses covered by the EU-ETS and others who choose to take part.

KPMG assists the Ireland project and has written all the reports since its launch in 2008. The project’s principal sponsor in Ireland is the NTR Foundation and additional support has been given by the Environmental Protection Agency, the Sustainable Energy Authority of Ireland and McCann FitzGerald.

Interpretation

Readers of this report should refer to pages 32 to 33 titled ‘Additional Understanding’ which provides more detailed information to aid understanding of the report content.

About CDP

Figure 1: Number of Responding Companies Globally

Since CDP sent out the first request for climate change information in 2003, the number of disclosing companies has grown more than tenfold.

Investor and supply chain programs

2003 2004 2005 2006 2007 2008 2009 2010

235 295 355 922

1449

22042456

3050

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Participation Continues to Grow

The level of participation in the Carbon Disclosure Project increased again and now includes 33 Irish companies1 in 2011, up from a total of 29 last year and 16 in 20092. See Appendix 2, page 36 for details of who responded and Figure 2 for year on year response trends.

The 33 respondents include: • 19 of the largest companies by

market capitalisation listed on the Irish Stock Exchange (ISEQ), one fewer than last year;

• 72 unlisted organisations that are large emitters taking part in the EU Emissions Trading Scheme; and

• 7 others that chose to respond.

In addition, 4 leading multinational corporations registered in Ireland are also CDP respondents.

Figure 2 illustrates the Irish response rate over the last three years.

Ireland vs Elsewhere

There is an increase in the overall number of Irish companies responding to CDP in 2011. The response rate among the 40 largest companies listed on the Irish Stock Exchange is 48% which is slightly lower than 2010. This

rate is just ahead of the response rate among the 50 largest companies in New Zealand but behind larger groups of companies in Australia, Canada and Scandinavia. The Irish response rate is also well behind the 350 largest in the UK FTSE, the 500 largest in the US S&P and the 500 largest globally (at 69%, 68% and 81% respectively). See Appendix 1, page 34 for details.

Key Findings

A key theme from all respondents in 2011 is the ‘tone at the top’ and the influence this can have on the wider organisation. 23 out of 32 Irish respondents (72%) reported that responsibility for climate change issues facing their company rests at Board level, demonstrating that climate change continues to be an issue of significant importance to Irish companies.

The levels of disclosure in the 2011 Irish CDP responses varies widely, with some respondents choosing to include minimal data (potentially a ‘tick the box’ exercise), whilst others included detailed responses and company specific information.

Quality of measurement criteria is vital to the effectiveness of any management process; rigorous metrics are hence an important focus both for business managers and for investors.

48%of the 40 largest companies by market capitalisation listed on the ISEQ responded to CDP’s request for information, ahead of the rate among the 50 largest in New Zealand, but behind larger groups in Australia, Canada and well behind the Global 500.

2 Responses were received from 8 organisations taking part in the EU Emissions Trading Scheme, of which only one is listed on the ISEQ. One respondent provided information but did not answer questions in the questionnaire. Statistics and charts in this 2011 report are therefore based on responses of the 32 companies, 7 of them in the EU ETS group, that completed the questionnaire.

1 Irish companies discussed in this report include ones listed on the Irish stock exchange (including some also listed elsewhere), significant participants in Ireland’s portion of the EU ETS (including state-owned businesses and subsidiaries of companies based elsewhere), and others that choose to respond (including one government agency).

Executive Summary

Figure 2: Irish Response Rate over the Last Three Years

Irish Stock Exchange listed companies

Unlisted large participants in the EU-ETS

Multi-national businesses registered in Ireland

Other Irish responding corporations2009 2010 2011

12

20

6

19

7

7

43

4 43

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Figure 4: Level of Emissions Disclosure Compared with 2010

Figure 3: Total Respondents Recognising Risks and Opportunities Associated with Climate Change

Responses to CDP are routinely scored for both the quality of disclosure and performance on actions taken to mitigate climate change, using the CDP scoring methodology.

Using this assessment process, 8 Irish responding businesses achieved disclosure scores above 75% this year and make up the Irish Carbon Leaders. See page 14 for more detail on scoring and carbon leadership.

Bewley’s Limited

Bord na Móna plc

CRH plc

DCC plc

Diageo plc

Endesa Ireland Limited

Smurfit Kappa Group plc

Tesco plc

Risks and Opportunities

Figure 3 illustrates a summary of 2011 responses to risks and opportunities.

Exposure to regulatory risks (e.g. carbon taxes, fuel and energy regulations etc.) and physical risks (severe weather changes etc.) were the most common responses among Irish participants, which is not surprising.

It could be assumed that the harsh Irish winter over the last two years have had a significant impact on how respondents view their business. In addition, availability of natural resources such as water, or the impact of excessive precipitation has challenged many respondents.

What is interesting is that more respondents now than ever before see other opportunities related to climate change. These range from adapting to and capitalising on consumer behaviour, to enhancing an organisation’s reputation through positive actions related to climate change.

Regulation

Scope 1

Physical climate

Scope 2

Other

Scope 3 Energy consumption

24

30

22

25

20

28

13

23

12

21

15

13

Risks Opportunities

2011 2010

0

0

4

4

8

8

12

12

16

16

20

20

24

24

28

28

32

32

27

18

Carbon Disclosure Project 2011

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2. Executive Summary

GHG Emissions Accounting

Figure 4 illustrates the level of emissions disclosure compared with 2010.

2011 sees an increase in the number of respondents disclosing emissions across all categories compared with 2010. This is encouraging as it confirms an increasing number of companies are measuring their emissions.

Of particular interest is the increase in disclosure of Scope 3 emissions (up 62% year on year). Scope 3 emissions are more difficult to ascertain, so the increase in disclosure by respondents here is welcomed. Respondents listed Scope 3 emission sources, including but not limited to, those associated with:

• business travel;

• purchased goods and services (covering cradle to gate emissions);

• transportation and distribution (covering inbound and outbound transport);

• use of sold products;

• waste generated in operations; and

• employee commuting.

The collaboration between respondents and other parties such as suppliers and employees, when gathering information relating to emissions, gives a sense of ‘working together’ towards better emissions reporting. This is seen as a positive step because an improved level of information will enable more targeted efforts towards climate change mitigation.

Emissions Performance

Activities and TargetsVirtually all respondents disclose that they engage in emission reduction activities. This is extremely positive; however, the measurable effects of such activities are difficult to assess without the inclusion of emissions reduction targets. Only 56% of respondents disclosed that they have emission reduction targets in place.

VerificationAs the level of market disclosure on climate change increases, so does the importance of having emissions verified by an independent third party. In 2011, only 6 (19%) respondents had their Scope 1 emissions independently verified in accordance with a verification/assurance standard that meets CDP criteria, reducing to 4 (14%) for Scope 2 emissions and 2 (6%) for Scope 3 emissions.

Governance

Figure 5 illustrates governance related responses compared with 2010.

Generally Figure 5 paints a strong picture that respondents acknowledge the importance of proper governance to addressing climate change in their business. There is still a strong focus on responsibility lying with the Board.

Many other respondents noted that responsibility lay with Senior Executives as opposed to Board level. There is a notable increase in the number of respondents who provide incentives to their employees to address climate change (half of respondents in 2011).

See page 33 for additional information on the importance of verification.

Figure 5: Governance Related Responses Compared with 2010

Assigned board responsibilty

Provide individual incentives

Participate in policy development

Voluntary communication on climate change

23 23

16

11

21

16

2011 20100

5

10

15

20

25

30

25 24

Greenhouse Gas (GHG) Emissions Reporting

Respondents are asked to report their emissions using the GHG Protocol that distinguishes between:

Scope 1: Direct emissions arising from sources owned or controlled by the company.

Scope 2: Indirect emissions arising from the generation of electricity purchased by the company.

Scope 3: Indirect emissions that result from the company’s activities but occur from sources not owned or controlled by the company.

For more detail on GHG reporting, see Additional Understanding on page 32.

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8 Irishbusinesses scored over 75% for their disclosures and are the Irish Carbon Leaders.

Introduction to Scoring and the Carbon Disclosure Leadership Index (CDLI)

Each year company responses to CDP are reviewed, analysed and scored for the quality of disclosure and performance on actions taken to mitigate climate change. This results in a disclosure score and, where sufficient disclosure exists, a performance score.

Disclosure Scores• Disclosure scores are an

assessment of the quality and completeness of a company’s response; they are not a measure of a company’s performance in relation to climate change management;

• Scores are plotted over a 100-point normalised scale;

• Companies are assessed based on their level of disclosure of carbon emissions measurement techniques and subsequent public disclosure;

• Listed companies are eligible for inclusion in the Carbon Disclosure Leadership Index (CDLI), restricted to the top scoring 10% of the reporting group; and

• Where a company’s disclosure score is 50 or more, its performance in mitigating carbon emissions is assessed and ranked in a performance band.

Analysis of disclosure scores provides insights into the characteristics and common trends among the leading companies, not only on carbon disclosure, but also on good practices in reporting, governance, risk management and other areas.

Irish Companies’ Disclosure ScoresThis year, for the first time, ISEQ 40 respondents with disclosure scores above 75% are being identified in this report and included in the Irish CDLI.

FeedbackCompanies responding to CDP in Ireland 2010 were advised privately of their disclosure scores. A number of companies, including some in the leadership group, received markedly higher scores this year after taking into account the feedback and advice given at the CDP Ireland workshop for participating companies.

Carbon Disclosure Scoring and 2011 Leaders

Irish Carbon Leaders

Company Sector Disclosure score

Tesco plc Consumer Staples 97

Diageo plc Consumer Staples 88

Endesa Ireland Limited Utilities 88

DCC plc Industrials 83

Bord na Móna plc Utilities 80

CRH plc Materials 79

Smurfit Kappa Group plc Materials 78

Bewley’s Limited Consumer Staples 77

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3. Carbon Disclosure Scoring and 2011 Leaders

What Does a CDP Carbon Disclosure Score Represent?Generally, companies scoring within a particular range exhibit similar levels of commitment to, and experience of, disclosure. The indicative description of each level is provided below for guidance only, investors should read individual company responses to understand the context for each business.

How is the Disclosure Score Determined?In determining the disclosure score for each company, we assess the following:

• The level of understanding and disclosure of company-specific exposure to climate-related risks and opportunities;

• The level of strategic focus and commitment to understanding the business issues related to climate change, emanating from the top of the organisation;

• The extent to which a company has measured its carbon emissions;

• The extent of the internal data management practices for understanding GHG emissions, including energy use;

• The frequency and relevance of disclosure to key corporate stakeholders; and

• Whether the company uses third party or external verification of emissions data to promote greater confidence and usage of the data.

Eligibility for the CDLIIn order to be included in the CDLI companies must:

• Respond using the Online Reporting System (‘ORS’) prior to the deadline;

• Provide a public response; and

• Score within the top 10% of the reporting population.

More information on the CDLI can be found in the information request, supporting methodology and guidance documents at www.cdproject.net.

What does a Disclosure Score Typically Represent?

High (>70) Senior management understand the business issues related to climate change and build climate related risks and opportunities into core business.

Midrange (50-70)Increased understanding and measurement of company specific risks and opportunities related to climate change.

Low (<50)Limited or restricted ability to measure and disclose climate related risks, opportunities and overall carbon emissions.

Disclosure score (Max 100)

The journey to leadership

Compliance Managing for value Strategic advantage

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As Ireland looks for ways of returning to long term sustainable economic development, the Carbon Disclosure Project provides a timely, actionable and hugely relevant path for businesses looking to make sustainability a keystone of their strategy.

As even a cursory look at the list of participants will show, this has become a serious business which is linked directly to future business success. The business leaders who have thrown their weight behind this project are evidence that sustainability has gone mainstream.

For Ireland and for Irish business the stakes are high. Recent developments have shown that our world is not always a benign place. We are not immune from extreme weather or water shortages. Despite significant progress, infrastructural challenges remain. Volatility in energy pricing and supply can drive uncertainty and we remain acutely aware that Ireland lies at the end of many of our supply chains.

Thus insightful Irish business leaders have decided that inaction is not an option. Sustainability is no longer a mere optional ‘bolt on’- rather it is moving centre stage on the board agenda at least in part because of the opportunity it can provide.

There are significant business and environmental benefits to be gained by focussing on the issues so invaluably raised by the Carbon Disclosure Project and we are delighted to have provided our expertise to help bring this report to fruition.

Terence O’Rourke Managing Partner KPMG

A Keystone for Business StrategyTerence O’Rourke, KPMG

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The striking message from global responses to the Carbon Disclosure Project over the last 12 months has been that companies throughout the world are more focused than ever before on the interconnected challenges of resource sustainability, population growth and climate change.

It is imperative to act collectively to find ways to achieve improved living standards for all within the limitations of available resources, of land, food, water, minerals and energy. And it is abundantly clear that we must do these things while de-coupling economic growth from greenhouse gas emissions.

The scale of these challenges is immense and they require a response from all.

For businesses, these challenges also represent opportunities. So it is gratifying indeed that more Irish businesses have this year responded to the Carbon Disclosure Project’s request for information. By examining the details of their own and their suppliers’ consumption patterns and the related emissions, companies can identify opportunities for cost saving reductions, and for changes to their business formula that will strengthen them for the future.

We celebrate the achievements of all respondents to the Carbon Disclosure Project. CDP has been the prime mover in persuading businesses both to address these issues and to put relevant information into the public domain in a way that encourages others to follow. The NTR Foundation is proud and pleased to be associated with this work.

Tanya Harrington Director NTR Foundation

Immense Challenges Present Wide Opportunities Tanya Harrington, NTR Foundation

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“ Many countries and regions are taking action on climate change. However, without a comprehensive international agreement, we are likely to face different carbon prices and inconsistent policies in different markets across the world. This could create competitive distortions and would reduce the future return on our investments in low carbon and renewable technologies in areas without carbon pricing or support measures.” Tesco plc

Risks and Opportunities

The 2011 responses saw a rise in the number of companies that have identified climate change risks driven by changes in regulation and changes in physical climate parameters.

Figure 6 illustrates the ISEQ 40 respondents that identify risks and assess opportunities.

Regulatory Risks and OpportunitiesMore respondents recognise regulatory risks and opportunities than in 2010. The main areas where these risks and opportunities were identified are as follows:

• fuel/energy taxes and regulations;

• carbon taxes;

• cap and trade schemes; and

• international agreements.

The most common regulatory risk, cited by 10 of the 19 respondents, is fuel/energy taxes and regulations as it is thought that this will lead to increased direct operating costs in the immediate future. Respondents are implementing energy efficiency initiatives to minimise this exposure.

Carbon tax is also commonly cited as a regulatory risk with 8 out of 19 respondents identifying this particular area.

Results of CDP Ireland 2011: ISEQ 40

At a glance:

• The 40 largest organisations by market capitalisation on Irish Stock Exchange were invited to respond;

• 19 companies responded, compared with 20 in 2010;

− One business responded for the first time this year, while two that responded in 2010 did not do so in 2011.

− The response rate of 48% is ahead of that for the largest 50 in New Zealand (42%) and not far behind those for the largest 200 in Australia (50%) and Canada (54%).

− The response rates of the US S&P 500 and the UK FTSE 350 (68% and 69% respectively) and the Global 500 largest companies (81%) are still well ahead of Ireland.

• Among the ISEQ 40 listed companies, those scoring more than 75% for the quality of their disclosure included:

CRH plc

DCC plc

Diageo plc

Smurfit Kappa Group plc

Tesco plc

Figure 6: ISEQ 40 Respondents Recognising Risks and Opportunities Associated with Climate Change

Regulation Physical Climate Other

13

68%63%

32%11

58%

37%42%12

7 68

Risks Opportunities0

5

10

15

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6. Results of CDP Ireland 2011: ISEQ 40

Irish companies with UK operations recognise how the UK Climate Change Levy and Carbon Reduction Commitment schemes would affect their UK operations. Certain Irish companies with UK operations note that the UK Carbon Reduction Commitment scheme results in a significant additional cost each year. Others note that the level of carbon tax costs in Ireland is somewhat of an uncertainty for their businesses going forward.

Generally, more respondents note a larger focus on regulatory risks than opportunities. 58% of respondents (11 out of 19) identify climate change related opportunities associated with changes in regulation (see figure 6). The most commonly cited opportunities in this area relate to carbon taxes. Tesco noted that “Well-designed taxes are an opportunity to reduce emissions at lowest economic cost”.

Other regulatory opportunities that are most commonly mentioned by respondents included fuel/energy taxes and regulation, cap and trade schemes, general environmental regulations, and product labelling.

Interestingly, respondents also note that the use of carbon efficient labels is a key strategic factor to differentiate their business from their competitors.

“ The introduction of the Carbon Reduction Commitment Energy Efficiency Scheme (CRC) in the UK will have a direct cost impact for UK subsidiaries.” DCC plc

“ The opportunity for Diageo under a cap and trade scheme is the ability to generate income from the sale of excess carbon credits. Since Diageo has emitted less than its allocation every year since the EU-ETS programme began, we are already taking advantage of this opportunity. In 2009, we generated over €400,000 from the sale of these credits.” Diageo plc

“ CRH’s cement plants are ideally suited to the use of alternative fuels and thus contribute to regional CO2 emissions reduction in their area of operation.” CRH plc

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Carbon Disclosure Project 2011

20

“ We have evaluated all of our production locations against current and future water-stress and have identified ten that are water-stressed. Each of these locations has a target to reduce the amount of process wastewater by 50% by 2015 through aggressive wastewater treatment and reuse. By ensuring that these locations use the water that is available in the most efficient manner possible, we are mitigating the risk of business disruption due to water scarcity and preparing ourselves to exercise competitive advantage over those who do not.” Diageo plc

“ Increases in extreme cold weather giving rise to significant snowfall and icy road conditions impacts the ability of subsidiaries to deliver products or collect waste from customers.” DCC plc

Physical Risks and Opportunities63% of respondents (12 out of 19) think that their business is exposed to physical risks. It is interesting to note that this statistic is a return to the 2009 levels, while 2010 levels were reduced to 45%. The recent harsh Irish winters may now be a topical focal point for businesses assessing their performance.

The analysis of the responses from participants shows that the most frequently cited risks driven by changes in physical climate parameters are change in temperature extremes, change in precipitation extremes and droughts.

A variety of other physical risks were cited depending on the nature of the industry that the responding companies are involved in.

These include: • Induced changes in natural

resources (3 respondents);

• Change in mean (average) temperature (3 respondents);

• Change in mean (average) precipitation (2 respondents); and

• Sea level rise (2 respondents).

Similar to regulatory risks and opportunities, respondents generally see their business being exposed to more physical risks than opportunities, with the main opportunities arising from changes in mean (average) temperatures.

Other Risks and OpportunitiesOther climate change related risks and opportunities were identified by 37% of respondents (7 out of 19), with the main focus being on changing consumer behaviour (reported by 5 respondents), and reputation (reported by 4 respondents).

GHG Emissions Accounting

Figure 7 illustrates the ISEQ 40 respondents with GHG emissions accounting in place.

Varying methods of measuring GHG emissions were applied by respondents of the 2011 survey. These include the United Nations GHG Protocol (the most popular), the Defra Voluntary Reporting Guidelines and other “in house” methods. This is a similar pattern to 2010.

The number of ISEQ 40 companies reporting Scope 1 emissions remains constant year on year at 17, although this amounts to a slight percentage increase based on the number of respondents (19 in 2011 compared to 20 in 2010).

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6. Results of CDP Ireland 2011: ISEQ 40

The number of ISEQ 40 companies reporting Scope 2 emissions reduced from 17 in 2010 to 15 in 2011 however this is due to the slight change in the mix of companies responding in 2011 (one business responded for the first time this year, while two that responded in 2010 did not do so in 2011).

There has been an increase in the number of ISEQ 40 companies reporting their Scope 3 emissions and energy consumption which is a welcome statistic based on the ‘dip’ experienced in 2010. As management increase their focus on climate change, it is interesting to see the increased understanding and ability to obtain relevant information to disclose Scope 3 emissions and energy consumption.

6 of the 19 listed respondents stated that the use of their goods and/or services directly enable GHG emissions to be avoided by a third party. This was most commonly seen through the use of online technology to reduce emissions from printed paper and transport.

Emissions Performance

‘Performance’ evaluates the extent to which respondents perform against plans and targets to reduce their GHG emissions.

What is Being Done?The ISEQ 40 respondents come from a range of industries such as banking, aviation, information technology, consumer goods, media, construction, pharmaceuticals, and betting and gaming. As a result, the actions taken by these companies include various initiatives such as the installation of boiler optimising controls on gas boilers in offices, engaging staff to save energy, and modifying plant and machinery to increase fuel efficiency.

“ For offshore operations our risks continue to include significant rises in sea level and wave height as well as freak weather conditions. These risks are not limited to interrupting or halting production, but could also affect crew changes and planned maintenance and intervention work on the platforms. In addition, financial losses might occur if there is a loss of physical property and if production is halted.” Tullow Oil plc

“ Our work with suppliers to reduce supply chain emissions is an important way of taking advantage of potential opportunities to save costs and cut carbon in our products. We are developing a better understanding of lifecycle emissions from our products through footprinting them, and through collaboration with our suppliers aim to drive emissions reductions to improve the long term sustainability of our supply chain.” Tesco plc

Figure 7: ISEQ 40 Respondents - GHG Emissions Accounting

Scope 1 Scope 2 Scope 3 Energy Consumption

17

89% 89% 89%

42%

58%

79%

63%

89%

1715

17

12

8

2011 20100

2

4

6

8

10

12

14

16

18

17

11

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Carbon Disclosure Project 2011

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“ Customers’ expectations in relation to the climate change agenda are increasing. This is apparent in tenders and requests for information from customers and other stakeholders.” DCC plc

“ CRH, in fulfilling its obligations as a Member of the Cement Sustainability Initiative of the WBCSD, has publicly committed to a 15% reduction in specific CO2 cement plant emissions by 2015 compared with the 1990 specific emissions for a defined portfolio of cement plants. This commitment is being rigorously pursued by the setting of clinker factor reduction targets, the development of blended cements, the use of alternative fuels including biomass and significant investment in Best Available Techniques (BAT) based plants and equipment.” CRH plc

Emission Reduction – Targets and Actions

In general, it would appear that the majority of ISEQ 40 respondents are conscious of the need to reduce their emissions and are doing something about it. It is positive that 17 out of 19 respondents (90%) have emissions reduction actions in place in 2011 (up 10% from 2010 when 16 out of 20 had actions in place).

However, it can be argued that unless clearly defined achievable targets are set, the effectiveness of current respondents actions may be less than what could be potentially achieved.

48% of ISEQ 40 respondents (9 out of 19) have emissions reduction targets in place.

This compares with 74% (294) of Global 500 respondents that disclose absolute or intensity emission reduction targets, an increase from 65% (250) in 2010.

This conveys a similar story to the 2010 comparison of Irish results with the Global 500 respondents. The message is that there is still work to do if Irish respondents want to achieve the status of the Global respondents.

In 2010 the proportion of ISEQ listed respondents with emissions reduction targets was 45%, but a further 33% said they were in the process of developing targets. Based on the 2011 responses, it is clear these intentions have not yet been achieved.

16%

Figure 8: ISEQ 40 Respondents with GHG Emissions Reduction ACTIONS

5%5% 90%

Actions No actions Not answered

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6. Results of CDP Ireland 2011: ISEQ 40

Figure 9: ISEQ 40 Respondents with GHG Emissions Reduction TARGETS

Intensity target Absolute target Absolute and intensity targets No target Not answered

48%

11%

5%

21%

Governance

‘Governance’ focuses on the management and responsibility for climate change within an organisation.

Climate Change ResponsibilityGenerally, the response data suggests that the stronger the ‘tone at the top’ in the organisation, the stronger the response to CDP and the more effective the organisation is at managing climate change issues. 68% of respondents (13 out of 19) report that responsibility for climate change issues facing their company rests at Board level. This is broadly in line with the prior year which was 70% (14 out of 20).

IncentivisationIn any organisation it can be argued that management incentives are an effective tool for achieving results.

One of the most notable changes in this year’s responses from ISEQ 40 companies relates to how they seek to attain results from managing climate change. 47% of respondents (9 out of 19) respond that they provide incentives to staff to manage climate change issues. This is a significant increase on the 2010 figure of 25% (5 out of 20).

Voluntary CommunicationUp to 14 out of 19 (74%) of ISEQ 40 companies have published information about their company’s response to climate change and GHG emissions performance for this reporting year outside of CDP. These include annual reports, CSR reports and sustainability reports.

This indicates that larger Irish organisations are giving increased attention to the management of climate change issues well beyond the completion of the CDP questionnaire.

Some of the participants have gone the extra step and engaged an independent third party to provide an Assurance Report on their disclosures, which adds to the credibility of the information in the public domain.

90%of respondents have reductions actions in place, though only 48% have set themselves targets.

“ Installation of BlueTree technology in 120 bulk LPG delivery vehicles operated by part of DCC Energy tracks and reports on driving style allowing significant improvements in fuel economy, and hence carbon emissions, to be achieved.” DCC plc

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>70%of large EU-ETS respondents have designated responsibility for climate change at board level, and have set themselves emissions reduction targets.

The European Union Emission Trading System (‘EU-ETS’) is the world’s largest multi-country, multi-sector greenhouse gas emission trading system and has been operating since 2005.

Risks and Opportunities

• Risks relating to cap and trade schemes are the most commonly cited regulatory risk (selected by 6 respondents);

• The risks identified in relation to changes in physical climate parameters were mixed, however 43% related to changes in precipitation; and

• 4 of the 7 large emitters (57%) believe that there is an opportunity to enhance their company’s reputation as a result of the actions they take towards climate change mitigation. Some of these respondents also noted that the lack of action poses a risk to reputation.

3 8 responses were received from the largest companies taking part in the EU Emissions Trading Scheme, with one new respondent this year.

However, one organisation that responded in both 2010 and 2011 confined itself this year to an introductory statement and did not answer any questions; it is therefore excluded from the detailed analysis and year-on-year comparisons.

Results of CDP Ireland 2011: EU-ETS Companies

At a glance:

• 11 (compared to 11 in 2010) of the largest Irish EU-ETS organisations invited to participate. See page 36 for full list.

• 8 respondents3 (73%) in 2011, up from 7 in 2010;

• Bord na Móna, CRH and Endesa are top disclosure scorers in this group;

• 5 out of 7 (71%) noted that responsibility for climate change rests at Board level;

• 7 out of 7 had emissions reduction activities, but only 5 out of 7 had set emission reduction targets; and

• Third party verification is an area for improvement.

Figure 10: EU-ETS Companies Recognising Risks and Opportunities Associated with Climate Change

Regulation Physical climate Other

7

100%

71%

86%

43%

71%71%6

5

3

5 5

Risks Opportunities0

1

2

3

4

5

6

7

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7. Results of CDP Ireland 2011: EU-ETS Companies

Emissions Performance

7 out of 7 companies (100%) have emissions reduction activities that were active within the reporting year, however only 5 of the 7 companies have an emissions reduction target that was active in 2011 (see Figure 11).

• Only 2 of the 7 EU-ETS respondents had their emissions verified in accordance with a verification/assurance standard that meets CDP criteria. Third party verification appears to be an area for improvement amongst the large emitters. See page 33 for more on the importance of external verification.

Governance

• 5 out of 7 EU-ETS respondents (71%) report that responsibility for climate change issues facing their company rests at Board level;

• Only 3 out of 7 of the large emitters (43%) provide incentives relating specifically to the management of climate change issues, including the attainment of targets. This appears low considering that incentivisation is considered to be an effective way of driving the climate change agenda;

• 6 out of 7 (86%) of the large emitters disclose engagement with policy makers to encourage further action on climate change mitigation; and

• 6 out of 7 (86%) of the large emitters publish information about their company’s response to climate change and GHG emissions performance in other places than CDP.

“ The inclusion of the power sector in the EU Emission Trading System (ETS), and the planned auctioning of all permits to this sector from Jan. 2013 will over time provide a price signal that will eventually internalise the full cost of carbon and help drive the decarbonisation of the electricity system. Bord na Móna group policy is to grow and improve the performance of its energy businesses while reducing their environmental impact through the pursuit of energy efficiency, peat substitution and the generating of power from renewable energy sources.” Bord na Móna plc

“ As concerns regarding climate change increase, there is potential for loss of reputation for companies seen to be ignoring the issue.” ESB Limited

Figure 12: EU-ETS Respondents - GHG Emissions Accounting

Figure 11: EU-ETS Respondents who have Emission Reduction Targets

Absolute target Intensity target No target

Scope 1 Scope 2 Scope 3 Energy Consumption

7

100% 100%

71% 71%

100%

71%

57% 57%

7 7

5 5

4

2011 20100

1

2

3

4

5

6

7

5

4

42

1

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6 out of 7‘Other Respondents’ see opportunities arising from climate change as a result of regulatory changes.

7 other Irish organisations chose to take part in CDP 2011. See page 36 for a full list.

The summary of results for this group is set out below:

Risks and Opportunities

• The most commonly identified risk associated with changes in regulation amongst this group was to do with fuel/energy taxes and regulations (4 out of 5);

• It is interesting to note the mix of opportunities as opposed to risks in this sector; 6 out of 7 respondents (86%) identified regulatory opportunities, mostly to do with:

– Emission reporting obligations; and

– General environmental regulations, including planning.

• Physical risks and opportunities were mixed among the respondents. Snow and ice, sea level rise, change in mean (average) temperature and change in precipitation extremes and droughts were all risks identified; and

• Changing consumer behaviour was identified as the most common ‘other’ opportunity.

Results of CDP Ireland 2011: Other Respondents

At a glance:

• Bewley’s Limited is a top disclosure scorer from within this group;

• 7 companies chose to respond, an increase from only 3 in 2010;

• All 7 have emissions reduction activities in place in 2011, though only 5 out of 7 (71%) have set themselves emissions reduction targets;

• Improved level of Scope 1, 2 and 3 emissions disclosure;

• 6 out of 7 (86%) reported that responsibility for climate change rests at Board level; and

• Third party verification appears to be an area for improvement.

Figure 13: ‘ Other Respondents’ Recognising Risks and Opportunities Associated with Climate Change

Regulation Physical climate Other

5

6

4 4

2

3

Risks Opportunities0

1

2

3

4

5

6

7

71%

57% 57%

43%

29%

86%

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8. Results of CDP Ireland 2011: Other Respondents

Performance

• 7 out of 7 respondents (100%) report emissions reduction actions in the reporting year, however only 5 of the 7 have set emissions reduction targets.

• Improved level of Scope 1, 2 and 3 emissions disclosure;

• Only 1 of the 7 ‘Other Respondents’ had their emissions verified in accordance with a verification/assurance standard that meets CDP criteria (Scope 1 and 2); and

• Third party verification is an area for improvement.

See page 33 for more on the importance of external verification.

Governance

• 6 out of 7 ‘Other Respondents’ (86%) reported that responsibility for climate change issues facing their company rests at Board level;

• 5 out of 7 ‘Other Respondents’ (71%) recognise and reward those who actively manage climate change and seek to reduce emissions. This compares favourably with the large emitters which is a similar sized group (2 out of 6).

“ It is likely that commuters and leisure travellers will change their travel choices and behaviour over time to more sustainable ones.” Railway Procurement Agency

“ The Government’s pending policy on Green Public Procurement presents a significant opportunity for our business.” Ecocem Materials Limited

“ Depending upon the granularity and the scope of included businesses, significant opportunities are presented in an environment of increased reporting obligations.” Nootrol Limited

Figure 15: ‘Other Respondents’ - GHG Emissions Accounting

Scope 1 Scope 2 Scope 3 Energy Consumption

7

2

7

2

5

2 2011 20100

1

2

3

4

5

6

7

6

3

100% 100%

86%

71%

67%67% 67%

100%

Note: 7 respondents in 2011; 3 respondents in 2010.

Absolute target Intensity target No target

22

3

Figure 14: ‘Other Respondents’ who have Emissions Reduction Targets

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This Irish Government is fully committed to a progressive national climate change policy agenda, says the Minister for Environment, Community & Local Government, Phil Hogan T.D., as he welcomes the publication of this year’s Carbon Disclosure Project (CDP) Ireland Report.

As he prepares to publish a wide-ranging review of national policy on climate change, Phil Hogan says his Government is fully committed to Ireland’s low carbon future.

Initiatives like the Carbon Disclosure Project, are a vital part of that future, as is the role of the business community, says Minister Hogan. “I very much welcome the work of the Carbon Disclosure Project in Ireland,” he says.

“We face major challenges in making the transition to a low carbon future, but it is only through initiatives like the CDP that industry can both make its contribution, and ensure its competitiveness in a global green economy.”

He was particularly pleased to see the increase in the numbers of companies participating in the CDP Ireland report 2011, he says, and to see the increase in the quality of the responses to the CDP.

“It is the example of progressive businesses such as these that will inspire other businesses to take up the low carbon challenge and seek out opportunities for themselves,” he says.

“This Government is fully committed to a progressive national climate change

policy agenda that will underpin successful transition to a competitive low carbon future,” continues the Minister, adding that his immediate priority is to finalise the current review of national climate change.

“That review is almost complete, and will provide the background for the next phase of policy development,” he says. “I look forward to the constructive participation of all stakeholders when the review is issued later in October.”

Toward a Progressive National Climate Change Policy Phil Hogan T.D., Minister for Environment,

Community & Local Government

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Smurfit Kappa Group is one of the world’s largest manufacturers of paper-based packaging products, employing 38,000 people in 31 countries. According to CEO Gary McGann, sustainability is an integral part of its business strategy, and perfectly compatible with profitable growth.

Smurfit Kappa Group has placed sustainability at the heart of its business strategy for many years. “In the business we’re in – we own forests in Latin America, and we are very significant interactors with forestry in Europe – we’ve always been mindful of the need to renew and replace trees that are cut basically for paper purposes,” says CEO Gary McGann.

From that starting point, the group has today moved into the areas of recycling, optimal use of natural resources and avoidance of land fill, and of course lowering carbon emissions. The company recently issued its fourth annual sustainability report, a useful discipline, he says. “It creates a greater discipline internally. If you publish you have to be satisfied that what you’re saying is valid. It has also created a greater discipline in how we challenge and measure ourselves, so that we’re always calibrating and quantifying and setting targets.”

It is a strategy that makes good business sense too, he says. “We’ve always caveated our approach to sustainability and the environment on the grounds that it also has to make commercial sense,” he says. “In fact it has major commercial value and benefit to us as a company, in parallel with the positives for the environment.”

“Commercially it obviously suits us to be more progressive than our competitors. The big international brand companies, they’re way down the line in terms of commitments, demands, desires and progress on this subject. Unless people can actually serve them to the standards they are seeking and requiring, then they won’t be able to be suppliers.”

“Everybody is looking for testimony and evidence of progress on sustainability. We’ve said we will take the totality of our business and ensure that we can, through our products, allow customers to communicate to their customers that what they are acquiring is the most sustainably progressive.”

“We in turn are working with our suppliers. In the case of forestry we’re ensuring that in five or 10 years all of our product raw materials will be Chain of Custody certified, and we will be able to confirm the levels of CO2 emissions, the level of water discharge, and the water cleanliness.”

Indeed, while the group has made significant progress in terms of carbon emissions, cutting them (on a volume adjusted basis) 4% year-on-year in 2010, and targeting 20% reduction by 2020 from a 2005 base, water has become a key focus. “The world is going to run short of water, so for industries like ours that are major water users, this has become a critical issue. Through extensive investment, we have improved our chemical oxygen demand (COD) – the measure of cleanliness of water – by 25% since 2005, and we’ve committed to another 10% in the next 5 - 10 years.

The group recently won key customer recognition awards for sustainability from Coca-Cola and Unilever. “We win awards with customers on a number of different fronts, but these are particularly attractive in that they reassure and motivate our people about the validity and the genuine importance of sustainability in the demands we’re putting on them. You have to keep replenishing the motivation and intent of your people, and in a real commercial company there is nothing more fundamental than customer recognition to catch everybody’s attention.

McGann believes reporting initiatives like the Carbon Disclosure Project are crucial in order to inject the necessary degree of objectivity and transparency. “Unless people are setting targets, being reviewed on those targets and having those targets validated and reported on transparently, this becomes a devalued and debased process which will ultimately fail,” he stresses. “The more we have CDP, and people like them, reinforcing the demands, pushing the boundaries, cajoling and nuancing and incentivising people through recognition – and through sanctions if necessary – the better it is.”

McGann also believes that larger organisations must play a role in helping small businesses meet the sustainability challenge, if they are not to become excluded. “In this current climate, it’s difficult for a company or a sole trader to invest in something unless they know there’s a genuine and timely payback. It’s important that there’s recognition in the broader business society that we must work with smaller suppliers and try to give them not just demands, but help in terms of getting them accredited.”

Sustainability Perfectly Compatible with Growth Gary McGann, Smurfit Kappa Group

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A New Contract with NatureGabriel D’Arcy, Bord na Móna plc

Bord na Móna has come a long way from its origins in the Thirties as a peat harvesting company. Today it is an integrated utility service provider of electricity, heating solutions, resource recovery, water and horticulture.

Shortly after his appointment as CEO in 2008, Gabriel D’Arcy announced a new direction which would see the organisation invest up to €1.4bn, diversifying and growing over the following five years. It was all part of a new vision for the business to ‘work in harmony with, and minimise the impact on, the environment’. It was named ‘A New Contract with Nature’.

One of the drivers has been the company’s transformation from a peat-based operation. “When I came into the company it was a successful, proud company, but it faced key challenges,” says D’Arcy. “It was essentially peat-based, and the pure laws of supply and demand were beginning to take their toll. We were running out of peat.”

“We asked ourselves was there a context in which we could set the organisation, putting in place a pathway to where we would be in 5, 10, 15 years time?” There followed an “exhaustive process” of consultation with all stakeholders –

customers, employees, suppliers and shareholders. Out of this process was born A New Contract with Nature.

D’Arcy is adamant sustainability cannot only be about the environment. “There is no point in being environmentally sustainable if you are economically unsustainable, and there is no point in being economically sustainable if you’re socially unsustainable. We were one of the first companies to introduce the concept of triple bottom line reporting. We report on our economic progress in our annual report, but for the last three years we have also produced a sustainability report and in this we focus on the three areas I’ve outlined: the people part, the planet part, and the profit part.

Today Bord na Móna has ambitions to be one of the largest renewable energy players in the British Isles. Back in 1990, it was the first in Ireland to build, own and operate a commercial wind farm in northwest Mayo. What is more, Bord na Móna has planning permission for some of the largest onshore wind developments in Europe. “I see a real opportunity here because we know wind and wind energy, we have our own power plant, our own electricians, our own competent engineers. We have the land assets critically located in key areas on the grid, and finally we have the capital raised.”

Sustainability too is driving success in its €52m compost business. “More and more of it is composted green waste materials, and we are looking at a whole other range of new technologies as well,” says D’Arcy. “Our key market is the United Kingdom, and they have a government-backed target to get to peat-free packaged compost by 2021. That creates a huge challenge but also a massive opportunity. We’re beginning to show clear evidence that you can be sustainable in your practices and be profitable.”

D’Arcy reiterates that sustainability is about opportunity, not cost. “I think this is the biggest challenge for those companies that haven’t made

that link. They see the whole issue of carbon management as a negative and as a cost, while successful companies are getting ahead of this curve and embracing technologies and opportunities that are built on sustainable building blocks.”

Water too represents an opportunity for Bord na Móna according to D’Arcy. The company has been involved in the water business for many years through its waste water systems, but now it is looking further afield.

“In Ireland, we have more water dumping down on us than Britain, France, Spain, Italy, Poland, China or India,” he says. “What’s our problem? We don’t have a system to capture it, to store it, to treat it and to disseminate it. That’s eminently fixable. If I look at Bord na Móna, our commercial capability, our access to capital markets and our existing involvement in water, I say here is a ready-made commercial structure for a water company.”

D’Arcy says he is very supportive of the Carbon Disclosure Project as it offers Bord na Móna credibility vis-a-vis customers and its vital export markets. “Our new strategy is all about more sustainable business practice and reducing our carbon footprint. We feel we have nothing to hide, we know that we’ve got a carbon footprint in excess of a million tonnes of carbon, but we’ve got a very clear path to get down to half that, and ultimately down to carbon neutrality. The CDP process shows that we are serious about this, that this is not just some gimmick.”

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A Bona Fide Business IssueJim Corbett, Bewley’s Limited

Bewley’s Limited is the largest importer, roaster and supplier of fresh coffee in Ireland and the first coffee company to import Fairtrade-certified coffee into the country in the 1990s. In 2009 it became Ireland’s first fully certified carbon neutral coffee company. Managing director Jim Corbett talks about its progress

For Bewley’s managing director Jim Corbett, sustainability is very much a business issue, and not simply one of corporate social responsibility, so difficult economic times should not deter companies.

“I think if you are going to approach sustainability from a CSR or PR point of view you will probably fail,” he says. “Here at Bewley’s we’ve always approached it as a bona fide business issue – and that doesn’t go away in a recession. Bewley’s approach to sustainability started five or six years ago when it became clear to us that climate change was already affecting producer countries and producer farms in those areas where we purchase tea and coffee.”

“Central America, South America, Africa were already seeing the effects of escalating temperatures, lack of rainfall and changes in climatic conditions. This was in many cases

forcing farms out of production and exacerbating the supply situation for our raw materials.

In looking at what we could do as Bewley’s to improve that, we started examining our entire supply chain from a sustainability point of view and asked how sustainable it would be over the next 10 or 20 years. We became quite concerned at the outcome of our investigations.” As a result, in 2005 the company began to examine how it could reduce its impact on the environment. “The easiest starting point is to simply reduce your energy consumption and that has become easier from a P&L point of view because of the rising costs of electricity and gas,” says Corbett. The company purchases all its energy from renewables company Energia.

“But sustainability is about much more than simply cost-saving. It is about looking at the risk items in your business, at your approach to risk management,” he explains. “If you take a long enough view, the effects of climate change and the effect it will have on consumer behaviour, on your cost structures, you end up having to look very hard at sustainability, and your carbon footprint is an ideal way to measure that.”

“In our case we decided in 2008 to go carbon neutral, and 2009 was our first year of being fully certified as carbon neutral. It’s been quite a journey.” The company has since retained its carbon neutral status through a so-called net zero process. “Once we had reduced our carbon footprint to what was economically feasible for the business, we then purchased carbon offsets to reduce our calculated carbon footprint to a net zero position,” says Corbett. “It is not something everybody may choose to do, but it does sharpen our focus as a business in terms of measurement of the impact our business is having, and it has changed the way we look at business processes and investment opportunities. We now look at them also in the context of what it will do to our carbon footprint.”

“We have gone through a journey in relation to carbon offsets. In 2009 we invested in a fir tree plantation in Norway, but on reviewing that after the first year we felt that the Norwegians probably didn’t need our money. So we looked harder in 2010 for projects which would be closer to our own supply chain. In 2010 our offsets were purchased from a hydroelectric scheme in Peru and a wind farm project in Nicaragua – well-known coffee producing countries. We felt it was important that money we were spending on purchasing offsets would actually be going into economies where it would benefit our supply chain.”

In 2011, Bewley’s moved even closer to the ground and this year’s tranche of offsets is being purchased directly from a coffee cooperative in Peru which has a new carbon fix rated reforestation project. “Again, we’re buying coffee from this cooperative and paying the money for the carbon offset, so we see that as closing the loop fully in relation to Bewley’s obligations to its supply chain.”

Bewley’s put itself forward to take part in the Carbon Disclosure Project. “It has been very interesting for us because it allows us to benchmark what we’re doing against other companies,” says Corbett. ”You do get a better understanding of how companies are thinking about this, and in my experience very few companies are doing this because they have to. I think most companies who have gone into this process find that it actually gives them a net positive result on the bottom line. So it is a business positive activity, and engaging with other managers in the same thought space, through the CDP, brings us new ideas and new thinking.”

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The purpose of this section of the report is to assist readers and users to understand some of the finer details of this report and to explain certain definitions.

Process

The compilation of the Irish CDP report for 2011 followed a similar, but refined process as previous years. The top 40 ISEQ listed companies (based on market capitalisation, and referred to as ‘ISEQ 40’), together with the largest organisations in Ireland involved in the EU Emissions Trading Scheme (‘EU-ETS’) and other companies which are neither part of the ISEQ 40 nor the EU-ETS (referred to as ‘Other Respondents’) were invited to participate in responding to the CDP questionnaire.

The questionnaire has been developed by CDP a global organisation based in London and is identical for every participant. KPMG in Dublin have prepared reports on the project in Ireland since its launch in 2008, and applies a consistent methodology, provided by CDP, to review and score participant responses and collate the information for this report.

Structure of Report

This report provides information on four principal areas: 1. Risks and opportunities -

Analysis to provide investors and stakeholders with information that enables them to better understand managements’ view of the risks and opportunities of climate change to business;

2. Greenhouse Gas (GHG) Emissions Data - Analysis of the accounting and disclosure levels by organisations in relation to their GHG emissions;

3. Disclosure and Performance - Analysis of the strategies management has in place to mitigate and adapt to climate change and their disclosure of such strategies. In particular with regard to emission reduction plans and actions; and

4. Governance - Analysis of the extent to which climate change has been embedded within the governance framework.

Reporting for Emissions: GHG Accounting

The measurement of emissions is critical to allow organisations an insight into how to effectively manage their effects on climate change.

CDP advocates that companies use the GHG Protocol when accounting for and measuring GHG emissions. Use of the same methodology increases the consistency and transparency of this information, allowing comparison between companies in similar industries. Standardisation at a global scale is of key importance in relation to GHG emissions measurement, reporting and comparison.

Organisations that have a sound understanding of their emission and GHG levels and usage, throughout the value chain, are usually better placed to identify the risks and opportunities afforded by such emissions.

Respondents are asked to report on the three emissions types: Scope 1, Scope 2 and Scope 3 defined according to the United Nations Greenhouse Gas Protocol4:

Additional Understanding

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10. Additional Understanding

Scope 1: Direct GHG EmissionsScope 1 emissions are direct GHG emissions occurring from sources that are owned or controlled by the company. Such emissions can include e.g. emissions from combustion in owned or controlled boilers, furnaces, vehicles, or emissions from chemical production in owned or controlled process equipment.

Scope 2: Electricity; Indirect GHG EmissionsScope 2 refers to indirect GHG emissions arising from the generation of purchased electricity consumed by the company. Purchased electricity is defined as electricity that is purchased or otherwise brought into the organisational boundary of the company. Scope 2 emissions physically occur at the facility where electricity is generated.

Scope 3: Other Indirect GHG EmissionsScope 3 emissions are a result of the activities of the company, but occur from sources not owned or controlled by the company. Examples of Scope 3 activities are extraction and production of purchased materials; transportation of purchased fuels; and use of sold products and services.

Scope 3 emissions are inherently harder to measure and quantify than Scope 1 and Scope 2 emissions and so the GHG Protocol regards these as a voluntary reporting category with importance placed on understanding these emissions more than accurately measuring them.

EU Emissions Trading Scheme History

The European Union Emission Trading System (EU-ETS) is the world’s largest multi-country, multi-sector greenhouse gas emission trading system and has been operating since 2005. It was set up to implement the principles established under the Kyoto agreement and to permit the EU and its member states to both fulfil their Kyoto obligations and to set a global example. In 2008, 30% of Ireland’s total GHG emissions came from companies participating in the EU Emissions Trading Scheme (EU-ETS). A total of 20.4 million tonnes of emissions were released by these EU-ETS category Irish companies in 2008. Significantly, only ten companies were responsible for approximately 95% of these emissions, and as such these companies constitute the largest emitters of CO2 and other greenhouse gases in Ireland.

A significant number of Ireland’s largest participants in the EU ETS are state-owned or privately owned. Out of the eleven invited by CDP to take part, only CRH is listed on the ISEQ. Two subsidiaries of foreign corporations (Conoco Phillips and Endesa) respond to CDP elsewhere via their parent corporations.

Verification

CDP is committed to increasing the level of verification of emissions disclosures in order to improve the quality of the information submitted by companies globally. In turn, this will build trust in carbon reporting and lead to an increase in the use of the data in analysis and decision making. Key drivers for verification include the increasing market demand from investors, customers, regulators, non-governmental organisations and other stakeholders for assured and reliable climate data.

Improved internal management processes that can be harnessed for competitive advantage is a key benefit of verification. In order to support this drive, CDP rewards verification highly in both disclosure and performance scoring.

Verification Levels in 2011In 2011, a number of criteria were introduced to determine what is accepted as verification within CDP’s scoring methodology. It requires that a verification statement:

1. Is related to the relevant emission scope;

2. Clearly states the type of verification that has been given and the verification standard used;

3. Covers the current reporting year; and

4. Is undertaken by an independent third party.

What is CDP Doing to Support Reporting Companies?For 2012, CDP is providing further clarity on what constitutes an acceptable verification and has launched a verification white paper and consultation on a verification roadmap (2013-2018) aiming to encourage more companies to verify their climate data. Visit http://www.cdproject.net/verification to find out more.4 GHG Protocol: A Corporate Accounting and Reporting Standard (Revised Edition) available at www.ghgprotocol.org

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Carbon Disclosure Project 2011

34

This table outlines some of the key findings from responses around the globe to CDP 2011, by geography or industry sub-set.2

Key Trends Indicators

Sample: geography/number of companies

Asi

a ex

-JIC

K 1

70*4

Aus

tral

ia 2

00

Ben

elux

150

**

Bra

zil 8

0

Can

ada

200

Cen

tral

& E

aste

rn E

uro

pe

100

Chi

na 1

00

Em

erg

ing

Mar

kets

800

Eur

op

e 30

0

FTS

E A

ll-W

orl

d 8

00

Fran

ce 2

50

Ger

man

y an

d A

ustr

ia 2

50 *

Glo

bal

500

Glo

bal

Ele

ctri

c U

tilit

ies

250

Glo

bal

Tra

nsp

ort

100

Iber

ia 1

25

% of sample answering CDP 20113 26 50 35 67 54 22 11 36 91 80 35 51 81 39 49 40

Number of companies answering CDP 20113

45 101 52 53 108 22 11 287 272 625 87 128 405 98 49 50

Gov

erna

nce % of responders with Board or other

executive level responsibility for climate change

65 76 79 78 57 33 64 71 85 72 77 63 73 78 69 79

% of responders with incentives for the management of climate change issues

49 53 60 46 44 25 82 55 70 71 63 38 72 62 69 56

Str

ateg

y

% of responders with climate change integrated into their business strategy

84 84 89 80 73 50 73 79 92 89 88 69 90 93 88 96

% of responders engaging policymakers on climate issues to encourage mitigation or adaptation

67 75 79 70 63 17 36 67 84 81 76 54 84 91 84 71

Targ

ets

& In

itiat

ives

% of responders with emissions reduction targets

67 46 68 30 34 50 27 55 81 77 69 48 76 62 73 65

% of responders with absolute emissions reduction targets

42 26 40 26 16 25 9 32 42 45 33 28 44 41 33 31

% of responders with in the reporting year 91 89 91 83 88 50 82 83 97 95 95 73 97 87 94 94

% of responders indicating that their products and services directly help third parties to avoid GHG emissions

63 60 66 59 54 25 45 54 69 70 65 62 70 80 59 79

Ris

ks &

O

pp

ortu

nitie

s % of responders seeing regulatory risks 77 82 77 76 67 50 55 77 80 76 81 55 79 94 86 85

% of responders seeing regulatory opportunities

77 76 83 83 69 50 55 76 88 79 88 67 81 91 80 88

Em

issi

ons

Dat

a

% of responders whose absolute emissions (Scope 1 & 2) have decreased compared to last year due to emissions reduction activities

30 28 47 11 29 33 9 31 48 46 35 19 48 23 33 52

% of responders independently verifying any portion of Scope 1 emissions data6

47 45 70 43 34 33 9 48 74 62 64 40 67 68 61 77

% of responders independently verifying any portion of Scope 2 emissions data6

51 45 66 41 21 25 0 47 69 58 53 34 61 34 53 73

Appendix 1: Global Key Trends Summary 1

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11. Appendix 1: Global Key Trends Summary

Sample: geography/number of companies

Key Trends IndicatorsInd

ia 2

00

Irel

and

40

Ital

y 10

0*

Jap

an 5

00

Ko

rea

200

Lati

n A

mer

ica

50

New

Zea

land

50

No

rdic

260

*

Rus

sia

50

So

uth

Afr

ica

100

Sw

itze

rlan

d 1

00

Turk

ey 1

00

UK

FT

SE

350

US

S&

P 5

00

Ove

rall5

28 48 34 41 47 58 42 55 8 83 59 17 69 68 N/A % of sample answering CDP 20113

56 19 34 205 94 29 21 143 4 83 59 17 240 340 2057 Number of companies answering CDP 20113

78 68 59 91 62 73 60 65 67 90 69 60 93 49 68 % of responders with Board or other executive level responsibility for climate change

Gov

erna

nce

49 47 47 71 55 32 45 46 33 55 37 67 65 63 55 % of responders with incentives for the management of climate change issues

87 68 81 88 74 73 70 87 33 77 75 73 80 78 79 % of responders with climate change integrated into their business strategy

Str

ateg

y

73 53 66 77 65 68 45 73 33 77 61 47 73 70 68 % of responders engaging policymakers on climate issues to encourage mitigation or adaptation

49 47 66 94 57 32 50 67 33 51 58 33 66 65 60 % of responders with emissions reduction targets

Targ

ets

& In

itiat

ives

7 26 47 69 33 23 35 32 33 26 24 33 32 40 36 % of responders with absolute emissions reduction targets

91 89 91 94 59 86 70 89 67 94 88 73 93 90 87 % of responders with active emissions reduction initiatives in the reporting year

56 32 59 72 53 59 40 73 67 54 61 53 56 60 59 % of responders indicating that their products and services directly help third parties to avoid GHG emissions

76 68 75 90 70 73 70 77 33 96 58 73 80 63 73 % of responders seeing regulatory risks

Ris

ks &

O

pp

ortu

nitie

s

87 58 78 82 63 73 50 80 67 91 68 80 77 63 73 % of responders seeing regulatory opportunities

18 32 41 40 40 9 25 39 33 40 31 33 40 38 33 % of responders whose absolute emissions (Scope 1 & 2) have decreased compared to last year due to emissions reduction activities

Em

issi

ons

Dat

a

40 63 72 35 53 59 40 51 33 49 39 33 49 42 45 % of responders independently verifying any portion of Scope 1 emissions data6

42 53 59 37 54 50 40 43 0 50 37 27 46 37 40 % of responders independently verifying any portion of Scope 2 emissions data6

1. The key trends table provides a snapshot of response trends based on headline data. That is, responses given to main questions without assessment of detailed explanations in follow up questions. The numbers in this table are based on the online responses submitted to CDP as of 7 September 2011. They may therefore differ from numbers in the rest of the report which are based on the number of companies which responded by the applicable local deadline (e.g. 30 June 2011). Please refer to the CDP website and the local reports for an updated version of this table.

2. In some cases, the number of companies in a sample may differ slightly from the named sample size due to takeovers, mergers, acquisitions and duplicate share listings.

3. Includes offline responses to the CDP 2011 questionnaire and indirect answers submitted by parent companies. All other key trend indicators are based on direct and online company responses only.

4. Asia excluding Japan, India, China and Korea (ex-JICK).

5. Includes responses across all samples as well as responses submitted by companies not included in specific geographic or industry samples in 2011.

6. This takes into account companies reporting that data verification is either complete of underway.

* Denotes change in number of companies in sample compared to previous year.

**Denotes new sample for 2011.

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Appendix 2: Irish Companies in CDP 2011and their Response Status

Industry sector 2011 Response 2010 2009 publiclyISEQ 40 available Abbey plc Building No response Aer Lingus Group plc Transportation Answered No Answered Allied Irish Banks plc Banks - Europe Answered No Answered AnsweredAryzta plc Food Products No response Bank of Ireland Banks - UK & Ireland Answered No Answered AnsweredC&C Group plc Beverages & Tobacco Answered No Answered AnsweredCPL Resources plc Commercial & Professional Services No response CRH plc Materials Answered Yes Answered AnsweredDCC plc Support Services Answered Yes Answered AnsweredDiageo plc Beverages & Tobacco Answered Yes Answered AnsweredDragon Oil plc Oil & Gas Exploration and Production No response Elan Corporation plc Pharmaceuticals Answered No FBD Holdings plc Insurance - UK & Ireland Answered No Answered First Derivatives plc Computer Related Services No response Fyffes plc Food Products No response Glanbia plc Food Products No response Grafton Group plc Building Products Declined Greencore Group plc Food Products Answered No Answered Icon plc Pharmaceuticals No response IFG Group plc Financial Services No response Independent News & Media plc Media & Photography Answered No Answered Irish Continental Group plc Transportation No response Irish Life & Permanent plc Insurance - UK & Ireland Declined Answered AnsweredKenmare Resouces plc Metals & Mining No response Kerry Group plc Food Products Answered No Answered Kingspan Group plc Building Products No response Answered Merrion Pharmaceuticals plc Pharmaceuticals No response Norkom Group plc Software Answered Yes Answered Origin Enterprises plc Food Products No response Paddy Power plc Leisure Entertainment & Hotels Answered No Answered AnsweredPetroceltic International plc Oil & Gas exploration and production No response Petroneft International plc Oil & Gas exploration and production No response Providence Resources plc Metals & Mining No response Ryanair Holdings plc Airlines No response Smurfit Kappa Group plc Paper & Forest Products Answered Yes Answered AnsweredTesco plc Food & Drug retailling Answered Yes Answered AnsweredTotal Produce plc Food Products Declined Tullow Oil plc Oil & Gas exploration and production Answered Yes Answered AnsweredUnited Drug plc Pharmaceuticals Answered No Answered UTV Media plc Broadcasting & Cable TV Answered Yes Answered AnsweredIreland’s largest participants in the EU-ETS Aughinish Alumina Refining Limited Metals & Mining Answered No Answered AnsweredBord Gais Eireann Electric Utilities - International Answered Yes Answered Bord na Móna plc Electric Utilities - International Answered Yes Answered ConocoPhillips (via the parent company) Integrated Oil & Gas Answered Yes Answered AnsweredCRH plc Materials Answered Yes Answered AnsweredEndesa Ireland (via the parent company) Electric Utilities - International Answered Yes Answered AnsweredESB Limited Electric Utilities - International Answered Yes Answered AnsweredLagan Group Limited Building Materials Answered Yes Quinn Group Limited Building Materials No response Tynagh Energy Limited Electric Utilities - International No response Viridian Group Limited Electric Utilities - International No response Other Irish responding corporations Anglo Irish Bank Corporation Limited Banks - UK & Ireland Answered No Answered Bewleys Limited Food Products Answered No Answered Ecocem Materials Limited Building Materials Answered Yes Answered Nootrol Limited Software Answered Yes NTR plc Electric Utilities- International Answered Yes SKM Enviros (Ireland) Limited Consulting & other services Answered No Railway Procurement Agency State agency Answered Yes Multinational businesses registered in Ireland Accenture plc IT Consulting & other services Answered Answered AnsweredCovidien plc Surgical & Medical Instrument Manufacturing Answered Answered Experian Inc. Services Answered Answered AnsweredShire plc Pharmaceuticals Answered Answered Answered

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Notes

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Carbon Disclosure Project 2011

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Advisor and Report Writer

Principal Sponsor

In addition, CDP Ireland has been made possible through the generous funding and support of

This report is printed on revive 50:50 Silk - a recycled paper containing 50% recycled waste and 50% virgin fibre and manufactured at a mill certified with ISO 14001 environmental management standard.

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© 2011 KPMG, an Irish partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

The contents of this report may be used by anyone providing acknowledgement is given to Carbon Disclosure Project (CDP). This does not represent a license to repackage or resell any of the data reported to CDP and presented in this report. If you intend to do this, you need to obtain express permission from CDP before doing so.

KPMG and CDP prepared the data and analysis in this report based on responses to the 2011 CDP information request. KPMG and CDP do not guarantee the accuracy or completeness of this information. KPMG and CDP make no representation or warranty, express or implied, and accept no liability concerning the fairness, accuracy, or completeness of the information and opinions contained herein or for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. You should not act upon the information contained in this publication without obtaining specific professional advice. All information and views expressed herein by CDP and KMPG are based on their judgement at the time of this report and are subject to change without notice due to economic, political, industry and firm specific factors. Guest commentaries where included in this report reflect the views of their respective authors; their inclusion is not an endorsement of them.

KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Produced by: KPMG’s Creative Services. Publication Date: October 2011. (101683)

‘Carbon Disclosure Project’ and ‘CDP’ refers to Carbon Disclosure Project, a United Kingdom company limited by guarantee, registered as a United Kingdom charity number 1122330.

© 2011 Carbon Disclosure Project. All rights reserved.

CDP Contacts

KPMG Contacts

CDP Board of Trustees

Dick BuddenIreland [email protected]

Dunsany, County MeathTel: +353 (0) 46 902 6239

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Chairman: Alan Brown Schroders

Jeremy SmithBerkeley Energy

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Frances Way Program Director

James CameronClimate Change Capital

Takejiro Sueyoshi

Marcus NortonHead Investor CDP andCDP Water Disclosure

Daniel TurnerHead of Disclosure

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Tessa TennantThe Ice Organisation

Carbon Disclosure Project40 Bowling Green LaneLondon, EC1R 0NEUnited KingdomTel: +44 (0) 20 7970 5660Fax: +44 (0) 20 7691 [email protected]

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