En ny rapport fra Lazard’s Climate Center konkluderer, at investorer ikke straffer virksomheder med høje emissioner, såfremt selskaberne frivilligt rapporterer om deres emissioner. Rapporten, der er baseret på data fra Russell 3000 selskaber, konkluderer også, at 72 % af de undersøgte virksomheder er bagud med deres klimamål.
Uddrag fra rapporten: “We find that disclosing Scope 1 emissions offsets a portion of the valuation discount. The same firm is expected to have a 0.6% higher P/E value as a result of disclosure, meaning that the increased transparency was able to offset 48% of the P/E discount tied to emissions.”
Rapporten konkluderer også:
- Corporate messaging on climate-related topics has seen steady growth from 2011 to 2020, with firms increasingly disclosing emissions (+174% in Scope 1 disclosure), pledging to decarbonize their operations (+105% in CDP commitments) and communicating on climate risks and goals in soft information channels such as earnings calls (+67% in earnings call management section mentions, +75% in Q&A section mentions)
- Positive climate sentiment during the investor Q&A section of earnings calls can also significantly offset the carbon valuation discount, but commitments are shown to have an insignificant impact on valuation
- Initiating a CDP pledge has no statistically significant correlation with future emissions levels, though firms that have signed SBTi commitments, on average, have 21% lower emissions the following year than those which have not.
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