Santander, BBVA and APG join Carbon Disclosure Project call
European financial giants Banco Santander, BBVA and APG have become the latest signatories to join the Carbon Disclosure Project (CDP) call for cost-effective greenhouse gas (GHG) emission reductions.
As part of the 'Carbon Action' initiative, which aims to "accelerate company action on carbon reduction activities which deliver a satisfactory return on investment", letters have been sent to more than 400 of the world's largest public companies urging them to implement carbon emissions reduction strategies and cost-effective management.
It also ties in with the CDP's, annual request, since 2002, for greater transparency around greenhouse gas emissions, climate change strategies and water use.
According to the CDP, support for its Carbon Action initiative has more than doubled since it launched in April last year, with investors worth more than $10 trillion now signed up to the plan.
CDP ceo Paul Simpson, said that institutional investors "increasingly recognise that companies in their portfolios can reduce emissions while generating efficiencies", adding that companies that "capitalise on financial savings as a result of carbon reductions are well placed to improve their competitive position in the marketplace."
Banking and financial services group Rabobank, investment management companies AXA IM and Aviva Investors, are among the 31 organisations which became signatories last year and have continued to support the initiative.
In addition to new European signatories, the project has also gained a significant number of new signatories in Australia, which also passed a Clean Energy Act in November last year.
Banco Santander chairman Emilio Botín said that Banco Santander joined the scheme as a result of its "strong commitment with the environment and climate change".
He added: "The bank is making significant progress by measuring and reducing its main consumption inputs and CO2 emissions, as well as by integrating social and environmental criteria into the credit analysis processes."