A $10tn (£7.9tn) investor alliance has accused more than 700 companies, including Amazon, Tesco and ExxonMobil, of failing to reveal the full extent of their impact on the climate crisis, water shortages and deforestation.
The major global companies, with a combined worth ofmore than $15tn, lack transparency over their effect on the environment, according to the intervention by some of the world’s biggest financial names.
Campaign platform CDP has brought together a record number of investors, including banking giants HSBC and Investec, to demand companies reveal data on the environmental cost of how they do business.
The group said it was targeting 707 companies because of their “high environmental impact and lack of transparency” to date. The list includes the world’s largest fossil fuel companies such as BP and ExxonMobil as well as palm oil giant Genting Plantations and UK high street brands including Tesco, Ocado, WH Smith, Marks & Spencer and JD Wetherspoon.
The CDP said 546 companies were being targeted to disclose information on the climate crisis, 166 on water security and 115 on deforestation. More than 7,000 companies already disclose their environmental impact through the CDP platform.
The US is home to the highest number of companies named in the campaign, accounting for a fifth of the list, followed by Australia at 16%. UK companies make up 3.5% of the companies named and include constituents of the FTSE 100.
Many of the companies on the list report on their environmental impact in their own sustainability reports but the CDP claims this is insufficient because their reports do not use standardised data. This makes it difficult to compare company performances on the environment, according to CDP.
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