Corporate Disclosure
Key changes for 2024: Part II
March 2024

Contents

03 Introduction
04 Key changes for 2024
10 ‘Integrated’ or ‘cross-thematic content’ - key changes
13

Module 1: Introduction

14

Module 2: Identification, assessment & management ofdependencies, impacts, risks & opportunities

16

Module 3: Disclosure of risks & opportunities

18

Module 4: Governance

20

Module 5: Business strategy

25

Module 6: Environmental Performance - Consolidation approach

26 Theme-specific content - key changes
28

Module 7: Environmental Performance - Climate change

29

Module 8: Environmental Performance - Forests

32

Module 9: Environmental Performance - Water security

33

Module 10: Environmental Performance - Plastics

33

Module 11: Environmental Performance - Biodiversity

34

Module 12: Environmental Performance - Financial services

35 Key changes to CDP's scoring framework
41 SME questionnaire
46 Appendix A: Questionnaire set-up flow and theme assignment
48 Appendix B: 2024 proposed corporate questionnaire structure
breakdown2Introduction

This document highlights some of the key changes to CDP’s
disclosure framework and questionnaire, providing further detailfollowing our initial communication in February.
The content outlined in this document does not represent all of the
proposed changes for 2024 but will enable responding organizations
and data users to understand and prepare for 2024 disclosure.
It is important to note that the content outlined is in draft form andsome minor changes may occur as we finalize the questionnaire.
The final versions of CDP’s 2024 corporate questionnaires, both fulland SME, will be available on the CDP website at the end of April.

Background: disclosure to unlock environmental action
Disclosure is the cornerstone of action. Nearly 25 years after CDP
pioneered environmental disclosure, this is recognized by corporates,
capital markets, municipalities, governments, and scientists alike.
Disclosing actionable data is essential for increasing access tocapital, value chain competitiveness, and complying with market andregulatory asks. With impacts from climate change and nature loss
already here, every organization must be guided by data to understandthe risks they face and opportunities to seize - and act if they are to
thrive.
With the stakes higher than ever, the use cases for disclosure data are
only increasing. Most major economies are introducing mandatoryenvironmental disclosure, as new frameworks and standards enter themarket.
In 2024, we’re making exciting changes to our corporate
questionnaire and disclosure portal to further streamline reportingfor organizations and generate the most comparable, comprehensive,decision-useful data.

3

Key changes for 2024

1

Key changes for 2024

CDP’s 2024 corporate questionnaire builds on last year’s climatechange, forests and water security questionnaires. There remains
continuity across a majority of datapoints and the number of overall
questions presented to an organization has been reduced in 2024 byintroducing a more streamlined approach. The majority of changes
organizations will experience are structural, as a result of integrating
the corporate questionnaires, or due to increased alignment withdisclosure frameworks and standards.

Key changes
One corporate questionnaire,
integrated across all environmental
topicsBenefits for disclosing organizations
Replacing three separate questionnaires with a single, integrated one.
All disclosing companies can access plastic and biodiversity questions.
Companies reporting across several environmental issues can:^^^Increased alignment with market andregulatory disclosure standards.
Alignment with IFRS 2
climate disclosure standard,
increased alignment with TNFD
recommendations and European
Sustainability Reporting Standards(ESRS).
New, dedicated questionnaire for
SMEs

Provide holistic, comparable environmental data to global capital markets andprocurement teams.
Better assess environmental risks, impacts and opportunities in operations,
supply chain, and financial decisions.
Benefit from streamlined reporting, limiting duplication on core questions e.g.
governance, strategy.

Supporting organizations on their path to market and regulatory compliance.
Disclose once and have data used many times by stakeholders and the market.

With fewer questions, a simplified format and enhanced guidance, CDP’s climatefocused SME questionnaire is well matched to the resources of SMEs.
A tailored approach to focus your attention, build capacity and act.

Specialist performance modules onpriority environmental topics

No one size-fits all approach. Environmental performance modules will remain
theme or sector specific and be presented as is relevant to the disclosing
organization.

Inclusion of emerging best practicestemming from alignment with key
market and regulatory standards

Get ahead of future market and regulatory demands.
Gain competitive advantage in the global market.
Access decision-useful data to manage and reduce environmental impacts.

5One corporate questionnaire enabling the most holistic,
impactful environmental disclosure
Replacing the separate questionnaires focused on climate change,
forests and water security with a single integrated questionnaire,
CDP will empower organizations to better assess the environmental
risks, impacts and opportunities in their operations, supply chain,and financial decisions. Streamlining reporting, we’ll ask the rightquestions, to the right organizations, in the right way, without
duplication. All corporate disclosers will now be able to respond toquestions on biodiversity and plastics, ensuring every company has
the opportunity to report across the environmental themes increasingly
required by capital markets and regulators.
This integrated approach to climate and nature will be critical toprogress the holistic environmental action the world needs. And it will
ensure that global capital markets, procurement teams and the data
ecosystem that relies on CDP have the most comparable, decisionuseful environmental data, while preparing organizations to prepareand comply with incoming market and regulatory requirements.

Alignment with disclosure frameworks and standards
CDP is supporting organizations to navigate the rapidly evolving
disclosure landscape, by aligning with the world’s most relevant
frameworks and standards, bringing them together in one
questionnaire. CDP turns standards into questions and datapoints
to be answered and actioned, sharing this high-quality data back to
stakeholders and the market in one dataset.
From 2024, CDP disclosure will be aligned with the ISSB climate
standard (IFRS S2), allowing organizations to disclose ISSB-aligned
data directly to their stakeholders and the wider market. Disclosure
through CDP enables IFRS S2 disclosure data to be written once – butread and used many times by stakeholders across the global economy.
Where CDP questions are related to requirements of the IFRS
S2 standard, these will be referenced under ‘Connection to otherframeworks’. Mapping will soon be published with more detailed
cross-references between CDP questions and sections of the IFRS S2.
Together with the disclosed dataset, CDP’s questionnaire and tagged
questions provides an effective tool to support companies on theirpath to compliance.
6

The 2024 questionnaire is also partially aligned with theEuropean Sustainability Reporting Standards (ESRS) and TNFD
recommendations. Increased alignment with disclosure standards
frameworks was a key driver for the changes to CDP’s corporate
questionnaire in 2024 and to frame corporate ambition. The
questionnaire is also well aligned with the United States SEC’s climate
disclosure rule.

An approach tailored for your organization
CDP is excited to be introducing a dedicated questionnaire for SMEs
in 2024, which makes it easier to understand where SMEs should
focus their attention, build capacity and act. With fewer questions, a
simplified format and enhanced guidance, CDP’s climate-focused SME
questionnaire is well matched to the resources of SMEs.
Financial services will also receive tailored questions, bringing together
the environmental issues of materiality across climate change, forests
and water security in an integrated way for the first time. For financial
services, the questionnaire will streamline reporting and ensure CDP
serves as a critical mechanism to track and show progress against
GFANZ-related commitments and Investor Agenda Climate Action
Plans (ICAPs).
To make all of this possible, CDP has introduced a new, more efficient
disclosure portal. Improved technology will ensure that CDP cancontinue to support the exponential rise in disclosure, generating more
and better data to inform decision-making.

7

Integrated questions will be structured in a number of different ways – two illustrative
examples are provided here.
Example 1
For some topics, companies will be asked to report on all requested themes within a single table,with each theme in a separate row.
Illustrative approach
Q: Does your organization have a process for identifying, assessing, and managing environmental
dependencies, impacts, risks, and opportunities?
Primary reason for nothaving a process

List of options:• Yes• No, but we plan to do so
within the next two years• No, and we do not plan
to do so within the next
two years

List of options:• Important, but not an
immediate priority• Judged to be unimportant,explanation provided• Lack of internal resources/ capabilities• Other, please specify

Text field

List of options:
• Yes
• No

Forests

As above

As above

As above

As above

Water security

As above

As above

As above

As above

Plastics

As above

As above

As above

As above

Biodiversity

As above

As above

As above

As above

Climate change

Explain why you do nothave a process

Indicate whether thisassessment process
accounts for otherenvironmental issues

Indicate whether there
is a process in place

Example 2
In other instances, companies will be able to report information pertaining to multiple
environmental issues within the same row by answering the core question and then identifying
which theme(s) that answer applies to from a drop-down list.
Illustrative approach
Q: Describe where and how environmental risks and opportunities have influenced your strategy.
Have environmental risks and/or opportunities influenced yourstrategy in this area?

Environmental issues relevant to therisks and/or opportunities that haveinfluenced your strategy in this area

Describe how environmental risks
and/or opportunities have influenced
your strategy in this area

List of options - select from:• Yes, risks only
• Yes, opportunities only
• Yes, both risks and opportunities• No• Evaluation in progress• Not evaluated

List of options – select all that apply:• Climate change• Forests• Water

Text field

Supply chain and/or
value chain

As above

As above

As above

Investment in R&D

As above

As above

As above

Operations

As above

As above

As above

Products andservices

8

The integration of CDP’s corporate questionnaire doesn’t mean that allcompanies will have to answer questions on all environmental themes.
Companies responding to the full corporate questionnaire will still beassigned climate change questions and will also be asked questions
on biodiversity and plastics. Questions on water and forests willcontinue to be presented to companies based on how relevant theseissues are to their business and activities.
The relevance of these questions will be assessed using the CDP
Activity Classification System (ACS) methodology, following the sameprocess CDP has used to determine requests to large public companies
for the last decade. For an overview of the CDP’s questionnaire set-up,
please refer to Appendix A at the end of this document.

‘Integrated’ or ‘crossthematic content’:
key changes

2‘Integrated’ or ‘cross-thematic
content’: key changes

The content of the following questionnaire modules has been
integrated in 2024. For an overview of the proposed 2024 corporate
questionnaire structure, see Appendix B at the end of this document.
To jump to key changes on a specific module, click on the module
name in the below table.

Summary of cross-thematic questionnaire modules reviewed

1

2

3

Introduction

Identification,assessment &management ofdependencies,
impacts, risks,and opportunities

Disclosure of risks
and opportunities

The introduction module
provides context to the rest of
a company’s disclosure.

Short-, medium-, and longterm time horizons are defined
here and apply throughout acompany’s disclosure (e.g.
relating to risks and businessstrategy).

This module covers acompany’s exposure toenvironmental risks andopportunities. Organizations
will report details on each risk/
opportunity that could havea substantive effect on theirbusiness as well as summary
figures on their overall risk/
opportunity exposure.
This module also includes
disclosure of risks which havealready materialized, with afocus on regulatory violations &compliance.

Organizations report theiridentification, assessment,
and management processes
relating to environmental
dependencies, impacts, risks,and opportunities.
Reporting on priority locations
includes where a company
operates in sensitive locations
and other locations where
the company has substantive
dependencies, impacts, risks,or opportunities.
11

4

5

6

GovernanceBusiness strategy

Environmental
performance:
consolidation
approachThis module covers thegovernance structures inplace for accountability andresponsibility of environmental
issues in the board and senior
management.

Information on the businessstrategy or transition planan organization has in place
to align with a net-zero,water secure, deforestation/
conversion free future. This
includes how the developmentof the plan/strategy has been
influenced by environmental
risks & opportunities and how it
has been informed by strategic
tools such as scenario analysis
and internal carbon/water
pricing. Companies report how
they are aligning finances with
their plan/strategy.

Consolidation approach used
to report on environmental
information.

Information provided on
environmental policies,
public commitments,
public policy engagement,
and communication ofenvironmental information
outside a company’s CDP
response.

This module also includes howorganizations are engaging
with stakeholders acrosstheir value chain to addressenvironmental issues.
12Module 1: Introduction

Data reported in the introduction module provides context for the
rest of an organization’s disclosure. This includes the reporting
year, reporting boundary, and currency that will be applied across all
modules of the questionnaire.

Key changes for 2024
Reporting boundaries: Organizations will be able to indicate whether
they are reporting using the same reporting boundary as for theirfinancial statements. Details on the consolidation approach used toconsolidate environmental performance data (e.g. GHG emissions) will
now be asked in Module 6.
Value chain mapping: Organizations will be asked to demonstrate
their understanding of the various actors in their value chain andinterconnections between them to effectively identify, assess andmanage their environmental dependencies, impacts, risks andopportunities. Previously, this information was exclusively gathered
through the forests questionnaire, but is now being collected for allenvironmental issues.

13Module 2: Identification,assessment and managementof dependencies, impacts,
risks and opportunities
This module establishes whether the organization has a process for
identifying, assessing, and managing environmental issues so that data
users may gauge the organization’s awareness of its environmental
dependencies, impacts, risks, and opportunities across its direct
operations, value chain, financed activities, and assets.

Key changes for 2024
The ‘Identification, Assessment and Management of Dependencies,
Impacts, Risks and Opportunities’ is one of the key modules withseveral new questions. Changes in this module have largely been driven
by increased alignment with the TNFD recommendations.
Time horizons
This is a new question linked to the water, forests, and biodiversity
themes but is not new to climate change responders. Organizations
should define their short, medium, and long-term time horizons inrelation to their identification, assessment and management ofdependencies, impacts, risks, and opportunities, and how this informs
their business strategy and financial planning.
Process for the identification, assessment, and management ofdependencies and/or impacts
This is a new question for all organizations, who are asked to disclose
if they have a process for identifying, assessing, and managing
dependencies and impacts, and to explain the reasons if a process is
not in place.
The TNFD defines dependencies as ecosystem services that anorganization relies on for their business processes to function, suchas a clean and regular water supply. Organizations also have impacts
on the environment that may be positive or negative. Short-term
impacts on nature can result in changes in the environment, which inturn create medium- and long-term risks for organizations, given theirdependencies. In short, today’s nature impacts can create tomorrow’snature-related risks and opportunities (adapted from TNFD, 2023).
Details of the process for the identification, assessment andmanagement of dependencies, impacts, risks and/or opportunities
The main change in relation to these questions is that organizations
14

will be asked for the details of their assessment process regarding
environmental dependencies and impacts. Previously companies
had been asked only about their assessment processes relating toenvironmental risks and opportunities.
Organizations will be able to disclose a single holistic process that
includes all environmental dependencies, impacts, risks and/or
opportunities. Alternatively, an organization can disclose separate
processes for each environmental dependencies, impacts, risks and/or opportunities. For example, if the process differs between theirassessment of nature-related dependencies and impacts and theirclimate-related risks and opportunities, these can be reported inseparate rows.
For climate, organizations are asked more specific questions, forexample tools used in the assessment, with dropdown options to allow
for easier analysis. They will no longer be asked to provide a written
explanation of the risk types considered in the assessment as thesecan be selected from a dropdown option.
For water, organizations are no longer asked to explain their rationale
for each step of the assessment process.
Assessment of the interconnections of environmental dependencies,
impacts, risks and/or opportunities (new)Organizations are asked to consider all environmental issues holisticallyand determine where companies are at with assessing the trade-offs,
synergies, and linkages between environmental issues.
Priority locations: (requested for disclosure to forests, water andbiodiversity) Organizations will be asked if they have identified priority
locations based on sensitivity of the location (e.g., areas importantfor biodiversity or with limited water availability), and where theorganization has substantive dependencies and impacts. Organizations
are asked in which stages of their value chain priority locations havebeen identified.
Definition of substantive effects on an organization:
Organizations will be asked to provide quantitative figures, such as
thresholds, indicating how the organization defines substantive effects
on the business in the context of risks and opportunities.
15

Module 3: Disclosure of risks
and opportunities

Disclosure of risks and opportunities was previously requested in eachof CDP’s three questionnaires and much of the content in this module
will be familiar to responders. Changes in this module have largely
been made to facilitate reporting in alignment with the IFRS S2, ESRS,
and TNFD. Responders will be able to provide details on the risks andopportunities they have identified as having anticipated substantive
effects on the organization, including those which have had aneffect in the reporting year. Additionally, new questions have been
included where responders will be able to indicate their vulnerability tophysical and transition environmental risks and their alignment withenvironmental opportunities.
From 2024, some questions that sat within other modules in previous
years have been included in this module, as these relate to further
details on key risks that may have affected an organization in thereporting year. Organizations responding on water issues will be
asked to provide the number and proportion of facilities exposed towater-related risk. Responders will also be requested to detail any
water or biodiversity-related fines received in the reporting year. For
organizations responding on climate change, questions on carbon
pricing regulations affecting their organization now sit within thismodule.

Key changes for 2024
Risk disclosure
Organizations will be asked to indicate whether they have identified
any risks which are anticipated to have substantive effects on
the organization or have already had a substantive effect on theorganization in the reporting year. If they have identified risks with
substantive effects, they will be requested to disclose these risks.
For each risk disclosed, responders should include details that will
help data users to understand and categorize the risk, and either
quantitatively or qualitatively describe the financial effects of the risk
under each of the time horizons over which the risk is anticipated toaffect the organization.
A new question is added where responders can quantify thevulnerability of their assets and business activities to the substantive
effects of environmental risks through providing the amount andproportion of their relevant financial metrics vulnerable to physical andtransition risks. Additionally, they will be able to indicate how they are16

responding to risks by providing the amount of their CAPEX deployed
towards risks in the reporting year.
Opportunity disclosure
The changes to the questions on opportunities largely mirror thechanges to those on risks. Organizations will be asked to indicate
whether they have identified any opportunities which are anticipatedto have substantive effects on the organization or have already had
a substantive effect on the organization in the reporting year. If they
have identified opportunities with substantive effects, they will be
requested to disclose these opportunities. For each opportunity
disclosed, responders should include details that will help data users
to understand and categorize the opportunity, and either quantitatively
or qualitatively describe the financial effects of the opportunity undereach of the time horizons over which the opportunity is anticipated toaffect the organization.
A new question has been added where responders can quantify theiralignment to environmental opportunities by providing the amount andproportion of their relevant financial metrics in alignment.

17Module 4: Governance

The information requested on corporate governance of environmental
dependencies, impacts, risks, and opportunities has been strengthened
with respect to the requirements of the IFRS S2, ESRS and TNFD.
This module addresses whether the organization has a governancestructure and process which will enable effective and timely action on
their environmental dependencies, impacts, risks, and opportunities,
and whether environmental issues are integrated into corporate
policies and incentives.
Questions on external collaboration and public policy engagement
now sit within this module to highlight the importance of effective
governance of external engagement. It is important that boards haveestablished mechanisms to ensure that activities seeking to externallyinfluence policy agendas aligns with the organization’s commitments
and strategic objectives on environmental issues.

Key changes for 2024
Governance structure, oversight & competency on environmental
issuesThere is a new cross-thematic question in this module to determine
whether the organization has a board or an equivalent governing bodyand if so, further details are requested on board composition, board
meeting frequency, and board diversity and inclusion policies.
Organizations with a board will now be asked to identify the positions
on the board with ultimate accountability for environmental issues, andwhether said accountability is documented in policies applicable to theboard. They will also be asked if the board, as a whole, has competency
on environmental issues, and if so, to provide details of how any boardlevel competency on environmental issues is maintained.
Organizations with or without a board will continue to be asked about
management responsibility for environmental issues, but organizations
without a board will now also be asked if there is management-levelcompetency on environmental issues.
Incentives for environmental issues
Organizations will be asked to provide details of monetary incentives
for environmental issues and to disclose the proportion of totalmonetary incentives linked to the management of environmental
18

issues. CDP will no longer request information on non-monetary
incentives.
Environmental policies
Organizations will be asked if they have an environmental policy andprovide further details of the policy such as policy coverage, content,
and public availability. This topic was previously asked in forests andwater security questionnaires but has expanded to climate change.
Financial services disclosers will be asked if their policy framework
includes environmental requirements for clients/investees and/or
exclusion policies related to biodiversity, as well as related to climatechange, forests, and water, and to provide details of any covenants
used in financing agreements to reflect and enforce these policies.
Financial services disclosers will also be asked if their organization
offers a pension scheme that incorporates forests- and water-related
criteria in its holdings, in addition to climate-related criteria.
Public policy engagement
Organizations will now be able to provide details of any engagementwith policy makers, trade associations, or other organizations or
individuals on forests-related policies, laws, or regulation, in addition toclimate- and water-related policies, laws, or regulation.
19

Module 5: Business strategy

This module seeks to determine how the organization’s strategy
has been influenced by risks, opportunities, as well as tools suchas scenario analysis, transition planning and carbon/water pricing.
Additionally, companies should align their CAPEX/OPEX decisions withthose plans/strategy. Organizations will also explain be asked how they
are engaging on environmental issues with stakeholders across theirvalue chain within this module.

Key changes for 2024
This now includes the disclosure of climate transition plans that are
1.5°C-aligned, the use of scenario analysis to assess resilience, carbon
and water pricing, value chain engagement, low carbon R&D investment
and CAPEX details.
Scenario analysis
Organizations will be asked about their use of scenario analysis and toprovide further details of the parameters of scenarios chosen and theoutcomes of analysis. This is a new topic for organizations reporting toforests as it has now been expanded to all themes.
All organizations reporting on scenarios will now need to specify thefrequency of assessment, select the types of risks and driving forcesconsidered as well as timeframes covered and explain the rationale
behind their choice of scenarios. Organizations reporting on water will
now have a more structured way of specifying the parameters of theirscenarios, such as whether they are qualitative or quantitative and will
also be expected to report on the coverage of scenario analysis, which
was not previously required.
All organizations will also need to select which business processes
have been influenced by the scenario analysis, summarize theoutcomes, and describe any implications on other environmental
issues. This is a more structured approach compared to the text fields
in the past.
Transition plans
Organizations that have a transition plan that is not aligned with a
1.5°C world will now be able to disclose on this plan. Organizations
will be asked if they have committed to cease activities linked to fossil
fuel expansion, and to disclose the key assumption and dependencies
20

on which the transition plan relies as well as a brief description ofprogress against the transition plan.
While the focus remains on climate, organizations will be asked if otherenvironmental issues were considered in their transition plan.
Effects of risks and opportunities on strategy and financial planningThis set of questions allow organizations to indicate whether they haveconsidered and acted upon environmental issues at a strategic level forthe business, rather than solely at the operational level. By considering
environmental risks and opportunities in their decision-making,including financial or strategic planning, or transition planning.
CAPEX/OPEX alignment
Organizations that intend to disclose alignment of their spending and/or revenue with their climate transition using the EU Taxonomy for
Sustainable Activities will now have the opportunity to provide eligibility
information for new activities eligible under the taxonomy as a result ofa 2023 amendment to the Climate Delegated Act.
Pricing environmental externalities
The focus of the question is on internal carbon and water pricing.
However, the section has been renamed “Pricing Environmental
Externalities” and organizations can disclose internal pricing on otherenvironmental externalities.
Organizations that disclose that they implement an internal carbon
price will be asked to provide further details as in 2023. They will be
asked to summarize the methodology and key assumptions used whencalculating the price and if the price is monitored and evaluated toensure that it is achieving its objectives.
Similarly, organizations that disclose that they implement an internal
water price will be asked to provide further details. In previous years,
this detail was provided in a text field. Now, organizations will disclose
this information in the same structure as the carbon price. This
includes the type of price, the objectives, factors considered, coverage,change over space and time, how it is applied in business decision
making and the price itself. The additional data points for carbon are21

also applicable for water. If an organization does not consider factors
beyond the market price, they will not be required to disclose any otherdetails for this price.
Value chain engagement
This section delves into the organization’s approach to value chain
engagement on environmental issues, emphasizing the significance ofa structured value chain engagement strategy in driving progress andpositively impacting both stakeholders and the environment.
Organizations are asked to establish quantitative measures of successto evaluate the impact of their engagement activities.
Organizations are now prompted to disclose their approaches toassessing and classifying supplier dependencies and/or impacts aswell as their policies for addressing supplier non-compliance withenvironmental requirements. Organizations should aim to retain noncompliant suppliers where possible and promote compliance before
considering suspension or exclusion.
For organizations procuring commodities from regions prone
to deforestation and conversion of other natural ecosystems,
comprehensive supply chain management practices are encouraged22

to ensure volume-level compliance with deforestation-free standards,
verified by third parties. In cases where applicable, organizations areprompted to actively collaborate with suppliers to foster commitments
and achieve deforestation-free compliance across their entire business
operations.

Key changes for 2024
Supplier assessment and prioritization
There is a new question for all disclosers in this module to determine
whether the organization assesses its suppliers according to theirdependencies and/or impacts on the environment and to identify
suppliers with substantive dependencies and/or impacts. For
organizations identifying such suppliers, additional information will
be requested, such as the assessment criteria and classificationthreshold(s) used as part of this process. Later in the module,organizations will be asked to disclose the proportion of supplierswith substantive dependencies and/or impacts obligated to comply
with specific environmental requirements, and the proportion engaged
directly to drive environmental action.
A new question for all disclosers is introduced in this module
to determine if the organization prioritizes certain suppliers forengagement on environmental issues. If so, the organization is asked
to provide details on the criteria used for prioritization how it informs
engagement to maximize benefits. The prioritization criteria are alignedwith the respective requirements of the ESRS, Science Based Targets
initiative (SBTi) and TNFD.
Environmental requirements
In 2024, additional information will be requested on environmental
requirements related to climate change, water, and forests-related
issues. Organizations will be asked to disclose whether they have apolicy for addressing supplier non-compliance with environmental
requirements. They will also be able to provide details on their
response to non-compliant suppliers, including information about thepercentage of non-compliant suppliers identified and the procedures
followed to engage them.

23

Shareholder voting (financial services sector only)
Active ownership could be a key tool for positively impacting the real
economy, as opposed to divestment alone. Alongside their investee
engagement activities, investors will be asked how they exercise theirright to shareholder voting on environmental issues.
Financial services companies will also be asked to describe how theoutcomes of its proxy voting and engagement activities inform theirinvestment decision-making process.

24Module 6: Environmental
Performance - consolidation
approachPreviously, organizations were requested to disclose the consolidation
approach used for reporting of environmental performance data in
the introduction modules of each of CDP’s corporate questionnaires.
In 2024, this question has been moved to directly before theenvironmental issue-specific ‘Environmental Performance’ modules
to clarify that the consolidation approach used determines theperformance data relevant for the organization to disclose acrossthese modules. Additionally, the question will now allow responders toprovide a rationale for their choice of consolidation approach, in linewith IFRS S2.

Other changes
Supply Chain questions: Questions only for companies requested
via a customer (a CDP Supply Chain member) are now incorporated
throughout the questionnaire and will not continue to be a single standalone module like previously. The set of questions reflect what waspreviously in the Supply Chain modules in each questionnaire.
Biodiversity questions for organizations that operate mines:
Previously, there was a biodiversity-focused metals & mining and coalquestionnaire alongside the CDP forests questionnaire. From 2024, thiswill be incorporated throughout the CDP full corporate questionnaire as
specific questions and datapoints for organizations that operate mines.

25

Theme-specific content:
key changes

3Theme-specific content: keychangesIn the environmental performance modules, companies report theirenvironmental accounting data, targets, and actions by environmental
topic. Across these modules organizations address many of acompany’s environmental dependencies and impacts (e.g. throughGHG emissions data, water withdrawals data, and commodity
production and sourcing data).
To jump to key changes on a specific module, click on the module
name below.

7

8

9

Environmental
Performance:
Climate change

Environmental
Performance:
Forests

Environmental
Performance:
Water security

10

11

12

Environmental
Performance:
Plastics

Environmental
Performance:
Biodiversity

Environmental
Performance:
Financial services

27

Module 7: Environmental
Performance - Climate change

Most of the changes to climate-specific questions in 2024 have been
driven by CDP’s alignment with the IFRS S2 standard. This has resulted
in a new Scope 1 and 2 emissions breakdown question and revisions
to questions on emissions, targets, and carbon credits, predominantly
to capture more information on methodological details, in addition totarget objective and coverage.
CDP has also strengthened its alignment with the Science Based
Targets initiative (SBTi) in 2024 by implementing revisions to align with
the Beyond Value Chain Mitigation project, and providing additional
guidance on how to report maintenance targets and revised targets.

28

Module 8: Environmental
Performance - Forests

In 2024, several changes have been made to forests content.
Deforestation and conversion of other natural ecosystems remain
key issues and the content remains largely the same, but changes
have been made to restructure and streamline to improve data quality
and user experience. The most significant changes are strengthened
reporting on deforestation- and conversion-free (DCF) status andmethods, revised approach to volumes reporting, embedded soy
disclosure, moving from a commodity driven questionnaire to a setof commodity-driven questions, and moving to a single forests score.
Throughout the forests content, changes and revisions have also been
made to ensure continued alignment with updated Core Principles andDefinitions from the Accountability Framework (AFi).

Key changes for 2024
Moving from a commodity driven questionnaire to a set ofcommodity-driven questions
For forests, the requested information for each of the disclosed
commodities is focused on areas where it is relevant and important tocollect data for each commodity. This is a move away from having acommodity-driven questionnaire to a smaller set of commodity-driven
questions. The set of commodity-driven questions will be placed in
the environmental performance forests module, while the remaining
forests content in integrated modules will for the most part ask about
forests generally. CDP is also introducing a single forests score as
opposed to individual commodity scores (see more information under
the 'Key changes to CDP’s scoring framework' below).
Commodity volumes
In 2024, there will be an updated approach to how CDP requests
commodity volume data. CDP will refer to four types of volumes
throughout the questionnaire. The aim is to improve clarity on which
volumes are being referred to throughout the questionnaire and create
more transparent, comprehensive, and comparable disclosure data.
The “total commodity volume” produced and/or sourced should bestated in the introduction module in metric tons. Subsequent questions
will ask for the breakdown of this volume according to the volume
that is being included in the organization’s disclosure (the “Disclosurevolume”) and the proportion of this which relates to the “Produced
volume” and/or “Sourced volume”. All subsequent questions in theenvironmental performance forests module which refer to commodity
29

volumes will require consistent reporting against the “Disclosurevolume” stated. Organizations can choose to exclude parts of theirvolumes in the questions on exclusions.
Embedded soy
New content on embedded soy has been introduced to improvetransparency on embedded soy disclosure and allow companies todetail the actions they are taking and the progress they have made.
Embedded soy should be disclosed as a part of soy disclosure, andadditionally, in the new question on embedded soy asking about theassociated volume and how it was calculated, visibility of embedded
soy origin, and deforestation- and conversion-free status. Embedded
soy is defined as, indirectly sourced soy used in animal feed during the
production of an animal product, e.g., meat, farmed fish, dairy, eggs, orother animal products as ingredients. The concept of embedded soy
allows organizations to account for the impact of soy from sourcing
animal products despite the organization not sourcing soy or soy
products directly. Organizations who source animal products, are likely
to have embedded soy in their value chain, and they should disclose
information on this by including it in their soy “disclosure volume”.
No-deforestation and no-conversion targets
Key datapoints on targets to no-deforestation or no-conversion of othernatural ecosystems (previously collected in commitments question
F4.6b in 2023) will now be asked in the targets question. CDP will ask
whether organizations have set targets to achieve no deforestation/
no-conversion for their disclosed commodities and associatedtarget dates, cutoff dates, target coverage, and definitions used.
This information is critical to understand a company’s ambition to
tackle issues related to deforestation and conversion of other natural
ecosystems in the value chain and provides context to subsequent
questions on deforestation- and conversion-free (DCF) status ofvolumes.
Deforestation- and conversion-free (DCF) volumes
To improve the journey through questions and minimise repetition ofdata points, key questions have been restructured and streamlined
in a set of deforestation- and conversion-free (DCF) questions. DCF
designation signifies that the production and sourcing of commodity
volumes did not cause or contribute to deforestation and the30

conversion of other natural ecosystems since a specified cutoff date.
CDP asks companies to disclose the proportion of volumes in theirdirect operations and upstream value chain that has been assessedand determined as either deforestation free (DF) or deforestation andconversion-free (DCF). It must be specified which methods were used
to determine volumes as DF/DCF, and for each specified method there
will be follow-up questions requesting more detail.
Status may be assessed via any of these three methods:^ Certification through schemes providing full DF/DCF assurance^ Production unit level monitoring^ Sourcing area level monitoring
Traceability
The traceability questions have been modified to reduce number ofdatapoints requested and to improve alignment with other initiatives. In
the new approach, companies will be asked to provide a breakdown of
the traceability point for their sourced volumes (i.e. traced to country,
sourcing area, production unit) and the percentage of volumes that isfrom an unknown origin.
Jurisdictional and landscape initiatives
Revisions have been made to the questions on jurisdictional andlandscape initiatives driven by alignment with other initiatives. Keychanges include the addition of new datapoints asking on if claims
have been made on any investment, actions or outcomes in theinitiative and details on these claims following new guidance fromISEAL on this topic.

Module 9: Environmental
Performance - Water

In 2024, the water-specific datapoints remain largely unchanged. The
majority of changes have been made to improve both data quality andthe disclosure experience. This has resulted in revisions to questions
on exclusions, water stressed areas, and agricultural commodities. Keychanges include updates to the requests on facility-level information
and water-related targets.

Key changes for 2024
Facility-level information
Facility-level information requests in 2023 (W4.1b and W5.1) focusedon facilities exposed to water risks with the potential to have asubstantive impact on the business. For 2024, this has changed torequest information on facilities where substantive water-related
dependencies, impacts, risks, and/or opportunities have been
identified. Organizations will be able to indicate the number offacilities identified in their direct operations and upstream value chain.
Reporting the total count of facilities where substantive water-related
dependencies, impacts, risks, and/or opportunities have been identified
provides a basic but useful indication of the organization’s reliance onthese areas.
Organizations that indicate they have identified facilities with
substantive water-related dependencies, impacts, risks, and/or
opportunities, will now be able to differentiate their facility from theirdirect operations or their upstream value chain in the facility-level wateraccounting question and indicate if the facility has withdrawals and/or
discharges. The appearance of the water accounting columns will be
driven by the responses to these datapoints.
Water-related targets
In alignment with forests and climate datapoints, more informationis requested on water-related targets. Organizations are now asked
to indicate if they have assessed their target’s alignment with global
environmental treaties, their plan for achieving a target, and actions
which contributed the most to achieving or maintaining a target.

32Module 10: Environmental
Performance - Plastics

In 2024, all corporate disclosers, with the exception of SMEs and publicauthorities, will be presented with some basic data points on plastics.
High-impact sectors for plastics impact may be presented with a wider
range of questions. This is a change from 2023, when only companies
disclosing on water security were presented with a set of plastics
questions. While plastics has a strong impact on water quality, it is also
relevant across a wider range of environmental issues.
The plastics activities identification will expand from production/commercialization to provision of waste and/or water management
activities, as well as provision of financial products/ services forplastics-related activities. This will allow for future expansion ofplastics-related metrics to capture the full value chain of activities.

Module 11: Environmental
Performance - Biodiversity

All corporate disclosers will be presented basic biodiversity datapoints
in 2024, with the exception of SMEs and public authorities, inrecognition of the connectivity between biodiversity, climate change
and all nature-related issues. Previously, biodiversity questions
had been presented to anyone disclosing on the climate change
questionnaire.
Neither plastics nor biodiversity questions will be scored in 2024.

33

Module 12: Environmental
Performance - Financial
Services
In 2024, most questions relating to FS companies’ portfolio activities(finance activities) will be integrated across climate change, forests
and water. For this reason, cross thematic modules 1 to 5 will also be
relevant to this sector and will capture FS specific datapoints. While
integration has been the primary driver for the changes to the sector
questionnaire, standards alignment has also been an important factor
in determining changes, particularly in relation to alignment withIFRS S2 and EU taxonomy. Organizations disclosing to the FS sector
questionnaire will also be shown some (unscored) biodiversity andplastics datapoints where relevant. We have made the necessary
updates to the 2024 questionnaire to ensure that financial institutions
have a suitable reporting mechanism to demonstrate progress ontheir commitments under the Glasgow Financial Alliance for Net Zero
(GFANZ). The questionnaire has also been further aligned with thePartnership for Carbon Accounting Financials (PCAF) standard.

Key changes for 2024
The module continues to focus on questions only relevant to thefinancial services sector such as products and services, portfolio
values, portfolio emissions and other environmental impact of
portfolios. Organizations will find a new question on financing andinsurance aligned with a sustainable finance taxonomy.

34

Key changes to CDP's
scoring framework

4Key changes to CDP's scoring
framework

CDP will continue to score companies individually for climate change,
forests, and water security in 2024. Plastics and biodiversity willremain unscored as we empower more companies to begin disclosing
on these environmental issues.
CDP’s score for forests
CDP will be introducing a single forests score, which replaces theindividual commodity scores. General forests questions will make up
a part of the score, while scoring of the commodity-driven questions
will feed into the rest of the score. Organizations are expected todisclose on all commodities they source or produce (timber products,
palm oil, soy, and cattle products). Information about the use of, anddependency on, the four commodities will be requested and choosing
to not disclose on all when relevant, may impact the final forests score.

Representation of components of single forests score
Single forests score

General score

Combined commodity score

Soy

Palm

TimberCattleFor the financial services sector, water content for financing activities
will be scored for the first time, but scoring for forests and water
financing activities will remain private in 2024.
CDP provides detailed information about how companies areassessed per question, and this will continue in 2024. CDP will also
be applying an additional level of checks to ensure companies canprogress to our different level of scoring (Disclosure, Awareness,
Management and Leadership). The criteria used to score companies
across awareness, disclosure, management and leadership levels
36will evolve in line with our framework development to encompass
new requirements, incorporate new and evolving standards, andinfluence reporting companies to continuously evolve theirenvironmental reporting and risk management to further CDP’s purpose
to drive disclosure, insight and action towards a sustainable economy.

What's new in 2024
Essential criteria expanded for climate change
Every year, CDP increases the ambition of its disclosure framework,
recognizing the practices that have been mainstreamed and, as aresult, the changed criteria for what can be considered as ‘leadership’in terms of environmental disclosure and performance.
In previous years CDP applied essential criteria in scoring to the A List
only – criteria that must be met for organizations to be able to progressto the A List. In 2024, CDP is introducing an extra layer of essential
criteria for climate change across scoring levels, that must be met fororganizations to progress their score to the next level.
This will set a consistent baseline of reporting at each level of CDP
scores, ensuring that companies include key datapoints that are
critical to understanding how they are assessing and responding toenvironmental issues. It will ensure that high scoring companies aredisclosing in the most consistent and comprehensive way.
With essential criteria applied across all climate change scoring levels,
CDP will ensure that critical gaps necessary for all organizations toreach a suitable disclosure baseline are filled. Organizations must
demonstrate they are effectively evolving their environmental reportingand management to progress. Essential criteria will clarify the critical
datapoints organizations must disclose to sufficiently demonstrateprogress towards environmental stewardship. The expansion of
essential criteria will predominantly apply to climate change in 2024,
before expanding across environmental issues over the coming years.
Full details of the 2024 essential criteria will be published in CDP’s
scoring methodology.
Key changes for climate change in 2024
This year essential criteria focus on ensuring adequate governanceand processes are in place to address an organization’s climate-related37

risks and opportunities to prepare for ambitious corporate action on
climate change. The areas of focus this year include:
Governance
Board-level oversight (or, if no board is in place, management-level
responsibility) over climate-related issues is essential to effective
governance. The organization should ensure that those with oversighthave a suitable level of competence in climate-related issues. Criteria
will be introduced at Awareness level and above.
Incentives are a powerful tool to align day-to-day priorities with thelong-term goals of the organization. Organizations performing at
Leadership level will be expected to have climate-related monetary
incentivization in place at senior management level.
An assessment of policy engagement activities is crucial tounderstanding direct and indirect influence of the organization on
shaping public policy. Organizations performing at Leadership level
will understand and transparently disclose whether their engagement
activities could impact the climate.
Developing a transition plan is an important step towards setting acredible strategy for climate transition. In 2023, organizations needed
to have a 1.5C-aligned transition plan in place to reach A List status.
From 2024, this will be expected from organizations in order to reach
Leadership level.
Processes
Performing a risk assessment of their climate-related risks is often
the first step an organization may take on their journey towards
environmental stewardship. As highlighted by the TCFD, amongst
other standards, including climate change into risk assessment
processes and utilizing the outcomes to shape strategy provides astrong foundation for climate transition. Criteria will be introduced at
Awareness level and above.
Ambition
A key step in demonstrating a credible transition plan is to develop a
1.5C aligned near-term emissions targets. Building on 2023’s A List
criteria, to reach the A List in 2024, organizations will be expected to38

have a near-term emissions target in place that is validated by the SBTior fully aligned with a 1.5C scenario. Organizations in the financial
services sector will be expected to have set a portfolio target.
Verification ensures that data users are provided with a highstandard of credible data. 2024 A List organizations will be expected
to demonstrate 100% verification of their scope 1 and scope 2
emissions data and, as in 2023, 70% of at least one scope 3 category.
Organizations seeking Leadership status should ensure that 95% ormore of their scope 1 and 2 emissions are verified, and that they havebegun to verify relevant scope 3 emissions.
Underpinning scope 1 and 2 data is an understanding of the energyrelated activities an organization is involved in. To achieve A List status
in 2024, organizations must disclose details of any fuel consumption orenergy generation activities they undertake.
Disclosure of key sector-specific metrics is critical to understanding
performance relating to high-climate-impact activities. At Leadershiplevel, CDP’s high-impact sectors will be expected to disclose theirperformance against these metrics.
Full details of the essential criteria changes will be communicated withthe publication of the scoring methodology.

39

Key changes for forests in 2024
Organizations are expected to disclose on all commodities theysource or produce (timber products, palm oil, soy, and cattle
products). Information about the use of, and dependency on, the fourcommodities will be requested and choosing to not disclose on allwhen relevant, may impact the final forests score.
There will be no further essential criteria below the A List and anychanges to 2023’s A List criteria will be communicated with the
publication of the scoring methodology.
Key changes for water security in 2024
There will be no essential criteria below A List and any changes to2023’s A List criteria will be communicated with the publication of thescoring methodology.

40

SME questionnaire

5SME questionnaire

CDP is excited to be introducing a dedicated questionnaire for small
and medium sized enterprises (SMEs) in 2024, making it easier tounderstand where SMEs should focus their attention, build capacity
and act. With fewer questions, a simplified format and enhanced
guidance, CDP’s climate-focused SME questionnaire is well matched to
the resources of SMEs.
The questionnaire will be structured to provide the flexibility to meet
SMEs at their current maturity level, making it easy to understandwhere SMEs should focus their attention, whilst challenging enough tobuild knowledge and inform action. The questionnaire will incentivize
SMEs to engage in disclosure and start taking action, recognizingthat disclosure is an important first step in every organization’senvironmental journey. Associated guidance will support SMEs innavigating the ecosystem of resources and best practice.
This will replace both the existing minimum version questionnaire andpilot Private Markets SME questionnaire.

Principles of the 2024 SME questionnaire and how it relates to other
CDP questionnaires
In 2024 the SME questionnaire will:^ Provide a globally relevant questionnaire for SME sizedorganizations.
^ Replace the minimum version and CDP Private Markets pilot SME
questionnaires, but for continuity will include questions covering
similar topics.
^ Generally aligned datapoints with the full questionnaire (including
module structure), but with fewer datapoints, simplified question
formats, strengthened rationales, and enhanced question guidance
to emphasize why datapoints included within the questionnaire areparticularly important for SMEs to disclose on.
^ Initially focus on climate, with the inclusion of several targetedwater and forests datapoints to provide critical data continuity
with the non-climate themes previously covered by the minimum
questionnaire. CDP’s intention is to expand to other environmental
topics in the future.
^ Only be scored on climate change.
^ Be open to multiple requesting authorities (e.g. CDP Supply Chain
Members, private markets, banks).
42Eligibility to respond to the 2024 SME questionnaire
Eligibility for organizations to respond to the SME questionnaire will
be determined based on a combination of headcount and revenue
indicators. The proposed headcount and revenue thresholds, detailed
below, take into account the varied landscape of SME definitions, andwill provide flexibility for sector and regional nuances. Additionally, themajority of mid-size companies which previously met CDP’s ‘Minimum
version’ criteria of annual revenue of less than EUR/US$250 million will
be eligible to enable a transition period as they prepare to report to thefull corporate questionnaire.
The current headcount and revenue thresholds are as follows:
1,500

Headcount

Full version only
(no option to opt to SME version)

1,000
Recommend full version(option to opt to SME version)

500

Recommend
SME version(option to opt
to full version)

$50M

$100M

$150M

$200M

$250M

Revenue^ SME questionnaire recommended - with option to opt to fullquestionnaire: IF headcount <500 and revenue <U$50 million^ Full questionnaire recommended – with option to opt to SME
questionnaire: IF headcount <500 AND revenue US$50-250 million,
OR IF headcount 500-1,000 AND revenue < US$250 million^ Full questionnaire required - with no option to opt to SME
questionnaire): IF headcount >1,000 OR revenue > US$250 million

43

Scope of the data points planned for inclusion in the 2024 SME
questionnaire
For consistency and comparability, the structure of the SME
questionnaire is aligned with the full questionnaire. CDP’s 2023 PM
pilot SME questionnaire was used as the foundation for questionnaire
and the level of data points for inclusion. In addition, other SME
frameworks and resources were referenced in the development of the
SME questionnaire, including CDP’s minimum version questionnaire,
CDP’s SME Climate Framework, SME Climate Hub’s annual reporting
requirements and resources, HKMA/CASG’s SME questionnaires,
CMM’s Simplified ESG Disclosure Guide (SEDG), anticipated data points
from ESRS’s LSME and VSME Exposure Drafts, and others.
The 2024 SME questionnaire will include:^ Headcount, revenue, and ACS data captured as part ofquestionnaire set-up.
^ Key integrated datapoints, including risk and opportunities,
governance, and strategy tailored to SMEs.
^ Environmental performance climate module tailored to SMEs.
^ Integrated forests and water security datapoints to kickstart
disclosure journey for these themes. It is CDP’s intention is tofurther expand and tailor these environmental topics in the future.
^ Supply chain requested content, previously called the ‘Supply Chain
module’, will be fully aligned to the full questionnaire when included,
so that data provided by suppliers across the different corporate
questionnaire set are aligned and consistent. Similar to the fullquestionnaire, this set of questions will be spread throughout thequestionnaire.
The 2024 SME questionnaire will NOT include:
^
^
^
^
^
^

44

Sector-specific content or variation (incl. financial services)
Theme-specific water security and forests modules
Plastics and biodiversity content
Mandatory alignment with frameworks and standards
Supply chain-only product-level emissions
Supply chain-only geolocation

2024 proposed SME questionnaire structure breakdown:
ModuleModule overview

Introduction
Identification, Assessment,
and Management of Risks andOpportunities

Process for identifying, assessing, and managing risks and opportunities

Disclosure of Risks andOpportunities• Risk disclosure• Opportunity disclosure

Governance• Environmental responsibility• Environmental policies

Business Strategy• Effect of risks and opportunities on strategy and financial planning• Transition plans• Value chain engagement• Collaborative opportunities (only if requested by a CDP supply chain member)

Environmental Performance –Consolidation Approach
Environmental Performance –Climate change

Sign off45• Emissions methodology and exclusions• Scope 1, 2, and 3 emissions inventory• Emissions breakdown (by activity and
if requested by a CDP Supply Chain
member)• Energy-related activities• Targets• Emission reduction initiatives

Appendix A: Questionnaire
set-up flow and theme
assignment
The questionnaire setup allows users to provide contextual
information about their organization, including their revenue, staff
headcount, and business activities so that the relevant questionnaire
type, environmental issues or themes and sector allocations can be
determined and confirmed.

Five different sections
1. General information: The first set of questions in the ‘Questionnaire
setup’ determines whether an organization is eligible to complete
the full version or the SME version of the questionnaire. This isbased on on an organization’s annual revenue and staff headcount.
2. CDP-ACS: Organization’s indicate the percentage of their revenue
derived per business activity (according to the CDP Activity
Classification System).
3. Assessment of environmental issues: There is a simple question
asking whether companies have assessed their forests and/or water dependencies, impacts, risks and opportunities. This
question helps to tailor the content of your questionnaire to theenvironmental issues that are most relevant to your organization.
4. Intent to submit: Organizations confirm whether they intend
to disclose on forests and/or water security. All companies
disclosing to CDP will be presented with content on climatechange. Additionally, companies disclosing to the full version of thecorporate questionnaire will be presented with a few questions on
biodiversity and plastics.
5. Additional information: If the organization intends to submit
through the Forests route – they will also select which Forests
commodities they produce or source and whether they intend to
disclose on these. Finally, if relevant, the organization confirms ifthey have any mining activities or run mining projects – in whichcase they will be presented with the Mines Biodiversity route(previously the Forests mining questionnaire).

46

Questionnaire set-up flow:
Prompts / Questions

SectionGeneralinformation

Annual revenue (in US$) for reporting year
Staff headcountFull or SME questionnaire

Activityclassification

Review or complete CDP-ACS information

Assessment ofenvironmental
issuesAssessment and identification of forests- and/or
water-related dependencies, impacts, risks, and/or
opportunities

Intent tosubmitRequest to disclose on climate change
Request to disclose on additional environmental
issuesIntent to submit

Additional
information(if relevant)47

Commodities disclosure [F only]
Operation of mines and mining projects during thereporting period

Appendix B: 2024 proposed
corporate questionnaire
structure breakdown
We invite our corporate responders as well as all data users to startfamiliarizing themselves with the questionnaire structure and flow.
Note that this structure is a draft only and subject to change.
ModuleQuestionnaire setup

Breakdown•••

1. Introduction

2. Identification, assessment,
and management of risks andopportunities

Definition of time horizons
Process for identifying, assessing,and managing dependencies,
impacts, risks and opportunities(including biodiversity impacts/
dependency assessment)
Priority locations (W, F, and

•
•
•
•
•
•
•

48

Assessment of environmental issues

•
•

•
•

•

· Assessment of forests- or waterrelated dependencies, impacts, risks,

Language of response
Currency
Description of organization
Reporting year
Reporting boundary
Unique identifiers (ISIN etc.)
Countries
Financial services organizational•

4. Governance

Activity classification•· Your organization’s business activities
according to CDP-ACS

•
•
•
•
•
•
•
•

•
3. Disclosure of risks andopportunities

About your organization· Annual revenue for the reporting period
in US$· Staff headcount in your organization· Select between Full and SME
questionnaire (if eligible)

Risks disclosure
Risks exposure by River basin (W
only)
Compliance and fines (W and
Biodiversity only)
Carbon pricing, emissions and tax
systems regulations (C only)
Board oversight (including
biodiversity)
Board competency
Management responsibilities(including biodiversity)
Management competency
Incentives
Environmental policies (including
FS clients/investees requirements,
FS exclusion policies & financing

•
•
•
•
•
•

•
•
•

•

•

•
•
•
•

and opportunities

Intent to submit· Request to disclose on climate change· Request to disclose on environmental
issues beyond climate change· Intent to submit

Additional information· Commodities disclosure (if relevant –forests only)· Mines (if relevant – mining ACS
activities only)

activity selection (FS only)
Organizational activities (high impact
sectors)
Commodity dependence (F only)
Commodity dependence (CC and W)
Value chain mapping
Plastics mapping (Plastics)
Commodity mapping (Forests)
Biodiversity only)
Definition of substantive effects
Pollutant management procedures(W only)
Tailings dams management
procedures (W-MM/CO only)

Probable maximum loss (PML)
attributed to insurance payouts
related to natural peril catastrophe
eventsOpportunities disclosure

covenants)
Pension schemes (FS only)
External collaborative frameworks
and initiatives
Public policy engagement
Communications/reporting(including biodiversity)

Module5. Business strategy

Breakdown
•
•
•

•
•

Scenario analysis
Transition plans (C only)
Influence of Risks and Opportunities
on Strategy and Financial Planning
CAPEX/OPEX/revenue alignedwith strategy/transition plans(including Taxonomy alignment &trend in water-related CAPEX/OPEX
questions) (C only)
Low-carbon R&D investment (C only)
CAPEX breakdowns & breakeven

6. Environmental performance –consolidation approach•

Consolidation approach

7. Environmental performance –Climate change

•

•

•

•
•
•
•

•
•
•
•
•

49

•
•
•
•
•
•

Emission methodology and exclusions •

·
·
·
·

Changes in reporting year
Emissions methodology
Emissions exclusion
Base Year Emissions

Scope 1, 2, and 3 Emissions Inventory· Scope 1 /2 /3 emissions data &restatements· Verification S1/2/3· S1 + S2 Emissions performance

Biogenic Emissions•

Emissions Data- Agriculturalcommodities
Emission Breakdowns•· Biogenic carbon· S1 + S2 +S3 Emissions breakdowns· Emissions allocation (SC only)•

Energy Related Activities· Energy-related activities (incl. Barriers
to sourcing renewable energy (RE100
only) )
· Feedstock consumption (CH/ST only)

Electricity Transmission andDistribution· Transmission & distribution (EU only)

Production Data•••

· Sector-specific production metrics (CO/OG/CH/MM/ST/CH only)

Intensity and Efficiency Metrics· Emissions intensities & energy
intensities

Other Climate-Related Metrics· Other climate-related metrics

Targets· Emissions reduction targets (C4.1)· Other-climate related targets (C4.2)· Methane targets (C-OG/CO4.2d)•

price (C only, EU/OG only)
CAPEX Trend (W only)
Pricing environmental externalities
Value chain engagement (including
suppliers, smallholders (F only),
customers, clients & investees)
Collaborative Opportunities [SC only]
Environmental requirements for
suppliers and asset managers
Shareholder voting (FS only)

Emissions Reduction Initiatives· Emissions reduction initiatives· Sustainable infrastructure financing/funding (Public authorities only, also
appears in cities and states & regions
questionnaires)· Collaborative supply chain
opportunities (SC only)· Methane reduction efforts· Flaring reduction efforts

Best Available Techniques· Best available techniques (CE/ST only)

CCS/U· CCS/U (OG only)

Land Management Practices· Land management practices(including engaging suppliers on land
management practices) (AC/FB/PF
only)

Life-Cycle Emissions Assessment· Life cycle emissions assessment (CN/CG/RE)

Product-level emissions· Product-level emissions data (SC only)

Low-carbon products and services· Low-carbon products/services(including low-carbon transport
implementation)· Net-zero buildings (CN/RE only)

Project-based carbon credits· Project-based carbon credits

Module8. Environmental performance –Forests

Breakdown
•
•

•
•
•
•
•
•

9. Environmental performance –Water security

•
•
•
•

Exclusions
Commodity breakdown· Produced/sourced commodity
volume breakdown· Embedded commodities

Own land usage and location(production volumes) - land area
controlled/managed
Commodity sourcing locations(sourced volumes)
BiofuelsCommodity-specific targets
Traceability
Deforestation and conversion free(DCF) status metrics and methods
to determine DCF

Exclusions
Company-wide water accounting· (including EU, OG, and FB/AC specificdata points)

Facility-level water accounting &verification••· Certification· Production unit monitoring· Sourcing area monitoring

Status and progress towards
Deforestation and Conversion Free
(DCF) volumes· Deforestation and conversion footprint· Actions taken on non-DCF volumes••

Certified commodity volumes sold(SC only)
Emissions (SC only)
Legal compliance
Landscape and Jurisdictional
approaches
Initiatives/activities
Ecosystem restoration projects•

Products and services

•
•
•

•

OG specific data points)· (including SC only)

Water-related targets: water quantity,water quality, WASH, other· (including SC only)

Water efficiency and Water intensities· (including CH, EU, FB/AC, MM/CO, and10. Environmental performance –Plastics

•
•
•
•
•
•

Plastics targets
Plastics activities
Plastics metrics for plastic polymers
Plastics metrics for durable goods/products and durable components
Plastics metrics for plastic packaging
Metrics for end-of-life management

11. Environmental performance –Biodiversity•••

Exclusions (M-B only)
Actions on biodiversity-related
commitments
Biodiversity indicators
Land resourced and land disturbed(M-B only)
Areas important for biodiversity
Artisanal and small-scale mining(ASM) (M-B only)
Biodiversity Action Plan (BAP) (M-B

•
•
•
•

Environmental impact of portfolio and emissions breakdown (FS only)
Portfolio values (FS only)
Environmentally sustainable products/services (FS only)
Portfolio targets (FS only)

•
•
•
•

12. Environmental performance –Financial services (all themes)

50

•
•
•
•
•
•
•

only)
Impacts on biodiversity (M-B only)
Strategic business plan (M-B only)
Biodiversity-related targets (M-B
only)
Mitigation hierarchy (M-B only)
Additional conservation actions (M-B
only)
Closure and rehabilitation (M-B only)
Engagement activities (M-B only)Learn more about how we're transforming to ensure
deliver data-driven environmental action here.

About CDP
CDP is a global non-profit that runs the world’s environmental disclosure system for companies, cities,
states and regions. Founded in 2000 and working with more than 740 financial institutions with over $136
trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies todisclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources
and protect forests. Over 24,000 organizations around the world disclosed data through CDP in 2023, withmore than 23,000 companies – including listed companies worth two thirds global market capitalization and over 1,100 cities, states and regions. Fully TCFD aligned, CDP holds the largest environmental databasein the world, and CDP scores are widely used to drive investment and procurement decisions towards azero carbon, sustainable and resilient economy. CDP is a founding member of the Science Based Targets
initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Managers initiative.
Visit cdp.net or follow us @CDP to find out more.
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