DISCLOSURE INSIGHT ACTIONACCELERATING
THE RATE
OF CHANGECDP STRATEGY 2021–2025

CONTENTS

3

Executive summary

5
6
7
8-9
10-11
12-14

PART 1: VISION AND HOW WE DRIVE CHANGE
Our vision, mission and goals
The world today
Two decades of disclosure: from niche to mainstream
Gathering data, creating norms, driving change
The challenge: a step-change in impact

15
16-17
18-19
20
21
22
23
24
25
26
26
27

PART 2: THE 2025 STRATEGY – ACCELERATING THE RATE OF CHANGE
Broadening the scope and deepening the reach of the cdp system
Accelerating change through disclosure, insight & action
8 Key focus areas
1. Expanding our scope to cover planetary boundaries
2. Tracking and scoring progress along the science-based transition journey
3. Increasing the influence of our system by reaching new actors
4. Enabling increasing policy ambition through driving action
5. Using our platform to implement standards at scale
6. Catalyzing and scaling place-based action
7. Enhancing transparency and reducing complexity with new technology
8. Enhancing the social and governance metrics in our platform

28
29
30
31
32

PART 3 – A STRONG CDP TO DELIVER OUR MANDATE
Our values
Investing in our people
Expanding our geographical reach: working globally, implementing locally
Monitoring, evaluation and learning

2

EXECUTIVE SUMMARY

Since inception, CDP has played atransformational role in driving climate
disclosure and action from businesses,
investors, cities and governments aroundthe world. We are proud of our impact overthe past 20 years. But time is fast runningout to prevent catastrophic climate change,
and the irreversible loss of nature and habitats. Global averagetemperatures have already increased by 1.1°, with annual
deaths from climate change reaching 150,000; and more than
two-thirds of global wildlife lost over the past half century.

To prevent further disaster we must limit warming to no
more than 1.5°C above pre-industrial levels and deliver on thevision of a genuinely net-zero, nature positive and equitableworld by 2050 at the latest. Current national pledges andpolicies to reduce emissions don’t go far enough: they would
result in average temperature rises of between 2.4°C and3.1°C by 2100; and in many cases even these inadequate
pledges are not yet being implemented. We must do more;and do it faster.

In our first two decades, CDP focused on raisingambition around climate, water and forests,
and providing data to improve governance anddecision-making. There is now an urgent needto ensure stated intentions are accompaniedby concrete plans, with transition metrics, andevidence of progress against agreed goals.
Accountability is needed to raise the bar toalign with halving emissions, shifting towards
nature positivity by 2030 and achieving net-zeroemissions and full nature recovery by 2050. And
all this needs to be done in a just and equitableway, ensuring that we protect the world’s mostvulnerable from climate impacts.
Our new 2021–25 strategy sets out how
CDP will respond to this need and drive
more meaningful action by deepening our
engagement, tracking and analysis acrossa multiplicity of stakeholders, widening ourscope to cover more environmental issues,and increasing our focus on tangible targets,plans and performance.
Over the next five years, we will develop our
systems and processes to support greatertransparency and accountability frombusinesses, cities and governments. We are
already the world’s largest global repositoryof environmental data, but by 2025, we willgrow this to cover 90% of the highest-impact
firms. We will apply our well-proven, iterative
methodologies to an expanded range ofenvironmental issues, to help investors,
businesses, cities and governments act with theurgency required. We will expand our definitionof the “E” in Environmental, Social and Governance(ESG), to cover planetary boundaries, including
oceans, land use, biodiversity, food production
and waste. We will play our part in creating anddemonstrating corporate acceptance of the needto act on a wider range of environmental issues,and then formalize a reporting system which isgood enough to legislate.

515

We will work with more actors to increase
coverage in our system and by 2025, CDP willbe the definitive mechanism to track the nature,extent and speed of corporate and city action
against their commitments and their impact on
the global environment. CDP will also work with
the Science Based Targets initiative to streamline
and enhance its target validation and measuring,
reporting and verification processes through ourdisclosure and scoring systems. We will do much
more to encourage and support companies to set
targets and create tangible transition plans, as wellas measuring their performance against them. By
broadening the scope and deepening the reachof the CDP system, we will ensure that disclosure
drives increased transparency, that insights
lead to accountability, and that action catalyzes
transformation.
CDP has a hybrid funding model, with funding
from philanthropic and government sources, aswell as income coming from charging private
sector actors for value-adding services to drive
impact. In order to achieve this strategy, CDP
will need funding support and we seek to workwith our funding partners to achieve this.
3

We are a mission- and values-driven
organization and our people willcontinue to be critical to the successof this next phase.
We are all committed to playing our partin realizing a net-zero, nature-positive
world by 2050, and ensuring swift action
is taken over the next few years tocourse-correct and get on an appropriate
transition pathway.

Our new strategy is aligned to515
and incorporates our values of:Defaulting to transparency
Placing accountability at our heart
Learning and improving
Succeeding together

4

VISION AND HOW
WE DRIVE CHANGE

1

5

OUR VISION, MISSION AND GOALS

515

OUR VISIONA thriving economy that works forpeople and planet in the long term.
OUR MISSION
We focus investors, companies,
cities and governments on building asustainable economy by measuring andacting on their environmental impact..

OUR ENVIRONMENTAL PRIORITIESCDP’s environmental priorities are to
support the following objectives being
achieved in the world:
To reduce emissions in linewith a 1.5ºC pathway.
To restore ecosystem health.

6

THE WORLD TODAY

Climate change is already happening andis to some degree unstoppable. 2020 was
the hottest year on record, and by mid2021, devastating floods had hit Germany,
Belgium, the Netherlands, Switzerland andChina, while record-breaking temperatures
had been recorded in Turkey, America andFinland. In July 2021, the temperature in
Death Valley, California, reached 54°C,
the hottest formally-recognized daytime
temperature ever. The WHO estimates thatclimatic changes already cause over 150,000
additional deaths annually, linked to extreme
weather, natural disasters and malnutrition.

To prevent catastrophic and irreversible
climate change, we must limit warming
to no more than 1.5°C above preindustrial
levels. This will entail countries working
together to halve global Greenhouse
Gas (GSG) emissions and eliminate
deforestation by 2030 and reach net-zerotargets by 2050. However, according to the
IPCC, global average temperatures havealready increased by 1.1°,1 and the worldis on track for more than two degrees
warming. Given current policies, estimatesof average temperature increases range
from 2.4°C to 3.1°C relative to preindustrial
levels by the end of the century. This is aterrifying prospect.

deforestation, intensive agriculture, andmismanaged urban growth and hastenedby climate change, created the conditions
for the COVID-19 pandemic, and triggered
dire warnings of more to come.

These effects are intimately tied to andreinforce a similar crisis in nature. Global
wildlife populations have dropped by 68%
since 1970, according to WWF.2 Seventyfive per cent of the Earth’s ice-free land
surface has already been significantly
altered, most oceans are polluted, andmore than 85% of wetlands area has
been lost. Biodiversity loss, caused by

The world's converging crises in climate,nature, the economy and public healthmust be tackled together but we are
far behind where we need to be. The
sooner we act, the higher our chances of
preventing more deaths, more disruption,and more irreversible change.

Nature's message is loud and clear. We
must radically change the assumptions
we make about what the planet canhandle and how much we can extract,consume and produce from it. As well as
determined political action, we need an
overhaul of business operations, whichgoes well beyond the reforms that most
governments, companies or individuals
are currently contemplating.

1 https://www.ipcc.ch/assessment-report/ar6/
2 https://livingplanet.panda.org/en-gb/

7

TWO DECADES OF DISCLOSURE:
FROM NICHE TO MAINSTREAM

At the start of this millennium, climate change andenvironmental issues were climbing up the political
agenda and into public consciousness, but thestatus quo was unbridled growth with little regard
for the consequences. The majority of companies
and investors did not see climate change as amajor threat, or if they did, did not consider it arelevant material risk to their profits or operations.
The idea that it was in their interests to address it
was far from well established.
Since CDP was established in 2000, this haschanged beyond recognition. Citizens, customers,
investors and employees increasingly demand thatcompanies take their social and environmental
responsibilities seriously, including by measuring
and cutting carbon emissions, waste, pollution
and other environmental damage associated with
their business.

Now, the tide is turning towards a recognition
that this makes business sense too. To
stave off the existential threat that climatechange and environmental degradationpose to humanity and the health of theecosystem, transformational change isrequired in every industry. Environmental risk
and opportunities will dominate the marketsof the near future and new businesses will
emerge as a result. Companies must planaround this to survive and thrive.
CDP has been a driving force inthe movement that has highlighted
environmental and associated economic
and social threats and helped to identify
and incentivize reforms. Established on
the principle that good measurement would
lead to effective management, CDP’s vision
was to equip capital markets to address
the climate crisis through the transparent
sharing of data. A central plank of thisapproach is to close the information andknowledge gap around how business
operations impact the environment andhow a changing climate and dwindling
resources could affect commercial entities.
Working with investors to encouragecompanies to report on the carbon
emissions associated with their business(and later, their impacts on forests andfreshwater), CDP created a system which
identified, codified and then generated,organized and analyzed the informationnecessary to drive world-saving action.
This helped create the space for corporate
leaders to step into, firing the starting gun
on a race to the top.
At the first disclosure cycle launch in 2002,
CDP had 35 investors signing its request
for climate information and 245 companies
responding to its first questionnaire. The
CDP request established the first systemic
link between environmental and financial
information and sparked a rapid growth inenvironmental disclosure around the world.
In 2011, CDP also asked cities to disclose
through its platform. This helped raisenational governments’ ambitions, while
supporting and guiding local and regional
progress. It made a big difference
globally too. When the US administration
abandoned its previous leadership roleat the UN climate change talks in 2017,
American cities’ willingness to continue toplay their part in stopping climate change,
including by disclosing to CDP, helped
prevent a total loss of momentum for a
critical global player.
8

TWO DECADES OF DISCLOSURE:
FROM NICHE TO MAINSTREAM

13126
13189
9526
9617
8361
8446

10000

TOTAL DISCLOSINGCOMPANIES

3 https://www.cdp.net/en/partners/stoxx

2007

COMPANIES DISCLOSINGON CLIMATE CHANGE

2009

5815
5863

COMPANIES DISCLOSINGON WATER SECURITY

2013

2014

2015

2016

2017

COMPANIES DISCLOSINGON FORESTS

2018

2019

812 / 131
687

2435
861 / 1252113
628 / 122

573 / 1011426

533 / 100

314 / 66
179

589
110
138

73
100
345

2012

3368

2934

2011

1237

1997

2010

207 / 12
159

1064

2008

283

176

2006

543

2005

455

2004

264

2003

48

915
915
349
343

0

2020

1055 / 75
864

4482
4539

4112
4140
2903
2906

1395
1395

2000

2403
2403

2166
2166

3531
3536

4000

4968
5001

5532
5624

6000

6251
6316

6937
7016

8000

199

The 88 cities on the 2020 A List represent
nearly 125 million people. From London to
Seoul, these cities continue to ramp up theirenvironmental action and ambition, knowingthat we urgently need to build resilienceand rapidly cut emissions to safeguard theplanet, economy, and citizens.

12000

300
300

2020 – The A Lists
CDP’s disclosure process also proves thatenvironmental leadership goes hand in handwith business success. The 300+ companies
that scored most highly by CDP in 2020 –the so-called ‘A-List’ - are worth a combined$15 trillion in market cap and outperform thestock market by 5.3% on average.3

14000

228
228

2021 – A record year
In 2021, more than 13,000 companies
reported on their environmental impact
through CDP, despite the continuingchallenges of the pandemic. This was 37%
up on 2020 and 135% higher than when
governments signed the Paris climatechange agreement in in 2015. Between
them, disclosing companies in 2021
accounted for over 64% of global market
capitalization, including 96% of the
FTSE 100, over 80% of the S&P 500 andmore than 1,500 companies in China. Taking
into account the hundreds of cities, states
and regions that also disclosed data to
CDP in 2021, the total number of disclosing
entities reached over 14,000.

2021

DISCLOSING STATES & REGIONSDISCLOSING CITIES9GATHERING DATA, CREATING NORMS,DRIVING CHANGE

HOW OUR DATA ISEMBEDDED INTO
CAPITAL MARKETS

590+

INVESTORS AND

150+

MAJOR GLOBAL
PURCHASERS

Two decades since CDP was founded, market demand forcorporate environmental transparency is higher than ever.
In 2020, 590 investors with US$110 trillion in assets, andmore than 200 large purchasers with US$4 trillion in buying
power supported CDP’s request for disclosure. The data
we publish annually is used in global investment research,
products, indices and ratings including by Bloomberg, STOXX,S&P Global Trucost, FTSE/Russell, MSCI ESG, ISS ESG andGoldman Sachs, among others.

INVESTMENTADVISORS

9600+

INDEX
PROVIDERSGLOBAL RESPONDING
COMPANIESDATAPROVIDERSSELL SIDEDISCLOSURE INSIGHT ACTION
FOR A SUSTAINABLE ECONOMYThis has helped global markets get better at valuing
nature and pricing the negative impacts of business
operations. It has become mainstream for investors
to consider ESG factors when making decisions about
where to put their money, and ESG investing has provenfar more resilient to the global disruption caused by
COVID-19 than mainstream funds, with total assets insustainable funds up 50% to $1.7 trillion at the end of2020 compared to the start of the year.4

Public awareness is growing too. From the school
strikes started by Greta Thunberg, to the grassroots
Extinction Rebellion movement, to more shareholder
actions holding companies to account, to successful
litigation, we have seen an upsurge in action on
climate change. There is still a very long way to go
before mainstream economics properly values thethings on which our existence depends, but the shift
has begun.

Institutional investors are also starting to get more
serious about penalizing companies not taking climatechange seriously. For example, in February 2021, Aviva
Investors said it would fully divest from companies thatfailed to set out their roadmap to net-zero emissions by
2050 and meet other expectations on climate change.5
There is also growing pressure on banks and investors
to stop financing deforestation and nature loss.

As disclosure becomes the norm, new standards,
bodies and initiatives have been set up to organize
action and enable data produced by a range ofentities to be used and compared across sectors andjurisdictions. CDP has a clear role to play in helping
implement, coordinate and scale these standards, toenhance coherence and minimize confusion and to
make our dataset available to a wide range of actors.

Cities and sub-national governments around theworld disclose through CDP every year – publishing
their climate plans, targets and the physical risks of achanging climate to their residents and businesses.
Over 1,000 cities worldwide have declared climate
emergencies: political recognition at every level ofgovernment is at an all-time high.

Similarly, new technology such as machine learning,
big data and data scraping tools is changing thedisclosure landscape. As it has done in the past,
CDP will adjust and incorporate these new tools into
its system, and feed-back the insights generated
to improve understanding and enhance policy- anddecision-making

DATA

BUY SIDE

ANALYSISRESEARCHPROVIDERSINVESTORUSE OF DATACDP DATAUSERS INCLUDE:

WE POWER NEW FINANCIAL
PRODUCTS, DATA TOOLS ANDRESEARCH, INCLUDING:WE HELP DRIVE
TRANSFORMATIONALINITIATIVES, INCLUDING:

 Bloomberg Terminal
 STOXX S&P Global Trucost
 FTSE/Russell
 MSCI ESG
 ISS ISG
 Goldman Sachs
 Amundi

 STOXX Low Carbon Indices CPR Invest Climate Action fund
 Climetrics, the climate rating for funds
 Three Euronext CDP Environment

 The Investor Agenda
 Science Based Targets initiative Carbon pricing toolkits
 RE100 initiative ACT initiative We Mean Business Race2Zero Say on Climate campaign
 Net Zero Asset Managers Alliance.

indices using climate, forest andwater scores for the first time.

4 Source: https://www.ft.com/content/8e9f8204-83bf-4217-bc9e-d89396279c5b
5 Source: https://citywire.co.uk/wealth-manager/news/aviva-investors-threaten-divestment-for-climate-failing-firms/a1458203

10

THE CDP DISCLOSURE CYCLE AND ITS INTERACTIONSASKING BUSINESSES, CITIES,STATES AND REGIONS TODISCLOSE INFORMATIONON THEIR ENVIRONMENTAL
IMPACT AND THAT OF
THEIR SUPPLIERS, BRINGSESSENTIAL DATA INTO THE
PUBLIC DOMAIN.

IT ALSO CREATESPROCESSES,INFRASTRUCTURE
AND AWARENESS
WHICH ENABLES
THE COLLECTION
AND SHARING OF
INFORMATION.
This increases accountability, changes
corporate practice, creates norms,
incentivizes and enables reform.
At the same time, data going back toinvestors’ markets, governments and others,
increases the ability of capital to reward
environmental achievement and innovation.
Partnerships are core to our theory of change
and we deliberately set out to collaborate
with others to ensure our data and expertisecatalyze action at scale. This takes many forms– from the co-creation of standards such as the
Science Based Targets initiative, campaigns
such as RE100, Business Ambition for 1.5°C
and Science Based Targets for Cities, tocollaborations such as We Mean Business andthe Investor Agenda, of which CDP is a founder.
Our data also underpins major global efforts
such as the UNFCCC’s Race to Zero and Raceto Resilience. Such partnerships and initiatives
are an additional lever, which encourages actors
to do more. They complement the disclosure
process by setting stretch goals and showing
how the data produced is used in practice.

Overall, CDP acts as a ‘critical friend’ todisclosers. We support them to start thejourney, provide analysis and guidance whichhelps them navigate their way through reporting
and reform processes, raise the bar at eachstage, and create the conditions for a race tothe top.
We want governments to introduce ambitious
legislation that drives market changes. We
create space for this by running a reporting
mechanism that incentivizes good behavior,catalyzes the creation of new standards andprepares the market for the change to come.
CDP is also a key connector in a networkof investors, companies, policymakers,
regional governments and non-governmentalorganizations. Through its engagement,
advocacy and partnerships, CDP helps aligncorporate and governmental strategies withinternational goals, supports investors to shift
capital to finance the low carbon transition; andchanges expectations, ambitions and practices
to pave the way to a new, restorative andsustainable society.

11THE CHALLENGE: A STEP-CHANGE IN IMPACT

Two decades of disclosure to CDP have
driven real change, but it is not enough.

The vast majority of companies arestill not treating climate change andother environmental risk factors as corebusiness concerns. Markets still drive
toward short-term profit without
properly pricing in the social orenvironmental implications.
All businesses – including privatecompanies - need to overhaul theiroperations and ensure they will remain
viable within environmental boundaries.
Governments must set the example andprovide the regulatory environment that
supports and encourages responsible
corporate action.
Both businesses and governments alikemust align their actions with equitableoutcomes that alleviate unequal burdens
created by climate change.

3/4 3.7 58%
K

OF COMPANIES ARENOT DOING ENOUGH

BUSINESSES FAILEDTO REPORT ANY DATATO CDP IN 2020

OF CITIES DO NOT YET HAVEA CITY-WIDE EMISSIONSREDUCTION TARGET

Nearly three quarters ofcompanies and cities reporting
to CDP currently score C or
D, indicating that they are notdoing nearly enough to manage
climate risk or to reduce theirenvironmental impact. Disclosure
alone is not enough – it needs
to lead to accountability andtransformation. Major players
in high-emitting sectors, like oil& gas, metals and mining, andcement, are not changing theirbusiness models fast enough.
They risk making the global
targets unachievable unlessthey change now.

Meanwhile, too many companies
still refuse to disclose. Over 3,700
businesses failed to report any
data to CDP when asked to do soby investors or customers in 2020.
These companies could hold ablack box of unknown risks and it isdifficult to hold them accountable
for any environmental pledges.

There are similar challenges withcities. More than half - 58% - do
not yet have a city-wide emissions
reduction target and 51% do not
yet have a climate action plan. Our
research shows that cities withsuch plans identify twice as many
opportunities from addressing
climate change as those that do not.
Furthermore, although 93% ofreporting cities are facing significant
climate hazards that put their people
and infrastructure at risk, currently
43% of cities do not yet have an
adaptation plan to tackle thesehazards and keep populations safe.

12

$44

Carbon emissions and climate change
are only one part of the challenge.

tn

NATURE GENERATESAT LEAST $44 TRILLIONIN ECONOMIC VALUEEVERY YEAR

Sustainable development requires theachievement of a carbon neutral,nature-positive and equitable world.
Nature generates at least $44 trillion in economic
value every year,6 yet losses to nature continue
at unprecedented rates, with three quarters ofland and sea altered by people and over a
million species threatened with extinction.7
The IPCC and the IPBES jointly agree that
addressing the climate crisis cannot be
achieved without simultaneously addressing
the nature crisis in an equitable way. This
includes conserving, protecting and restoring
ecosystems, adopting more sustainableagriculture and forestry practices, andensuring a circular economy.8
6 World Economic Forum. Nature Risk Rising: Why the Crisis Engulfing Nature Matters for Business and the Economy. New Nature Economy Report I (2020).
7 Díaz, S. et al. Summary for policymakers of the global assessment report on biodiversity and ecosystem services of the Intergovernmental Science-Policy
Platform on Biodiversity and Ecosystem Services (IPBES). (2019) doi:10.2750/arp.36.13.
8 IPBES-IPCC. Scientific Outcome of the IPBES-IPCC co-sponsored workshop on biodiversity and climate change. https://ipbes.net/sites/default/
files/2021-06/2021_IPCC-IPBES_scientific_outcome_20210612.pdf (2021).

13

NATURENEEDS MORE
ATTENTION.

The world is just waking up to thescale and implications of the damage
inflicted on the natural world. The
next ten years are critical, not justfor climate change but also wider
biodiversity and ecosystem health.
By 2030, the world needs to halve its
emissions and eliminate deforestation
to have any chance of preventing
catastrophic changes to climate
impacts and restoring the natural
systems we rely on.
As of December 2020, over two-thirdsof the world’s gross domestic product(GDP) was being generated in places
where authorities had set, or proposed

to set, a target to bring carbon
emissions to net-zero by mid-century.9
This is a big step forward but nowhere
near enough: these targets need to
be implemented to deliver actual
emissions reductions starting now.
What happens by 2030 is key.
Overall, the global goal of net carbon
neutrality by 2050 needs to be matchedby an equally clear global goal of net
positivity for nature. This requires
measures eliminating nature loss,
with restoration well underway by2030, moving us to a nature positive
economic system by 2050.109 https://eciu.net/netzerotracker
10 Locke, H. et al. A Nature-Positive World: The Global Goal for Nature. https://www.wbcsd.org/download/file/11960 (2021).

14

THE 2025
STRATEGY –ACCELERATING
THE RATE OFCHANGE

2

15

BROADENING THE SCOPE
AND DEEPENING THE REACH
OF THE CDP SYSTEMOver the past 20 years, CDP’s methods and leadership have transformed how
investors, businesses, cities and governments understand and tackle environmental
issues. This has helped standardize new global norms and practices, which are
getting results. But things need to move further and faster. All governments,
companies, cities, states and regions must set ambitious environmental targets andtake bold, transformative action to achieve them.
CDP’s disclosure cycle and its role as a ‘critical friend’ to corporations and cities, willbe essential to enable a safe, just transition to a net-zero, nature positive future. Our
new strategy works towards a world in 2025 in which:• There is significantly enhanced transparency on environmental issues, with acritically larger group of stakeholders, creating a comprehensive, holistic picture ofcompanies’, cities’ and subnational governments’ impact on earth’s natural systems.
To enable this, CDP will provide data and insights on a broader set of environmental
areas and actors.
• Actors are held to account. To enable this, CDP will track progress against abenchmark of what is needed to ensure a transition to a 1.5ºC, nature-positive world.
• A transformation has been catalyzed, building the foundation for a 1.5 nature positive
global, equitable economy. To realize this, CDP will speed up action at critical nodes
in the system, causing ripple effects that tip sectors, cities, regions or economic
systems into a new paradigm.
Through these steps, economic actors are empowered through tools, insights andcapacity-building to thrive in the new economy. This is CDP’s goal for 2025.

CDP INFLUENCE IS DIRECT
THROUGH QUESTIONAIRE
AND SCORINGACTORS CAN RAISE AMBITION OF
LEVERS (AMBITION LOOP)ACTORSCOMPANIES,CITIES,FINANCIALINSTITUTIONSSTATESNODESREPORTING
FINANCIALINSTITUTIONS,PURCHASERS,CITIES, STATESLEVERSCAPITAL
MARKETS,PURCHASERS,NATIONAL
GOVERNMENTS

CDP INFLUENCE IS INDIRECTOVER LEVERS
LEVERS INFLUENCE OVER
ACTORS IS DIRECT

16

CLIMATE

LAND

RESILIENCE

BIODIVERSITYWASTE

OCEANSFRESHWATERFORESTSFOOD

WE WILL EXPAND OUR WORK TO COVER THE FULL RANGEOF PLANETARY BOUNDARIES AND EARTH SYSTEMS

17

ACCELERATINGCHANGE THROUGHDISCLOSURE,
INSIGHT & ACTION

CDP has proven it can drivechange through disclosure,insight and action.

Over the next five years, wewill focus on broadening thescope and deepening thereach of the CDP system.

We will hone our approach so that
disclosure leads to full transparency,
insight to accountability and action
to transformation.

INSIGHTENABLING
ACCOUNTABILITYDISCLOSURE
DRIVING
TRANSPARENCYACTIONCATALYZINGTRANSFORMATION

18

ACCELERATINGCHANGE THROUGHDISCLOSURE,
INSIGHT & ACTION

INSIGHTENABLING
ACCOUNTABILITY
Scoring companies against theirperformance over time, using scientificbenchmarks to measure progressagainst what needs to happen to
ensure a transition.

Enabling a broader ecosystem of actors
to hold disclosers to account by providing
actionable data and insights on the metrics
that matter.
Incorporating and verifying more geospatial
and asset-level data to enable better
governance of environmental issues.
Influencing, aligning and enabling emerging
best practice standards and regulation.

DISCLOSURE
DRIVING
TRANSPARENCY
Broadening the scope of the environmental
issues our system covers to include nature,
biodiversity and planetary boundaries.
Driving coverage of more parts of thesystem by diversifying the disclosure levers
to other market and regulatory actors.
Shining a light on how disclosers are
performing against metrics based on thelatest science and market needs.
Making this information more readily
available to a broader set of stakeholders
via scoring, datasets, insights andbenchmarking.
Enabling verification and validation
through exchanges with other datasetsand third-party verification.

ACTIONCATALYZINGTRANSFORMATION
Working with multiple stakeholders
across a variety of environmental
areas, focusing on the transition.
Catalyzing and scaling
place-based action in an
equitable way.

Driving readiness for effective andambitious policy and regulation.
Scoring, campaigns, engagement
and insights focus on tangible
actions to achieve a 1.5°C,
nature-positive world.
Supporting the implementationof Social and Governance metrics
into our platform.

19

8 KEY
FOCUS
AREAS

In order to accelerate momentum towards
a thriving, resilient economy that works forpeople and planet, over the next five years
CDP will focus on eight areas of work:

5
1
Expanding our scope
to cover planetary
boundaries.

2
Tracking and scoring
progress along the sciencebased transition journey.

3

Increasing the influenceof our system byreaching new actors.

4

Using our platform toimplement standards
at scale.

6
Catalyzing and scaling
place-based action.

7
Enhancing transparency
and reducing
complexity withnew technology.

8
Enhancing the Social andGovernance metrics in
our platform.

Enabling increasing
policy ambition throughdriving action.

20

8 KEY FOCUS AREAS

1The Earth’s systems on land, in water and in
the atmosphere consist of a complex web ofinteracting living and non-living elementsthat create the environment we live in. Humanactivity is radically changing these systems. The
continuation of these systems in some form is
not in question, but their continuation in a waythat supports existing economies and well-being
is increasingly threatened. Maintaining thesesystems to the levels we require will necessitatea radical transformation of our economies,
from food, water and energy to finance, urban
planning and circular, regenerative thinking.
The environmental challenge comes down to an
imbalance of demand and supply. People havealways relied on their environment to generate theresources needed, to process the waste generated
and to create optimal climatic conditions. But inrecent times the rates of these demands haveaccelerated to unprecedented levels. At thesame time, the degradation and destruction ofnatural systems has eroded the capacity of theenvironment to supply these services.
Today the world is in ecological deficit and every
year the gap between demand (our ecologicalfootprint) and supply (the biocapacity of ourplanet to provide the goods and services people
require) continues to widen. A sustainable future
requires the bending of these curves; reducing
demand and increasing supply until we return toa state of nature positivity.

However, addressing the environmental challenge
cannot be achieved on an issue-by-issue
basis. CDP’s reputation is built on cultivating
deep expertise on the drivers, impacts andsolutions to climate change, water security anddeforestation. These represent three of the mosturgent challenges to our demand and supply
respectively. But they are pieces of a broader,integrated, interlocking system. The planetary
boundaries focus highlights where some of theadditional priorities lie. It highlights the need to act
on multiple drivers of supply – both on land andin water – including the losses to biodiversity, so
important to biocapacity quality and resilience.
It also highlights additional demands that havesurpassed the capacity of natural systems toprocess not only GHG emissions but also nitrogen,phosphorous and plastic-based pollution.
Over the next five years, CDP will expand its
scope to cover a wider, more holistic approach todisclosing, analyzing and improving environmental
performance, focusing both on reducing demands
on our environment but also on increasing supplyof natural systems able to support us. CDP’s
accountability mechanism will enable a global
dialogue on these issues and the tracking of
progress and credibility of commitments madeagainst new initiatives, such as the Taskforce
for Nature-related Financial Disclosure and theScience-Based Targets Network. In doing so, wewill track, facilitate and drive action towards a
1.5°C-aligned, nature positive world.

21

8 KEY FOCUS AREAS

2

Every company, city and state needs to set
ambitious science-based targets and be heldto account for their progress against them. In
2025, CDP will be the definitive mechanism totrack the nature, extent and speed of corporate
and city action against these commitments andtheir impact on the global environment.
CDP’s focus to date has been on building climate,water and forest ambition and embedding it
into governance and critical decision-making
processes. There is now an urgent need to ensure
intentions are accompanied by concrete plans,with tangible transition indicators and metrics,
as well as evidence of progress, including
implementation and achievements against
agreed goals. Accountability is needed to alignwith halving emissions by 2030 and net-zeroemissions by 2050, as well as eliminating nature
loss, with restoration well underway by 2030,
moving us to a nature-positive system by 2050.
This will entail building on the methodologies
CDP has developed with the partners of theAssessing low-Carbon Transition (ACT) initiative,
as well as collaboration with partners in the We
Mean Business and Investor Agenda coalitions
to align on the key transition plan metrics. Our

system must scale up its capture and tracking ofthese metrics, in line with the goals of international
treaties and conventions, such as the Paris
Agreement, the Convention on Biological Diversity,and the Sustainable Development Goals.
We will launch ‘transition scoring’ – scoring entities’
performance against scientific benchmarks, their
historic and current impacts, the projected impactof targets, their product portfolios and disclosureof their transition plans. This will provide a clear
assessment of an entity’s historic impact and future
ambition, whether that ambition is sufficient tomeet global climate and nature-related goals, andtheir performance against targets and plans.
CDP will draw on the lessons we have learnt on
the climate journey and apply the same rigor
and methods to the task of restoring nature, inrecognition that these issues are inextricably
connected. Just as CDP helped build thefoundations and architecture for meaningful
corporate and subnational action on climate, so wewill equip corporate actors, investors, subnational
governments and regulators to work together to
respond to the wider nature and biodiversity crisis,
even as they accelerate action on climate.

The transition roadmap and elements

STEPS

IMPACT METRICS
AND DISCLOSURE(CDP)

CLIMATERISK AND
GOVERNANCE(TCFD / ISSB)SET TARGET(SBTi)

TRANSITION PLANS/ 5-YEAR ACTIONPERFORMANCEDISCLOSURE/
AUDIT OF PLANPERFORMANCE

CDP’s system will move the emphasis of our work up this spectrum for climate and then move the journey forward for nature.
22

8 KEY FOCUS AREAS

3

3

We seek to enable a system-wide
By 2025, CDP will seek to have relevanttransformation, by:environmental data for a significantly bigger• Accommodating capital market actors such as
proportion of public and private companies,
government entities, who partake primarily in the
including 90% of the highest-impact companies,
bond markets. These actors are not currently able
and will drive their journey towards action. In
to request disclosure from agencies, ministries,
addition, we will increase access to our data by
providing more information, insights and analysis and entities that are otherwise publicly-owned andoperate as companies.
to the public sector and civil society. Making
the results publicly available to a wider group of
stakeholders will increase scrutiny and collective • Increasing environmental disclosure outside of
public markets. Historically, CDP has utilized theambition, driving bold, transformative andpower of investor signatory and supply chain
rapid action.
member authorities to request disclosure fromthousands of companies. However, there areOver 590 investors with US$110 trillion in assets,
still significant gaps in environmental disclosureand more than 200 large purchasers with US$4
in other markets such as the bond and private
trillion in buying power supported CDP’s request
markets. As public markets transition, it will
for disclosure in 2020. Over the next five years,
CDP will seek to expand the range of stakeholders be critical to capture and drive environmental
action across these other markets to ensure
who serve as our ‘authorities’ within our system.
environmental impacts are not simply transferred
We will expand from investors (equity) and big
to different assets.
buyers (procurement) to include banks (lending),
private equity, stock exchanges, hedge funds,
regulators, central banks, cities, and civil society;leveraging demand for environmental action topromote disclosure and vice versa.
CDP is already developing pilots to expand thedisclosure request to enable and encourage
debt and private markets, mid -market and SME
businesses and subnational and sovereign public
enterprises historically not incentivized via capital
markets engagement, to play an active role in the
climate transition. In parallel, stock exchanges areseeking to leverage CDP’s disclosure infrastructure
to widen the scope of environmental reporting bylisted entities.

90%

CDP WILL SEEK TO HAVERELEVANT ENVIRONMENTAL
DATA FOR A SIGNIFICANTLYBIGGER PROPORTION
OF PUBLIC AND PRIVATE
COMPANIES, INCLUDING 90%
OF THE HIGHEST-IMPACT
COMPANIES• Providing more sophisticated and tailored offeringsfor capital market stakeholders, via comprehensive,
curated datasets, thereby increasing the value of
CDP’s system in driving a shift in capital allocation.
CDP’s initial pilots focus on private equity andventure capital firms, as well the State of New Yorkas a new authority requesting public enterprise/authority/agency disclosure.11 These pilots will
support the development of scalable blueprints
and ensure that CDP’s system reaches the partsof the capital markets that are private, enable
investment in new types of public infrastructureand drive innovation across the economy.

11 New York in total is responsible for approximately 10% of the global
municipal bond market, and New York State authorities are by far thebiggest actors in the state’s municipal markets.

23

8 KEY FOCUS AREAS

4

has proven time and time again its effectivenessat driving new norms and standards. Over the
next five years as we scale this up and expand
beyond our existing focus, we will provide
policymakers with the proof points they need tocreate comprehensive governance mechanisms
at scale. Even as public policy ebbs and flows,
CDP’s reporting mechanism will continue to drive
behavior change, track progress (or lack thereof),raise the bar and provide space for leaders toinnovate and excel.
At the same time, governments are increasingly
considering making reporting on climate impacts
mandatory for corporates and others as partof their efforts to protect the environment.
For example, in November 2020 the UK
chancellor announced climate disclosures bylarge companies and financial institutions would
be mandatory by 2025; and in June 2021, theG7 finance ministers committed to movetowards a TCFD-aligned mandatory
disclosure policy pathway.

Policy frameworks that seek to drive down
emissions, tackle climate impacts and reverse
ecosystem degradation are growing globally.
Recent analysis, for example, shows that netzero targets have become mainstream.
Clearly it is now critical that policies are
implemented which ensure these targets are met.
Our data and insights already underpin global
efforts to demonstrate and track the commitments
and action of non-state actors, helping to increase
ambition at a global, regional and national
policy level.
CDP’s disclosure process will strengthen andsupport regulation, helping companies to comply
and encouraging them to go further. Our system

Mandatory reporting will be fundamental toachieving a sustainable economy that works forpeople and planet. However, regulation will taketime to come into effect and will vary by region
and jurisdiction. In the meantime, investors,
governments and other stakeholders will stillrequire standardized information generated
via high-quality disclosure processes that arecontinually improving, and that enable the trackingof progress against targets, transition plansand performance. CDP will continue to provide
this, driving readiness for regulation, as wellas ensuring quality and actionable insights asregulation comes into force.
Further, the financial system has a pivotal roleto play in achieving the goals set by the Paris

Agreement and the 2030 Agenda for Sustainable
Development. Its full potential needs to beharnessed to serve as an engine to drive thetransition of the global economy.
The importance of finance in providing theresources needed to scale up sustainable
development is recognized by several
international instruments, including the Paris
Agreement and the Addis Ababa Action
Agenda, among others. At the same time,financial supervisory bodies are increasingly
recognizing that systemic shocks are more
likely in an environment in which financial assets
do not fully reflect climate-related physicaland transition risks. Market regulators andsupervisors can play a pivotal role in driving thechange needed in the financial system and wewill strengthen engagement with these bodies,
helping to support regulatory changes withevidence from our reporting and data platform.
CDP will dedicate itself to supporting thedevelopment of a financial system that
integrates sustainability considerations into its
operations, including the full costing of positive
and negative externalities that sustainability
implies, leading to a reorientation of capital
flows towards achieving global goals.

61%
OF GLOBAL GHG EMISSIONSCOVERED BY NATIONAL
NET-ZERO COMMITMENTS

68%
OF GLOBAL GDP
COVERED BY NET-ZERO
COMMITMENTS

56%
OF THE WORLD’SPOPULATION COVERED BY
NET-ZERO COMMITMENTS12

12 https://www.ox.ac.uk/news/2021-03-23-net-zero-pledges-go-globalnow-action-needs-follow-words-oxford-eciu-report24

8 KEY FOCUS AREAS

5

Reporting of business’ ESG performance is now
considered fundamental to effective corporate
management. As a result, several disclosure
frameworks, guidelines and standards, aswell as taxonomies, tools and indices havebeen developed. Examples include the
Climate Disclosure Standards Board (CDSB),
the Taskforce on Climate-related Financial
Disclosure (TCFD), the Taskforce on Naturerelated Financial Disclosure (TNFD), theInternational Sustainability Standards Board(ISSB), the GRI Standards, the Sustainability
Accounting Standards Board (SASB) and theCommon Reporting Framework (CRF). A numberof jurisdictions are also seeking to implement
sustainable finance taxonomies, following thecreation of the EU Taxonomy.

This drive to support corporate environmental
reporting is welcome but needs consolidating
or it will create confusion, as well as a reporting
burden for issuers. The development of divergent
taxonomies or regional standards may make it
difficult for companies and investors operatingin multiple jurisdictions. A coherent reporting
system with internationally agreed standards
and taxonomies is needed to ensure effective
data access, analysis and use by the data users.
In addition, not all the standards currently underdevelopment will encompass both risk and impact
management, the latter being critical to creating a
net-zero, nature-positive economy.
As the world’s largest environmental disclosure
repository, CDP’s platform is populated withinformation submitted by thousands of companies,
cities and subnational governments following
agreed disclosure requirements and standards.
This is reviewed and edited annually to reflect
external developments and provide the mostreliable and useful data set. In this way, CDP’s
platform can help implement new standards andbring them to life in the real economy; for example,
the CDP questionnaire was changed in 2018 toadopt the TCFD guidelines, meaning that every
company disclosing to CDP is producing a TCFDaligned data set.
We proritize implementing, influencing andimproving standards over developing formal
standards ourselves. Our unique reporting
mechanism is both an acid test and source ofinnovation for standards and its power comesfrom being able to implement standards globallyat scale. We will therefore continue to align withthe most relevant and significant standards andapply them in ways that can then help improve
future versions. This happens in a variety of ways,

from partial or full alignment via questions andquestionnaire; to alignment of terms, refinementof datapoints and incorporation into our guidance
documentation & mapping.
Datasets mapped to specific standards andindicators are then created for stakeholders.
We will help facilitate standardized access todisclosure and reduce the need for multiple
taxonomies and/or databases in different
jurisdictions. We are piloting an approach we
can use for emerging taxonomies and replicate
for mandatory regulatory disclosure and otherregulations.
This will benefit:
1. Current and future users of CDP’s
disclosure platform by bringing coherence andconvergence around existing taxonomies andensuring that our data is structured aroundthese taxonomies.
2. Investors by allowing data access, analysis
and use against common and internationallyagreed taxonomies.
3. Policymakers who have mandated or are
considering mandatory ESG disclosure to be
filed through specific platforms or using specifictaxonomies.
4. Standards-setters and reporting frameworks
by enabling a shared vision for a global
reporting system and utilizing CDP’s disclosure
platform to drive adoption at scale, globally.

From CDSB to TCFD, ISSB and beyond
CDP helped establish the Climate DisclosureStandards Board (CDSB) in 2007 to provide
a consistent way to record climate risk andopportunity in mainstream reports. In the absenceof an authoritative global body such as theInternational Accounting Standards Boards (IASB)
or OECD moving this agenda forward, CDSB filled
an important gap in market practice.
Eight years later, the Task Force on ClimateRelated Financial Disclosures (TCFD) was createdby the Financial Stability Board (FSB). TCFD
guidelines were published in 2017 and integrated
into the CDP questionnaire in 2018. In 2021 theG7 countries, followed by China, committed to
mandate TCFD-aligned disclosure, showing how
central to policy making this thinking has become.
CDP and CDSB’s work underpins the TCFD
recommendations and is referenced acrossnumerous regulatory requirements and stock
exchange guidelines globally.13 In 2019, CDSB
led the drafting of the Corporate Reporting
Dialogue (CRD)’s mapping of the standards
and frameworks against TCFD.
Most recently, CDSB has been invited toparticipate in the International Financial ReportingStandard’s (IFRS) working group on the creationof an International Sustainability Standards
Board (ISSB) to accelerate convergence inglobal sustainability reporting.
Building on what CDP sought to enable in oursystem for TCFD, CDP will now seek to enable thespeedy implementation of the ISSB globally andat scale, to ensure a structured, complete andconsistent dataset is provided to decision makers.
13 UK, EU, Canada, among others and at least 16 stock exchanges.

25

8 KEY FOCUS AREAS

7

6
The impacts of climate change and environmental
degradation and the actions necessary to mitigate
and reverse the damage will require actors in
different locations to have access to the rightinformation and tools to collaborate. No single entity,
country, or region will be able to do this on their own.
A systematic scale-up of action and collaboration at
a local level across all regions of the world must takeplace if we are to transform the global economy overthe next decade. We have seen significant
action take place by companies, cities, states andregions on climate change and restoring nature but
to enable this scale-up, the world will need an
integrated, comprehensive and equitable approach
to local action.

CDP’s system is unique because it serves as anexus point where corporate, city, state and regional
information comes together. Incorporating more
location-based data into our platform, expanding
our coverage in the global south, bringing new
public authorities into the system and ensuringlocal actors know what others are doing and havethe ambition to do; we can catalyze the systematicscale-up of collaboration and capital allocation on
environmental issues that the world needs.
Over the next five years, we plan to leverage ourunique role and the changes we are making to ourreporting system to enable local action to happen
at scale.

The world is awash with data. Technologicalbreakthroughs and new granular data sources arehailed by many as potential environmental gamechangers. These include block-chain technologies,
data scraping tools, satellite data, machine learning,
artificial intelligence and smart buildings; among
others. To harness their potential, they must be
embedded into global environmental governancesystems. A flexible and evolving CDP system will
provide a mechanism for this to happen.
External data can be fed into the CDP system,
reducing the effort of compiling information forcompanies, cities and subnational governments;
enabling verification for scoring purposes; enhancing
transparency and creating a validation feedback loopwith other data systems. It can also support CDP tocollect a minimum level of information from non-responding companies. At the same time, CDP’s
knowledge and experience and the continued
evolution of its questionnaire can inform what
data needs to exist, and how it can best beorganized, accessed and used.
CDP recognizes that the emerging technology
space is evolving quickly, and that we areentering a new era of the internet that has
the potential to coordinate, complement andtransform established systems. We aim to use
cutting-edge technology, where possible andmake the most of opportunity analysis, researchand development, pilot projects and partnerships
to improve our systems and processes and help
achieve our mission.

26

8 KEY FOCUS AREAS

8

We will explore how to integrate Social &Governance metrics into our platform, focusing
on where they overlap with environmental issues.
The relationship between these metrics iscomplex and a holistic approach to managing theenvironment is unlikely to be successful unless
equity, diversity and inclusion are taken into
account. At the same time opaque governancestructures, as well as those with no accountability,
have a negative impact on environmental behavior.
Finally, the link between governance and theenvironment runs through the social. In otherwords, what stands at the heart of sustainable
development is the link between E, S and G.

Rather than look to deepen our expertise
across the full ESG spectrum, we will prioritise
partnerships to enable us to aggregate data
across S&G metrics and build on our existing
platform. These interconnected datasets are atthe very heart of any transition, certainly of therequired ‘Just Transition’.
CDP maintains a nature and climate focus aiming
at the ‘safe and just corridor’. This is where
our accountability centers, collecting data andtracking action against a 1.5° aligned, nature
positive, equitable world.

27

A STRONG CDP
TO DELIVER OUR
MANDATE
This section sets out ourvalues, our ways of working,our systems and how wewill organize ourselves toachieve our aims.

328

OUR VALUESAs a mission-driven organization, CDP’svalues underpin our purpose, and informthe way we operate, communicate anddevelop. They capture the essence of
who we are and who we want to be,
shape our organizational culture, andguide our ways of working.

THESE ARE OUR CORE VALUES:WE DEFAULT TO TRANSPARENCY• We are open, even when it feels uncomfortable.
• We build trust through clarity and honesty.
• We share quality information effectively and at the right time.
WE PLACE ACCOUNTABILITY AT OUR HEART• We define roles, responsibilities and goals clearly and then empower people to act.
• We support and hold each other accountable.
• We lead by example.
WE LEARN AND IMPROVE• We are courageous in seeking and offering constructive feedback.
• We consistently take time to review and improve.
• We learn from our mistakes for the benefit of our mission and ourselves.
WE SUCCEED TOGETHER• We lead with enthusiasm, empathy and passion.
• We create an inclusive and equitable culture across teams and time zones
to accomplish our mission.
• We welcome diverse ideas and perspectives with curiosity and open minds.

29

INVESTING IN OUR PEOPLE
Meet some of our team...

Our greatest strength is our people, who join CDP because of their deep passion,
belief and commitment to making our planet a better place. This, coupled withthe talent and expertise they bring to and develop on the job, is what enables us
to achieve our mission. We are committed to improving our work environmentand supporting and developing our people.

We will drive change through our people by:Over the past 18 months, COVID-19 has had a tremendous impact on all of us.
In this challenging context, our staff have demonstrated their ability to respondeffectively to a crisis and remain committed to the cause. Over the next five
years, CDP will seek to capitalize on some of the lessons and opportunities
emerging from the pandemic, including designing work for wellbeing,
unleashing workforce potential, and making the most of the power of teams.14- Fostering a culture where we celebrate our individual
differences and work together to achieve our mission.

- Defining the capabilities that CDP needs to maximize its impact
and realize its mission; and developing these capabilities within
the organization.

- Enabling our people to contribute creatively, inclusively andproductively, towards our mission.
- Having a strong focus on the needs of our people.

14 https://www2.deloitte.com/uk/en/pages/human-capital/articles/global-human-capital-trends-2021.html)

30

EXPANDING OUR GEOGRAPHICAL REACH:
WORKING GLOBALLY, IMPLEMENTING LOCALLY

While our reporting system is universal, our engagement and focus areas
in different regions are targeted towards the specific challenges andopportunities of that region. In our expansion to cover a broader set ofenvironmental themes, our offices will emphasize those issues and areas
which are most relevant for the country/region.

CDP runs the only global environmental disclosure and reporting
mechanism, with over 500 staff operating in eight offices around theworld. In regions with no direct CDP presence, we work closely withpartners to drive change.

Over the next five years we will scale up our rapidly expanding footprint in
Asia and seek to increase our work in Africa.

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31

MONITORING,EVALUATION
AND LEARNING
Understanding the impact we are having in the world is key. To date,
CDP’s systems have focused on monitoring at a project and productlevel, with emerging work at a program level.
This will now scale up to a full organizational monitoring, evaluationand learning (MEL) system. We will invest in the development of a
new system, which will give us a deeper understanding of whether
and how we are achieving our intended impact. We see this as criticalto our accountability.

Investing in MEL is critical for
CDP at this time - we want toknow if we are meeting theexciting ambitions set out in thisstrategy – we want to be rigorous
and accountable for what we dofor planet and people.

Integrating MEL into our organisational culture and everyday working practices will
empower us to make evidence-based decisions and ground our strategy in the knowledgeof what works. It will support ongoing strategic assessment and course-correction; andenable us to learn and adapt to the needs of a changing landscape. It will also enable us
to gain a deeper understanding of value for money and how investment decisions can beleveraged for greatest impact.

32

DISCLOSURE INSIGHT ACTION

33