Business: Stora Enso rated a global leader for climate action by CDP
Updated: Feb 7, 2019
#StoraEnso has been top rated in combatting global warming by the international non profit organisation #CDP, which works to build a #sustainable global economy. CDP has included Stora Enso on its new 2018 Climate A List, which identifies the global companies that are taking leadership in climate action.
‘We are proud of this recognition of our long term work to reduce our emissions,’ said Noel Morrin, executive vice president sustainability at Stora Enso. ‘For over a decade we have been actively reducing the energy intensity of our operations and our dependence on fossil fuels. In December 2017, Stora Enso became the first forest products company to set ambitious science based targets for reducing greenhouse gas emissions throughout our value chain.’
Stora Enso has also signed a Revolving Credit Facility (RCF) loan where part of the pricing is based on the group’s performance in reducing greenhouse gas emissions. This progress is reported in Stora Enso’s annual and interim reports. In addition, Stora Enso has published a Green Bond Framework and asks suppliers about their carbon dioxide emissions in all tenders.
‘Ultimately, it is our renewable materials that make a difference,’ Noel said. ‘They are a key solution to combatting global warming as they store carbon and replace fossil based materials.’
Paul Simpson, CEO of CDP, said: ‘Congratulations to all companies that made it onto CDP’s A List this year. We need to urgently scale up environmental action at all levels in order to meet the goals of the Paris Agreement and the Sustainable Development Goals. It is clear that the business world is an essential player in this transition and the A List companies are set to make a substantial contribution to those goals.’
Thousands of companies annually submit climate disclosures to CDP. In 2018, disclosures were requested by 650 investors representing over $87 trillion in assets, and over 7000 companies submitted their climate data.
In addition to the CDP rating, Stora Enso has been top ranked in both the quality of greenhouse gas management and carbon performance by the Transition Pathway Initiative (TPI). TPI is a global initiative led by asset owners and supported by asset managers and looks into how companies’ carbon performance now and in the future might compare to the international targets and national pledges made as part of the Paris Agreement.