Companies move on disclosure Media Release

Dec 03, 2010 - 9:00am

The board of Aquila Resources has agreed to report its emissions and reduction strategies to the Carbon Disclosure Project next year, following engagement from the Climate Advocacy Fund, The Climate Institute and Australian Ethical Investment said today.

A second Australian-listed company, Paladin Energy, has agreed to report its emissions in accordance with the Global Reporting Initiative (GRI)* within 2 years.

“These are welcome moves from the boards of both companies and show that there is now an emerging understanding of the importance of reporting and managing carbon liabilities,” said Julian Poulter, Business Director of The Climate Institute.

“This sends a signal to other high emitting companies that disclosure and the management of carbon liabilities is core business and essential to providing shareholders, and the market, with the necessary information about this key material risk to their long term financial health.”

The moves come after the Climate Advocacy Fund proposed Australia’s first climate change resolutions for shareholders to consider at the AGMs.

The first set of resolutions to four companies requested disclosure of carbon emissions, strategies to reduce emissions and also capital investment assumptions around future carbon prices and their impact on long-term investment decisions.

A resolution lodged with Oil Search has been accepted for its AGM in May 2011. A resolution has also been lodged with Woodside Petroleum. They are taking legal advice and have committed to responding before their April 2011 AGM.

Phil Vernon, Managing Director of Australian Ethical Investment, said: “The Climate Advocacy Fund was established to improve the accountability of companies around their carbon emissions disclosure through constructive engagement and advocacy. 

“We’re pleased that our actions have had a positive impact with regard Aquila and Paladin. We are now turning our attention to Woodside and will be engaging with them ahead of their AGM next year.”

For further information: 
Harriet Binet | Communications Director, The Climate Institute |  0402 588 384 OR  02 8239 6299

*Global Reporting Initiative (GRI) is a network-based organization that has developed a global sustainability reporting framework.

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