CDP Italy Report 2017 Written on behalf of 650 investors with $87 trillion in assets. CDP Report | October 2018 With the kind support of Contents 04 Italian government foreword 05 CDP perspective 06 Why CDP? 07 Collaboration between the Italian government and CDP 08 Analysis: Italian corporates 12 Analysis: Italian cities, states and regions 16 Analysis: Water security - Italian perspective 17 CDP investor initiatives 02 03 Italian government foreword CDP perspective At the United Nations Climate Change Conference in CDP’s story is based on one simple idea: environmental Paris, in December 2015, the Conference of the Parties action begins with transparency. (COP) reached an ambitious agreement - a turning point in the transition to a lower emissions economy. When CDP started almost 20 years ago, few It’s not just corporates using these insights to take companies, investors or cities were concerned about the action. Local authorities are more under pressure impact of their operations or profits on the planet. than ever, facing unprecedented economic and social The Paris Agreement established a new paradigm within CDP substantially supports global efforts to challenges exacerbated by climate changes. To cope the climate governance regime by setting up a flexible, meet both the aims of the Paris Agreement and And few recognized that climate change, water with this, cities, states and regions are using CDP as a nationally driven, bottom-up approach. As such, its the SDGs. Critical to the implementation of the insecurity, and deforestation would impact them – tool, undertaking benchmarking progress and learning whether through the physical costs from disaster success will depend on how countries carry forward Agreement will be the ability to interrogate and best practice. damage, or the risks from not transitioning business their targets relating to mitigation and adaptation. For understand what individual emitters are doing to contribute to national targets. Likewise, models at the pace to keep up. some countries, this will mean putting significantly more Significantly, in Italy, 14 cities among the 21 responding implementing the SDGs will require a greater climate protection measures in place, such as investing understanding of how businesses are addressing CDP knew that the critical initial step for meaningful to the cities questionnaire and all regions disclosing in energy efficiency and renewable energy. deforestation and water security, which are also environmental action was getting the global economy’s through the states and regions program reported to The Italian Ministry essential to mitigating greenhouse gas emissions. There has never main actors to measure and understand their impact. have emissions reduction targets already established. for the Environment Facing the consequences of climate change, ensuring been a better time to is committed to the competitiveness of industry and granting secure and Working together, we want to drive awareness by increase our collective We’ve come a long way since then. Disclosure is now Commitments like these are important for delivering accessible energy to all citizens are key elements that Italian companies, cities, states and regions of their mainstream: more than 6300 companies around the the shifts we need in financial capital and policy at the promoting emissions ambition...more will characterize policy in Italy and Europe in the long environmental impact, and improve the quantity world – and 70% of the total market capitalization of reduction activities scale required, and demonstrate how CDP’s data is a and very long term (until 2050), and which will require and quality of disclosure on climate change, water insight on risks and Italy’s 100 biggest – now disclose through CDP. Along key tool enabling policymakers to track action towards on a voluntary basis a radical transformation of the energy system and of use and deforestation issues as we move towards opportunities means with over 570 cities and 100 states and regions – achieving their NDCs. by the private sector society in general. realizing the Paris Agreement’s goals. the real economy’s including 21 cities and 4 regions on the Italian peninsula. as well as cities, main players have CDP’s vision is of a sustainable economy that works There is a specific need to drive companies’ With more transparency comes bolder action as The Marrakech Partnership of Global Climate Action is a for people and planet in the long term. Achieving this states and regions adoption of science-based emissions reduction never been better companies and local governments recognize the mutually supportive process that co-exists alongside the and public institutions targets, which align corporate GHG emissions positioned to act. benefits of acting early to mitigate the risks of business will take concerted efforts. We need companies, cities, to foster an Italian intergovernmental negotiations, and which contributes to reductions with global emissions budgets and the as usual and take a leadership position as our economy states, regions, investors and national governments to sustaining political momentum and focus on international transition towards a below 2-degree goal, and to generate the innovation readies itself for a diffferent future. make decisions driven by insights on climate change, cooperation and sharing of concrete solutions by needed to transition to a low-carbon economy. deforestation and water security. low-carbon economy. all actors. In this context, non-state actors play an In 2017, almost 9 in 10 Italian companies reporting to We believe that a increasingly important role in shaping and implementing Within the framework of the Marrakech Partnership CDP on climate said they have emissions reduction And these insights must be on the table of boardrooms low-carbon economy parties’ nationally determined contributions (NDCs), of Global Climate Action – and beyond – we are targets in place, with 8 already aligning their targets and government offices around the world – as they can be a driver to and in building collective understanding of ways to looking to catalyze action by the Italian public and with climate science through the Science Based Targets already are for 98% of disclosing companies in Italy. initiative. economic growth. strengthen ambition. private sector to reduce GHG emissions, protect our natural resources and supply our economy with There has never been a better time to increase our This is not just responsible business, but a signal to In September 2017, the Italian Ministry for the sustainable growth. investors that they are well-positioned in the low-carbon collective ambition. The landmark Paris Agreement Environment, Land and Sea and CDP renewed their Francesco La Camera transition. However, more action is needed – particularly and the Sustainable Development Goals have put Memorandum of Understanding (MoU), aiming to drive Director General for Sustainable Development, for leading companies setting science-based targets environmental action to the top of the international action towards the achievement of the Paris Agreement Environmental Damage, European Union and and engaging their suppliers. agenda, while ever more insight on risks and and the Marrakech Partnership for Global Climate International Affairs at the Italian Ministry for opportunities means the real economy’s main players Action. The Italian government will support CDP’s Environment, Land & Sea As they look to increase water security, 6 Italian have never been better positioned to act. disclosure platform to promote sustainable development companies now disclose to CDP’s water security and protect the natural environment in both the public program. They are part of a surge in global corporate Our work with the Italian government will drive these and private sector. investment in more than 1000 projects to tackle water collective efforts onwards, and help more of this Stakeholders' call to action milestones in the risks. country’s most impactful companies, cities, states and Under our MoU, the Italian government aims to increase international framework regions to start measuring their impact and the journey the number of companies monitoring and actively towards low carbon, water-secure and deforestation managing their climate-related risks and impacts, 2015 Agenda 2030 United Nations 6,300+ 500+ free operations. by inviting Italy’s largest companies and major cities Paris Agreement (COP21) companies cities to disclose to CDP. Tracking this progress, aligned Over 6,300+ companies responded to our climate change, water, forests and Disclosed environmental information towards delivering on the Paris Agreement, our National 2016 The Marrakesh Partnership (COP22) supply chain questionnaire this year. through CDP this year. Determined Contributions (NDCs), and the Sustainable Steven Tebbe, Development Goals (SDGs), the government seeks to Managing Director, CDP Europe stimulate sustainable, low-carbon economic growth. 2018 Global Climate Action Summit $3tn+ $87tn 100+ purchasing power investor assets states and regions CDP's 99 supply chain members Over 650 investors with US$87 Over 100 of the world's states represent a combined purchasing trillion in assets request information and regions now measure their power of over $3 trillion. on climate change, water or forests. environmental impacts through CDP. 04 05 Why CDP? Driving greater transparency The collaboration between the Italian government and CDP CDP provides the detailed insights and analysis