CDP Climate Change: Telefónica Responses 2024 consolidates the climate change questionnaire Telefónica answered to apply to CDP. On the last edition (2023) we acknowledged, for the ninth year in a row, as a worldwide front-runner in corporate transparency and performance for its initiatives against climate change, securing a place in the “A List” curated by CDP.
The operator is one of the 20 global telcos and 16 Spanish companies to achieve this rating out of almost 23,000 companies assessed.
For the tenth successive year, Telefónica maintains its leadership status in climate change action, as it continues to be part of the “A List” compiled by CDP.
CDP has recognised Telefónica’s commitment to environmental sustainability, highlighted by substantial reductions in CO2 emissions. Some of Telefónica’s efforts are achieving net-zero emissions by 2040, which is crucial to be part of the select group (List A), among nearly 23,000 companies evaluated.
To guarantee adherence to emission reduction objectives, Telefónica has incorporated these targets into its governance framework via its Climate Action Plan. This plan delineates the alignment of its current assets, operations and business model with the most rigorous scientific climate recommendations. Telefónica is already ahead of the net zero emissions target for 2050 as proposed by the United Nations and the Paris Agreement.
Likewise, CDP emphasises that A List companies are leading the field, taking decisive steps to curb emissions and mitigate environmental impacts across their value chains.
Despite the fact that A-rated companies exhibit the greatest transparency in terms of disclosure and performance on issues such as climate change, deforestation, or water security, they have not yet reached the pinnacle of their environmental journey. As such, Telefónica is committed to making progress in this area each day.
CDP and the challenge
CDP, a non-profit entity, manages a global disclosure system for various stakeholders to manage their environmental impacts. Recognised as the pinnacle in environmental reporting, CDP has an extensive dataset on corporate and city efforts. They aspire for a sustainable economy, benefitting people and planet, by aiding stakeholders in assessing and managing their environmental impact.
CDP holds the largest environmental database in the world, and this year scored nearly 23,000 companies on their climate change.
These more than 330 companies, including Telefónica, lead in environmental transparency and performance on climate change.
How CDP scores companies?
CDP evaluates companies on a scale from A to D-, guiding them through a progression from disclosure towards awareness, management, and ultimately, leadership. The rating system assesses the depth of disclosure, recognition and handling of environmental risks, along with exemplary practices linked to environmental stewardship, such as establishing ambitious and substantial targets.
CDP disclosure and ratings crucially aid companies in continually enhancing their environmental efforts. In 2023, more than 740 investors, managing more than $136 billion in assets, asked companies to disclose data on environmental impacts, risks and opportunities through the CDP platform.
To achieve this leadership, Telefónica had to submit a climate change questionnaire to CDP answering a series of questions. You can see it in the document below: