(Bloomberg)—Amazon.com Inc., Exxon Mobil Corp. and Volvo are among more than 700 companies being targeted in a campaign backed by a large group of investors advocating for greater transparency when it comes to environmental impact.
HSBC Global Asset Management, Investec Asset Management and close to 85 other investors representing a combined $10 trillion in assets are asking companies to comply with the reporting process managed by the Carbon Disclosure Project, a British nonprofit research group that solicits and scores corporate environmental disclosures.
Investors and interested observers need “consistent, comparable information collected in one place so that they can benchmark performance and use the data to inform their decisions,” said Emily Kreps, global director of investor initiatives at CDP. HSBC and Investec didn’t immediately respond to a request for comment.
The effort targets companies the group says have failed to disclose such information for years at a time.
Investors participating in the CDP initiative “are active managers or asset owners who have a sophisticated understanding of the [environment, social, and governance] disclosure they need from companies for their investment processes,” Kreps said. “We would expect to work with more investors on this in the future, especially as demand for corporate environmental data continues to rise.”
Fossil fuel giant ExxonMobil has faced numerous investigations and lawsuits over its role in the global climate crisis. The company said it publishes environmental information through the framework developed by the Task Force on Climate-related Financial Disclosures (TCFD) and solicits feedback from shareholders.
At Amazon, more than 7,600 employees recently backed a shareholder measure to push the company into developing an aggressive climate-fighting stance. (The effort failed. The company has said it will disclose its carbon footprint later this year.)
Exxon said in an emailed statement that “we no longer participate in the Carbon Disclosure Project survey because our publicly available material provides a comprehensive and meaningful perspective on how we view and approach climate change-related risks.” Amazon, meanwhile, said it has set a “goal to reach 50% of all Amazon shipments with net zero carbon by 2030.”
Volvo didn’t immediately respond to a request for comment.
Amazon is No. 1 in the Internet Retailer 2019 Top 1000.