Last week marked another milestone in disclosing the World Bank Group’s environmental performance and setting the standard for transparency by multilateral development organizations. World Bank president Robert Zoellick was the key commentator for the Carbon Disclosure Project’s 2010 Global 500 report. It is the world’s largest database of institutional carbon footprint. The World Bank Group (WBG) is the only Multilateral Development Bank to report to this forum.
Seven years after the Global 500 report was first launched, participation is beyond just ``looking good’’ for corporations. This annual exercise has become an accountability issue for corporations―investors are demanding these carbon footprint figures to assess their risks and opportunities. Investors are moving towards sustainability and the Climate Disclosure Project (CDP) is proving to be an effective benchmarking tool that guides investment choices and aligns incentives for low-carbon growth. It is a win-win for corporations too, because when they accurately know their greenhouse gas emissions, they can better manage them. The 2,500 organizations that participated in this exercise account for a total of 11% of global direct GHG emissions.