60 APPENDIX 26 http://uk.reuters.com/article/us-japan-carbonidUKKCN0PR0A220150717 27 IBID Reference 15. 28 2015 Avivation emissions = 781 million tonnes of CO2e. http:// www.atag.org/facts-and-figures.html 29 IBID Reference 15. 30 IBID Reference 15. 31 IBID Reference 15. 32 IBID Reference 15. 33 IBID Reference 15. 34 IBID Reference 15. 35 IBID Reference 15. 36 IBID Reference 15 37 IBID Reference 15. 38 IBID Reference 15. 39 SASB SICS Consumption II includes: Food Retailers & Distributors, Apparel, Accessories & Footwear, Drug Retailers & Convenience Stores, Appliance Manufacturing, Multiline and Specialty Retailers & Distributors, Building, Products & Furnishings, E-Commerce, Toys & Sporting Goods. 40 SASB SICS Consumption I includes: Agricultural Products, Alcoholic Beverages, Meat, Poultry & Dairy, Tobacco, Processed Food, Household & Personal Products, Non-Alcoholic Beverages. 41 The Greenhouse Gas (GHG) Protocol (2011) Corporate Value Chain (Scope 3) Accounting and Reporting Standard. Available at: http://www.ghgprotocol.org/standards/scope-3-standard; Downie, J. & Stubbs, W. (2011) Evaluation of Australian companies’ scope 3 greenhouse gas emissions assessments. Journal of Cleaner Production. 56(1): 156–163; Stechemesser, K. & Guenther, E. (2012) Carbon accounting: a systematic literature review Journal of Cleaner Production. 36:17-38 42 (Schaltegger, S. and Csutora, M. (2012) Carbon accounting for sustainability and management. Status quo and challenges. Journal of Cleaner Production. 36: 1-16 43 Schaltegger, S. and Csutora, M. (2012) Carbon accounting for sustainability and management. Status quo and challenges. Journal of Cleaner Production. 36: 1-16 44 Lesourd, J. & Schilizzi, S. (2001) The Environment in Corporate Management. New Directions and Economic Insights. Edward Elgar: London. 45 Carbon Clear (<strong>2016</strong>) Sustainability Performance of the FTSE 100. Available at: https://carbon-clear.com/files/FTSE_100_ Report_2015.pdf 46 The net present value of emissions can be calculated as the discounted sum of the product of emissions-intensity, revenue and the cost of emissions at each future date. Cost of emissions scenarios play out on a global or regional scale – they are not company specific. Investors may form a view on likely emissions cost scenarios and apply this same view to calculations for all companies. The risk-adjusted discount rate and revenue numbers are very company specific, but this is a part of traditional financial disclosure and analysis, not climate-related disclosure. Thus, the only climate-related element of this equation that a company can inform is its current level of emissions-intensity and the expected changes in this level. While future changes in emissions intensities may be more forecastable than profits, they can only ever be estimates. Thus, the core climate-related disclosure information that a company can produce for these purposes are its current emissions and emissions intensities. 47 https://www.fsb-tcfd.org/publication/phase-i/# Important Notice The contents of this report may be used by anyone providing acknowledgement is given to <strong>ET</strong> Index Research (<strong>ET</strong> Index Ltd). This does not represent a licence to repackage or resell any of the data. If you intend to repackage or resell any of the contents of this report, you need to obtain express permission from <strong>ET</strong> Index Research before doing so. <strong>ET</strong> Index Research has prepared the data and analysis in this report based on publicly available data sources. No representation or warranty (express or implied) is given by <strong>ET</strong> Index Research as to the accuracy or completeness of the information and opinions contained in this report. You should not act upon the information contained in this publication without obtaining specific professional advice. To the extent permitted by law, <strong>ET</strong> Index Research does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this report or for any decision based on it. All information and views expressed herein by <strong>ET</strong> Index Research is based on its judgment at the time of this report and are subject to change without notice due to economic, political, industry and firm-specific factors. Guest commentaries where included in this report reflect the views of their respective authors; their inclusion is not an endorsement of them. <strong>ET</strong> Index Ltd, their respective shareholders, members, partners, principals, directors, officers and/or employees, may have a position in the securities of the companies discussed herein. The securities of the companies mentioned in this document may not be eligible for sale in some states or countries, nor suitable for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by exchange rates. <strong>ET</strong> Index®, <strong>ET</strong> Carbon Index®, <strong>ET</strong> Carbon Rank® are all registered trademarks of <strong>ET</strong> Index Ltd. ‘<strong>ET</strong> Index Research’ and ‘<strong>ET</strong> Index’ refer to <strong>ET</strong> Index Ltd, a company registered in England under number 08876852. © <strong>2016</strong> <strong>ET</strong> Index Research. All rights reserved.* <strong>ET</strong> INDEX RESEARCH <strong>2016</strong> <strong>CARBON</strong> <strong>RANKINGS</strong> <strong>REPORT</strong>
FOREWORD 61 <strong>2016</strong> <strong>CARBON</strong> <strong>RANKINGS</strong> <strong>REPORT</strong> <strong>ET</strong> INDEX RESEARCH