Sunday, March 3, 2024

How Kering, Lenzing, and Inditex Earned ‘A’ Scores from the Carbon Disclosure Project

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Kering, Lenzing, and Inditex top the recent A-list from the Carbon Disclosure Project’s annual evaluation for exceptional commitment to environmental transparency.

The Carbon Disclosure Project (CDP) assessed corporate data disclosures across key environmental challenges, including climate change, deforestation, and water security of more than 21,000 companies. Its findings revealed that less than 400, or roughly 2 percent, have achieved the coveted ‘A’ rating, signaling their provision of actionable, high-quality environmental data. This acknowledgment comes amidst a significant uptick in disclosures, with a 24 percent increase observed last year. However, the data also underscores a critical gap, as those delivering the highest quality of environmental insights remain markedly few.

The impetus for increased transparency is partly driven by the financial sector, with 288 financial institutions wielding nearly $29 trillion in assets, urging over 1,500 high-impact companies to unveil their environmental footprints. This concerted push resulted in at least 317 companies disclosing their impacts, reflecting a growing recognition of the financial and ethical imperatives of environmental stewardship.

gucci 2023 campaign
Gucci leads the industry in fashion transparency Courtesy

CDP’s scoring mechanism, ranging from D- to A, aims to guide companies from the initial stages of disclosure through to the implementation of measurable, impactful environmental strategies. This process not only benchmarks current performance but also outlines a pathway towards substantive, nature-positive action. Making it to the A-list denotes a level of environmental awareness and readiness to mitigate climate and nature-related impacts. Kering, parent company to Gucci, Saint Laurent, Bottega Veneta, and Balenciaga, among others, as well as Lenzing AG stood out for securing an ‘A’ rating across all assessed areas, an accolade that follows closely on the heels of Kering’s announcement of updated sourcing policies and supplier guidelines. Other fashion industry leaders joining the ranks of the A-list include Crystal International Group Limited, Fast Retailing Co. Ltd., Zara parent Inditex, LVMH, Moncler, and Puma, showcasing the sector’s growing commitment to sustainability.

Zara and Lanzatech partnered on a dress.
LanzaTech and Inditex label Zara partnered on a carbon capture fiber dress | Photo courtesy Zara

Sherry Madera, CEO of CDP, emphasized the critical role of transparency in driving corporate accountability and action towards sustainability. She highlighted the increase in disclosures as a positive trend but cautioned against complacency, noting the urgent need for accelerated progress. “It is encouraging to see so many companies across the globe starting or accelerating their journey towards environmental transparency in 2023. We saw a 24 percent increase in disclosures last year and that trajectory is welcomed. The stark reality is that we are incredibly far behind where we need to be, and progress is much too slow,” Madera said in a statement.

“Earning a place on the A-List is about more than the score. It’s an indication of high-quality and comprehensive data that equips companies with a holistic view of their environmental impact, serves as a baseline for transition plans, and — crucially — enables them to follow through on their stated ambitions. And yet it is still a minority of companies that are rising to the challenge. We must see corporate ambition ramp up on climate and nature-positive action. This has never been more crucial.”

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