The Carbon Disclosure Project (CDP), the world’s largest corporate disclosure system, will start collecting data on companies’ plastic production and use from April 19, 2023, according to reports.
The new data fields, which have been backed by more than 740 financial institutions, will impact nearly 7,000 companies, including 100 petrochemical firms and packaging companies that use 44 percent of all plastic. They will be asked to map plastics attributable to them, outline the plastics’ environmental impact, and specify their associated business risks and targets.
The CDP is a non-profit organisation that offers companies a framework to report on their strategies and emissions related to climate change. It provides a series of indicators for companies to include in their ESG (Environmental, Social, and Governance) reports and offers a platform for investors and stakeholders to interact with companies regarding their climate change practices. The use of the CDP framework is voluntary, although its implementation is encouraged by regulators and investors worldwide.
Businesses will face increasing pressure from investors and stakeholders to disclose their plastic production and usage. Companies, especially those in the petrochemical, packaging, fashion, and food and beverage industries, will need to collect and report data on their plastic use, environmental impact, risks, and targets. Failure to provide transparent and comprehensive plastic disclosures could result in reputational damage, financial losses, and regulatory scrutiny.
Environmental awareness has become an important consideration for businesses in recent years. It is not just the waste produced using their products and services, but also the environmental impact of their supply chains that companies need to be aware of.
As a partner, ClearVUE.Business helps companies identify ways to reduce their waste and provides guidance on implementing effective waste reduction strategies. By working with ClearVUE.Business, companies can take proactive steps towards reducing their environmental impact, while also improving their bottom line by saving on waste disposal costs.
