It may not be a very sexy topic, but a small change to the way companies report their carbon footprint could spark higher demand for renewable energy. London-based non profit consultancy firm CDP (formally Carbon Disclosure Project) will start giving greater recognition to businesses that buy renewable energy certificates, not just those who invest in building new wind farms and solar parks. Each year, CDP scores companies on how they measure environmental risk, giving points for transparency as well as greenhouse gas reductions. Its rankings are meant to guide investors seeking information on the greenness of their holdings. Whereas companies shy away from revealing how much renewable energy they buy through certificates, fearing they will be accused of “greenwash”, new CDP rules will start rewarding companies that report on their purchases of renewable energy. They will get points for the amount of green energy they actually buy. “We think the changes in the reporting will incentivize more companies to buy renewable energy,” Pedro Faria, CDP’s technical director, said.
This small accounting tweak may boost demand for renewables
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