Guide to Reporting to CDP with Corpstage
CDP (Climate Data Project) is an international organization that works with companies, cities, and regions to measure and disclose their environmental impact. Companies can report their carbon emissions, water usage, and other sustainability metrics to CDP, which then provides them with a rating and feedback on how they can improve their sustainability performance. In this guide, we will outline the process of reporting to CDP, the benefits of doing so, and how Corpstage can help companies in submitting verifiable data credibly.
Step 1: Understanding the Benefits of CDP Reporting
Reporting to CDP provides a number of benefits for companies. Firstly, it allows them to measure their environmental impact and identify areas where they can improve their sustainability performance. This can help companies to reduce their carbon footprint and cut costs associated with energy and resource usage. Secondly, CDP reporting provides companies with a rating that can be used to demonstrate their sustainability performance to stakeholders such as investors, customers, and employees. This can enhance their reputation and attractiveness to stakeholders. Lastly, CDP reporting allows companies to benchmark their sustainability performance against their peers, which can provide valuable insights into industry best practices.
Step 2: Understanding the CDP Questionnaire
The CDP questionnaire is a set of questions that companies must answer to report their sustainability metrics to CDP. The questionnaire covers a range of topics, including greenhouse gas emissions, water usage, and supply chain sustainability. The questions are designed to be comprehensive and cover all aspects of a company’s environmental impact. The questionnaire can be accessed on the CDP website.
Step 3: Submitting Data to CDP
To submit data to CDP, companies must register on the CDP website and create an account. Once registered, they can access the questionnaire and begin submitting their data. The submission process typically opens in early April and closes in late July each year. The submission timeline can be found on the CDP website. Corpstage can help companies in submitting the questionnaire.
Step 4: Verifying Data and Fees
To ensure that the data submitted to CDP is accurate and credible, companies can enlist the help of third-party verifiers. Corpstage has recently partnered with Hedera to enable ESG reporting credibly by using Hedera’s Guardian Platform based on Distributed Ledger Technology. This partnership can help companies in submitting verifiable data credibly. Fees for verification services vary depending on the size and complexity of the company. Please contact us for more information.
Step 5: Understanding Who Can Submit
Any company, city, or region can submit data to CDP. However, CDP primarily focuses on working with large companies with a significant environmental impact. The CDP website provides more information on the types of companies that are eligible to report.
CDP assigns scores to companies and cities to help them track their progress and motivate them to take the lead in environmental action. The scoring methodology varies between CDP’s three questionnaires: climate change, forests, and water security. Additionally, CDP provides tailored guidance for companies, cities, and states and regions. The scoring methodology evaluates reporting organizations across four categories, each representing different levels of environmental stewardship: disclosure, awareness, management, and leadership. To score in a category, organizations must meet a minimum score or criteria for the previous category. Points awarded for each category are calculated based on specific weighting and divided by the maximum points possible. CDP may adjust its preliminary benchmark scores and thresholds to ensure scores accurately reflect the progress of reporting organizations. Organizations that meet the minimum disclosure criteria can earn a minimum