CDP, the not-for-profit which runs the global environmental disclosure system for companies, cities, states and regions, and XBRL International, which provides the digital language for reporting are pleased to announce a new partnership to accelerate digital sustainability disclosure globally.
Through this exciting initiative, the organizations will collaborate to expand and enhance CDP’s digital capacity and data collection activities, and to embed XBRL best practices into CDP’s global environmental disclosure system.
CDP has run the only global independent environmental platform for over 20 years. In 2022 more than 18,700 companies, worth half of global market capitalization, disclosed environmental data through CDP at the request of over 740 investors with more than US$130 trillion in assets. The number of disclosing companies is expected to increase significantly in 2023.
This partnership follows CDP’s announcement that it will integrate the IFRS S2 climate disclosure standard into its disclosure system in 2024, allowing companies to disclose against it from next year. CDP has committed to aligning its questionnaire with the IFRS S2 climate standard from 2024 and has signaled its intention to the same with the forthcoming SEC rule as well as the European Sustainability Reporting Standards (ESRS), supporting companies to prepare for future mandatory reporting against these standards. Together, CDP and XBRL will work to ensure that environmental disclosures made through CDP’s platform are digital, accessible and comparable, answering calls from companies, investors and policymakers alike.
“CDP is delighted to be working with XBRL,” said Nicolette Bartlett, Chief Impact Officer at CDP. “This landmark partnership is critical to achieving our shared mission of enhancing corporate transparency and accountability. It will be essential to facilitating the continuous tracking and sharing of robust data that can be used to inform sustainable decision-making across the global economy, ensuring data is easily accessible and understandable across regions and timeframes.”
“At XBRL International we believe this initiative is both timely and vitally important, and we are excited to be working together with the CDP team. Working to make sustainability information flow seamlessly through global information supply chains is a critical element in expanding trust, and improving access to finance worldwide,” said John Turner, CEO of XBRL International.
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About CDP
CDP is a global non-profit that runs the world’s environmental disclosure system for companies, cities, states and regions. Founded in 2000 and working with more than 740 financial institutions with over $130 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. Nearly 20,000 organizations around the world disclosed data through CDP in 2022, including more than 18,700 companies worth half of global market capitalization, and over 1,100 cities, states and regions. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. CDP is a founding member of the Science Based Targets initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Managers initiative. Visit cdp.net or follow us @CDP to find out more.
About XBRL
XBRL is the digital language that provides a common international standard for business data exchange. With authoritative definitions to underpin reporting terms, XBRL ensures that both financial and sustainability information is consistent, reliable and comparable. It is used in more than 200 regulatory mandates around the world to define and collect business information from millions of regulated organizations. The open, freely-licensed XBRL standard is maintained by XBRL International, a global not-for-profit operating in the public interest to improve the accountability and transparency of business performance.