Energy, utilities and materials companies provide more climate disclosures than other industries, a recent study by S&P Global Inc. shows.
"Companies with greater environmental disclosure ratios tend to be companies that are further along in their environmental management/reporting journey," said James Salo, head of data strategy and operations at Trucost, a unit of S&P Global, in an email.
"These companies may pursue making environmental disclosures because of regulatory risks, reputational risks … and/or in order to meet market expectations," Mr. Salo said.
A report on the S&P study looked at environmental disclosure data measured by Trucost, covering "most material carbon, water, waste or overall operational environmental impacts."
A weighted carbon disclosure score of 100% is the most transparent. The report found that 80% of 35 large-cap materials companies had carbon disclosure scores above 75%, while 89% of 56 large-cap energy and utility companies had scores above 75%. Companies with a market capitalization of $5 billion or more qualified as large cap in the study. By contrast, 44% of 111 large-cap financial companies and 34% of technology-media-telecommunications companies had carbon disclosure scores above 75%, the report said.
Larger companies' carbon disclosure performance in aggregate outpaced that of small companies (market caps of $1 billion to $5 billion) in each of six broad industry categories measured by S&P. "These smaller public companies or private companies may be experiencing less pressure from stakeholders, and also may have fewer resources," Mr. Salo wrote.