Investors representing $22 trillion of assets have reduced global carbon dioxide emissions by the equivalent of 641 tonnes of carbon in the past year through environmental charity CDP’s Carbon Action initiative.

The 304 investors that have signed up to the initiative put pressure on companies in which they hold shares to reduce their emissions, disclose their emission-reduction targets and invest in emission-reduction projects.

This year’s carbon saving is equal to closing 168 coal-fired power stations.

CDP is also introducing an “open-source methodology” to make reporting more transparent.

‘Critical’ period to 2020

Helen Wildsmith, Strategic Advisor at CDP Investor Initiatives, said: “In the run up to the climate negotiations in Paris, a record number of companies were contacted by CDP’s investor-led Carbon Action initiative.

“Throughout 2016 we’ll be re-grouping to: capitalise on the CDP data cleaning announced today; globalise the Carbon Catalyst Group that oversees the initiative from amongst CDP’s growing membership; and align the 2017 Carbon Action requests with CDP’s new sector research notes.

“The period through to 2020 is critical for climate change, and this action-oriented initiative’s second five years will help drive more strategic change across more than 1,300 major companies in high-impact sectors.”

> View CDP's infographic