Figures show that the world’s largest businesses contribute 11 per cent of global emissions.
Roughly 65 per cent of these companies have implemented carbon emission reduction targets but a meagre 19 per cent have made significant reductions.
The report, written by PricewaterhouseCoopers, said that nine out of ten commercial companies cite climate change initiatives as presenting future opportunities for business.
Meanwhile, almost half of the world’s largest businesses have inserted climate change schemes into their business strategies.
Siemens, Phillips, Royal Bank of Scotland and Bayer were amongst the top performers in the report for moving the closest to achieving carbon reduction targets. They also disclosed the largest amount of information regarding carbon reduction plans.
Other large companies to contribute to the report, included Tesco, BT, BSkyB and Shell.
The annual carbon report is funded by over 500 banks and institutional investors.