Carbon Pricing in Practice: Adoption Among Europe’s Largest Companies
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TCB Benchmarking

A TCB Benchmarking Release

Carbon Pricing in Practice: Adoption Among Europe’s Largest Companies

31 July 2023 / Quick Take

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Despite its potential to support more informed decision-making around climate risk and capital allocation, the adoption of internal carbon pricing among Europe’s largest listed companies remains uneven. Fewer than one in five companies in the S&P Europe 350 currently report using an internal carbon price, according to analysis from The Conference Board.

An internal carbon price is a monetary value that a company voluntarily assigns to its greenhouse gas emissions. It is used to guide business decisions, assess climate-related risks, and support investment in low-carbon solutions, effectively helping firms internalize the potential costs of carbon in financial planning and strategy.

Despite its potential to support more informed decision-making around climate risk and capital allocation, the adoption of internal carbon pricing among Europe’s largest listed companies remains uneven. Fewer than one in five companies in the S&P Europe 350 currently report using an internal carbon price, according to analysis from The Conference Board.

An internal carbon price is a monetary value that a company voluntarily assigns to its greenhouse gas emissions. It is used to guide business decisions, assess climate-related risks, and support investment in low-carbon solutions, effectively helping firms internalize the potential costs of carbon in financial planning and strategy.

Trusted Insights for What’s Ahead®

  • Internal carbon price is strategic tool still in early adoption: Just 17% of S&P Europe 350 companies apply an internal carbon price, indicating that the concept is still far from embedded as standard financial practice.
  • Climate risk is financial risk: Internal carbon pricing helps translate transition risks into financial terms, making it a practical lever for integrating climate considerations into capital allocation, scenario analysis, and long-term planning.
  • Setting an appropriate internal carbon price: The range of internal carbon prices adopted by companies across Europe varies widely, but most fall within a narrower band between $60 and $102.50 per ton of CO2. There is no single correct price. Organizations should clearly define the purpose of introducing an internal carbon price and set a leve

Authors

Anuj Saush

Anuj Saush Anuj Saush

Head, TCB Advisory International
The Conference Board

Read Bio

Evi Angelidou

Evi Angelidou Evi Angelidou

Program Director, Advisory, International
The Conference Board

Read Bio

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