While the world’s political leaders still can’t hammer out a new global climate change agreement, some of the planet’s top companies are wholeheartedly embracing the need for carbon emissions reductions.

Among the five corporations scoring highest in the Carbon Disclosure Project’s (CDP) latest rankings, released today, are Siemens, Deutsche Post, BASF, Bayer and Samsung Electronics.

In his introduction to CDP’s latest “Global 500 Report,” Paul Dickinson, CEO of the Carbon Disclosure Project, began by noting the “heavy disappointment at the failure to reach agreement on a global deal at Copenhagen and smears against climate change
science.”

“Many asked us whether this would decrease corporate engagement in climate change,” he continued. “Would companies abandon commitments to carbon reporting and management to focus instead on shorter term wins? Would companies throw out their carbon reduction plans due to the lack of a global framework? The answers to these questions lie in CDP’s 2010 dataset and I am delighted to say, that the answer is a categorical ‘no.’ “

Ranked on a 100-point scale, a company’s carbon disclosure score reflects its commitment — or lack thereof — to measuring and managing carbon, disclosing information to stakeholders and taking a lead on climate change issues related to its business. Germany’s Siemens scored the highest this year, achieving a near-perfect 98 out of 100.

Next came Deutsche Post (97), followed by BASF (96), Bayer (95) and Samsung (95).

The CDP’s 2010 Global 500 report and and new Carbon Reporting Leadership Index (CPLI) were produced by PwC and sponsored by Bank of America Merrill Lynch. Among the report’s other key findings:

• 85% of the carbon performance leaders surveyed reported have board or senior executive level responsibility for climate change;
• 48% are now embedding climate change initiatives into the overall business strategy and across the organization;
• Nine out of 10 companies surveyed identified significant commercial opportunity arising from climate change, separating the companies driven by risk factors, from those that are identifying and seizing competitive advantages and cost-benefits;
• 65% of Global 500 respondents are implementing emissions reduction targets. However, only 19% of the Global 500 companies are showing significant emissions reductions;
• North America significantly lags Europe in disclosure and performance: 21% of European respondents are in the CPLI, compared to 6% of North American respondents;
• Leading companies see two main areas of focus for action: the energy efficiency of operations, likely encouraged by cost savings potential, and the development of innovative products and services that enable customers to cut their emissions.

“Fuelled by opportunities to reduce energy costs, secure energy supply, protect the business from climate change risk and reputational damage, generate revenue and remain competitive, carbon management continues to rise as a strategic priority for many businesses,” Dickinson said. “Companies globally are seizing commercial carbon opportunities, often acting ahead of any policy requirements. More companies than ever before are reporting through CDP and measuring and reporting their emissions, which is the first building block in working towards a low-carbon economy.”

Dennis Nally, chairman of PwC International, added, “As companies evaluate sustainability trends — such as competition for natural resources, economic globalization, and climate change — the likely outcome is a fundamental shift in business strategy. We are finding that leaders in this area design corporate-level objectives to aggressively pursue growth while simultaneously reducing emissions.”

The Global 500 Report was launched today at the CDP Global Forum at Bank of America headquarters in New York, marking the beginning of Climate Week. Business leaders and government officials from around the world and across the spectrum of industries are meeting during the week to explore key issues and solutions around the central theme of: “Climate Innovation = Commercial Opportunity.”

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