Businesses can play a key role in driving government policy action on climate change. It's clear that carbon is increasingly becoming a strategic management priority, and governments across the globe now need to support industry in realizing these carbon-related economic opportunities.

Climate change reporting may not grab attention in the same way as Schwarzenegger's arrival in Copenhagen does, but it has emerged as a critical area of focus. It is both necessary and important to gain some convergence between corporate and national regulatory reporting systems. Without it, global businesses will be subject to considerable challenges as they face an increasing number of reporting requirements around the world.

This year's S&P 500 report reveals that companies involved in the climate change issue are increasingly reporting that their involvement in environmental and energy concerns is both a social and financial must.

What does it take to transition to -- be sustainably profitable in -- a low-carbon economy? CDP CEO Paul Dickinson offers answers to the question in today's sneak peek of the CDP Global 500 and S&P 500 Reports.