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The three best-performing car manufacturers when it comes to addressing climate change are BMW, Daimler and Toyota, according to investment research provider CDP.
Looking at the future of the automotive sector, CDP says manufacturers will continue to face double disruption from electric vehicles (EVs) and autonomous and shared driving, with profits likely to shift to technology firms such as Uber and Google.
It says the zero-emission and plug-in hybrid market will be worth a potential £700 billion by 2030; however, manufacturers could also face up to £821 million in penalties due to missed emissions reduction targets and environmental regulations.
While BMW, Daimler and Toyota are the best-performing manufacturers in terms of climate change metrics, CDP says of the 16 manufacturers surveyed, Subaru, Fiat Chrysler and Suzuki are faring worst.
CDP CEO Paul Simpson said: "The auto sector is the poster child for the future of industry as we know it.
"Tech and software disrupters have forced this high-emitting industry to innovate at a pace faster than it perhaps feels comfortable with.
"It is promising to see traditional carmakers step up to the mark to meet global shifts in demand for EVs.
"Only time will tell if new market entrants such as Uber and Google will alter consumer demands in the long-term.
"Regardless, auto manufacturers should quickly adopt new business models to ensure their survival in the low-carbon transition."
CDP senior analyst Luke Fletcher added: "Tightening emissions regulations and China's new-energy vehicle quotas that begin in 2019 are forcing companies to increase penetration rates of advanced vehicles.
"Traditional carmakers may see these challenges as threats to existing business models. However, to be successful they must embrace the new opportunities and markets that will become available over the coming years."
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