Purpose ? This study principally examines the relationship between foreign ownership and firms’ responses on the Carbon Disclosure Project (CDP) participation as a method to cope with climate change. Design/methodology/approach? The sample taken for this study includes 1,346 firm-year observations. The sample employed herein was obtained from firms listed on the Korean Stock Exchange (KSE) from 2011 to 2016. Findings? First, our finding shows a positive relationship between the survey response designating CDP participation and the ratio of equity ownership by foreign owners. The result indicates that foreign investors are likely to exert pressure on management to implement CDP participation, thereby justifying the firm’s approaches to corporate environmental activities and efforts to cope with carbon regulation. Additionally, this study demonstrates that foreign investors acquiring more than 5% of shares in individual firms tend to practice more effective control in management’s decisions with regard to CDP participation. Research implications or Originality? First, these findings will be used in formating the investment policies of foreign investors and disclosure policy regarding carbon risk managements.