It’s already clear that climate change will present real financial risks to insurers over the coming decades – but how should the sector respond? A cross industry working group set up by the UK’s PRA has published a framework for the general insurance sector to guide them through assessing the financial impacts of climate change. […]
Global markets have, in theory, recognised the need for climate-related-risk reporting – but in practice, implementing effective disclosure practices can be a daunting task. More than 600 organisations have shown support for the Task Force on Climate Related Disclosure’s proposals; however, take-up has been slow, with a number of companies calling for more practical guidance. To […]
A new ISO Technical Committee (TC), TC322, has been set up to promote standardisation within sustainable finance. The committee will produce standards that will support sustainable economic activity. The hope is to integrate sustainability, environment, social and governance metrics within investment decision making. Expert members of the committee include Karla Mckenna from GLEIF and the XBRL International Best […]
The Bank of England (BoE) is leading by example and disclosing its own assessment of how it is managing climate-related financial risk in its 2019/20 annual report. The BoE have been pushing for stronger climate-change related risk disclosure with a number of actions in the last year, including a recent consultation on previous climate-related risk […]
In light of a recent consultation, the UK’s Prudential Regulation Authority (PRA) have issued an updated supervisory statement clarifying climate-related disclosure requirements. Responses to the PRA’s consultation paper, Enhancing Banks’ and Insurers’ Approaches to Managing the Financial Risks from Climate Change, encouraged the PRA to move more quickly on climate issues, suggesting that too few firms are […]
An ongoing suggestion amongst policy makers, the accounting profession and ESG advocates is that the International Accounting Standards Board should take over standards setting in the field of environmental reporting and climate disclosure in particular. The Chair of the IASB used a speech last week to re-affirm that the IFRS standards setters will do no […]
The Global Reporting Initiative (GRI) has now published an open letter arguing that Environmental, Social and Governance (ESG) information is now crucial for investors, in response to the speech (above) by IASB Board Chair. In that speech Hans Hoogervorst, pointed out that “greenwashing is rampant” in sustainability reporting. The GRI suggest that this argument misrepresents […]
On Friday 8 March the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) hosted the first meeting of the Climate Financial Risk Forum (CFRF). With climate change threatening to create financial risks relevant to these UK regulators’ objectives, the CFRF has been set up to help develop practical tools for addressing climate-related financial […]
The Alliance for Corporate Transparency project has assessed over 100 European companies to analyse how effectively they are disclosing the environmental, social and governance (ESG) impact information required by the EU Non-financial Reporting (NFR) Directive.
On March 20 the Corporate Reporting Dialogue launched a six-week global consultation process to gather views from stakeholders on how to improve the alignment of sustainability frameworks.
As we’ve reported here before, a major setback in the admirable attempts to introduce more robust sustainability disclosure metrics is the existence of multiple competing frameworks. Without easily comparable data the impact of disclosure is highly variable.
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