The Task Force on Climate-related Financial Disclosures (TCFD) have published their second Status Report, analysing the extent to which companies have aligned their disclosures with the TCFD’s core recommendations. The Status Report has found an encouraging steady increase in the support for TCFD recommendations – with more than 800 organizations expressing support – and has […]
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 […]
Amid growing momentum for disclosures in alignment with the Task Force on Climate-related Disclosures (TCFD) recommendations, Japans Ministry of Economy, Trade and Industry (METI), Financial Services Agency and Ministry of Environment are launching a Japanese TCFD Consortium, which will develop an effective implementation for the TCFD recommendations in that country. The TCFD Consortium offers a platform […]
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 […]
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.
XBRL International has provided a comment letter on the EU’s draft report on climate-related disclosures, urging the EU to help work to make this kind of reporting comparable, digital, discoverable and accessible.
The EU is working to link finance and sustainability across the region through a number of related initiatives. Last week its Technical Expert Group (TEG) on Sustainable Finance published its draft report on climate-related disclosures. This report proposes climate related metrics recommended for inclusion in the European Commission’s (initially non-binding) guidelines for Non-Financial disclosure. The […]
There is an increasing recognition of the importance of corporate environmental, social and governance (ESG) transparency for efficient markets and stable, resilient economies. Here at XBRL International we strongly support efforts to expand ESG disclosure, but call on policy makers and standard setters to note the vital importance of structured data to effective ESG reporting.
On Tuesday the Corporate Reporting Dialogue, an umbrella organisation of standards setters including the Global Reporting Initiative (GRI), the Climate Disclosure Standards Board (CDSB), the Sustainability Accounting Standards Board (SASB), with participation also from the accounting standards setters, all convened by the International Integrated Reporting Council (IIRC) announced an initiative towards alignment for Environmental, Social and Governance (ESG) reporting.
Chaired by Michael Bloomberg, the FSB Task Force on Climate-related Financial Disclosures (TCFD) is due to publish its final report in July. The TCFD is developing voluntary, consistent, climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders. One of TCFD’s main challenges is to create a […]