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February 21, 2019

EC proposed to update the non-binding guidelines on reporting of climate-related disclosures, under the Non-Financial Reporting Directive (2014/95/EU). The consultation proposes ways to assess how climate change can impact the financial performance of companies as well as how companies can have positive and negative impact on the climate. Annex 1 of the proposed guidelines contains additional sector-specific disclosures meant for banks and insurance companies. The consultation period ends on March 20, 2019. EC intends to publish the final version of the guidelines by the end of June 2019.

These guidelines propose climate-related disclosures for each of the five reporting areas listed in the Non-Financial Reporting Directive—that is, business model, policies and due diligence, outcome of policies, risks and risk management, and key performance indicators. The Non-Financial Reporting Directive requires large public interest entities with over 500 employees (listed companies, banks, and insurance companies) to disclose certain non-financial information. As required by the Directive, EC published non-binding guidelines to help companies disclose relevant non-financial information in a more consistent and more comparable manner. The proposed disclosures are divided into two types:

  • Type 1: Disclosures that a company should consider if climate-related information is necessary for an understanding of its development, performance, position, and impact of its activities.
  • Type 2: Additional disclosures that companies may consider to provide more enhanced information. The decision on whether or not to use the type 2 disclosures is likely to depend on, among other factors, the size of climate-related risks and opportunities that the company identifies.

Once finalized, the new guidelines on climate reporting will supplement the existing non-binding guidelines on non-financial reporting that EC published in 2017. They are intended for use by companies that fall under the scope of the Non-Financial Reporting Directive (2014/95/EU). The consultation builds on the report published in January by the Technical Expert Group on Sustainable Finance and on stakeholder responses to the call for feedback on that report. As part of the Sustainable Finance Action Plan, EC had committed to updating the non-binding guidelines on non-financial reporting, specifically with regard to the reporting of climate-related information.


Related Links

Comment Due Date: March 20, 2019

Keywords: Europe, EU, Banking, Insurance, Sustainable Finance, Non Financial Reporting, Action Plan, Non-Binding Guidelines, Disclosures, EC


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