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Recent sustainability reporting developments

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25 Jul 2018

A summary of recent developments at the UNEP FI, WBCSD, GRI/PRI/UN Global Compact, CDSB, and UK BEIS.

Sixteen leading banks convened by the UN Environment Finance Initiative (UNEP FI) have released new methodologies that aim to help the banking industry to understand and manage the physical risks and opportunities of climate change in their loan portfolios. The methodologies are designed to enable banks to be more transparent about their exposure to climate-related risks and opportunities, in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Navigating a New Climate can be downloaded here from the UNEP FI website.

The World Business Council for Sustainable Development (WBCSD) has released Climate-related financial disclosure by oil and gas companies: implementing the TCFD recommendations. The report provides an in-depth description of the current state of climate-related financial disclosure and effective disclosure practices among leading oil and gas companies. It is available here on the WBCSD website.

The Global Reporting Initiative (GRI), Principles for Responsible Investment (PRI) and the United Nations Global Compact have released ten recommendations intended to provide guidance to businesses on how to better ensure their disclosures in relation to the Sustainable Development Goals (SDGs) are useful for investors. In Focus: Addressing Investor Needs in Business Reporting on the SDGs is available here on the GRI website.

The Climate Disclosure Standards Board (CDSB) announces that two months after the launch of the TCFD Knowledge Hub 400 resources have by now been uploaded to the platform, providing additional guidance and insights into climate-related financial disclosures. In the next few months, the platform will also be expanded to include two new sections on case studies and on upcoming events. Please click for more information on the CDSB website.

The UK Department for Business, Energy and Industrial Strategy (BEIS) has published a response to its consultation on a streamlined and more effective energy and carbon reporting framework (SECR) for the UK. The reporting framework will apply to all quoted companies and large UK incorporated unquoted companies and is expected to be put in place from April 2019. The companies will have to provide the information in their annual reports in line with the TCFD recommendation to include climate-related disclosures as part of mainstream financial filings. The full set of Government proposals and a final impact assessment can be found on the BEIS website.

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