THE NEW EU GUIDELINES ON NON-FINANCIAL REPORTING:SETTING THE SCENE FOR A REVIEW OF THE EU CORPORATE REPORTING FRAMEWORK

Posted by ALPHA88 CHARITY | Jan 13, 2019

More transparency about companies’ impact on the environment, and the risks they face, is the foundation for driving the urgent action science dictates must happen.

Policymakers, who must create an enabling environment for achieving the Paris Agreement, can wield considerable power by setting the right rules to help give markets universal access to this information.

The EU’s updated guidelines on non-financial reporting, which CDP helped to draft, are an important step towards this level of corporate transparency in Europe.

Like the current guidelines, which they supplement, they sit within the EU’s corporate reporting legislation, the Non-Financial Reporting Directive (NFRD), but are currently non-binding. The NFRD sets out the minimum level of climate and environmental information that over 6000 European companies must include in their annual reports.

The new guidelines have integrated the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Not least because of this, the update brings us closer to our goal of meaningful minimum mandatory reporting by all major European companies. And closer to a much-needed level playing-field for the companies ahead of the pack.

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