The European Commission has launched a consultation to finalise new non-binding guidelines for businesses reporting on climate-related information.
It proposes ways to assess how climate change can impact the financial performance of companies and how they can have positive and negative impacts on the climate.
The new guidelines, intended for use by large listed companies, banks and insurance firms with more than 500 employees, build on the report published earlier this year by the Technical Expert Group on Sustainable Finance.
Valdis Dombrovskis, Vice President responsible for Financial Stability, Financial Services and Capital Markets Union said: “Company reporting of climate information has improved in recent years and some European companies are world leaders in this field. But the scale and urgency of the climate crisis means that we rapidly need more companies to disclose more comprehensive and more comparable information.
“The impact on the climate and on the business risks and opportunities that climate change creates. I strongly encourage companies and other organisations to respond to this consultation to help us make these guidelines as impactful as possible.”
Once finalised, the new guidelines on climate reporting, expected to be published by the end of June, will supplement the existing guidelines on non-financial reporting the Commission published in 2017.
The consultation will run until 20th March 2019.