Post by account_disabled on Feb 19, 2024 22:21:36 GMT -6
An alliance of NGOs has called for the European Union's Non-Financial Reporting Directive (NFRD) to be reformed to ensure that more companies disclose relevant climate-related information. According to information from edie , the Alliance for Business Transparency called for the situation to be improved so that more companies provide relevant climate information. For example, the report “Falling short?” of the Climate Disclosure Standards Board (CDSB) says that 78% of the top 50 listed European companies, with a combined market capitalization of $4.3 trillion, are failing to disclose risks related to climate change. climate, even though both the NFRD and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations call for such data to be included. The Alliance's own research found that only 36.2% of European companies report on their climate goals, while only 14% report on the alignment of goals with the Paris Agreement. The joint position is supported by the following organizations: Frank Bold. Business and Human Rights Resource Centre. Future-Fit Foundations. WWF EU Office. International Transparency.
Sustentia, CDP Europe. Themis Research. Germanwatch. WE ARE. CORE Coalition. Oxfam. ShareAction. CDSB. Publish What You Pay. ECCJ. Global Witness. The NFRD describes In April 2014, the European Union agreed on a Directive to harmonize non-financial reporting regulations across Member States. The Directive required public interest entities (PIEs) (including all listed companies, credit and insurance companies as well as companies with more than 500 employees) to disclose certain social and environmental information. The European Union's NFRD reporting mechanism Europe Cell Phone Number List was created to ensure that the effects of sustainability are considered more broadly across the company. The NFRD is undergoing a review in response to the bloc's Green Deal, which will see it achieve net-zero emissions by 2050. Members of the European Parliament presented a final report on sustainable corporate governance which was approved in December 2020. The changes required an expansion of companies' reporting obligations, which are currently slow. The reform proposal is being finalized in the EU Commission and is expected to be published in March.
Environmental groups hope companies will be mandated to disclose information on climate governance, decarbonization and environmental risks through a unified reporting framework. The EU is deciding which sectors the rules should apply to first and what size companies should be included. While the changes will not apply to the UK as they will be introduced after the Brexit transition period, national requirements are becoming stricter here too. From 2023, all listed British companies with a premium listing will be required to “comply or explain” the requirements of the TCFD, the Financial Conduct Authority (FCA) has announced. The rules will then be stricter and will be further expanded in 2025, subject to consultation. Progress on circularity is likely to become one of those measures. The World Business Council for Sustainable Development recently published the Circular Transition Indicators. The Ellen MacArthur Foundation has a new tool called Circulytics that helps companies measure and communicate their circular economy work. 7. More designers will recognize the role they play in helping systems change “People at the product or service design stage who make decisions that influence whether the things we use are more linear or more circular have a really key role to play in the shift towards a circular economy,” says Iles. “At the same time, the circular economy can really offer a sense of purpose for designers. They are not just creating things that will end up in a landfill or that will be unnecessary or superficial to people. But they can genuinely use their skills to try to address global challenges.