The Technical Expert Group on Sustainable Finance set up by the Commission in July 2018 has today published its first report on companies’ disclosure of climate-related information. It contains recommendations that will allow the Commission to update its non-binding guidelines on non-financial reporting with specific reference to climate-related information, in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) established by the Financial Stability Board, and with the Commission proposal on a ‘taxonomy’ of sustainable economic activities.
The report contains proposals for disclosing not just how climate change might influence the performance of a company, but also the impact of the company itself on climate change. Today’s announcement is another step forward in the implementation of the EU Sustainable Finance Action Plan that the Commission published in March 2018 and follows up on the Commission’s legislative proposal on the disclosure of climate-related information presented in May 2018. The Technical Expert Group expects to complete its other reports, on taxonomy, carbon benchmarks, and green bonds, by June 2019.
Stakeholders are invited to provide with written comments on the TEG report by 1 February. The TEG will process these comments and give the Commission services a summary to be considered in the update of the guidelines.