Updated EU Non-Binding Guidelines on Non-Financial Reporting for Companies and Financial Institutions
7 Pages Posted: 6 Jan 2020
Date Written: September 30, 2019
On the 18th of June 2019, the European Commission has issued an update of the Non- Binding Guidelines on Non-Financial Reporting (NBG). This document takes into account the Recommendations of the Task Force on Climate-related Financial Disclosure (TCFD), released in June 2017, and the Technical Expert Group on Sustainable Finance (TEG) Report, first published in January 2019. These Guidelines also consider the stakeholder feedback on the TEG’s work, and the results of a targeted online consultation carried out by the services of the European Commission in February-March 2019. The document aims at providing a useful insight on how companies and financial institutions should approach the climate-related financial disclosure, and offer an in-depth commentary on what the Commission intends by reporting in terms of climate related risks, dependencies and opportunities, business model, policies and due diligence, outcomes, principal risks and their management, and Key Performance Indicators (KPI). This recent update is part of the EU Action Plan on Financing Sustainable Growth, first published on the 8th of March 2018, which represents one of the pivotal steps towards the implementation of the Paris Agreement pledge and the EU’s agenda for sustainable development.
Keywords: Non Financial Reporting
Suggested Citation: Suggested Citation