The European Corporate Reporting Lab was established by the European Financial Reporting Advisory Group (EFRAG) following the launch of the European Commission’s Action Plan on Financing Sustainable Growth. As a member of its Project Task Force on Climate-Related Reporting, CSR Europe is contributing to the activities of the Lab with the objective of supporting corporate alignment with the Sustainable Finance Action Plan.
The 2015 Paris Agreements and the UN 2030 Agenda for Sustainable Development set global consensus around the need to transition to a more sustainable economic model. Around €180 billion of additional investments a year are needed to achieve the EU's 2030 targets. Mobilising private capital is essential to achieve the objectives.
The EU has created a European Reporting Laboratory through which it supports and spreads good and innovative reporting practices among companies and users via stakeholder dialogue and dissemination of the findings.
What is the engagement of CSR Europe and its members?
CSR Europe’s Michel Bande and Sustainable Markets and Finance Team took part in the work of the Laboratory, which is currently reviewing the climate-related disclosure of 100 companies. The process aims to identify landmark cases which will be included in a publication of best practices in Autumn 2019. The goal is to support companies to progress in their climate-related reporting and better communicate with investors. Ultimately, this exercise will help companies to better manage their environmental impact and align with the sustainability objectives of society and investors.
“Through the activities of the Lab, we have identified widespread difficulties among companies to report on their climate-related impact”, stated Michel Bande, CSR Europe Senior Principal Advisor. “Overcoming such challenges will allow the business to progress and unlock investment and contribute to a more sustainable Europe 2030. The Project Task Force experts and I look forward to sharing our insights with CSR Europe’s members”, continued Bande.
To keep members updated on the activities of the Lab, CSR Europe has launched a series of EU Webinars to provide members with insights into the findings of the Lab, highlighting the need for improvement in reporting practices as well as for institutions to support companies in setting a clear disclosure framework. The next webinar will take place on 25th September and will focus on the results of the reviewing process completed by the Task Force over the course of the Summer.
Upcoming Events on Climate-Related Reporting:
- Sept 25, 2019: EU Webinar with a focus on the EFRAG updates
- Nov 13, 2019: Technical workshop co-organised with the European Investment Bank (EIB) Paris on “Corporate climate management: The role for internal carbon pricing and external disclosure”
Ilaria La Torre