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Reporting on Climate Change: the 2°C scenario in corporate reports
Launched in December 2015, the Paris Agreement on climate change aims to limit the global rise in temperature due to carbon emissions. The signatories countries pledged to keep the temperature rise well below 2 degrees Celsius above pre-industrial levels. However, a report released in September 2018 by the Intergovernmental Panel on Climate Change (IPCC) stated that we need to limit global warming to 1.5ºC to save the planet's liveability.
The IPCC has urged corporations and policymakers to implement the 2°C scenario in their strategies and policies to reduce the rate at which climate change is taking place. Is business taking action?
Data insights captured with Datamaran show that, despite the 2°C scenario is getting more traction in corporate reports, yet it remains niche: with only 68 mentions in 2018, a very few companies report on the topic.
To stop the rise in temperature, the IPCC report urged also to cut emissions by 45% by 2030. This urgency is shared by TCFD signatories: in 2017 reporting on greenhouse gases with high emphasis has peaked among the Financial Service signatories - with circa 10% increase. When will the implementation of the Paris Agreement become a reality?
The TCFD signatories perspective on climate change and air quality
Datamaran has recently released a brief on the TCFD signatories’ disclosure of climate change risks. The brief compares the TCFD financial services signatories to other (non-financial services) sector signatories and explores how they disclose on climate change related risks in their annual financial reports. The brief reveals a gap between the two: the percentage of non-financial services signatories who report on climate change with high emphasis is double compared to financial services signatories.
Further findings include that non-financial services are more proactive in climate change reporting. They started to put more emphasis on climate change in their reports a year before the TCFD recommendations were released, going from 31% in 2014 to 43% in 2015. The study shows that financial services signatories are observed to be more reactive. It was only the year after the TCFD recommendations were introduced that an increase was seen in high emphasis reporting on climate change topics.
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You will get a detailed overview of the The TCFD Signatories Perspective on Climate Change and Air Quality.