how to report the tcfd recommendations using the gri standards · 2019-10-09 · principles gri...
TRANSCRIPT
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30 September 2019
How to report the TCFD recommendations using the GRI Standards
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Speakers
Bastian Buck
Chief of Standards
GRI
Speaker
Sarah-Jayne Dominic
Senior Manager, Standards Division
GRI
Speaker
Wim Bartels
Global Leader, Climate Risk Services
KPMG Netherlands
Speaker
Richard Pearl
Vice President, Corporate Citizenship
State Street Corporation
Speaker
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Agenda
1. Introduction (5 min)
2. TCFD recommendations (15 min)
3. Using the GRI Standards (10 min)
4. Reporting on both TCFD recommendations and GRI Standards (15 min)
5. Other resources
6. Questions
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IntroductionBastian Buck, Chief of Standards, GRI
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Global risks
Top 5 global risks by likelihood according to World Economic Forum’s Global Risk Report 2019
2015 2016 2017 2018 2019
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Climate change
Context
Climate Change is one of the most critical challenges of today
• It is linked to a broad range of sustainability issues: natural resource constraints, human rights, biodiversity and many more.
• Non-state actors including business have a vital role to play in addressing climate change. A key part of this is around measuring, managing and communicating sustainability (including climate change) performance.
• GRI enables organizations to look at climate change and other global sustainability challenges supporting them to make better decisions, and ultimately contribute to sustainable development.
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Introduction
TCFD recommendations and GRI Standards
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TCFD recommendationsWim Bartels, Corporate Reporting Partner, KPMG
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Using the GRI StandardsSarah-Jayne Dominic, Senior Manager, GRI Standards
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Using the GRI Standards
Step 1. Identify climate change or related topics as material,e.g.,
• heavy carbon emitter
• high energy usage
• high water usage
• products/services affected by changing climate
Step 2. Report GRI 102: General Disclosures 2016
Step 3. Identifying relevant topic-specific Standards in conjunction and report disclosures along with GRI 103: Management Approach 2016
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Principles
GRI principles for report content
Stakeholder
Inclusiveness
The reporting organization shall identify its stakeholders, and explain
how it has responded to their reasonable expectations and interests.
Sustainability Context The report shall present the reporting organization’s performance in
the wider context of sustainability.
Materiality The report shall cover topics that:
• reflect the reporting organization’s significant economic,
environmental, and social impacts; or
• substantively influence the assessments and decisions of
stakeholders.
Completeness The report shall include coverage of material topics and their
Boundaries, sufficient to reflect significant economic, environmental,
and social impacts, and to enable stakeholders to assess the
reporting organization’s performance in the reporting period.
GRI principles for report quality
Accuracy Comparability
Balance Reliability
Clarity Timeliness
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Recommended disclosures
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TCFD recommended disclosures
Governance (a)
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TCFD recommended disclosures
Governance (b)
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TCFD recommended disclosures
Strategy (a)
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TCFD recommended disclosures
Strategy (b) and (c)
No similar disclosures in GRI Standards currently
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TCFD recommended disclosures
Risk management (a)
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TCFD recommended disclosures
Risk management (b) and (c)
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TCFD recommended disclosures
Metrics and targets (a)
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TCFD recommended disclosures
Metrics and targets (b)
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TCFD recommended disclosures
Metrics and targets (c)
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Illustrative example metrics
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Reporting on both the TCFD recommendations and GRI Standards
Richard Pearl, Vice President, Corporate Citizenship, State Street Corporation
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Other resources
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EU Action Plan: Financing Sustainable Growth
Work of the Technical Expert Group (TEG)
Report on Climate-related Disclosures
• Disclosures under the Non-Financial Reporting Directive
(NFRD): Principles and Rationale
• Alignment of NFRD and TCFD Proposed Disclosure
• Sector Specific Guidance for Banks and Insurnace Undertakings
European Commission working on updating the Non-Binding Guidelines
supporting the NFRD
Download the report here
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Mapping Reporting Practice to an Investor Perspective
Jumpstarting the dialogue between report issuers and investor through clear examples
Three Key Elements of Disclosure:
1. Investor Expectations
• Assessment of reporting initiatives
2. Investor Perception
• Interviews with 15 asset managers
3. Current Practice
• Analysis of 30 GRI reports
Download the report here
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Linking GRI and CDP
How are the GRI Sustainability Reporting Standards and CDP’s 2017 water questions aligned?
Download the linkage document here
The linkage document:
• Shows how the GRI Standards connect to CDP’s water
questionnaire of 2017
• Provides two tables which give an overview of how the CDP
water questions align with the GRI Standards, and vice versa
• Is closely aligned with internationally recognized best practice
avoids duplication of disclosure efforts
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Engaging Business in the NDCs
Policy recommendations on the role of the private sector and reporting
Call-to-action for businesses:
• At a minimum, align operations and sustainability objectives to national targets.
• Explore business opportunities.
• Proactively engage policy makers at the national level.
Download the report here
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Corporate Reporting Dialogue
Better Alignment Project
Driving Alignment in Climate-related Reporting
Shows high levels of alignment between the reporting frameworks of:
• CDP,
• Climate Disclosure Standards Board (CDSB),
• Global Reporting Initiative (GRI),
• International Integrated Reporting Council (IIRC), and
• Sustainability Accounting Standards Board (SASB)
on the basis of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
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Announcements
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Get in touch for more information: [email protected]
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www.globalreporting.org
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