Eumedion: reporting standards on climate risks should be incorporated in the EU Accounting Directive
Eumedion believes that the proposal to adopt the reporting standards on climate risks in the non-binding guidelines on non-financial reporting is not effective and is a proponent of incorporating those standards in the EU Accounting directive. This follows from today's Eumedion’s response to the call for feedback on the recently published report of the technical expert group on sustainable finance (TEG) on climate-related disclosures.
The TEG was set up by the European Commission in June 2018 to assist her in the implementation of the action plan for financing sustainable growth. The report published by the TEG on climate-related disclosures will be used by the European Commission for the revision of the EU guidelines on non-financial reporting. Eumedion is proponent of adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) at European level. Eumedion is of the opinion that the proposal of the TEG to adopt the TCFD-recommendations via the non-binding EU guidelines on non-financial reporting is not effective. According to Eumedion, only with ‘hard legislation’ the European Commission can ensure that all companies should disclose certain climate-related information. Eumedion therefore urges the European Commission to revise the EU Accounting Directive and to incorporate the TCFD-recommendations in it.