Can reporting help in fighting climate change?
2021 ends with some major developments in the EU taxonomy and sustainability reporting. In November, the International Council for Sustainable Development Standards (ISSB) was established to set global standards for sustainable development reporting. And on December 9, the European Council approved the long-awaited EU delegated act on the first two Taxonomy objectives, confirming the adoption of technical screening criteria for actions that significantly contribute to mitigation and adaptation to climate change. This is a significant achievement and a key milestone in the EU's sustainable finance agenda. It establishes a common language for investors, companies and other stakeholders. And it takes effect from January 1, 2022! Starting next year, investors and companies can start reporting in line with the EU taxonomy, meeting the upcoming disclosure requirements under the SFDR and the Taxonomy Regulation.
As the final versions of the planned regulations appear, the complex world of sustainability reporting standards becomes a little more transparent and you can act with more confidence. This is the time to start the process, identify gaps, and implement the necessary steps and practices within your organization. And all this in order to benefit as much as possible from the upcoming regulatory changes. Firms use non-financial, climate and integrated reporting to achieve many additional benefits, including improving your ESG ratings, strengthening your reputation and building relationships, and sourcing funding. It is worth remembering that those who use the experience of leaders in the field of non-financial reporting and define the value that this process can bring to their organization, in addition to compliance with regulations, will be best prepared for the new, increasingly demanding regulatory reality.
In this newsletter:
How can reporting help in the fight against climate change?
An article by Maria Ibisz, full of practical tips, about additional benefits that can be brought by the company's implementation of non-financial, climate and integrated reporting, including:
- strengthening of ESG ratings
- strengthening the trust of the environment and building relationships
- obtaining financing
Read the article and learn how to benefit from the upcoming regulatory changes.
EU Taxonomy – what’s new
The long-awaited delegated act for the first two Taxonomy objectives has been published in the EU's Official Journal. This means that from now companies have all the details to conduct an assessment of their activities, as well as prepare for the necessary disclosures. Deloitte supports companies in reporting processes in accordance with the EU Taxonomy. For companies to undertake this process:
- A great opportunity to obtain sustainable financing for projects that help achieve the EU's climate goals
- Possibility of strengthening ESG ratings
- Building the trust of the environment and valuable relationships
Conference "Planet Budapest"
Planet Budapest 2021 Sustainability Expo and Summit was a joint international event on sustainable development of the Visegrad Countries, held between November 29 and December 5 in Budapest, under the patronage of the President of Hungary, Mr. János Áder.
Planet Budapest 2021 is a unique event of the Visegrad Countries, attended by several thousand participants from Central Europe and around the world - leading global decision makers, scientists and high-ranking representatives of governments and international organizations. It was also one of the few conferences and exhibitions of this scale dedicated to sustainable development that took place physically, not only virtually after the pandemic. Therefore, an important topic of the event was the linking of the post-pandemic economic recovery with the basic principles of sustainable development.
Irena Pichola, Partner at Deloitte, gave one of the key speeches that served as an introduction to the panel discussion entitled: "Sustainable development in the post-COVID world - what are the conclusions and what needs to be changed". The key messages of her presentation included:
- the interdependence between health, environment and economic and social development as exemplified by the COVID-19 pandemic
- climate change as the greatest threat to public health in the world.
- the need for broad partnerships between public and private actors and public engagement to ensure global health and resilience to future pandemics and climate change.
Inspirational reads about climate
Are you looking for a last-minute inspiration for a good book to read or give this holiday season?
Here we come – with a diverse collection of recommended reads to spark your imagination, learn something new and inspire you to take climate action. Deloitte has gathered 28 of the most essential publications about climate change to get you started - some old, some new, all urgently eye-opening about the problems facing our planet.
