Advancing nature-related financial disclosure at scale
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With momentum building for climate-related financial disclosure, there is a growing imperative for environmental issues to be reported in an integrated way. CDSB has launched an open, public consultation to advance the disclosure of nature-related financial information in the mainstream report and explore the role of the CDSB Framework in this process. This webinar explores the consultation in more detail and outlines how to participate. Submit your response: www.cdsb.net/consultation
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Advancing nature-related financial disclosure at scale
- 1. 29 January, 2020 | Tweet @CDSBGlobal CDSB Framework consultation Mardi McBrien, Managing Director, CDSB
- 2. 29 January, 2020 | Tweet @CDSBGlobal Introduction to CDSB
- 3. 29 January, 2020 | Tweet @CDSBGlobal To provide decision-useful environmental information to markets via the mainstream corporate report
- 4. 29 January, 2020 | Tweet @CDSBGlobal CDSB vision Companies reporting climate change and environmental information with the same rigour, quality, and value as financial information. This facilitates a world whereby decisions and actions contribute to more sustainable economic, social and environmental systems.
- 5. 29 January, 2020 | Tweet @CDSBGlobal Mainstreaming the “E” of ESG 5An introduction to CDSB Canada Climate Disclosure Advisory Committee UK Climate Financial Risk Forum, Disclosure Working Group –PRA-FCA EU EFRAG European Reporting Lab Project Task Force on Climate-related Disclosures IIRC Council Advisory Board to the Capitals Coalition & Business for Nature UK FRC Stakeholder Advisory Committee Japan TCFD Consortium Australian Sustainable Finance Initiative (ASFI) UK TCFD Pensions Working Group
- 6. 29 January, 2020 | Tweet @CDSBGlobal Why now?
- 7. 29 January, 2020 | Tweet @CDSBGlobal Divider Title here 2020 is set to be the super year for nature
- 8. 29 January, 2020 | Tweet @CDSBGlobal Advancing the disclosure of nature-related financial information 8 Why do we need to take action now? • Currently off track to achieve the SDGs, in particular on climate and biodiversity; • UN Decade of Biodiversity is drawing to a close without meeting all targets; • Around 1 million species already face extinction, many within decades unless action is taken to reduce biodiversity loss;
- 9. 29 January, 2020 | Tweet @CDSBGlobal Advancing the disclosure of nature-related financial information 9 Increasing calls from authorities
- 10. 29 January, 2020 | Tweet @CDSBGlobal Advancing the disclosure of nature-related financial information 10 What role does nature-related financial disclosure play? You can’t manage what you don’t measure; Facilitate the urgent re-allocation of capital. Bring natural capital into the heart of financial decision making;
- 11. 29 January, 2020 | Tweet @CDSBGlobal The CDSB Framework
- 12. 29 January, 2020 | Tweet @CDSBGlobal Advancing the disclosure of nature-related financial information 12 Why CDSB? Minimise the emergence of yet another framework Already cover climate and environmental reporting Referenced in stock exchanges globally Align with existing regulation Convenor and aggregator of shared knowledge in this space Thought-leadership to advance policy and private sector action
- 13. 29 January, 2020 | Tweet @CDSBGlobal 13 Reporting Requirements REQ-01 Governance REQ-07 Organisational boundary REQ-02 Management’s environmental policies, strategy and targets REQ-08 Reporting policies REQ-03 Risks and opportunities REQ-09 Reporting period REQ-04 Sources of environmental impact REQ-10 Restatements REQ-05 Performance and comparative analysis REQ-11 Conformance REQ-06 Outlook REQ-12 Assurance cdsb.net/Framework The CDSB Framework Advancing the disclosure of nature-related financial information
- 14. 29 January, 2020 | Tweet @CDSBGlobal Consultation process
- 15. 29 January, 2020 | Tweet @CDSBGlobal • Advance the disclosure of nature-related financial information by organisations globally • Explore the role of the CDSB Framework in this process • Relevant to corporates, financial institutions, asset owners and managers, governments, civil society, academics, intergovernmental organisations, professional bodies and others • Closing date is 28 February 2020 15Advancing the disclosure of nature-related financial information Participate cdsb.net/Consultation
- 16. 29 January, 2020 | Tweet @CDSBGlobal Q: CDSB draws its content from CDP, SASB, Natural Capital Protocol, IFRS and the TCFD. What other frameworks and/or standards could be drawn on to support the provision of decision-useful nature-related financial disclosures in the mainstream report? Please specify your answer in the answer box
- 17. 29 January, 2020 | Tweet @CDSBGlobal Q: What mechanisms could help advance nature- related financial disclosures e.g. mandatory disclosure? Please specify your answer in the answer box
- 18. 29 January, 2020 | Tweet @CDSBGlobal Q: Which existing international accounting standards could be adapted to better support the provision of decision useful nature-related financial information to investors? IFRS 7 IFRS 9 Other
- 19. 29 January, 2020 | Tweet @CDSBGlobal What would we like you to do? 1. Familiarise yourself with the CDSB Framework and consultation questions 2. Submit your response by 28 Feb 3. Help us spread the word to your networks & social media #NatCapAction 4. Talk to us if you want to understand more 5. Let us know who else we should talk to 19Advancing the disclosure of nature-related financial information cdsb.net/Consultation info@cdsb.net
- 20. 29 January, 2020 | Tweet @CDSBGlobal xxxxxxx xxxxxxxxx 20 “We are in a unique position whereby the CDSB Framework already covers environmental and climate disclosure, is heavily referenced in stock exchanges’ guidance globally and aligns with existing regulation. We invite you to participate in this consultation process and collaborate in the delivery of a universally applicable framework globally that enables companies to act now on biodiversity loss and natural capital and facilitate the urgent allocation of capital towards projects aligned with a sustainable future”. Richard Samans, Managing Director, World Economic Forum and Chair, CDSB Board.
- 21. 29 January, 2020 | Tweet @CDSBGlobal Thank you Mardi.mcbrien@cdsb.net www.cdsb.net @CDSBGlobal
Editor's Notes
- Today I’m going to talk about the consultation process that CDSB is running to advance the role of nature-related financial disclosure at scale and explore the role of the CDSB Framework in this process
- At Climate Disclosure Standards Board CDSB, we have been thinking about how to integrate climate risk and opportunity into the annual report and accounts with the same rigour as financial information since 2007. CDSB was set up in Davos at the World Economic Forum in the absence of a globally accepted accounting framework for climate-related financial disclosures by a visionary group of business and environmental NGOs that saw the link between climate change and financial performance. CDP provides the global Secretariat on behalf of the Board. CDSB is supported by a hugely talented group of accountants, national and global accounting bodies, companies, investors and academics globally – there are about 45 in total – and drive the thought leadership in this space We achieve our mission by offering a framework for reporting environmental and climate information in the mainstream report
- our work goes beyond climate and we focus on how to integrate not just climate but also environmental information into annual reports with the same rigour as financial information. produced numerous visionary and practical publications with partners including CDP, OECD, ACCA and UNEP sit on multiple advisory committees and groups to help shape more more effective corporate reporting practices. We also participate on and have forged strong working relationships with international committees and advisory groups focused on advancing the disclosure of environmental and climate information which you can see on the left hand side. As a result of our leadership within the climate and environmental space, we are hear today to talk to you about the consultation process we have launched to accelerate the rate of nature-related financial disclosure and explore the role of the CDSB framework in this process.
- So our first point to address is why now?
- 2020 is set to be the super year with world leaders expected to make significant decisions on climate and reversing natural capital degradation at the key events throughout the year including COP26 and COP15 in China.
- Why is there a need for immediate and urgent action? Every country in Europe is currently off track to meet all SDGs in particular on climate and biodiversity. The UN Decade of Biodiversity drawing to a close. Set to miss AICHI target - target 5 focussed on halving the loss of natural habitats by 2020 but instead almost doubled according to the World Resources Institute. The IPBES report start warning about nature’s dangerous decline including that around 1 million species already face extinction.
- Now let’s look at the key role that nature-related financial disclosure plays in accelerating action on biodiversity and natural capital loss.
- How can the CDSB framework help?
- Given the already complex corporate reporting landscape, minimising the emergence of new frameworks will be important The CDSB framework already covers climate and environmental reporting, is referenced in stock exchanges globally and aligns with existing legislation As an organisation, CDSB is recognised as an established convenor and aggregator of shared knowledge in this space Produced thought leadership pieces to advance the global discourse and evidence base on both climate and environmental disclosures Thereby influencing regulatory developments and corporate practices in multiple jurisdictions worldwide.
- The 7 principles and 12 requirements of the CDSB Framework 7 guiding principles (the how) 12 reporting requirements (the what) Fully aligned with the TCFD recommendations and principles – and the TCFD was developed based on the CDSB Framework and other leading reporting frameworks Therefore, complementary to existing reporting provisions (CDP, GRI, SASB) and existing regulations Referenced in the EU NFRD guidance and stock exchange guidance globally
- Now let’s talk about the consultation process in more detail
- Aim of consultation is to advance the disclosure of nature-related financial information by organisations globally and explore the role of the CDSB Framework in this process. Open and to the public - invite corporates, financial institutions, asset owners and managers, governments, civil society, academics, intergovernmental organisations, professional bodies and others to participate. Download the consultation response document on the CDSB website, complete the questions and submit your response. In the next few slides, we will talk you through some of the consultation questions. Running a poll on the right hand side. This is not a formal submission…just for fun to show you how it works and get the conversation going.
- The CDSB Framework’s development has been underpinned by accounting practices and standards. Which existing international accounting standards (e.g. IFRS 7 &9) could be adapted to better support the provision of decision useful nature-related financial information to investors?
- However, we do not have the luxury of time to act and we believe that an opportunity exists to leverage established market-tested practices and frameworks such as the CDSB Framework to drive immediate action.