Workshop Italia 25 Feb. 2021 - Francesca Recanati | CDSB (ITA)

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26 February, 2021| © Climate Disclosure Standards Board | Tweet @CDSBGlobal
Board
Technical Working Group (examples)
To provide decision-useful
environmental information to markets via
the mainstream corporate report

3
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
www.cdsb.net/Framework
The CDSB Framework
Clima e ambiente: come migliorare la rendicontazione?

4
Canada
• CSA Staff Notice 51-333
Australia
• Australian Securities
Exchange
EU
• EU High Level Expert Group (HLEG) on Sustainable Finance
• Sustainable Finance Action Plan
• EU Non-Financial Reporting Directive Review
United Kingdom
• UK Companies Act guide
• LSEG ESG guide
USA
• New York Stock
Exchange
• NASDAQ
Chile
• Santiago Stock
Exchange
Malaysia
• Bursa Malaysia
Egypt
• Egyptian Exchange
France
• Euronext
Luxembourg
• Luxembourg Stock
Exchange
Legend
• CDSB Framework referenced in legislation
• CDSB Framework referenced in Stock Exchange
Italy
• LSEG ESG guide
China
• CSRC & People’s Bank
of China released
climate disclosure
roadmap to 2020
• CSRC announcement to
pilot TCFD
recommendations
• Government announced
mandatory ESG
disclosure policy
Germany
• Assessing the
feasibility of regulation
similar to Article 173

Perché questo workshop?
5
Da dove dobbiamo
cominciare?
Dove possiamo
divulgare queste
informazioni?
Quali strumenti e
risorse possono
supportare?
Come sono le buone
pratiche?
Domande frequenti da parte delle aziende

Francesca Recanati
Environmental Specialist
(Technical Manager), CDSB
Guido Alfani
General manager,
Carbonsink Group
Maria Lombardo
Head of ESG Client Strategies EMEA,
Invesco
Sara Lovisolo
Group Sustainaibility Manager,
Borsa Italiana (LSEG), EFRAG
Filippo Bocchi
Direttore valore condiviso e sostenbilità,
Gruppo Hera
Speakers

Agenda
7
• Reporting ambientale: regole e temi emergenti (Lovisolo S.)
• Investitori: Prospettive e aspettative sulla rendicontazione ambientale (Lombardo M.)
• Ambiente: perché rendicontare e integrare con le informazioni finanziare? (Recanati F.)
• Allineamento alle raccomandazioni TCFD: i fattori chiave (Alfani G.)
• Il caso del Gruppo Hera (Bocchi F.)
• Buone pratiche e risorse (Recanati F.)

Rendicontare e comunicare
clima e ambiente - in pratica
Francesca Recanati, Technical Manager - CDSB

Perché rendicontare le
informazioni climatiche e
ambientali?

Business e natura: dipendenze e impatti
Source: “Indebted to Nature” DNB
Business Natura
clima
acqua
Instituzioni
finanziarie
Source: Natural Capital Protocol
Quanto?
Quali?

Inoltre…perdita di natura senza precedenti
100 million
hectares of
tropical
forest lost
in 20 years
75% of
terrestrial
environment
“severely
altered” by
human
actions
1 million
species at
risk of
extinction
50% of live
coral reefs
lost since
1870s
“Biodiversity and nature’s contributions to people are
our common heritage and humanity’s most important
life-supporting ‘safety net’. But our safety net is
stretched almost to breaking point.”
Prof. Sandra Díaz, IPBES Global Assessment
Source: We Value Nature Presentations, Stats sourced from IPBES media release re global
assessment; https://www.ipbes.net/news/Media-Release-Global-Assessment
USD 4-20
trillion per
year in
ecosystem
services lost
(1997 – 2011)

Rischi ambientali = rischi finanziari
12
Source: Task Force on Climate-related Financial Disclosure, Final Report (2017)
rischi legati al
cambiamento climatico
opportunità legate al
cambiamento climatico
performance finanziarie

Come rendicontare le
informazioni ambientali e
integrarle con le informazioni
finanziarie?

Standard e framework per il reporting
ambientale
14
• Esistono diversi standard e framework per il
reporting ambientale e integrato;
• Diversi scopi e audience;
• Raccomandazioni TCFD
• In aggiunta, regolamenti a livello nazionale e Europeo – ad es. la Non-Financial Reporting
Directive (NFRD)

15
Click on the images to access the reports
Standard e framework per il reporting
ambientale
• Risorse per minimizzare il reporting burden e ottimizzare l’integrazione del reporting
ambientale e finanziario

Comprehensive corporate reporting
16
Already represented in
financial Statements
Reporting on those sustainability
matters that create or erode
enterprise value
Reporting on all sustainability matters that reflect
significant positive or negative impacts on people,
the environment and the economy
IMP Website: https://impactmanagementproject.com/
REPORT: https://29kjwb3armds2g3gi4lq2sx1-wpengine.netdna-ssl.com/wp-content/uploads/Reporting-on-enterprise-value_climate-
prototype_Dec20.pdf
• Leading organisations in sustainability and
integrated reporting are working together
on comprehensive corporate reporting system
• Materiality:
‒ Interconnected/Nested over different forms
of reporting
‒ Dynamic sustainability matters can move
between boxes over time

17
•Elementi fondamentali del reporting - Mappatura tra framework e standard esistenti e le raccomandazioni del
TCFD relative alla IASB Conceptual Framework for Financial Reporting e all'IFRS Practice Statement 1 sul
Management Commentary
• Le raccomandazioni della TCFD sono state accolte dal mercato come un modo per aiutare gli investitori e gli altri a
capire come le organizzazioni che fanno rapporto valutano i rischi e le opportunità legati al clima.
IMP Website: https://impactmanagementproject.com/
REPORT: https://29kjwb3armds2g3gi4lq2sx1-wpengine.netdna-ssl.com/wp-content/uploads/Reporting-on-enterprise-value_climate-
prototype_Dec20.pdf
Comprehensive corporate reporting

18
Why TCFD?
18
“In general, inadequate information about risks can
lead to a mispricing of assets and misallocation of
capital and can potentially give rise to concerns about
financial stability since markets can be vulnerable to
abrupt corrections.”
TCFD Final Report
CPA Canada: Climate risk disclosure
“In generale, un'informazione inadeguata sui rischi può portare a un'errata valutazione delle attività e a un'errata
allocazione del capitale e può potenzialmente dare origine a preoccupazioni sulla stabilità finanziaria poiché i mercati
possono essere vulnerabili a brusche correzioni”

19
Raccomandazioni TCFD
19
• Volontarie
• Riportare le informazioni finanziarie relative al clima nei
documenti finanziari annuali
• Settore finanziario e settori non finanziari ad alto rischio
• Rischi di transizione e rischi fisici (e opportunità)
• Analisi di scenario e informazioni previsionali
• Breve, medio e lungo termine
• Informazioni qualitative e quantitative
Governance
Strategy
Risk
Management
Metrics
and Targets

20
Governance Strategy Risk Management Metrics and Targets
Governance di CdA e
management rispetto a
rischi e opportunità
legate al clima
Impatti di rischi e
opportunità (clima) sul
business model, la
strategia e la
pianificazione finanziaria
Processi adottati per
identificare, valutare e
gestire i rischi legati al
clima
Metriche e obiettivi
utilizzati per valutare e
gestire i rischi e le
opportunità legate al
clima
a) Describe the board’s oversight
of climate-related risks and
opportunities.
a) Describe the climate-related
risks and opportunities the
organization has identified over
the short, medium, and long term.
a) Describe the organization’s
processes for identifying and
assessing climate-related risks.
a) Disclose the metrics used by
the organization to assess climate-
related risks and opportunities in
line with its strategy and risk
management process.
b) Describe management’s role in
assessing and managing risks and
opportunities.
b) Describe the impact of climate-
related risks and opportunities on
the organization’s businesses,
strategy, and financial planning.
b) Describe the organization’s
processes for managing climate-
related risks.
b) Disclose Scope 1, Scope 2,
and, if appropriate, Scope 3
greenhouse gas (GHG) emissions,
and the related risks.
c) Describe the resilience of the
organisation’s strategy, taking into
consideration different climate-
related scenarios, including a 2°C
or lower scenario.
c) Describe how processes for
identifying, assessing, and
managing climate-related risks are
integrated into the organization’s
overall risk management.
c) Describe the targets used by
the organization to manage
climate-related risks and
opportunities and performance
against targets.

Pratica corrente in EU,
buone pratiche, risorse e consigli

The state of environmental
disclosure in the EU
https://www.cdsb.net/sites/default/files/cdsb_eu_environmental_disclosure_in_2020_spreads.pdf

Revisione di report di 50 aziende europee
23
• Categorie NFRD e TCFD
• Report mainstream (informazioni finanziarie)
Progressi:
• integrazione ambiente nel business model
• due diligence (board and management)
Aree di miglioramento:
• divulgazione dei rischi allineata alla TCFD;
• uso di analisi di scenario;
• divulgazione su altri temi ambientali; e
• completezza, coerenza e descrizione
dell’applicazione della materialità – fondamentali
per supportare le decisioni degli investitori
FOCUS

Clima, TCFD e altri temi ambientali
24
• Tutte le aziende hanno affrontato i cambiamenti
climatici, ma…
• la grande maggioranza ha ancora adottato solo
parzialmente le raccomandazioni TCFD;
• L'acqua è seconda ai cambiamenti climatici, ma
si tratta per lo più KPI senza collegamenti alle
policy aziendali e senza integrazione nel
business model; e
• Le informazioni sulle policy e i rischi relativi alla
deforestazione e al degrado delle foreste e alla
biodiversità non raramente divulgate.

Esempi di buone pratiche
Riferimento alle categorie della NFRD
NFRD and TCFD

Business model
26
Refer to p.4 of Eni Annual Report 2019
Explanation of how both financial value for its
shareholders, and economic, social and
environmental value for society are generated;
Company-specific articulation; and
Explanation of the wider ESG trends which
inform the business model.
Diagrammatic representation showing inputs,
outputs and impacts of the organisation;
EXAMPLE: ENI

27
Policies as the basis to structure subsequent
disclosures on due diligence, outcomes, risks and
KPIs;
Board and management-level accountabilities
regarding environmental and climate-related
matters and linkages between them; and
Direct linkages between due diligence
arrangements and stated policies.
Ambition statements - company and context-
specific; with targets (timebound, qualitative
and/or quantitative) to enable progress tracking;
EXAMPLES: INDITEX e KERING
Refer to pg. 77 of Industria de Diseño Textil’s Annual Report 2019
Refer to pg. 78 of Kering Universal Registration Document 2019
Policies and due diligence

28
Focus progress updates on performance in the
reporting year, or against clearly defined multi-year
objectives; and
Inclusion of simple summary tables or bullet
points, to ensure readers can easily determine
what the key outcomes are.
Clear links to the stated policy objectives; updates
addressing both achievements and challenges;
EXAMPLES: KERRY GROUP (water)
Outcomes
Refer to pg. 56 of Kerry Group’s Annual Report 2019
link to target;
historical data;
Clear context

29
Clearly state the time horizons over which risks
have been considered and ensure risk descriptions
state the likely impacts over the short, medium and
long-term; and
Link risks and their management to environmental
and climate-related policies, due diligence and
outcomes.
Provide business-specific examples of how identified
risks may impact the organisation’s operations,
business model and financial performance as
applicable;
EXAMPLES: VINCI
Principal risks
Refer to p.184 of Vinci Annual Report

Risorse

Tipologie di risorse
31
Report (guidance, interoperability, good practices)
Corsi on-line
Supporto 1-to-1

32
Reporting Requirements
REQ-01 Governance REQ-07 Organisational boundary
REQ-08 Reporting policies
REQ-03 Risks and opportunities REQ-09 Reporting period
impact
REQ-10 Restatements
analysis
REQ-11 Conformance
REQ-06 Outlook REQ-12 Assurance
cdsb.net/Framework
The CDSB Framework

The CDSB Framework application series
Climate Guidance Water Guidance Future guides
July 2020
Dal clima
all’ambiente
2021 2022

The CDSB Water Guidance
34
• supports companies
1. in reporting material water-related information in the mainstream report;
2. in providing decision-useful water-related information for investors;
• adds a layer of practical detail to the CDSB Framework by drawing
water-specific challenges and reporting elements from existing
water-specific reporting standards and frameworks; and
• is aligned with TCFD recommendations and other global standards
www.cdsb.net/WaterConsultation
A Working Group on water-related disclosures of over 60 members supports its development .

Content overview
35
REQ-01 to REQ-06 of the CDSB Framework
REQ-01 Governance
REQ-03 Risks and opportunities
impact
analysis
REQ-06 Outlook
CDSB reporting requirements
• Suggerimenti dettagliati di reporting e guida per
completare i requisiti del CDSB Framework
• Checklist per la divulgazione
• Riferimenti a utili risorse esterne
• Esempi di buone pratiche dai rapporti annuali

Content overview - alignment
36

The timeline
37
Literature Review
1st Draft Final version
•Reporting templates
•Case studies
Jul
Sep
Aug
Oct
Nov
Dec Mar
Jul
2020 2021
Pilot groups with
companies
Roundtables
Nov. 25th - Mar. 1st
Public consultation
www.cdsb.net/WaterConsultation
Interessati? Contattami!

The CDSB Framework application series
Future guides
Dal clima
all’ambiente
2021 2022
Land-use and
Biodiversity
Climate Guidance Water Guidance
2020

Publicazioni recenti
39
www.cdsb.net/publications
Esempi di buone pratiche e consigli pratici
Ottimizzare il processo di
reporting e comunicazione
CDSB and CDP
Sustainability an
integrated reporting
NFRD and TCFD
Climate and
financial standards
(IFRS)

TCFD Knowledge Hub
40
Resources
Contribute
Case studies
Break down of the
recommendations
Introduction to the TCFD
and scenario analysis
Sign up to
the
newsletter
www.tcfdhub.org

• Introduction to climate-related disclosures - starting your
climate journey
• Understanding the recommendations of the TCFD
• Embedding climate change into financial management -
climate-related reporting for accountants
• Governance of climate-related risks and opportunities
• An introduction to managing the financial risks from
climate change
• Corporate reporting of climate and environmental
matters in the European Union
Corsi online
41
learn.tcfdhub.org
…upcoming courses on climate (advanced) and
water…

Enhanced reporting Europe campaign
42
Access regular support from experts
in climate and environmental
mainstream disclosure.
Access to experts
Improve climate and environmental
disclosure using CDSB feedback.
Understand the policy context and
improve preparedness for regulation
and application.
Disclosure feedback Policy briefings
Learn from peers and experts
through country and region-specific
workshops.
Obtain resources directly post-
launch and notifications on
upcoming publications.
Resources Internal support
Receive tailored briefings for
reporting teams focused on
sustainability and/or finance
functions.
Workshops
It is free! (funded by EU)

Wrap-up: consigli pratici

44
1. Rivedere ciò che state già divulgando e iniziare da lì
2. Guarda cosa stanno facendo gli altri - aziende simili e diverse - parla con alcuni
per imparare dalla loro esperienza ... ma sii consapevole che i punti di partenza
saranno diversi
3. Pensate alla vostra visione attuale degli impatti materiali sulla vostra azienda
4. Considerate un approccio di squadra multifunzionale
5. Fate piccoli passi e non cercate di fare tutto in una volta sola
6. Make a start!
1. Top tips – getting started with TCFD

2. Laying the groundwork for effective disclosures
45
Secure the support of your board of directors and
executive leadership team
Integrate climate change into key governance
processes, enhancing board-level oversight through
audit and risk committees
Bring together sustainability, governance, finance,
and compliance colleagues to agree on roles
Look specifically at the financial impact of climate risk
and how it relates to revenues, expenditures, assets,
liabilities, and capital
Assess your business against at least two scenarios
Adapt existing enterprise-level and other risk
management processes to take account of climate
risk
Solicit feedback from engaged investors to understand
what information they need regarding climate-related
financial risks and opportunities
Look at existing tools you may already use to help
you collect and report climate-related financial
information (e.g., CDP, CDSB, SASB)
Plan to use the same quality assurance and
compliance approaches for climate-related financial
information as for finance, management, and
governance disclosures
Prepare the information you report as if it were going to
be assured
Look at the existing structure of your annual report and
think about how you can incorporate the
recommendations
cdsb.net/checklist

46
1. Spiegare come si valuta il rischio materiale del
cambiamento climatico per l'azienda
2. Utilizzare gli standard e le metriche esistenti
3. Fare il maggior numero possibile delle 11
informazioni raccomandate
4. Inseritela nel vostro rapporto principale (ad es.
report annuale)
3. Top tips for effective disclosures
https://www.cdsb.net/uncategorized/1032/tcfd-do-list-how-do-i-know-i%E2%80%99ve-met-tcfd-recommendations

Domande? Commenti?

Thank you!
With the contribution of the
LIFE Programme of the
European Union.
Follow us on social media
iscriviti alla nostra newsletter
www.cdsb.net/newsletter
Contattaci:
• francesca.recanati@cdsb.net
• info@cdsb.net
This publication is funded in
part by the Gordon and Betty
Moore Foundation.
Contattaci:
• info@carbonsink.it

Workshop Italia 25 Feb. 2021 - Francesca Recanati | CDSB (ITA)

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Workshop Italia 25 Feb. 2021 - Francesca Recanati | CDSB (ITA)