Obligatorisk rapportering om klimarisici er på vej – dette har amerikanske virksomheder brug for at vide

Håndtering af klimarelaterede risici har fået stigende betydning, fordi der er en stigende erkendelse af, at klimaændringerne har reelle finansielle konsekvenser allerede i dag. Nogle af verdens største investorer og kapitalforvaltere reagerer på klimarelaterede investeringsrisici ved at sætte nettonulmål for CO2-emissioner i deres porteføljer. Et eksempel på denne tendens er initiativet Net Zero Asset Managers, der blev grundlagt i december 2020. Det har allerede over 273 underskrivere, der kollektivt repræsenterer for 61,3 mia. USD forvaltede aktiver. Underskriverne har forpligtet sig til at arbejde hen imod nettonul CO2-emissioner senest i 2050 for deres egne organisationer og de aktiver, de forvalter, med foreløbige mål for 2030. På samme måde har Net-Zero Asset Owner Alliance 73 aktivejere, som repræsenterer 10,6 billioner USD blandt alliancens medlemmer. Alliancen har forpligtet sig til at opnå nettonul CO2-emissioner i deres investeringsporteføljer inden 2050 med mellemliggende mål for hvert 5. år. Men de seneste år har investorerne mødt den samme udfordring, som andre interessenter har omtalt: Selvom der findes frivillige klimarelaterede oplysninger fra virksomheder, kan de være inkonsekvente, usammenlignelige og upålidelige. Det amerikanske børstilsyn SEC ( Securities and Exchange Commission) har for nylig reageret på problemet ved foreslå en regel, der kræver omfattende klimarelaterede oplysninger. Når reglen er i kraft i løbet af i år, skal virksomheder måske allerede indsamle relevante data for hele 2023, som skal rapporteres i 2024 (med en indkøringsperiode på et år for mindre virksomheder).

What requirements are proposed

Under the SEC’s proposed rule, climate change must be explicitly considered within a variety of sections across a company’s annual filings, and climate-related disclosures will be both qualitative and quantitative in nature. All registrants must annually disclose: - Actual or likely material impacts of climate change on business, strategy, and outlook; - Board and management’s climate-related risk management processes; - Impact of climate-related events on the line items of financial statements; - Targets and metrics used to manage climate-related risks and transition plan, if any; and - GHG emissions within the company’s own operations (“Scope 1” and “Scope 2”, per the GHG Protocol); and - Indirect GHG emissions from upstream and downstream activities in the registrant’s value chain (“Scope 3”), if material or if the registrant has set a GHG emissions target that includes Scope 3.

The SEC’s proposal is part of a global trend towards mandatory climate-related disclosures. Singapore was ahead of the curve, establishing a requirement back in 2016 for companies on the Singapore Exchange to develop annual sustainability reports in line with the Task Force on Climate-related Financial Disclosures (TCFD).

In the past few years, the number of jurisdictions enacting similar requirements has continued to rise. Notably, the EU has new legislation under the Corporate Sustainability Reporting Directive that requires all large companies to publish regular reports on their environmental impact including contribution to climate goals.

I erkendelse af behovet for global standardisering nedsatte IFRS (International Financial Reporting Standards Board) i 2021 det internationale råd for bæredygtighedsstandarder (ISSB, International Sustainability Standards Board. IFRS sætter standarden for finansiel rapportering i mere end 144 lande. ISSB offentliggjorde udkast til standarder for generelle bæredygtighedsrelaterede og specifikkeklimarelaterede rapporteringskrav i marts 2022 med de endelige versioner, der forventes inden årets udgang. Når disse er vedtaget, kan ethvert land vælge at kræve ISSB's standard. Til trods for mindre forskelle i detaljerne omhandler alle disse vedtagne og foreslåede rapporteringsregler de samme emner inden for identifikation af klimarisici, indvirkning, virksomhedsledelse og CO2-emissioner. Konklusionen er, at virksomheder i USA og deres datterselskaber globalt har behov for hurtigt at vise investorerne, at de håndterer klimarisikoen, hvis de ikke aktivt bidrager til omstillingen til en lavemissionsøkonomi.

What companies should do to prepare

The implications of these new disclosure requirements are significant and raise many questions for companies globally.

For focus, let’s consider 4 areas where you would need to address key questions. 1. How have you assessed your physical and transition climate risks? What impact do they have on your financials? You will need to perform a preliminary analysis and, under best practices, apply various applicable climate scenarios to determine the implications of possible future scenarios on corporate strategy.

2. Does your governance structure adequately oversee and manage climate risks?

You will need to determine your internal capabilities for long-term tracking and reporting of climate risks in line with regulatory requirements – and assure investors that these risks are properly managed.

3. Have you determined your technical capacity to measure and report GHG emissions, subject to external assurance?

You will need to integrate auditable GHG emissions measurement and quantification into annual reporting processes.

4. Have you set future-proof climate targets?

Do you have a strategy and roadmap to reach them? While optional under the SEC rule, a GHG reduction target and strategy positions the company for success and sends the best signal to investors. The target defines the company’s ambition, and the strategy lays out the initiatives that can be used to meet the target and prioritizes those initiatives based on return and feasibility. > Join webinar on the SEC requirements and learn more. The specifics of the proposed disclosures are subject to change before final language is published, but companies can expect to need to be able to discuss identified climate-related risks, the impact of those risks, risk governance, GHG emissions, and corporate strategy in a robust way year over year. Even privately held companies should be preparing for data and information requests along these lines, as lenders, investors, and listed customers seek to prepare their own thorough disclosures.

How to move beyond compliance costs to realizing benefits

Preparing for the proposed disclosure rules can promote value creation. We know that good disclosure lowers the cost of doing business because the market values transparency and access to information. When it comes to long-standing financial disclosure rules and expectations, better financial tracking and analysis has also led to more informed financial decisions within companies. Similarly, if done correctly, performing the assessments necessary to provide the required climate disclosures will create better forecasts of and identify potential reductions in CapEx/OpEx costs, reduce unexpected future costs associated with climate policies or physical events, and improve understanding of opportunities for growth into new markets, among other benefits. For example, as demand grows for low-carbon options, shifting focus in your product development process now to invest in a more resource-efficient, sustainable offering can capture greater market share through differentiation and/or allow you to be the leader in new markets, while bringing your own input costs down. To add further benefits, identifying strategic opportunities and then communicating how your company is pursuing them can impact external sustainability ratings, leading to inclusion in major sustainability-oriented indices and improved capital market perception and access across the board. Ramboll Management Consulting is actively monitoring how the details develop in the final SEC rule and disclosure regimes globally; in the meantime, we are helping our clients prepare by proactively managing climate-related risks and pursuing the opportunities presented by the transition.