30 September 2019

How to report the TCFD recommendations using the GRI Standards

Speakers

Bastian Buck

Chief of Standards

GRI

Speaker

Sarah-Jayne Dominic

Senior Manager, Standards Division

GRI

Speaker

Wim Bartels

Global Leader, Climate Risk Services

KPMG Netherlands

Speaker

Richard Pearl

Vice President, Corporate Citizenship

State Street Corporation

Speaker

Agenda

1. Introduction (5 min)

2. TCFD recommendations (15 min)

3. Using the GRI Standards (10 min)

4. Reporting on both TCFD recommendations and GRI Standards (15 min)

5. Other resources

6. Questions

IntroductionBastian Buck, Chief of Standards, GRI

Global risks

Top 5 global risks by likelihood according to World Economic Forum’s Global Risk Report 2019

2015 2016 2017 2018 2019

Climate change

Context

Climate Change is one of the most critical challenges of today

• It is linked to a broad range of sustainability issues: natural resource constraints, human rights, biodiversity and many more.

• Non-state actors including business have a vital role to play in addressing climate change. A key part of this is around measuring, managing and communicating sustainability (including climate change) performance.

• GRI enables organizations to look at climate change and other global sustainability challenges supporting them to make better decisions, and ultimately contribute to sustainable development.

Introduction

TCFD recommendations and GRI Standards

TCFD recommendationsWim Bartels, Corporate Reporting Partner, KPMG

Using the GRI StandardsSarah-Jayne Dominic, Senior Manager, GRI Standards

Using the GRI Standards

Step 1. Identify climate change or related topics as material,e.g.,

• heavy carbon emitter

• high energy usage

• high water usage

• products/services affected by changing climate

Step 2. Report GRI 102: General Disclosures 2016

Step 3. Identifying relevant topic-specific Standards in conjunction and report disclosures along with GRI 103: Management Approach 2016

Principles

GRI principles for report content

Stakeholder

Inclusiveness

The reporting organization shall identify its stakeholders, and explain

how it has responded to their reasonable expectations and interests.

Sustainability Context The report shall present the reporting organization’s performance in

the wider context of sustainability.

Materiality The report shall cover topics that:

• reflect the reporting organization’s significant economic,

environmental, and social impacts; or

• substantively influence the assessments and decisions of

stakeholders.

Completeness The report shall include coverage of material topics and their

Boundaries, sufficient to reflect significant economic, environmental,

and social impacts, and to enable stakeholders to assess the

reporting organization’s performance in the reporting period.

GRI principles for report quality

Accuracy Comparability

Balance Reliability

Clarity Timeliness

Recommended disclosures

TCFD recommended disclosures

Governance (a)

TCFD recommended disclosures

Governance (b)

TCFD recommended disclosures

Strategy (a)

TCFD recommended disclosures

Strategy (b) and (c)

No similar disclosures in GRI Standards currently

TCFD recommended disclosures

Risk management (a)

TCFD recommended disclosures

Risk management (b) and (c)

TCFD recommended disclosures

Metrics and targets (a)

TCFD recommended disclosures

Metrics and targets (b)

TCFD recommended disclosures

Metrics and targets (c)

Illustrative example metrics

Reporting on both the TCFD recommendations and GRI Standards

Richard Pearl, Vice President, Corporate Citizenship, State Street Corporation

Other resources

EU Action Plan: Financing Sustainable Growth

Work of the Technical Expert Group (TEG)

Report on Climate-related Disclosures

• Disclosures under the Non-Financial Reporting Directive

(NFRD): Principles and Rationale

• Alignment of NFRD and TCFD Proposed Disclosure

• Sector Specific Guidance for Banks and Insurnace Undertakings

European Commission working on updating the Non-Binding Guidelines

supporting the NFRD

Download the report here

Mapping Reporting Practice to an Investor Perspective

Jumpstarting the dialogue between report issuers and investor through clear examples

Three Key Elements of Disclosure:

1. Investor Expectations

• Assessment of reporting initiatives

2. Investor Perception

• Interviews with 15 asset managers

3. Current Practice

• Analysis of 30 GRI reports

Download the report here

Linking GRI and CDP

How are the GRI Sustainability Reporting Standards and CDP’s 2017 water questions aligned?

Download the linkage document here

The linkage document:

• Shows how the GRI Standards connect to CDP’s water

questionnaire of 2017

• Provides two tables which give an overview of how the CDP

water questions align with the GRI Standards, and vice versa

• Is closely aligned with internationally recognized best practice

avoids duplication of disclosure efforts

Engaging Business in the NDCs

Policy recommendations on the role of the private sector and reporting

Call-to-action for businesses:

• At a minimum, align operations and sustainability objectives to national targets.

• Explore business opportunities.

• Proactively engage policy makers at the national level.

Download the report here

Corporate Reporting Dialogue

Better Alignment Project

Driving Alignment in Climate-related Reporting

Shows high levels of alignment between the reporting frameworks of:

• CDP,

• Climate Disclosure Standards Board (CDSB),

• Global Reporting Initiative (GRI),

• International Integrated Reporting Council (IIRC), and

• Sustainability Accounting Standards Board (SASB)

on the basis of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

Announcements

Get in touch for more information: blfsupplychain@globalreporting.org

info@globalreporting.org

www.globalreporting.org

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