Use in context of reporting obligations

In Europe and internationally, organisations are urged or required to comply with various sustainability reporting requirements. These standards often involve assessing an organisation’s exposure to climate-related risks. The assessments are often based on the catalogue of climate-related hazards that is part of the EU Taxonomy (Climate Delegated Act, Annex I, Appendix A (PDF)). The most relevant reporting obligations include:

  • The EU Taxonomy is a classification system to determine a list of environmentally sustainable economic activities to facilitate sustainable investment. It helps direct investments to the economic activities most needed for the transition, in line with the European Green Deal objectives. The EU Taxonomy often serves as the foundation for sustainable activities, where other directives build upon.
  • The Corporate Sustainability Reporting Directive (CSRD) is an EU law that requires large companies to disclose information on environmental risks they face and on the impact of their activities on people and the environment.
  • The Sustainable Finance Disclosure Regulation (SFDR) is an EU regulation that mandates financial organisations to disclose how they consider environmental, social and governance (ESG) principles in their decisions and services.
  • The Corporate Sustainability Due Diligence Directive (CS3D) requires companies  to foster sustainable and responsible corporate behaviour in companies’ operations and across their global value chains. The new rules will ensure that companies in scope identify and address adverse human rights and environmental impacts of their actions inside and outside Europe.
  • The Critical Entities Resilience Directive (CER) enhances the resilience of critical entities against physical risks, including climate-related events, to ensure the continuity of essential services.

In addition, there are several guidelines, standards or frameworks to support the reporting requirements on physical climate risk, such as:

This portal supports organisations by guiding them to the necessary data for climate risk reporting and measuring purposes. Additionally, it supports in identifying existing data gaps for reporting and the implementation of solutions to address these gaps.