Climate risk disclosure barometer

The Netherlands

In June 2017, the Task Force on Climate-related Financial Disclosures (TCFD) established by the Financial Stability Board (FSB) published its recommendations on climate risk disclosures. TCFD’s recommendations aim to create a voluntary disclosure framework for companies to improve transparency to investors, lenders, insurers and other stakeholders. Until now, 26 companies have voiced their support for the TCFD recommendations in the Netherlands, of which two-thirds are from thenancial sector, such as banks, insurers and asset owners or managers.

Late last year, EY published its Global Climate Risk Disclosure Barometer 2018 report,providing an analysis of TCFD reporting of more than 500 companies in 18 countriesacross the world. The analysis did not yet include companies from the Netherlands.Therefore, the purpose of this report is to provide an understanding of the current state of climate change (TCFD) reporting for companies in the Netherlands. Differences in reporting with other countries are also discussed.

For EU companies, climate-related reporting regulation will likely become mandatory soon. Following the adoption of the EU Action Plan on Financing for Sustainable Growth in 2018, climate disclosure guidelines are likely to be added to the Non- Financial Reporting Directive 2014/95/EU (NFRD) which is applicable for companies with over 500 employees in the Netherlands. In early 2019, a technical expert group(TEG) published its draft document on a framework for climate-related disclosures.This document is at consultation stage and the reporting guidelines are expected to be adopted by June 2019.

In this Climate Risk Disclosure Barometer report, we also address developments that are relevant for companies operating in the Netherlands, such as the national climate agreement (Klimaatakkoord). In addition, we discuss the relevance of physical risks, as the country is situated in a delta region and 26% of its territory is below sea level.

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