What Climate Disclosures (IFRS S2) requires
Entities must provide comprehensive disclosures concerning significant climate-related risks and opportunities to meet investor information needs under IFRS S2. This mandate requires a detailed exposition of governance processes, controls, and procedures used for monitoring climate issues. The standard necessitates a robust strategy involving the identification and mapping of both physical risks plus transition risks. An entity’s climate resilience assessment must utilize scenario analysis, evaluating its strategy against a maximum temperature alignment scenario of 1.5 degrees Celsius. Quantitative disclosures are central, demanding the measurement of absolute gross Scope 1, Scope 2, and also Scope 3 greenhouse gas emissions, calculated in accordance with the GHG Protocol Corporate Standard. Furthermore, organizations must quantify the current and anticipated financial impacts of identified climate factors on their financial position, performance, and cash flows. These climate-related financial disclosures are to be reported concurrently with an entity’s annual financial statements, permitting a reporting lag of zero days. To ensure relevance, the disclosures must incorporate industry-specific metrics, leveraging the SASB Standards where applicable, thereby providing a complete picture of an enterprise's climate exposure and management approach.
Pillar: Banking & Global Finance · Authority: IFRS / ISSB Foundation · Version: 1.1.0 · Last updated:
Primary source: https://www.ifrs.org/groups/international-sustainability-standards-board/
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