17 Sep 2021 - 06:07:33
167 Posts
Carbon emitters 'failing to disclose climate risks'

A lack of detail in financial reporting will dramatically reduce firms' chances of meeting global emissions targets, researchers have warned.

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There is no way of knowing if money is being put into sustainable activities, Carbon Tracker said.

Firms also need to be more transparent as to how they will hit sustainability targets, the think tank said.

But the International Energy Agency said firms should not have to focus on "ticking boxes for activists".

Climate risk
In a study of 107 global businesses working in carbon-intensive sectors, researchers said there is a "glaring absence of climate risks
in financial reporting".

More than 70% of the companies studied fail to include their climate impact in their financial statements.

Plans for net zero targets and limiting climate risks were also omitted.

Eight out of 10 audits of these firms also showed no evidence of assessing climate risk.

Researchers assessed the 202 financial statements of 107 listed companies, from oil and gas firms to construction, car manufacturers
and aviation businesses.

'Knock-on loss for ordinary pensioners'
Ms Davidson said that the worst case scenario is that these companies will "go under because they can't continue to invest in polluting
activities" and because pension funds have invested in these companies, that "will mean a knock-on loss for ordinary pensioners".

However, Andy Mayer, chief operating officer at the International Energy Agency (IEA) told the BBC he is "not surprised at all that this
is information is being left out".

"UK companies are not required to report their perception of climate risks in their annual reports," he said.

"If investors genuinely want more climate risk information in reports they will disinvest and punish companies not providing it."

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