Building on their inaugural edition in 2016 and recent international developments in the field of climate-related reporting, the International Awards for Climate-Related Financial Disclosures offer the opportunity for financial institutions to showcase leading practices, share common challenges, and recognize climate-reporting leadership in the sector. They are jointly organized by ADEME (French Environment & Energy Management Agency) and the French Ministry for the Ecological and Inclusive Transition (CGDD). The French Government’s support for this initiative is in line with its pioneering work in the field of climate reporting, starting with the adoption of Article 173 (the first climate financial regulation in Europe) in 2015.
As a key contributor to the development of Article 173, the 2° Investing Initiative managed the organization of the criteria development and scoring of applications on behalf of ADEME, CGDD, and the Steering Committee. EUROSIF and the European Commission’s Directorate General for Financial Stability, Financial Services and Capital Markets Union (DG-FISMA) provided additional support.
Awarded by an independent jury representing public institutions, investor coalitions, industry, NGOs, standards bodies and academics, the Awards aim to stimulate innovation and recognize best practices of financial institutions around the world in climate reporting. They are also an opportunity for candidates to receive feedback on their reporting processes, as well as to identify key challenges in climate-related reporting and disclosure.
The evaluation criteria are based on the main requirements of current international reporting standards and frameworks, including Article 173 of the Energy Transition Act for Green Growth, the Task Force on Climate-related Financial Disclosures (TCFD) and the EU Non-Financial Reporting Directive, among others.
Under the High Patronage of Brune Poirson, Secretary of State to the Minister for the Ecological and Inclusive Transition, Arnaud Leroy, CEO of ADEME, announced the winners of the International Climate Reporting Awards on November 28, 2019.
Six financial institutions based in France, the United States and Australia were recognized for demonstrating innovation and best practices:
- Pillar 1: Climate-related integration into overall strategy, governance, & engagement practices: Aviva France
- Pillar 2: Climate risk exposure assessment and management: Citi & Allianz France
- Pillar 3: Alignment and contribution to the Paris goals: Ircantec
- Pillar 4: Climate-related communication plan to clients and beneficiaries: AXA
- Jury’s Special Prize: Australian Ethical (having been shortlisted under two of the pillars)
In addition to the winners, shortlisted institutions included BNP Paribas Asset Management, the French public service additional pension scheme (ERAFP), the Ontario Teachers’ Pension Plan, and Yes Bank.
For more, please visit: https://climatereportingawards.org/
Photo credit: Léo Tissot