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Created in 2016, the International Climate Reporting Awards aim to recognize financial institutions that integrate environmental criteria into their reporting activities and investment policies.

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The Awards are organized by the French Ministry for the Ecological Transition (CGDD), the French Agency for Ecological Transition (ADEME), and 2° Investing Initiative. They build on leading global standards, including the Taskforce on Climate-related Financial Disclosures (TCFD) and the EU Non-Financial Reporting Directive. For the first time this year, the Awards will also be integrated with the Climate Transparency Hub (CTH) in order to promote transparency and best reporting practices around the globe.

The CTH is a resource platform on climate reporting, disclosures, and transparency for financial institutions. Currently based on voluntary participation (it will be compulsory for French financial institutions in 2022), it centralizes and synthesizes climate reporting information, in addition to studying best practices. The CTH is coordinated by ADEME and CGDD with assistance from 2DII.

Objectives

The Awards recognize financial institutions that integrate climate-related considerations into their reporting and business practices, with the goal of:

  • Raising awareness and promoting best practices and innovation in climate reporting and disclosures;

  • Building capacity, sharing expertise, and identifying remaining challenges;

  • And providing the opportunity for applicants to receive detailed feedback on their current reporting.

All financial institutions around the world are eligible to apply, including asset managers, asset owners, insurances and banks, as well as development banks and central banks.

In 2020, the top prizes went to four financial institutions from the US, UK, and France. Barclays, AXA, Federated Hermes won in their respective categories, while ERAFP won the Jury’s Special Prize for its impressive overall performance.

The CTH and the Climate Reporting Awards share similar objectives, in terms of promoting transparency in climate reporting and enabling the integration of financial institutions’ reporting practices with evolving regulations. The 2021 edition of the Climate Reporting Awards builds partly off the CTH’s evaluation criteria. In addition, the Awards aim to help promote and replicate the CTH outside of France and disseminate best practices across Europe.

Governance

The Awards are granted by an independent jury composed of experts from a variety of institutions. The evaluation criteria build off the CTH matrix, developed by ADEME with the help of 2° Investing Initiative. The judging process will reflect recent developments in climate-related reporting, such as TCFD guidelines and article 29 of the French Energy-Climate Law.

To strengthen the international dimension of the Climate Awards, multiple organizations joined the steering committee this year. The PRI, Eurosif, the World Benchmarking Alliance (WBA), Luxembourg Sustainable Finance Initiative (LSFI), as well as Finance For Tomorrow will all work with the organizers to widen the Awards’ reach. Under the Steering Committee’s responsibility, the 2° Investing Initiative is managing the development of the evaluation criteria grid, the organisation of the review process, and the awards ceremony.

Find out more about the Climate Reporting Awards here.