{"id":731,"date":"2024-03-21T12:29:39","date_gmt":"2024-03-21T12:29:39","guid":{"rendered":"https:\/\/wdenis.co.uk\/?p=731"},"modified":"2024-05-01T08:28:34","modified_gmt":"2024-05-01T08:28:34","slug":"pressure-mounts-for-disclosure-of-climate-risk-assessment-information","status":"publish","type":"post","link":"https:\/\/wdenis.co.uk\/eu-en\/blog\/2024\/03\/21\/pressure-mounts-for-disclosure-of-climate-risk-assessment-information\/","title":{"rendered":"Pressure mounts for disclosure of climate risk assessment information"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"731\" class=\"elementor elementor-731\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7b84600e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7b84600e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-465ac639\" data-id=\"465ac639\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-427a1521 elementor-widget elementor-widget-text-editor\" data-id=\"427a1521\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<p>The pressure to meet the higher bar for climate risk\ninformation set by Europe has seen UK-headquartered Shell taking a lead by\ndisclosing its risk scenario for net zero emissions by 2050.<o:p><\/o:p><\/p><p>Shell disclosed risk under which the world reaches net zero\nemissions by 2050 in its financial statements last year. Shell priced this risk\nto upstream and integrated assets at between $17bn and $23bn.<o:p><\/o:p><\/p><p>It is clear that company boards need to raise their\nawareness about the risk to balance sheets stemming from climate change,\nparticularly since some aspects of these risks are not covered by conventional\ninsurance. Investors are increasingly demanding the inclusion of\nclimate-focused risk assessments in financial reports.<o:p><\/o:p><\/p><p>In 2022, the UK became the first&nbsp;G20&nbsp;country to\nenshrine in law mandatory requirements for Britain\u2019s largest companies and\nfinancial institutions to report on climate-related risks and opportunities, in\nline with recommendations from the Task Force on Climate-Related Financial\nDisclosures<o:p><\/o:p><\/p><p>However, Carbon Tracker found this year that just 34 per\ncent out of 140 of the world\u2019s most-polluting companies included some\ninformation in financial statements about how they manage climate-related\nfinancial risk. US-based companies were less likely to report along these\nlines.<o:p><\/o:p><\/p><p>The European Securities and Markets Authority, the\nsecurities regulator, has repeatedly told companies and auditors that climate\nrisk should be considered throughout financial statements.<o:p><\/o:p><\/p><p>The US securities regulator has enacted a rule that will\nrequire basic company disclosures on climate risks but could leave big\npolluters free to keep their entire carbon footprint and other risk factors\nunder wraps.&nbsp;<o:p><\/o:p><\/p><p>\u201cAmerican corporations that want to operate in Europe are\ngoing to have to abide by regulations around disclosure and reporting that they\nhave been fiercely lobbying against in the US,\u201d said Mark Campanale, founder of\nthe Carbon Tracker think-tank. <o:p><\/o:p><\/p><p>&nbsp;\u201cYou could end up\nhaving the most amazing regulatory regime in Europe around climate and carbon\nbut losing your industrial base, listings or capital to the US; regulatory\narbitrage is to be feared.\u201d <o:p><\/o:p><\/p><p>From next year the EU will expect large and listed companies\nto publish their carbon footprint from direct operations and energy usage, as\nwell as their contribution to both suppliers\u2019 and customers\u2019 emissions, under\nthe corporate sustainability reporting directive (CSRD). <o:p><\/o:p><\/p><p>At least 10,300 companies outside the EU will eventually be\ncaught by these rules, including more than 3,000 American companies, according\nto analysis by Refinitiv, part of the London Stock Exchange Group. <o:p><\/o:p><\/p><p>&nbsp;The UK is one of a\ndozen countries, including&nbsp; Japan, New\nZealand, Hong Kong and Singapore, which have all indicated that they plan to\nalign with a set of extensive disclosure requirements released by the most\nprominent voluntary initiatives. <o:p><\/o:p><\/p><p>These include the International Sustainability Standards\nBoard and its precursor, the Task Force on Climate-related Financial\nDisclosures. <o:p><\/o:p><\/p><p>As a result, some companies have recently withdrawn their\nlisting from stock exchanges in EU bloc countries to sidestep the tough\nrequirements that will take effect for next year\u2019s set of reports.<o:p><\/o:p><\/p><p>The regulatory burden on company managers, directors and\nofficers is significant hence the importance of selecting an insurance broker\nwhich closely examines comprehensive policy wordings that capture coverage for\nthe widest range of regulatory investigations as well as more traditional\nclaims.<o:p><\/o:p><\/p><p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/p><p>W Denis are one of the largest independent insurance brokers\nin the UK and arrange competitive insurance solutions.&nbsp; To discuss this\nfurther with a broker at W Denis, please make arrangements with Daniel Moss\nat&nbsp;<a href=\"mailto:daniel.moss@wdenis.co.uk\/eu-en\">daniel.moss@wdenis.co.uk\/eu-en<\/a>&nbsp;or\non 0044 (0)113 2439812.<o:p><\/o:p><\/p>\n<p><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The pressure to meet the higher bar for climate risk information set by Europe has seen UK-headquartered Shell taking a lead by disclosing its risk scenario for net zero emissions by 2050. Shell disclosed risk under which the world reaches net zero emissions by 2050 in its financial statements last year. Shell priced this risk [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[5],"tags":[16],"class_list":["post-731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cyber"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pressure mounts for disclosure of climate risk assessment information - W Denis Insurance Brokers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wdenis.co.uk\/eu-en\/blog\/2024\/03\/21\/pressure-mounts-for-disclosure-of-climate-risk-assessment-information\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pressure mounts for disclosure of climate risk assessment information - W Denis Insurance Brokers\" \/>\n<meta property=\"og:description\" content=\"The pressure to meet the higher bar for climate risk information set by Europe has seen UK-headquartered Shell taking a lead by disclosing its risk scenario for net zero emissions by 2050. Shell disclosed risk under which the world reaches net zero emissions by 2050 in its financial statements last year. Shell priced this risk [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wdenis.co.uk\/eu-en\/blog\/2024\/03\/21\/pressure-mounts-for-disclosure-of-climate-risk-assessment-information\/\" \/>\n<meta property=\"og:site_name\" content=\"W Denis Insurance Brokers\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-21T12:29:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-01T08:28:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wdenis.co.uk\/eu-en\/wp-content\/uploads\/sites\/5\/2024\/03\/climat.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2540\" \/>\n\t<meta property=\"og:image:height\" content=\"1459\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Libbie\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Libbie\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/blog\\\/2024\\\/03\\\/21\\\/pressure-mounts-for-disclosure-of-climate-risk-assessment-information\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/blog\\\/2024\\\/03\\\/21\\\/pressure-mounts-for-disclosure-of-climate-risk-assessment-information\\\/\"},\"author\":{\"name\":\"Libbie\",\"@id\":\"\\\/#\\\/schema\\\/person\\\/9e3b918f012576046d2fb8280f7c5a7e\"},\"headline\":\"Pressure mounts for disclosure of climate risk assessment information\",\"datePublished\":\"2024-03-21T12:29:39+00:00\",\"dateModified\":\"2024-05-01T08:28:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/blog\\\/2024\\\/03\\\/21\\\/pressure-mounts-for-disclosure-of-climate-risk-assessment-information\\\/\"},\"wordCount\":584,\"commentCount\":0,\"publisher\":{\"@id\":\"\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/blog\\\/2024\\\/03\\\/21\\\/pressure-mounts-for-disclosure-of-climate-risk-assessment-information\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2024\\\/03\\\/climat.jpg\",\"keywords\":[\"Cyber\"],\"articleSection\":[\"news\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/blog\\\/2024\\\/03\\\/21\\\/pressure-mounts-for-disclosure-of-climate-risk-assessment-information\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/blog\\\/2024\\\/03\\\/21\\\/pressure-mounts-for-disclosure-of-climate-risk-assessment-information\\\/\",\"url\":\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/blog\\\/2024\\\/03\\\/21\\\/pressure-mounts-for-disclosure-of-climate-risk-assessment-information\\\/\",\"name\":\"Pressure mounts for disclosure of climate risk assessment information - 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