Public climate disclosures
Climate risk and emissions reporting
Reasons for Guernsey's financial firms to produce public climate disclosures.
International Sustainability Institute, 2024
Did you know that a variety of rules and regulations at both the international and national levels necessitate that firms, particularly those operating in regions with stringent environmental policies, require their suppliers to have published statements on climate change and to report their carbon emissions?
Did you know that local regulations have required firms to consider climate risk for many years and encourage climate disclosures and the regulator has clearly signalled its intended alignment with international standards that mandate such disclosures?
Have you considered the impact on your business of non-reporting and disclosure? Many clients will require climate reporting as a necessary condition for doing business and many of the others will just have a clear preference for those that do so.
5.2.1 Climate Change
The Board should consider the impact of climate change on the firm’s business strategy and risk profile and, where appropriat e in the judgement of the board, make timely climate change related disclosures.
According to the GFSC’s Code of Corporate Governance (revised 2021):
PRINCIPLE 5. RISK MANAGEMENT
The Board should provide suitable oversight of risk management and maintain a sound system of risk measurement and control.
5.2.1 Climate Change
The Board should consider the impact of climate change on the firm’s business strategy and risk profile and, w here appropriate in the judgement of the board, make timely climate change related disclosures.
Where third party investment management services are
to
clients, XYZ reviews manager arrangements to ensure that climate risks are incorporated by the manager.
Did you know that you can take four (relatively) easy steps to comply with international and local standards on climate risk reporting and help retain your market access? And that ISI Advisory Services can h l ith th t?
About the International Sustainability Institute ('ISI')
The ISI provides advisory services in climate risk and sustainable finance specialising in advising firms and organisations in the International Finance Centres.
Leveraging the expertise of Dr Andy Sloan, PhD economist, expert reviewer for the IPCC and founder of Guernsey Green Finance in 2018, the ISI also contributes to global thinking on policy by way of published discussion papers and media commentary
www.isici.org