Are firms hiding how climate change is affecting them?

74% of companies surveyed don’t quantify the impact of climate change on their operations in their financial statements. Although the detail and quality of corporate reporting on climate risks has improved slightly compared to last year (by 6%), practical steps are still only taken slowly. “Those who continue to try to comply only formally will face serious difficulties as requirements become more stringent. Thoughtful sustainability reporting offers a good opportunity to build a comprehensive commercial strategy and a sustainable competitive advantage”, said Ákos Lukács, EY’s head of climate change and sustainability services. //