|
|
The EBF sees the TEG Report as a key step in the much-needed transition to a low-carbon economy.
EBF welcomes the revision of the non-binding guidelines of the Non-Financial Reporting Directive (NFRD) to provide further guidance on how to disclose climate-related information, and EBF is satisfied with the level of alignment between the NFRD and the TCFD frameworks.
EBF warns of unwanted effects of the proposal that EBF clarifies along its answers, with a specific focus on the need to ensure that parallel reporting processes are not in place – not to distort the reporting happening already under Pillar 3.
Taking a deep look into sector specific guidance for banks, its recommendations are clear. EBF is wary of disclosures that could pose risks of creating a sustainability bubble, or hamper the correct functioning of risk-disclosure and risk-management processes by banks.
EBF members are looking into different innovative ways to bridge the currently existing gaps that Scope 3 GHG emissions pose. Lack of data is palpable, and alternative solutions should be considered to report about climate impacts through banking activities.