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An alliance of NGOs has called for the European Union’s Non-Financial Reporting Directive (NFRD) to be reformed to ensure that more corporates are disclosing relevant climate-related information.

The EU NFRD reporting mechanism was created to ensure that the impacts of sustainability are considered more broadly throughout the whole business

The Alliance for Corporate Transparency issued the calls for improvement to get more corporates providing relevant climate-related disclosure.

The Climate Disclosure Standard Board’s (CDSB) “Falling short?” report, for example, states that 78% Europe’s 50 largest listed companies, which have a combined market capitalisation of $4.3trn, are failing to report climate-related risks, despite both NFRD and the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) calling for such data to be included. The Alliance’s own research found that only 36.2% of European companies report on their climate targets, while just 14% report on aligning targets with the Paris Agreement.