In 2019, the European Commission published Guidelines on non-financial reporting, providing for the disclosure of detailed climate-related data (2019|C 209|01) (European Commission Guidelines), which are expected to encourage enterprises to report in detail data on the impact of their business model on the climate.
The European Commission Guidelines are not legally binding yet, but their application is already recommended by the European Securities and Markets Authority. Additionally, the Financial Stability Board has set up the Task Force on Climate-related Financial Disclosures (TCFD) which, through its activities, incentivizes financial institutions and nonfinancial enterprises to disclose information on climaterelated risks and opportunities. The PZU Group implements the European Commission guidelines on non-financial information, itemizing the reporting of climate-related data and recommendations for banks and insurance undertakings specified in Annex I and recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
| Guidelines pertaining to disclosure of climate information | Chapter | |
|---|---|---|
| Business model | Description of the entity’s business model, the impact of climate-related risks and opportunities on the business model, strategy, and financial plans | |
| Positive and negative impact of the organization on the climate | ||
| Climate scenarios: the resilience of the company’s business model and strategy taking into account different climate-related scenarios | ||
| Policies and procedures | Description of the company’s climate-related policies, including approaches to climate change mitigation or adaptation. | |
| Company-set climate-related targets: any greenhouse gas emission targets and how they relate to national and international plans (in particular, the Paris Agreement). | ||
| The role of management staff in the risk assessment and climate risk management process. | ||
| Results of applying policies and procedures | As indicated above | |
| Description of climate risks | The process of identifying and assessing climate risks in the short, medium and long term, and indicating how the company defines the short, medium and long term. | |
| The main climate risks that the company has identified in the short, medium and long term across the value chain and any assumptions made as part of the process of identifying them. | ||
| Climate risk management process with an indication of how the process has been integrated into the organization’s overall risk management. | ||
| Non-financial performance indicators | Scope 1 and Scope 2 direct emissions | |
| Selected GRI indicators |