The State of EU Environmental Disclosure in 2020

The CDSB reviewed the disclosure practices of Europe’s 50 largest listed companies which are subject to the Non-Financial Reporting Directive (NFRD). Climate and environmental disclosures under the NFRD were reviewed for relevance, consistency and comparability. Progress is said to be needed to improve the clarity and completeness of disclosures for the Task Force on Financial Disclosure (TFCD) as 68% of companies reference TFCD while only 4% disclose climate risks over short, medium and long-term time horizons.