Washington, May 26 (ANI): The Climate Disclosure Standards Board (CDSB) has announced groundbreaking proposals to assist directors in the inclusion of climate change-related information in companies' annual reports.
The pioneering proposals, unveiled at the World Business Summit on Climate Change in Copenhagen, take the form of a global framework that clarifies precisely which climate change data should be reported by corporations and provides management with a set of guidelines designed to streamline disclosure procedures.
The inclusion of climate change data in companies' annual reports will enhance corporate transparency for the benefit of shareholders and prospective investors alike.
According to Paul Dickinson, Chief Executive of the Carbon Disclosure Project, one of the principal members of the CDSB, "The proposed framework, announced 17 months after the formation of the CDSB, represents a vital step towards encouraging corporate boardrooms to disclose climate change related data in their annual reports by way of standard procedure."
"As the current economic crisis illustrates, the failure to acknowledge risks in the short term can lead to substantial legacies in the long term. There is no scarcity of warnings of the risk of irreversible climatic damage to the environment. Against this background, it is imperative that companies supply their shareholders with appropriate climate change data," he said.
The Carbon Disclosure Project (CDP), which holds the largest corporate climate change database in the world, is at the forefront of developments in climate change disclosure and, in addition to being a board member, acts as secretariat to the CDSB.
"CDSB's draft framework launched today plays an important role in substantiating climate change reporting. It will be instrumental in enhancing the caliber and comparability of disclosures within corporations' reporting," said Dr. Wolfgang Grobe Entrup, Head of Environment and Sustainability, Bayer AG. (ANI)