Climate related reporting and disclosures for financial services
Watch as our leaders discuss the myriad of reporting and disclosure requirements, and the challenges financial services institutions are facing.
What EY can do for you
Sustainability guidelines, frameworks and standards are attracting increased attention, thanks to a growing focus, in particular from investors and regulators. Financial services organizations are now expected to be transparent and accountable in their sustainability reporting to illustrate their actions toward building a sustainable economy.
Alongside these enhanced disclosures, there is a need for an effective control environment. This will need to be broadened out to foster credibility, accuracy and authenticity in your sustainability ambition, strategy and public disclosures.
EY teams work with financial services firms at varying stages of their sustainability journey to develop their understanding of sustainability reporting requirements, including:
- Corporate Sustainability Reporting Directive (CSRD)
- International Sustainability Standards Board (ISSB)
- Taskforce on Climate-related Financial Disclosures (TCFD)
- Global Reporting Initiative (GRI)
Teams work alongside financial services institutions to; determine which performance indicators and metrics are needed to report, explore the data that is required for reporting, and then identify what is missing and what action is needed to fill the gaps.
To facilitate this complex task, EY teams have invested in a sophisticated gap analysis tool that can map data needs across key reporting frameworks such as CSRD, ISSB, TCFD and GRI, providing a full analysis and implementation plan to facilitate financial services institutions’ reporting requirements.
Key areas of support
-
Our multidisciplinary team of people with a strong understanding of sustainability reporting in financial services supports and helps EY clients in the implementation of sustainability reporting offerings that are both agile and scalable, recognizing that the landscape is constantly evolving. EY teams can support the process of sustainability reporting, including impact reporting, end-to-end production and advice, annual reports and materiality assessments.
-
EY carbon accounting professionals aid in the technical interpretation of greenhouse gas accounting standards, including the Greenhouse Gas Protocol and the Partnership for Carbon Accounting Financials (PCAF). With the growing emphasis on regulatory frameworks such as TCFD, GRI and CSRD, there are increasing requirements for companies to accurately disclose their direct and indirect emissions. EY teams can support financial services organizations in the calculation of scope 1, 2 and 3 emissions by inputting experienced carbon accounting treatment and data analysis.
-
We leverage in-depth knowledge of the design of rigorous controls for sustainability reporting and disclosures, providing support in the review, design and implementation of end-to-end sustainability control and reporting frameworks. The development of a robust governance framework and a scalable process is crucial to embedding sustainability reporting across your financial services business and embedding it into BAU.
-
We perform Limited Assurance, Reasonable Assurance and Agreed Upon Procedure services on sustainability reporting and disclosures. We use a tailored Sustainability Assurance Methodology (EY SAM) which targets our testing on aspects of sustainability reporting and disclosures that matter most, so that the approach is focused and efficient. EY SAM is aligned with the International Standard on Assurance Engagements (ISAE) 3000 and is tailored to Sustainable Finance, supporting the ability to provide financial services companies and their stakeholders with transparency, trust and confidence in sustainability reporting and disclosures.
What you can do today to make a difference for tomorrow
Explore how EY teams can help you drive value, impact change, and advance sustainability.
Contact our leaders now.
Contact us
The team
Our latest thinking
Why transition pathways are critical to net-zero success
Sector-specific transition pathways are critical to the financial industry’s ability to turn climate ambition into climate action. Learn more.
31 Aug 2022 Tom Groom + 1
Four steps financial institutions can take on the path to net zero
Innovative decarbonization strategies linked to clients’ transition pathways are becoming vital to success. Learn more.
20 Jul 2022 Sandy Trust + 3
How financial services can mobilize capital to deliver net zero
Learn how financial services firms can mobilize the capital flows needed to deliver net zero.
01 Dec 2021 Tom Groom + 1
How sustainable finance can help decarbonize the real economy
To fund sector-specific net zero transition pathways, financial institutions need to deepen their knowledge of the businesses they finance. Read more here.
30 Nov 2021 Gill Lofts + 1
FS firms turn carbon ambition into action
Credible decarbonization plans are critical to reducing emissions, scaling up climate solutions and building momentum among stakeholders. Learn more.
26 Oct 2021 Shaun Carazzo + 1