Gennaio 2021

Corporate Environmental Disclosures. CDSB calls for regulatory change following review of European Corporate Environmental Disclosures. The third consecutive review of environmental and climate-related disclosures in Europe shows signs of improvement, but the information remains insufficient for investment decision-making.

Latest report released by the Climate Disclosure Standards Board “The state of EU environmental disclosures in 2020” analysed the strength and weaknesses of disclosure among 50 largest companies in the European Union with a combined market capitalisation of US$3.5 trillion under the EU Non-Financial Reporting Directive (NFRD).

Companies reviewed showed progress in the completeness and quality of greenhouse gas emissions and business model disclosures, however the top strengths and weaknesses remain unchanged.

CDSB’s report concludes that investors’ ability to integrate information disclosed under the EU’s rules into their decision-making is inherently limited without further improvements to the Non-Financial Reporting Directive on TCFD, risk and materiality.

Top strengths:
– Policies and due diligence – All companies disclosed environmental policies, but 30% did not clarify board and management level due diligence;
– Business model – 52% fully disclose the environmental aspects of their business model; and
– Key performance indicators – All companies provided GHG emissions disclosures, but only 10% disclosed metrics on biodiversity.

Top weaknesses:
– TCFD – 68% referenced the recommendations of the Task Force on Climate-related Financial Disclosures, but only 18% adequately disclosed their resilience to different climate scenarios;
– Principal Risks – 74% considered both physical and transition risks, but just 4% clearly disclosed risks over different time horizons; and
– Materiality – 38% (2019: 8%) applied a double materiality perspective, but this did not necessarily improve the quality of disclosures.

In her keynote address at the launch event, EU Commissioner Mairead McGuinness said: “The rules of the game must be transformed to fully integrate sustainability at every step of the financial value chain, and that’s why the Commission has prepared the Renewed Sustainable Finance Strategy for early next year. One of the priorities of the renewed strategy will be to strengthen the foundation for sustainable investment and the review of the Non-Financial Reporting Directive is crucial.” “Our ultimate aim,” she added, “is to put financial and the so-called non-financial information on the same footing.

Mardi McBrien, CDSB Managing Director, said: “To achieve the goals of the Paris Agreement, it is essential for investors to receive comparable and consistent information that is needed to inform their capital allocation. The sustainability reporting landscape is moving towards harmonisation and common standards. The work of the European Commission is important in achieving this goal and we will continue working closely with Europe to develop leading approaches and internationally to develop a global baseline that works for all.

The Climate Disclosure Standards Board (CDSB) was founded in 2007 and is an international consortium of business and environmental NGOs committed to advancing and aligning the global mainstream corporate reporting model to equate natural capital with financial capital. It does so by offering companies a framework for reporting environmental and climate information with the same rigour as financial information.
In turn, this helps them to provide investors with decision-useful environmental and climate information via the mainstream corporate report, enhancing the efficient allocation of capital.
Regulators also benefit from compliance-ready materials. Collectively, we aim to contribute to more sustainable economic, social, and environmental system.
CDSB also hosts the TCFD Knowledge Hub on behalf of the Task Force on Climate-related Financial Disclosures.

www.cdsb.net

Report

RE ITALY 20 gennaio 2021 Winter Forum. Si terrà la 13ma edizione, come tradizione fisicamente in Borsa Italiana a Milano, a partire dalle 9,30, con possibilità di collegamento in streaming per gli abbonati accreditati. I lavori della giornata saranno poi resi disponibili in podcast. La scelta di proseguire con gli eventi in presenza, sempre nei rigidi limiti di sicurezza imposti dalla normativa, pur se con partecipazione fisica limitata è dettata dal nostro convincimento che gli eventi online abbiano mostrato tutti i propri limiti. Se giustificati in una prima fase di quarantena, ormai risulta evidente come solo l’incontro fisico tra operatori riesca ad attivare il circolo virtuoso dello scambio di esperienze che porta al nascere di nuove attività lavorative. Se addirittura il mondo della scuola chiede a gran voce il ritorno alle lezioni in presenza appena possibile, significa che l’esperienza della videocomunicazione come unico strumento di contatto non può funzionare. E visto che lo scopo di Monitorimmobiliare e delle sue attività, tra le quali RE ITALY, è proprio di agevolare i contatti tra operatori le nostre manifestazioni si svolgeranno sempre in forma fisica, ovviamente col supporto della tecnologia.
Ma vista come supporto alle attività, non come protagonista scenografica.

Ore 12,00: Le strategie delle SGR
– Giovanna Della Posta, Amministratore Delegato Invimit Sgr
– Giampiero Schiavo, Amministratore Delegato Castello Sgr
– Michele Stella, Amministratore Delegato Torre Sgr
– Paolo Rella, Amministratore Delegato Blue Sgr
– Luca Turco Amministratore Delegato Quinta Capital Sgr
– Emanuele Caniggia, Amministratore Delegato Dea Capital Real Estate Sgr (in video)
Coordina i lavori:
– Francesco Lombardo, Partner Freshfields Bruckhaus Deringer

Ore 14,00: NPL, le novità del mercato
– Massimo Giacobbo, Managing Director NPL Prelios
– Katia Mariotti, Responsabile Direzione Centrale NPL Banca Ifis
– Giovanni Gilli, Presidente di Intrum
Coordina i lavori:
– Federico Sutti, Italy Managing Partner Dentons

15,15 Il nuovo ruolo degli Advisor
– Giuseppe Amitrano, Amministratore Delegato Gva Redilco Sigest
– Roberto Nicosia, Amministratore Delegato Colliers International Italia
– Alessandro Pasquarelli, Amministratore Delegato Yard Reaas
Coordina i lavori
– Maurizio Cannone, Direttore Responsabile Monitorimmobiliare

16,00 Investimenti e Progetti
– Edoardo De Albertis, CEO di Borio Mangiarotti Spa
– Igor De Biasio, Amministratore Delegato Arexpo
– Alexei Dal Pastro, Amministratore Delegato Italia Covivio (in video)
– Benedetto Giustiani, Head of Southern Europe Region Generali Real Estate
– Federico Soffietti, Director Investments Hines Italy
Coordina i lavori:
– Guido Inzaghi, Socio Belvedere Inzaghi e Partners

17,30 La nuova intermediazione immobiliare
– Gian Battista Baccarini, Presidente Fiaip
– Santino Taverna, Presidente Fimaa
– Dario Castiglia, Presidente Re/Max Italia
– Luigi Sada, Amministratore Delegato Tecnocasa Franchsing SpA
– Angelo Musco, Amministratore Delegato Compagnia immobiliare Italiana

Monitorimmobiliare.it è un’iniziativa di Giornalisti Associati Srl, service editoriale fondato nel 2000. E’ la più accreditata testata di informazione online specializzata nel settore del Real Estate.

www.reitaly.it

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