Ranking 2021: which Belgian companies offer the most transparency on their carbon footprint?
For the second year in a row, FINN has analyzed the level of disclosure by some 50 large Belgian companies, particularly with regard to their carbon emissions. Has the pandemic accelerated or slowed down the communication efforts of large Belgian companies? Here are our results, lessons learned and examples to follow.
The year 2019 marked the introduction of the European Green Deal - and 2020 was a year of accelerated CO2 ambitions at the political level. The European Parliament adopted the regulation defining the Union's green "taxonomy", part of which will enter into force by the end of this year.
In a large number of sectors, the taxonomy defines a threshold of CO2 emissions below which a company will be considered "green".
The idea is to provide greater transparency on the environmental performance of companies, allowing financial investors to make choices with respect to those that really contribute to the objectives of the Paris Climate Agreement.
At a time when the demand for financial products with the "ESG" label (environmental, social and governance criteria) is exploding, the stakes are high for companies seeking to access financing on the markets.
In his traditional annual letter to CEOs, BlackRock's influential CEO Larry Fink asks companies to publish a plan showing how their business model is compatible with a carbon-neutral economy by 2050, and how this plan fits into their long-term strategy. As the world's largest asset manager points out, what is now required of companies is consistent reporting that allows similar data to be compared.
The EU also intends to contribute to this goal with a new directive on the publication of non-financial information. This will force all large European companies to publish a report in accordance with new standards (which are currently being prepared) from 2024.
The last few months have also confirmed that the pressure on companies is no longer only political or financial, but also judicial.
In a recent ruling, a Dutch court ordered oil giant Shell to reduce its CO2 emissions by 45% from 2019 to 2030. If upheld on appeal and set as a precedent, the case could force any company to not only measure, but also to act on its indirect emissions.