This KPMG survey of climate risk and net zero reporting reveals remarkable progress by some of the world’s largest companies in only a few years.
It is important to remember that it can take a large company 2 years or more to prepare before it is ready to publicly disclose its climate risk information. The process can be time consuming and complex, especially for companies doing it for the first time.
So, the organizations that are already making public disclosures can be considered true global leaders. Recognizing that climate risk disclosure would likely become not only standard practice but ultimately a mandatory requirement for businesses, they started the journey early. They should be applauded for that, even if most disclosures are not yet complete and do not satisfy all the quality criteria set out in this report.
Through the work that KPMG firms are doing with clients, we can see further progress taking place behind the scenes. Corporate experience is growing and innovation, new ways of analyzing climate risks and improved data are emerging. We are confident that more and deeper disclosures are on the way and that we will see a rapid ratcheting-up of both the volume and quality of information being disclosed.”
“Not every SDG is of equal relevance to every company’s business operations, geographies or sector. KPMG professionals typically advise clients to focus on the SDGs on which they have, or could have, a material impact whether positive or negative. In my view, many companies report on too many SDGs with the result that they lack a focused agenda for making a material contribution to the world's problems.
Further, it is concerning that, given recent warnings about biodiversity loss, the SDGs related to life on land and below water are prioritized by relatively few companies. It is also surprising that such a small minority of companies see potential to make a material contribution towards combating global poverty and hunger.”