CDP-绿色金融中的自然因素（英文原版）.pdf

Nature in Green Finance Bridging the gap in environmental reporting August 2023 DISCLOSURE INSIGHT ACTIONExecutive summary Standards such as the Task Force on Climate-related Financial Disclosures TCFD have paved the way for nature-related disclosures such as the Kunming-Montreal Global Biodiversity Framework GBF and the forthcoming Taskforce on Nature-related Financial Disclosures TNFD. As nature-related disclosures are set to become a business norm, this report assesses the readiness of financial institutions to build on their climate reporting towards holistic climate and nature disclosures. The report analyzes the current state of environmental reporting by financial institutions with a focus on climate change, forests and water security. In 2022, 556 financial institutions disclosed environmental data through CDP’s climate change questionnaire, a 67 increase since 2020. In reviewing the data disclosed by these financial institutions in 2022, we categorized the findings in accordance with the four base pillars of the TCFD and TNFD Governance, Risk and Opportunities, Strategy and Implementation, and Metrics and Targets. The findings underscore the urgent need for financial institutions to integrate nature-related risks and opportunities into financial decision-making. While climate change is now widely considered within financial institutions’ strategies, disclosure and action on forests, water, and broader nature-related issues lag significantly behind. However, several trends indicate a gradual shift in financial institutions moving beyond tackling climate change in isolation, to addressing nature in tandem. One-fifth of ecosystem services are at risk of collapse. Recognizing nature-related risks and opportunities has become critical, with over half of the world’s total GDP highly dependent on nature and its services. Climate change and the degradation of nature are inextricably linked, and therefore must be addressed in an integrated manner. 556 FIs 67 disclosed environmental data through CDP’s climate change questionnaire in 2022, a increase since 2020. 2 CDP Financial Services Report 2023Urgent action, based on a holistic approach, is needed to avoid tipping points and ecosystem collapse, and to reach net-zero emissions by 2050. The initial efforts of financial institutions to disclose their forests and water-related impacts demonstrate the intent of the sector to act on climate change in synchrony with nature. However, the persistent and significant gap in actions to address climate and nature-related risks and opportunities is concerning. Urgent action, based on a holistic approach, is needed to avoid tipping points and ecosystem collapse, and to reach net-zero emissions by 2050. Financial institutions, regulatory bodies and standard setters play vital roles in facilitating a system-wide transformation to address these risks and opportunities together. The forthcoming disclosure guidelines and recommendations from the TNFD, due for release in September 2023, will significantly influence the future of nature- related financial disclosures. Financial institutions making their first cross-theme disclosures through CDP are positioning themselves to implement recommendations, proactively manage nature-related risks and capitalize on emerging opportunities. 3 CDP Financial Services Report 2023Contents Executive summary Summary and increase finance flows for protecting and restoring nature. As the definition of a ‘green, resilient’ financial system evolves, corporate disclosure must reflect the interconnectedness of all nature-related impacts and crises. With the World Economic Forum estimating that US44 trillion of economic value generation - over half of the world’s total GDP - is moderately or highly dependent on nature and its services, nature-related risks and opportunities are materially significant for FIs. Recognizing this, the Global Biodiversity Framework’s Target 15 commits governments to take measures to encourage and enable companies to assess and disclose their risks, impacts, and dependencies on nature by 2030. Further, the Taskforce on Nature-related Financial Disclosures TNFD is preparing to roll out recommendations akin to the TCFD, setting the stage for nature-related disclosures to become a business norm. The TNFD builds on the synergies in framework design of the TCFD, with their draft disclosure recommendations using the four pillars of Governance, Strategy, Risk Management, and Metrics and Targets of the TCFD as a base. Therefore, we structure our findings of FIs’ climate and nature-related disclosures in this report according to these pillars, acknowledging that once the TNFD recommendations are final, there may be some changes and adaptations to this approach. Introduction In 2022, CDP’s portfolio- focused, TCFD-aligned questionnaire for FIs was expanded to cover nature- related issues. 5 CDP Financial Services Report 2023CDP has helped FIs prepare for this imminent shift in disclosure standards and requirements. In 2022, our portfolio-focused, TCFD- aligned questionnaire for FIs was expanded to cover nature-related issues, including commodity-driven deforestation, water security, and high-level questions on biodiversity, offering FIs an opportunity to get ahead of the curve. This report presents insights into the initial state of environmental reporting and action by FIs, based on disclosures by FIs through CDP – the first year that FIs have been asked to disclose on these environmental issues together. CDP found that while addressing climate change is widely considered within business strategies and the asset allocation process of FIs, disclosing on forests, water security, and broader nature-related issues lags considerably behind. One of the primary reasons cited for not addressing forests or water security is that FIs see these issues as important, but not an immediate priority. Many FIs do not yet recognize that addressing climate change effectively necessitates consideration of nature-related issues. 556 FIs In 2022 260 FIs disclosed environmental information through CDPs climate change questionnaire disclosed on all three themes 275 FIs disclosed on water security 272 FIs disclosed information on forests 67 increase since the sector-specific questionnaires inception in 2020 37 increase from 2021 Of these, for the first time 6 CDP Financial Services Report 2023By focusing on a variety of TCFD-aligned disclosure indicators for climate change, and parallel indicators for forests and water security, a summary of our findings is as follows, presented in accordance with the TCFD four base pillars. There are several trends that indicate an initial shift towards addressing nature impacts holistically { Over 270 FIs voluntarily disclosed some information about their current level of action on forests, water security and biodiversity. { Some leading FIs have started to implement processes to address nature-related risks and opportunities alongside climate change. 26-28 of boards have business strategies or financial planning influenced by nature-related risks and opportunities. { Many more FIs are aware of the strategic significance of doing so, signaling their intention to address nature-related risks and opportunities within the next two years. Board oversight and assessments of nature-related risk exposures rise to 51 and 45-47, when including those FIs that intend to address these issues within the next two years. { Across many disclosure metrics, the current level of action on forests and water is quite similar – where there is competence and leadership on one aspect of nature, this may be indicative of action on nature more broadly. 32 20 of FIs have board- level oversight of nature-related issues. of FIs are assessing their exposures to nature-related risks. 7 CDP Financial Services Report 20231 2 Key findings Only a small group of leading FIs currently have the top-down leadership to oversee the integration of climate and nature in financial decision-making processes. { 91 of FIs reporting to CDP have board-level oversight of climate- related issues, compared to 32 with oversight of forests and/or water-related issues. { Even fewer FIs have at least one board member with competence on climate 68 and/or nature-related issues 24, underscoring the need to enhance board-level competence on environmental issues as a whole. { Board-level oversight focuses significantly more on the impact that environmental risks and opportunities have on FIs’ financing activities, than the impacts of their financing on the environment. { Where climate-related management processes are in place, these mainly report directly to the board at regular intervals. In contrast, the majority of FIs that have nature-related management processes do not report directly to the board and are noticeably irregular - usually reporting “as important matters arise”. At present, most FIs do not have the processes in place to adequately assess the size of nature-related risks and opportunities that their portfolios are exposed to. Critically, the majority of those FIs that are beginning to assess their portfolio exposure are identifying financially material risks and opportunities. { 85 of FIs are assessing their portfolio exposures to climate- related risks and opportunities, compared to 20 assessing their nature-related risk exposures. { These numbers rise to 95 assessing climate-related risks, 47 forests and 45 water security when including the number of FIs that plan to do so within the next two years. { Whilst a subsequent 72 of FIs have identified climate-related risks in their portfolio with the potential to have a substantive financial or strategic impact on their business, 10 and 13 FIs have done so for forests and water security – meaning that over half of those that are assessing their portfolio exposures are identifying material risks. Governance Risks and opportunities 8 CDP Financial Services Report 2023A rising tide of FIs are identifying greater climate and nature-related opportunities than risks – signaling that the momentum behind green financing solutions could be a vital catalyst for FIs to take nature seriously. { Across climate change, forests, and water security, more FIs have identified more financially substantive opportunities than risks. { FIs estimate on average that the potential upside from opportunities is 4.5x greater than the potential downside stemming from risks they face from climate change, forests, and water, with FIs disclosing that they find opportunities aggregating up to US5.35 trillion in value, compared to reported risks totalling up to US1.20 trillion. { Over 50 of the identified financial opportunities related to forests and water are directly tied to the development of financing products and solutions that support sustainable forest risk commodity supply chains, water security, or resilience. Examples include the facilitation of green and sustainability-linked bonds and loans, and building resilience through innovative and tailored insurance products. These initial evaluations underestimate the scale of nature-related risks, especially when compared with the scale of risks recognized by real economy companies. However, this acknowledgment of the financial materiality of nature by leading FIs represents a positive first step in the industry, indicating a desire for tools, guidance, and consensus on assessing the nature-related risks and opportunities they face. 3 Climate change now has an influence on business strategies or financial planning of nearly all FIs 95, and an increasing minority of FIs’ strategies are also influenced by broader nature-related risks and opportunities 26 and 28 for forests and water security respectively. { Furthermore, most FIs are capitalizing on opportunities to provide products and services that enable their clients to mitigate climate change 81. In contrast, only 23 and 26 do so for forests and water security, highlighting an untapped opportunity to support businesses to halt and reverse nature loss. Strategy and implementation FIs disclosed finding climate and nature-related opportunities aggregating up to US5.35 trillion 9 CDP Financial Services Report 2023Many FIs undertake climate-related scenario analysis to effectively assess the financial impacts of climate change on risks and returns. Despite the comparative lack of mainstream guidance to include nature in scenarios analysis, some leading FIs are already expanding their climate-related scenario analysis by incorporating forest and water-related factors. { 65 of FIs conducted climate-related scenario analysis in 2022, up from 57 in 2020, whilst 7 and 10 did so for forests and water security in 2022 respectively. Most of these nature-related scenario analyses are being conducted as part of climate-related scenario analysis, indicating that FIs are taking an integrated approach. This is promising, as market leaders are aligned with the TNFD’s goal to work towards using scenarios that fully integrate considerations of climate and nature. Nature-related financing policies and engagement strategies are yet to be established and comprehensively implemented. { For climate change, 59 of FIs have a policy framework which includes climate-related requirements that their clients/investees need to meet. For forests and water security, this drops to 26 and 19 respectively, or 46 and 40 when including FIs that intend to introduce a relevant policy framework within the next two years. { A growing number of banks 53 are starting to include climate-related covenants in some of their financing agreements. An emerging 23 of banks have started including forest-related covenants and 21 have some covenants related to water security. The majority of their associated credit and lending policies are focused on the direct operations of their clients. 4 Disclosure of climate-related portfolio impact metrics has become increasingly mainstream, in part driven by clear guidance from the Partnership for Carbon Accounting Financials PCAF. { 66 of FIs measured their portfolio impacts in 2022, up from 51 in 2020. Similarly, 219 FIs 39 disclosed a figure for their absolute financed emissions in 2022, up from 84 FIs 25 in 2020. { 79 of FIs that are disclosing financed emissions through CDP 173 of 219 FIs referenced PCAF and/or PCAF’s Global GHG Accounting and Reporting Standard for the Financial Industry as their chosen methodology for calculating financed emissions. Metrics and targets 53 23 21 of banks are starting to include climate-related covenants in financing agreements. have started including forest-related covenants, and have some covenants related to water security. 10 CDP Financial Services Report 2023