BASF shares climate-related reporting experience with industry peers
July 16, 2019
BASF is part of a group of five leading companies from across the chemical sector which, together with the World Business Council for Sustainable Development (WBCSD), have released a report which provides an in-depth look at climate-related disclosure of the five companies.
WBCSD and the Task Force on Climate-related Financial Disclosures (TCFD) have established a TCFD Preparer Forum for Chemicals where BASF together with AkzoNobel, DSM, Solvay and Sumitomo Chemical shared learnings and best practices on the implementation of the TCFD recommendations that were published in 2017.
The findings of the Preparer Forum were summarized in the report “Climate-related financial disclosure by chemical companies: implementing the TCFD recommendations”. It showcases examples of effective disclosure practice across governance, strategy, risk management, metrics and targets. The report aims to help companies in the sector to advance their climate-related disclosure in line with the TCFD recommendations.
The report features examples from BASF around the organizational structures for managing sustainability, the portfolio steering towards more sustainable solutions (Accelerators), and further disclosures on climate strategy, metrics and targets, as well as risk assessment.
“The Preparer Forum provided valuable insights into the status, opportunities and challenges of the implementation of the TCFD recommendations. The findings shared through the report can support companies on their way towards TCFD-related reporting,” said Hans-Ulrich Engel, Vice Chairman of the Board of Executive Directors and Chief Financial Officer of BASF SE.