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The state of EU Environmental Disclosure in 2020

CDSB's analysis of environmental disclosure under the EU Non-Financial Reporting Directive

In this report CDSB has taken a deep dive into the environmental disclosures of the largest listed companies in the EU. The third in the series, we pick up where our previous report ‘Falling Short?’ left off. We will compare where we were then, and what progress has been made, and will find from this comparison a clear sense of progress, which nevertheless fails to demonstrate a fast enough acceleration to achieve the change that is needed.

Supported by the LIFE Programme of the European Union, CDSB reviewed the 2020 environmental disclosures of 50 of Europe’s largest listed companies, with a combined market capitalisation of US$3.5 trillion, under the EU Non-Financial Reporting Directive (NFRD). Our analysis assesses the effectiveness of environment and climate disclosures in meeting the NFRD’s purpose of increasing the relevance, consistency and comparability of company reporting to support informed stakeholderdecision-making on sustainable development. It also supports the corporate reporting process by identifying good practice case studies and tips.

The review assessed the strengths and weaknesses of companies’ disclosures, based on the required disclosures under the NFRD, and the recommendations of the Task Force on Climaterelated Financial Disclosures (TCFD).

Download the report:

Print version | Online


  • Introduction
  • Findings part 1: Environmental disclosure under the NFRD content categories
  • Findings part 2: TCFD and additional considerations
  • Conclusions and recommendations
  • Appendices
  • References

With the contribution of the LIFE Programme of the European Union

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