Climate-related financial effects: Disclosure challenges after Corporate Sustainability Reporting Directive implementation

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:For GX researchers, this paper provides empirical evidence on disclosure gaps in early CSRD implementation, highlighting the need for better quantification and connectivity.

🏢実務担当者:Corporate sustainability teams can use these findings to anticipate challenges in quantifying climate financial impacts and to strengthen connectivity between their sustainability reports and financial statements.

🏛政策担当者:Regulators should note the reliance on transitional exemptions and the lack of quantitative financial effects, which may undermine the decision-usefulness of disclosures.

Purpose: The article compares the disclosure requirements under the Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS) E1 “Climate Change” with the actual scope of disclosures on climate-related financial impacts observed in reporting practice. The study also examines the connectivity between sustainability and financial reporting, as well as the key challenges companies face in meeting new regulatory requirements. Methodology/approach: The research combines a review of relevant literature and regulations with a content analysis of the 2024 sustainability reports and financial statements of purposefully selected Polish companies operating in environmentally impactful sectors. The sample includes companies listed on the WIG20 index that have identified climate change as a material topic for their operations. Findings: The analysis reveals that while companies have made progress in the narrative description of climate-related risks, opportunities, and their potential financial impacts, significant disclosure gaps remain. Most notably, none of the companies quan-tified the monetary value of either current or anticipated financial effects, citing transitional exemptions. Furthermore, in current reporting practice, there is insufficient connectivity between sustainability disclosures and financial statements. These deficiencies significantly limit the usefulness of disclosures on climate-related financial effects. Originality/value: This paper provides one of the first empirical assessments of CSRD-compliant disclosures on climate-related financial effects in Poland, focusing on the first year of implementation. The article highlights the disclosure challenges in CSRD reporting practice and explains their underlying causes. The study offers recommendations for improving future disclosures and contributes to the ongoing discussion on enhancing the transparency and decision-usefulness of Environmental, Social, and Governance (ESG) reporting.

• semanticscholar https://doi.org/10.5604/01.3001.0055.6637first seen 2026-05-05 23:25:44