Chloë Fiddy, IEMA’s Policy and engagement lead for Climate Change and Energy introduces the updated User Guide to Climate-Related Financial Disclosures.

In 2020, IEMA and the Institute and Faculty of Actuaries (IFoA) noticed that while there was an emerging body of advice for people writing climate-related financial disclosures, there was very little guidance available for the users of these reports. Advice on how to make the best use of reports, and avoid pitfalls in such a rapidly changing field was lacking for the many stakeholders who need to understand an organisation’s response to climate risk.

The IFoA actuaries and IEMA's sustainability professionals were ideally placed to bring their complementary experience together to address these issues and write the first edition of the User Guide to Climate-Related Financial Disclosures. As was noted at the time, such a collaboration between specialists was an example of the necessary response to the systemic risks that the world was facing (and continues to face).

The guidance was well-received and of great support to many different users of climate reports. In the intervening four years, the number of organisations supporting the Taskforce on Climate-Related Financial Disclosures went from 1,000 to 4,000, now spanning over 100 countries and with a combined market capitalisation of $27 trillion.

Further to this, in 2023, the International Sustainability Standards Board (ISSB) published two sustainability disclosure standards intended to create the first global baseline for comparable and therefore useful sustainability disclosures. Many jurisdictions around the world are expected to go on to endorse and incorporate these disclosures into requirements by way of domestic legislation or regulation.

Against the backdrop of these changes, IEMA and IFoA decided that the time was right to revise and update the 2020 guidance for current users. As with the first edition, the updated guidance is suitable for users with any level of understanding and competency.

Readers newer to the subject will appreciate the primer in Section 2 on the background to disclosures, decision-useful reporting, risk and opportunity, and scenario analysis. Every professional will benefit from the refresher on approaching the disclosures in Section 3 – for example, understanding your objectives and thinking about time horizons. Very experienced users may wish to skip straight to Section 4 which covers advice on reading the disclosures and following up with the disclosing organisation. It delves into the questions to ask about governance, strategy, risk management, and metrics and targets to gain real insights into what is (and perhaps isn’t) being disclosed.

As with the previous guidance, extensive references and signposts are included to in-depth resources for further reading on adjacent topics such as climate risk and financial analysis.

Click here for the 2024 edition of the User Guide to Climate-Related Financial Disclosures

Photo of Chloe 033
Chloë Fiddy

Policy and Engagement Lead

Chloë is the Policy and Engagement Lead for Climate Change and Energy and Social Sustainability at IEMA. Within this remit she works on projects relating to greenhouse gas reporting and transition planning and reporting, including adaptation, as well as social sustainability and just transition issues. She is particularly interested in finding practical solutions and approaches which lead to standardised, replicable and trustworthy reporting, so that decision-makers have better data to work with. Previously Chloë has worked at senior levels in the manufacturing and retail sectors, and in climate and sustainable development planning roles in the public sector.

Her prior business experience and her understanding of the way that the public sector functions inform her approach to climate change and energy and social sustainability policy and engagement at IEMA. She is a Trustee on the board of Uttlesford Citizens Advice and a District Councillor and is active in her community. In her spare time she enjoys live music and cooking for family and friends.


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