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Taking into consideration the guidelines on reporting climate-related information

Annual Report 2019 > Taking into consideration the guidelines on reporting climate-related information
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In 2019, the European Commission published Guidelines on non-financial reporting, Guidelines on non-financial reporting: Supplement on reporting climate-related information (2019|C 209|01) (European Commission Guidelines), which are expected to encourage enterprises to report in detail data on the impact of their business model on the climate. The European Commission Guidelines are not legally binding yet, but their application is already recommended by the European Securities and Markets Authority. Additionally, the Financial Stability Board has set up the Task Force on Climate-related Financial Disclosures (TCFD) which, through its activities, incentivizes financial institutions and non-financial enterprises to disclose information on climate-related risks and opportunities.

The PZU Group implements the European Commission guidelines on non-financial information, itemizing the reporting of climate-related data and urther guidance for banks and insurance companies specified in Annex I and recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

Analyses of the possibility of implementation of the guidelines and monitoring of legislative solutions on the EU and national level associated with sustainable financing are taken into account in the work conducted in 2020 on the update of the PZU Group strategy.

  Guidelines pertaining to disclosure of climate-related information Chapter
Business Model Description of the business model, impact of climate-related risks and opportunities on the business model, strategy and financial plans Business model
Coping with the challenge of climate change
Our impact on the natural environment
  Positive and negative impact of the organization on the climate Our business in the face of climate change
  Climate scenarios: resilience of the company’s business model and strategy considering the different climate-related scenarios  
Policies and due diligence processes Description of the company’s climate policies, including approach to mitigating climate changes or adaptation. Our direct environmental impact
  Climate-related objectives set by the company: all target greenhouse gas emissions and how they relate to national and international plans (in particular the Paris Agreement). Letter from the CEO
Coping with the challenge of climate change
  Role of the management staff in the process of risk assessment and climate risk management.  
Description of climate-related risks Process of identification and assessment of climate-related risks in the short- and long-term perspective and specification how the company defines the short- and long-term perspective. Corporate governance and risk management, giving consideration to ESG factors
Key climate-related risks that the company has identified in the short- and long-term perspective in the entire value chain and all assumptions made as part of the risk identification process.
The climate-related risk management process together with specification of who this process has been integrated with overall risk management in the organization.
Non-financial performance indicators Direct emissions Scope 1 and Scope 2, Selected GRI indicators Our direct environmental impact
Outcomes of policies and procedures As above Our direct environmental impact