Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • State Farm Still Wants a 30% Rate Increase in California
  • 2024 P/C Combined Ratio Best in More Than a Decade
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

EU Urged to Simplify Life for Companies by Aligning Climate Reporting With Int’l Rules

By Huw Jones | September 1, 2022
Email This Subscribe to Newsletter
  • Article

The European Union should make extra time to align its policies with international rules on reporting on climate change to save time in the long run and simplify life for companies, global standard setting board said on Wednesday.

That could mean extending slightly a November deadline to complete drafts as the EU draws up the text on mandatory disclosures for 50,000 companies in the bloc to disclose how climate change affects their business.

Climate disclosures are designed to give investors rigorous and comparable information on how climate change affects companies as regulators worry about greenwashing, whereby companies exaggerate their environmental credentials, and also about those who downplay the impact of global warming.

The EU’s November deadline places it ahead of the global pack and the new International Sustainabilty Standards Board (ISSB), which aims by the end of the year to draw up “global baseline” disclosures that companies outside the EU, such as Britain, China and Japan, could apply.

ISSB chair Emmanuel Faber said the board holds weekly meetings with the EU’s standards writing body EFRAG, but that the time pressure the EU is under creates “complexities.”

“I would hope that our EU colleagues in the discussions feel that the prize of aligning is such that it’s worth having more time, if needed,” Faber told the European Parliament.

“I think on climate I think we are very close on substance,” Faber added.

Multinational companies, the European Central Bank and International Monetary Fund have called for alignment between the EU, ISSB and the United States, which has proposed its own disclosure rules, to avoid fragmentation in approaches that would increase compliance costs.

Business groups have also said the EU and ISSB need to remove differences in basic terminology.

To maintain momentum towards alignment, the ISSB has decided to focus on finding common ground on carbon emissions from customers of companies, known as Scope 3 emissions, Faber said.

“There is an intersection between what we do and what EFRAG does. The bigger the intersection, the simpler the life of companies will be,” Faber said.

(Reporting by Huw Jones; editing by Barbara Lewis)

Copyright 2025 Reuters. Click for restrictions.

Topics Europe

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

2024 P/C Insurance Combined Ratio Best in More Than a Decade
Brett Favre’s Defamation Suit Against State Auditor Can Move Forward, Court Says
Despite Backlash From Trump, DEI Hasn’t Disappeared at US Companies
Former Progressive CEO Renwick, 69, Dies

Written By Huw Jones

More From Author

The most important insurance news,
in your inbox every business day.

Get the insurance industry's trusted newsletter

Email This Subscribe to Newsletter
  • Categories: International & Reinsurance NewsTopics: Climate Change, climate reporting, environmental social and governance (ESG) criteria, EU climate change, International Sustainabilty Standards Board (ISSB)
  • Have a hot lead? Email us at newsdesk@insurancejournal.com
More News
EEOC_SealAustin Bar to Pay $42K Over Pregnancy Discrimination Lawsuit
EU to Propose Removing Business Barriers to Enhance Competitiveness Amid US Tariffs
Former Progressive CEO Renwick, 69, Dies
Hack of Contractor Was at Root of Massive Federal Data Breach
More News Features

Read This Next

  • EU Urged to Simplify Life for Companies by Aligning Climate Reporting With Int'l Rules
  • Ice Cream Sandwich Maker Blames Agent for Lack of Recall Insurance After $4.5M Loss
  • Shedeur Sanders Fan Sues NFL for $100M Over Quarterback's Draft Slide
  • North Dakota Insurance Commissioner Granted Authority to Require Restitution
  • US House Bill Reintroduced to Rid Federal Insurance Office of Subpoena Power

Insurance Jobs

  • Health and Benefits Senior Associate - Charlotte, NC
  • Client Advocate – Construction - Detroit, MI
  • Senior Director, Executive Compensation and Board Advisory - Atlanta, GA
  • Business Center Account Executive/Underwriter Excess Casualty - Centennial, CO
  • Workers’ Compensation Counsel - Brookfield, WI
MyNewMarkets
  • 5 Ways to Prepare for Healthcare Liability Changes in 2025
  • What's Next For Workers' Comp?
  • Soft D&O Market May Come to an End as Risk Complexities Rise
  • Exclusions: Active Assailant Coverage - Oh My!
  • 10 Things to Know About Insuring Boats & Marinas
Claims Journal
  • Court Says Google, AI Firm Must Face Mother's Lawsuit Over Suicide of Son
  • State Farm Still Wants a 30% Rate Increase in California
  • No NOAA Large-Disaster Data Could Hurt Insurer Grasp of Secondary Perils, Says AM Best
  • Marks & Spencer Says Cyberattack to Cost $403 Million
  • APCIA Says Record Shows 'Minimal Complaints' on Hurricane Milton, Helene Claims
Academy of Insurance education
  • May 22 Commercial Property: Five Bombs and How to Defuse Them
  • June 5 E&O and Hard Markets: How Trying to Keep a Client Might Cause Trouble
  • June 12 Rating AI Tools: Balancing Functionality and Security
  • June 19 Can You Hear Me? Yes, I Am Listening!

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map