Climate change risk-related disclosures in extractive companies - Context

Climate change risk-related disclosures in extractive companies - Context

Context

In February 2021, ACCA and the University of Glasgow published a report on the disclosures that extractive companies around the world were making in their 2019 corporate reports. During 2020, we gained an impression that there had been a step change in the recognition of the impact that climate change might have, by investors and by companies.

In particular, several major extractive companies made announcements that reinforced that change of perception by disclosing significant impairments and changes in strategy. So it seemed useful to look at the extent to which that could be seen in the 2020 reports of the same companies, using the same measures as before.