EY's 2023 Global Climate Risk Barometer Survey shows incremental developments in the quality of climate reporting, but rate of improvement is not enough to support climate commitments.

74% of surveyed companies do not include the quantitative impacts of climate risk in their disclosures, as climate impact remains separate from corporate strategy
Nearly half of surveyed organizations (47%) fail to disclose any form of transition plan alongside climate commitments

This year's EY Global Climate Risk Barometer suggests a deep disconnect between organizations' climate and corporate strategy. Despite agreeing to climate commitments, nearly half (47%) of those surveyed don't disclose a transition plan to back these. Supporting this, 74% of respondent companies do not include the quantitative impacts of climate risk in their disclosures, implying that climate change is not being considered in the same way as other material impacts and reflective of a broader trend for climate strategy to remain separate from corporate reporting. Despite improvement in the coverage of (+6% year-on-year (YoY)) and quality of disclosures (+ 6% YoY), notably in the developing economies, the pace of corporate change remains too slow as we reach a point of no return where improvements in disclosures are not enough, and transformative corporate action is required at scale.

Survey: Even With Better Reporting, Businesses Fall Short on Climate Strategy and Action

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