CSRD spotlight: The green taxonomy for financial institutions

PwC's accounting podcast

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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.
Continuing our CSRD series, this week Heather Horn is joined by PwC Netherlands partner Kees-Jan de Vries to discuss the topic of the EU’s green taxonomy disclosures for financial institutions, including how the metrics and key performance indicators differ from the baseline taxonomy disclosures, as well as what financial institutions should be doing to prepare.
In this episode, you’ll hear:

• 2:31 - Explanation of the European Union's green taxonomy and its implications
• 9:14 - Discussion on how the green taxonomy is different for financial institutions
• 12:17 - Breakdown of key performance indicators (KPIs)
• 18:58 - Challenges financial institutions face in reporting on the green taxonomy
• 22:03 - Expectations for banks and insurance companies to seek out more data due to the green taxonomy
• 27:10 - The shift from the Non-Financial Reporting Directive (NFRD) to the Corporate Sustainability Reporting Directive (CSRD) and its impact
• 30:34 - How adoption of taxonomy disclosures requires similar oversight and controls as adoptions of other accounting rules and disclosure frameworks

Kees-Jan de Vries is a sustainability partner for PwC Netherlands, specializing in reporting for banks and insurance companies. He serves as chair of PwC's international Financial Services Sustainable Reporting Working Group that interprets EU Taxonomy, CSRD, ESRS, and SFDR requirements.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [e-mail].

Fejezetek

1. CSRD spotlight: The green taxonomy for financial institutions (00:00:00)

2. Explanation of the European Union's green taxonomy and its implications (00:02:31)

3. Discussion on how the green taxonomy is different for financial institutions (00:09:14)

4. Breakdown of key performance indicators (KPIs) (00:12:17)

5. Challenges financial institutions face in reporting on the green taxonomy (00:18:58)

6. Expectations for banks and insurance companies to seek out more data due to the green taxonomy (00:22:03)

7. The shift from the Non-Financial Reporting Directive (NFRD) to the Corporate Sustainability Reporting Directive (CSRD) and its impact (00:27:10)

8. How adoption of taxonomy disclosures requires similar oversight and controls as adoptions of other accounting rules and disclosure frameworks (00:30:34)