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CDP FinAction project

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Enhancing nature-related financial disclosures across Europe and beyond

The four-year EU-funded LIFE FinACTION project (developed in 2018 and commenced in June 2019) supports the transition to a low carbon and environmentally sustainable financial system by improving the corporate climate change and natural capital information available to investors globally.

What outcome does CDP seek through the project?

This project aims to support report preparers in creating a paradigm shift across Europe and globally in the quality and quantity of decision-useful information to investors on four core elements of natural capital.



Corporate capacity development

As part of the FinAction project, CDP has produced online learning courses, guidance documents and best practice examples for European report preparers covering climate, water and biodiversity.


The TCFD Knowledge Hub
Find the resources you need to understand and implement the TCFD recommendations.
EU Environmental Reporting Handbook
What does environmental reporting look like in line with the EU NFRD?
CDSB Framework: Application guidance for climate-related disclosures
Assisting companies in the disclosure of material climate-related information in the mainstream report.
CDSB Framework: Application guidance for water-related disclosures
Assisting companies in the disclosure of material water-related information in the mainstream report.
CDSB Framework: Application guidance for biodiversity-related disclosures
Assisting companies in the disclosure of material biodiversity-related information in the mainstream report.
Biodiversity and Water Reporting Templates
The reporting templates illustrate how to disclose biodiversity and/or water sustainability-related risks and opportunities to investors, lenders, and other creditors (users) in a connected way.


The CDSB Application Guidance for water is also available in Portuguese, Spanish and French.

The CDSB Application Guidance for biodiversity is also available in Portuguese, Spanish and French.



Policy capacity development

As part of the FinAction project, CDP has produced briefings and guidance documents for European policymakers covering climate and natural capital.


Timeline of European corporate reporting policy: towards mandatory and standardised reporting requirements
The timeline summarises key developments ahead that relate to EU corporate reporting policy, linked to the review of the Non-Financial Reporting Directive by the Corporate Sustainability Reporting Directive and the development of European sustainability reporting standards.
European policy briefing: From theory to practice, the role of supervisors in improving corporate reporting in the EU
This paper aims to discuss the critical role supervision plays to strengthen corporate sustainability disclosures and prevent greenwashing. It also provides resources and practical recommendations to national supervisors.
Implications of climate science for financial markets
Synthesis of the UN Intergovernmental Panel on Climate Change's Global Warming of 1.5°C special report for financial policymakers.
Why companies need to improve their water-related disclosures
This summary for EU policymakers provides an overview of the information presented in the ‘Water Application Guidance’, which was produced to assist companies in the disclosure of water-related financial information in the mainstream report.
Why companies need to improve their biodiversity-related disclosures
This summary for EU policymakers provides an overview of the information presented in the ‘Biodiversity Application Guidance’, that was developed to assist companies in the disclosure of biodiversity-related financial information in the mainstream report.
Summary for policymakers: The state of EU environmental disclosure in 2020
The summary aims to inform policymakers of the changes needed to improve environmental disclosures under the Directive, to ensure it meets its purpose of increasing the relevance, consistency and comparability of company reporting, based on the findings of ‘The state of EU environmental disclosure in 2020’ report.
Summary for policymakers: CDSB’s review of environmental and climate-related disclosures under the EU Non-Financial Reporting Directive
The summary aims to inform policymakers of the changes needed to improve environmental disclosures under the Directive, to ensure it meets its purpose of increasing the relevance, consistency and comparability of company reporting, based on the findings of the ‘Falling Short?’ report.

Evidence and technical outputs

As part of the FinAction project, CDP has published reviews of companies’ compliance with the Non-Financial Reporting Directive (NFRD) 2020, 2021, together with country-specific briefings and thematic research to provide evidence to support the development of guidance and training to drive high quality uptake of non-financial reporting requirements.


The state of EU environmental disclosure in 2020

  • The state of environmental disclosure in France in 2020 - download.
  • The state of environmental disclosure in Germany in 2020 - download.
  • The state of environmental disclosure in the Nordics in 2020 - download.
  • The state of environmental disclosure in Spain in 2020 - download.
  • The state of environmental disclosure in Romania in 2020 - download.
  • Climate and TCFD disclosure briefing: The state of EU environmental disclosure in 2020 - download.
  • Water-related disclosure briefing: The state of EU environmental disclosure in 2020 - download.
  • Briefing on biodiversity, deforestation and forest degradation disclosure in the EU - download.

Falling short? Why environmental and climate-related disclosures under the EU Non-Financial Reporting Directive must improve

  • French companies’ performance under the EU Non-financial Reporting Directive - download English / French.
  • German companies’ performance under the EU Non-financial Reporting Directive - download
  • Polish companies’ performance under the EU Non-financial Reporting Directive - download
  • TCFD disclosure under the EU Non-financial Reporting Directive - download
  • Risk disclosure under the EU Non-financial Reporting Directive - download
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With the contribution of the LIFE Programme of the European Union. The content of this page is the sole responsibility of the author and can under no circumstances be regarded as reflecting the position of the European Union