Finansowe skutki związane ze zmianą klimatu: wyzwania dotyczące ujawnień po wdrożeniu dyrektywy w sprawie sprawozdawczości przedsiębiorstw w zakresie zrównoważonego rozwoju
Climate-related financial effects: Disclosure challenges after Corporate Sustainability Reporting Directive implementation

Summary/Abstract: Purpose: The article compares the disclosure requirements under the Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS) E1 “Climate Change” with the actual scope of disclosures on climate-related financial impacts observed in reporting practice. The study also examines the connectivity between sustainability and financial reporting, as well as the key challenges companies face in meeting new regulatory requirements. Methodology/approach: The research combines a review of relevant literature and regulations with a content analysis of the 2024 sustainability reports and financial statements of purposefully selected Polish companies operating in environmentally impactful sectors. The sample includes companies listed on the WIG20 index that have identified climate change as a material topic for their operations. Findings: The analysis reveals that while companies have made progress in the narrative description of climate-related risks, opportunities, and their potential financial impacts, significant disclosure gaps remain. Most notably, none of the companies quantified the monetary value of either current or anticipated financial effects, citing transitional exemptions. Furthermore, in current reporting practice, there is insufficient connectivity between sustainability disclosures and financial statements. These deficiencies significantly limit the usefulness of disclosures on climate-related financial effects. Originality/value: This paper provides one of the first empirical assessments of CSRD-compliant disclosures on climate-related financial effects in Poland, focusing on the first year of implementation. The article highlights the disclosure challenges in CSRD reporting practice and explains their underlying causes. The study offers recommendations for improving future disclosures and contributes to the ongoing discussion on enhancing the transparency and decision-usefulness of Environmental, Social and Governance (ESG) reporting.

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