change challenge. Seven out of the eight companies with a High Management Level are European, and all companies with a low management level are located outside Europe, especially in the United States, Russia and Japan.

However, the management level is one thing, another is the change or momentum. Here, about one third of the companies has shown a Positive or Very Positive Engagement Progress during the latest six months, as they seem to be on track and in line with the Paris Agreement and two-degree-goal. Another third are moving in the right direction, but too slow and to a Moderate extend, only.

Commitment to the Paris Agreement

About 40% of the engaged companies show a commitment to the Paris Agreement and are explicit about their own responsibility to contribute. But onlyvery ambitious financial disclosure recommendations from the Financial Stability Board (FSB) that is in a public consultation process until February 12 and will be published in June. Although it is voluntary, it is expected to become the future standard for financial integrated reporting on climate issues, due to the very broad support from leading institutional investors, companies, standard setters and governments.

The climate disclosure initiative was launched just over a year ago by the British Central Bank Governor Mark Carney in his capacity as Chairman of the Financial Stability Board, whose main task it is to overlook global financial risks and coordinate efforts against these. He asked the Chairman of Bloomberg LD, Michael Bloomberg, to chair a committee of experts and representatives of the world’s largest investors and companies,