Projects
Funded by: Fondazione Eni Enrico Mattei
March 2016 / December 2021

Disclosure, Measurement, Management and Mitigation of Climate Change Risk for Companies (DeRisk-CO)


This research and outreach project aims at stimulating a debate on the relevance of assessing and disclosing climate-related risks and opportunities and their impact on financial performance, with a particular focus on Italian businesses. Throughout 2017 and 2018, DeRisk-CO developed its research around the Recommendations (on governance, strategy, risk management, metrics and targets) set by the Task Force on Climate-Related Financial Disclosure (TCFD) of the Financial Stability Board (FSB), then restated by the European Commission in “Guidelines on non-financial reporting” (2017/C 215/01) related to the 2014/95/EU Directive.

DeRisk-CO aims at helping firms better communicate key climate-related information with reference to scientifically sound scenarios that can help them throughout this process. In particular, the project aims to:

  • raise companies’ awareness on the importance of taking account of and disclosing climate-related risks and opportunities;
  • map, review and evaluate outstanding methodologies and tools to be used for climate strategy disclosure, especially those related to the financial evaluation of physical and transition risks within a scenario analysis perspective;
  • provide evidence on the impacts of firms’ environmental strategies and disclosing practices on their financial performance.
Main Results and Outputs
  • Methodologies and Tools to Evaluate the Financial Impact of Climate-Related Risks and Opportunities using Scenario Analysis
    The project aims to emphasize the importance of implementing a complete and transparent disclosure of the risks and opportunities related to climate change. It will gather useful information on the methodologies currently available to fulfil the TCFD’s Recommendations in order to introduce and guide Italian companies towards a full disclosure of the financial impact of climate change on their business models.
  • The evolving policy context in European capital markets
    The project will monitor how environmental objectives at a EU-wide level - decrease of greenhouse gas emissions by at least 40% with respect to 1990 levels by 2030; improvement of energy efficiency by 27%; increase of the percentage of renewable energy sources to 27% of final consumption - will concretely translate into policy-making with a particular focus on how legislative developments could affect firms’ operations. 

In collaboration with: A2A S.p.A., Acea S.p.A., ANRA, Assicurazioni Generali, Barilla G. & R. F.lli, Cattolica Assicurazioni, Edison Spa, ERG, Hera S.p.A., Iren Spa, La Doria S.p.A., Leonardo, Pirelli & C. S.p.A., Prysmian S.p.A., SAIPEM SPA, Sorgenia Spa, Telecom Italia S.p.A., Unipol Gruppo, Utilitalia.

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FEEM Brief - Disclosing Climate-Related Risks: Current and Future Prospects
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FEEM Brief - Le raccomandazioni della Task Force on Climate-related Financial Disclosures - Analisi di scenario e impatti finanziari per le imprese
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FEEM Brief - The British Approach to the World’s Best Framework for Climate-Related and Sustainability-Related Financial Disclosure
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Watch the Interviews to the Speakers of the 2018 Workshop
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FEEM Brief - Transforming the EU Financial Sector into a Powerful Actor in Promoting Sustainability
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FEEM Webinar - Carbon Tracker Well below 2˚C Compliant Scenario Analysis Tool: Instructions for Use
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FEEM Workshop - Methodologies and Tools to Evaluate the Financial Impact of Climate-Related Risks and Opportunities
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FEEM Brief - Updated EU Non-Binding Guidelines on Non-Financial Reporting for Companies and Financial Institutions
Project team
Project leader
Pareglio Stefano
Firms And Cities Towards Sustainability - FACTS Program Scientific Coordinator
stefano.pareglio@feem.it Read more

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