Carbon Tracker said that almost all of the companies that are responsible for corporate greenhouse gas emissions are failing to disclose how climate-related risks might affect the global economy, and undermines efforts to reduce emissions due to climate change, as stated by Carbon Tracker, a think tank that studies the impact of climate change on financial markets.
In its second annual report on corporate disclosures, it found that 98 per cent of 134 companies - collectively responsible for up to 80 per cent of emissions -- did not provide sufficient evidence that they had considered the impact of climate matters when preparing their 2021 financial statements.
Barbara Davidson, Carbon Tracker head of accounting, audit and disclosure, said that when companies don't take climate-related matters into account, their financial statements may include overstated assets, understated liabilities and overstated profits.