Improved Sustainability Corporate Disclosure Policies

The project aims to reorient capital flows towards sustainable investment, supporting companies’ transition to a GHG-neutral economy.


Investors and banks need clear, concise, and comparable data to adjust their investing strategies so that they can be assured that they invest in sustainable assets. The project aims to develop clear guidance for corporations to disclose their sustainability-related information in line with the goals of the EU Non-Financial Reporting Directive (NFR Directive), as well as evidence-based recommendations for the improvement of the Directive.

It thus enables banks and investors to make informed decisions and in turn facilitates the redirection of private capital away from carbon-intensive assets and towards sustainable investment. Once sustainability becomes an indispensable condition for investors, large EU companies will be financially motivated to develop and implement profound climate change mitigation plans, in the long term leading to a GHG-neutral EU.

Participants at conference

Participants at conference; photo: Frank Bold Society

The project focusses on three steps to reach this goal. First, analyse the quality of climate-related disclosures of 300 large companies in Central, Eastern, and Southern Europe. Second, provide guidance to companies, policy makers, regulators, and other relevant stakeholders on the kind of information they need to disclose, based on the NFR Directive requirements and the data from the aforementioned analysis. Third, organize a discussion between members of civil society and investors that will in the end deliver a coherent and consensual proposal to EU institutions on the necessary specification of the NFR Directive requirements.


Since 2018, the EU Non-Financial Reporting Directive has required large corporations to disclose information on their sustainability impacts, risks, and plans. However, the Directive does not specify the information that has to be disclosed. As a result, many companies have failed to provide meaningful information. This has been particularly true for the project’s target countries. The resulting lack of transparent and comparable disclosures has led to misallocation of investors’ and banks’ investments, and corporations have thus not been incentivised to implement effective climate mitigation plans.

Project information

Updated: March 2020

Countries: Bulgaria, Croatia, Czech Republic, Greece, Hungary, Italy, Poland, Romania, Slovakia, Slovenia, Spain

Project duration: 10/19 - 09/21

Funding: 119,292 €

Target groups: Cities, towns and municipalities, Civil Society, Companies, Experts, Investors, Private sector

Implementing organisation:
Frank Bold Society

Partners: Frank Bold Poland

Project Webseite: en.frankbold.org/our-w...

Contact Person

Mr Filip Gregor

Organisation: Frank Bold Society


Údolní 33

602 00 Brno

Czech Republic

Email: filip.gregorfrankbold.org


The European Climate Initiative (EUKI):

Potsdamer Platz 10,
10117 Berlin – Deutschland
Tel.: +49 (0)30 338424 570

The European Climate Initiative (EUKI):

This project is part of the European Climate Initiative (EUKI). EUKI is a project financing instrument by the German Federal Ministry for Economic Affairs and Climate Action (BMWK). The EUKI competition for project ideas is implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. It is the overarching goal of the EUKI to foster climate cooperation within the European Union (EU) in order to mitigate greenhouse gas emissions.

For more information on the EUKI: www.euki.de