Marcin Olewinski, a seasoned PwC Assurance practice partner with over 20 years in the energy sector, sheds light on the proposed amendments to IFRS S2 by the ISSB. He discusses the complexities of greenhouse gas disclosures, particularly the clarifications around scope 3 emissions. The conversation touches on the role of the Transition Implementation Group and the challenges in standardizing measurement methodologies. Marcin also emphasizes the importance of flexibility in reporting standards and the need for businesses to adapt to these upcoming changes.
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insights INSIGHT
Purpose of IFRS S2
IFRS S2 is a global standard focused on climate-related disclosures, notably GHG emissions and scenario analysis.
It aims to help investors assess climate risks and opportunities with consistent global information.
insights INSIGHT
Challenges in Scope 3 Category 15
Scope 3 category 15 covers emissions from investments, a complex and broad area.
Lack of clear guidance initially led to ambiguity on inclusion of certain financial activities like derivatives and insurance emissions.
volunteer_activism ADVICE
Disclose Excluded Scope 3 Emissions
Entities should disclose the amounts and explanations for derivatives and financial activities excluded from scope 3 category 15 emissions.
A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com
In this episode, we highlight the proposed amendments to IFRS S2, the climate-related disclosure standard from the International Sustainability Standards Board (ISSB). Learn how the changes aim to clarify greenhouse gas (GHG) reporting, specifically scope 3 emissions, and the potential implications they have on reporting.
In this episode, we discuss:
0:57 – Overview of IFRS S2, the role of the Transition Implementation Group, and what’s driving the amendments
3:52 – Clarifying the definition of scope 3 category 15 (investments) emissions
12:23 – Industry classification requirements for entities engaging in commercial banking and insurance-related activities
16:28 – How to apply jurisdictional relief for GHG measurement methodology
19:47 – Global warming potential (GWP) values and jurisdictional relief
22:55 – Next steps for the exposure draft and recommendations for reporters in the interim
Looking for the latest developments in sustainability reporting?
Refer to our publication on the ISSB’s exposure draft proposing amendments to IFRS S2
Check out other episodes in our sustainability reporting podcast series
About our guest
Marcin Olewinski is a PwC Assurance practice partner with over 20 years of experience bringing valued perspectives and insights to large clients in the energy sector. Additionally, he’s focused extensively within the National Office on greenhouse gas emissions and sustainability reporting and leads PwC’s global technical working group focused on GHG.
About our host
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
Transcripts available upon request for individuals who may need a disability-related accommodation.Please send requests to us_podcast@pwc.com
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