Do national regulations and the GRI make the difference? Climate disclosure: Chile VS Peru
DOI:
https://doi.org/10.22320/hem.v24i2.7471Keywords:
Climate transparency, sustainability standards, Task Force on Climate-Related Financial Disclosures, sustainability reportingAbstract
This research seeks to analyze compliance under the Task Force on Climate-Related Financial Disclosures (TCFD) framework and the country's impact, the adoption of GRI standards, and the business sector, examining listed companies in Chile and Peru in 2022 and 2023, considering their different regulatory contexts. To this end, a quantitative study of a relational, cross-sectional, and non-experimental nature was conducted. The methodology consisted of constructing a TCFD quality index through content analysis of sustainability reports, and non-parametric statistical tests were used for relational analysis. The results indicate that Chilean companies have higher levels of disclosure in the pillars of Strategy and Risk Management. In addition, companies that report under the GRI exhibit higher values in the areas of Governance, Risk Management, and Metrics, with differences observed in the Strategy pillar depending on the business activity. These findings provide valuable evidence for regulators to improve policies and offer guidance to companies to strengthen their climate materiality reporting. This research is one of the first comparative analyses of TCFD adoption in Latin America, demonstrating how local regulation and international sustainability standards influence climate transparency.
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