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ESRS E1: Climate Change·Disclosure Requirement E1-11

Anticipated financial effects from material physical and transition risks and potential climate-related opportunities

Guide pratique pour préparer cette information. Utilisez cette fiche pour identifier les données à préparer, vérifier les affirmations et organiser les preuves. Pour les exigences exactes, reportez-vous toujours à la source officielle European Commission.

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Norme

ESRS E1: Climate Change

Disclosure Requirement E1-11 · 2026-5010-final

En vigueur

2027-01-01

Source officielle : Ouvrir ↗

Dernière révision

—

Support pédagogique LRA · Non publié ni approuvé par European Commission

Pour préparer cette information
13champs à préparer 6affirmations à vérifier 5domaines de preuve 3exemples de rapports

Objet de l’information

This disclosure asks an organisation to explain how climate-related risks and opportunities could affect its finances over time. In practice, that means describing the expected impacts on revenue, costs, assets, liabilities, cash flows or access to finance where those effects are material, and showing how the organisation has identified and assessed them. The focus is not just on whether climate matters in principle, but on the likely financial consequences that are reasonably anticipated from material physical risks, transition risks and relevant climate-related opportunities.

The practical emphasis is on coverage across the parts of the business that matter most to the assessment, rather than only highlighting a few flagship sites or isolated examples. An organisation should consider the areas, assets, operations and time horizons that drive the financial effect, and explain the basis for any estimates, assumptions and uncertainties used. The aim is to give users a clear view of where climate could change the organisation’s financial position or performance, and how broad that assessment is across the group or value chain where relevant.

Ce support pédagogique LRA aide à préparer l’information. Pour les exigences exactes, reportez-vous toujours à la source officielle European Commission.

Avant de commencer

Avant de commencer

Une courte liste de contrôle avant de préparer cette information — cochez chaque point une fois réglé.

Préparation

Informations clés à préparer

Champ à préparer Ce qu’il faut recueillir Indice de preuve Responsable
Assets exposed to physical climate risk The carrying value of assets that sit in locations where physical climate hazards are judged material for the reporting period. Asset register, location mapping, climate risk assessment, finance close pack. Finance with Risk and Asset Management
Revenue exposed to physical climate risk The net revenue linked to operations or customers associated with locations where physical climate hazards are judged material for the period. Management accounts, segment or site revenue analysis, climate risk mapping. Finance with Commercial/Operations
Physical risk action coverage The number or proportion of relevant assets, sites or activities covered by actions intended to reduce physical climate risk. Adaptation plan, project tracker, asset/site list, risk treatment register. Risk with Operations and Asset Management
Locations of exposed assets A plain-language list of where the assets judged materially exposed to physical climate risk are located. Asset register, property schedule, site portfolio map, risk assessment output. Asset Management with Risk
Assets exposed to transition risk The carrying value of assets that are materially exposed to climate transition risk for the reporting period. Asset register, transition risk assessment, impairment or strategy review, finance close pack. Finance with Risk and Strategy
Revenue exposed to transition risk The net revenue linked to products, services or activities materially exposed to climate transition risk during the period. Management accounts, product or activity revenue split, transition risk assessment. Finance with Commercial/Strategy
Transition action coverage The number or proportion of relevant assets, activities or revenue streams covered by actions intended to reduce transition risk. Transition plan, project tracker, portfolio or product list, risk treatment register. Risk with Strategy and Operations
Collateral energy classes A breakdown of real estate collateral by energy efficiency class, using the organisation's chosen class labels and the relevant property population. Valuation files, loan security schedule, EPC or equivalent property records, collateral register. Credit Risk with Real Estate/Valuations
Potential climate liabilities The estimated monetary amount of possible liabilities linked to climate transition matters that the organisation has identified. Legal review, provisions or contingent liability papers, scenario analysis, risk register. Finance with Legal and Risk
Financial effects method A clear description of how the financial effects were estimated, including the approach, data sources, calculation steps and any modelling used. Methodology paper, working papers, model documentation, finance review notes. Finance with Risk/Strategy
Key assumptions and limits The main assumptions, simplifications and known limits that affect the financial effect estimates. Assumptions log, model governance papers, sensitivity analysis, review sign-off. Finance with Risk and Model Owners
Climate opportunity assets The carrying value of assets that are directly linked to climate-related opportunities identified by the organisation. Asset register, opportunity assessment, investment case files, finance close pack. Finance with Strategy and Asset Management
Climate opportunity revenue The revenue generated from products, services or activities that are directly linked to climate-related opportunities. Management accounts, product or service revenue analysis, opportunity assessment. Finance with Commercial/Strategy
＋ Afficher les sous-éléments de E1-11 (liste de travail LRA)

Comment le préparer

Set the reporting boundary first. Decide which assets, income streams and real-estate collateral fall into the climate-risk and climate-opportunity population for this disclosure, and separate the physical-risk, transition-risk and opportunity views so each figure is built from the right slice of the business.
Define the counting rules before you calculate anything. Agree how you will identify material exposure, how you will treat mitigation coverage, and how you will classify property collateral by energy-efficiency band, so the same logic is used across all datapoints.
Gather the source records and supporting evidence. Pull together asset registers, revenue extracts, location data, collateral schedules, risk assessments, action trackers and any papers that support the figures or the narrative fields, including the method note and the list of key assumptions and limits.
Build the numbers and the written explanations from the evidence. Populate the currency amounts for exposed assets, exposed revenue, possible climate-related liabilities, and climate-opportunity assets and revenue, then draft the text fields for locations, methodology, assumptions and limitations in a way that matches the underlying records.
Record any exclusions, changes in approach or judgement calls. If a data set is incomplete, a classification has changed, or a scope decision affects comparability, note it clearly so the reader can see what was left out, what moved, and why the current period differs from prior reporting.
Check the draft against the official source before sign-off. Reconcile every amount, text entry and classification back to the relevant requirement, confirm the units and labels are correct, and make sure the final submission reflects the source wording in substance without copying it.

Demander les données

Request the climate risk and opportunity financials from Finance

Traduisez l’information en une question métier interne, puis adaptez-la au vocabulaire de votre organisation.

What amounts, locations, methods and assumptions do we need to support the expected financial impact of climate-related physical risks, transition risks and climate opportunities in our reporting period?

Use your own finance and risk terms first, then map them to the reporting categories. Ask for the figures and supporting notes in the way your team already tracks exposures, sites, revenue lines, assets and scenario work; do not start from the framework labels unless that is how your organisation already works.

Demande faible

Please provide the ESRS E1:E1-11 data for material physical and transition risks and climate opportunities, including all financial effects, methodology, assumptions and location information.

Pourquoi elle échoue : It uses framework language first, which makes it harder for the owner to recognise the data in their own records. It also bundles several different asks without saying which internal files, categories or basis should be used, so the response is likely to be incomplete or inconsistent.

Meilleure demande

Please send the latest finance pack for climate-related exposures and opportunities for [period]. I need the amounts for assets, revenue and any liabilities your team tracks, plus the site or portfolio location, the source file, the currency basis, the method used, and any assumptions or gaps. Please use your team’s own labels first, then we can map them to the reporting categories.

Modèle d’e-mail formel
Subject: Request for climate risk and opportunity financial data for [reporting period]\n\nHi [name],\n\nI am pulling together the climate-related financial evidence for [reporting period]. Could you please share the latest figures and supporting notes for the items your team tracks that relate to: \n- assets and revenue exposed to weather or other physical impacts;\n- assets, revenue and any liabilities exposed to policy, market or technology change;\n- any assets or revenue linked to climate-related growth or efficiency opportunities; and\n- the method, assumptions and limitations used to estimate those amounts.\n\nPlease include the source file or system, the reporting boundary, the currency basis, the location detail, and any comments on coverage or gaps. If you already have a summary table, that would be ideal.\n\nPlease adapt this to your organisation’s own terminology and check the official source before sign-off.\n\nMany thanks,\n[Your name]
Version courte pour Teams / Slack
Hi [name] — could you send over the latest climate risk/opportunity financial pack for [period]? I need the amounts, locations, method, assumptions and any coverage notes for the assets, revenue and liabilities your team tracks. Please include the source file/system and boundary. Adapt this to your team’s own terms and check the official source before sign-off. Thanks.

Exemples sectoriels

Manufacturing

Contexte. A group with factories, warehouses and product lines exposed to flood, heat and energy-price change.

Demande adaptée. Please share the latest plant and product-line pack for [period]. I need the values for sites and revenue lines affected by flood, heat, supply disruption, energy policy change and any efficiency or low-carbon product opportunities, plus the method, assumptions, site list and source workbook.

Exemple de réponse. Prepared table with factory names, country, exposed asset values, exposed revenue by product line, opportunity revenue from efficient products, method note, assumptions, and a separate note on which sites are covered by adaptation or upgrade plans.

Real estate / property investment

Contexte. A portfolio team tracking buildings, rental income, retrofit plans and any energy-efficiency-linked collateral information.

Demande adaptée. Please send the latest portfolio pack for [period]. I need the building values, rental income, any transition-related liabilities, the energy-efficiency class of collateral where relevant, and the assumptions used to estimate the figures, with the source schedule and portfolio boundary.

Exemple de réponse. Table listing property ID, region, carrying value, rental income, transition exposure, collateral efficiency class, retrofit coverage, methodology, and notes on valuation basis and exclusions.

Rédigez votre information

Des notes qui transforment les données en information publiée

Modèles pédagogiques LRA — adaptez-les à votre organisation et vérifiez la source officielle avant validation.

Note méthodologique

Explain how the amounts were identified, measured and grouped, including the basis used for the financial effects, the main assumptions applied, and the key limits or uncertainties that affect the figures.

Note de contexte

Set out what the numbers mean for the business by linking the exposed assets, revenue and collateral to the organisation’s climate-related risk and opportunity profile, and by clarifying whether the figures are absolute amounts, shares, or both.

Déclaration sur les variations

If the figures moved materially, describe the main drivers in plain terms, such as changes in asset coverage, site mix, revenue mix, mitigation progress, valuation updates, or revised assumptions used in the calculation.

Entrée de l’index de contenu

E1-11 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities — [location / page] / [notes]

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Outils et formulaires de préparation

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Préparation à l’assurance

Pour chaque affirmation, vérifiez les preuves

Affirmation Risque Preuves à vérifier
We used the same calculation rules and presentation approach across the amounts and percentages in the coverage figure, so the figures are comparable and not built on mixed methods.The assurer will test whether different parts of the table were prepared on different bases, whether percentages were derived consistently, and whether any presentation choice could mislead users about comparability.Working papers showing the calculation method, mapping of source data to reported figures, spreadsheet formulas, review notes on presentation choices, and sign-off confirming one consistent basis was applied throughout.
We split the loan-security balance by energy performance band using the information we could obtain, and where a band could not be populated from source records we prepared an internal estimate for the missing total.The assurer will probe whether the split is complete, whether the estimate for missing information is supportable, and whether the reported total could be overstated or understated because of gaps in the underlying records.Collateral register, energy-rating source files, reconciliation of the split to the total balance, methodology for any internal estimate, assumptions log, and evidence of management review over missing-data treatment.
We set out how we quantified the expected financial impact from the identified climate exposures, including which parts of the business were in scope and how our risk assessment process fed into the numbers.The assurer will check whether the quantification method is clear, whether the scope matches the stated exposure set, and whether the risk process actually drove the estimate rather than being added after the fact.Methodology paper, risk assessment outputs, scope memo, model inputs and outputs, links between risk registers and the reported amounts, and approval evidence from the preparers and reviewers.
We documented the key judgements behind the estimate, including the main assumptions, input settings and known constraints that could move the result.The assurer will look for hidden assumptions, unsupported parameter choices, and limitations that were not disclosed or were not considered in the estimate.Assumptions register, parameter sheets, sensitivity or scenario analysis, limitation notes, version history, and evidence that the key judgements were reviewed and challenged before publication.
We included grouped site locations for assets exposed to significant physical hazards so the reported picture reflects where the exposure sits without exposing unnecessary detail.The assurer will test whether the location grouping is sufficiently specific to support the reported exposure, whether any sites were omitted, and whether the aggregation masks material concentrations of risk.Asset location schedule, mapping or geospatial support, aggregation logic, completeness checks against the asset base, and review evidence showing the grouped locations were validated before release.
Where the financial statements already mention a possible climate-related liability, we linked the disclosure back to the relevant note or line item so users can trace it easily.The assurer will check whether the cross-reference is accurate, whether the referenced financial statement item really relates to the same matter, and whether the linkage is clear enough for users to follow.Financial statement cross-reference table, draft and final note references, tie-out to the relevant accounting disclosure, and review sign-off confirming the linkage is correct.

Dossier de preuves à préparer

Lacunes fréquentes dans les rapports

Figures are stated without the supporting narrative, or narrative without figures.
Scope is inconsistent between the text and the numbers.
The reporting boundary is left undefined.
Material changes since the previous period are not disclosed.
Estimates and measured values are not distinguished.
Source records for the figures are not identified.

Lacunes fréquentes

Erreurs à éviter lors de la collecte des données

Wrong owner, wrong languageThe request goes to a finance or risk contact using framework terms instead of the team that actually holds the figures, so the reply comes back in the wrong business language and cannot be mapped cleanly.
Boundary left undefinedPeople start collecting numbers before agreeing which entities, sites, contracts, or portfolios sit inside the scope, so different teams report different populations.
Period basis not fixedOne team pulls a year-end balance while another uses an average or a different cut-off date, so the figures cannot be compared on the same timing basis.
＋ Afficher 5 de plus

Là où un jugement professionnel est souvent nécessaire

Group perimeter after a deal closes or a business is soldUse the same cut-off date and group boundary as the rest of the report, then explain any bought-in or sold-out operations that change the asset, turnover or opportunity figures.
Different country labels for the same risk or asset classMap local descriptions into one internal grouping rule, and disclose the mapping where a site, loan book or revenue stream is named differently across jurisdictions.
Borderline items that sit partly inside and partly outside the risk setSet a clear inclusion rule for mixed-use sites, shared facilities or partially exposed portfolios, and state how you treated the edge cases so the totals can be followed.
＋ Afficher 7 de plus

Exemples

Exemples illustratifs

Synthétiques, rédigés par LRA — ils ne proviennent ni d’un rapport d’entreprise ni du texte d’une norme.

Illustrative (synthetic) example — manufacturing

We have mapped the parts of our operations and sales that sit in areas exposed to climate hazards, and we estimate that 18% of our property, plant and equipment and 12% of annual net sales are linked to those locations; 72% of the identified physical-risk sites already have adaptation measures in place. For slower-burn climate change risks, 27% of our assets and 19% of net sales are exposed, 61% of those sites are covered by response actions, and 14% of the mortgaged property we hold as security sits in lower-efficiency energy bands. We also estimate possible climate-related transition charges of 6 monetary units, using scenario-based cash-flow effects, asset write-downs and cost assumptions; the main limits are that the figures rely on current site data, modelled hazard paths and management estimates. On the upside, 9% of our asset base and 7% of revenue are tied to climate-related opportunities, mainly from efficiency upgrades and lower-carbon product lines.

This is a synthetic, practitioner-style example showing how a company might describe exposure, coverage of response actions, collateral quality, possible transition costs, the method used to estimate effects, key caveats, and the share of assets and revenue linked to climate opportunities.

Illustrative (synthetic) example — retail and logistics

We have reviewed our warehouse network, stores and related sales to identify where climate hazards could affect value: 11% of our assets and 8% of net revenue are in locations with material flood or heat exposure, and 55% of those sites are already covered by mitigation plans. Looking at the shift to a lower-carbon economy, 22% of assets and 16% of net revenue are exposed, 68% of those sites have transition-response actions in place, and 9% of the property we hold as loan security falls into weaker energy-performance bands. Based on scenario analysis, we estimate potential transition-related liabilities of 4 monetary units; the estimate uses site-level data, internal capex plans and management judgement, and it is constrained by incomplete supplier information and uncertainty over future policy timing. We also identify 13% of assets and 10% of revenue as connected to climate opportunities, mainly through electrified transport, energy-saving retrofits and low-emission service offerings.

This is a second synthetic example for a different sector, showing the same disclosure points with different figures and a different business profile.

Rapports d’entreprises

Comment les entreprises publient E1-11 en pratique

Exemples de pratiques de publication complètes et partielles. Ce sont des analyses fondées sur des preuves, non des modèles à recopier.

Rapports réels publiés
Snam S.p.A.
Gas Utilities · Italy · 2025
Ouvrir le rapport →
Snam S.p.A.'s 2025 Annual Report provides a covered datapoint on the monetary value of net revenue from business activities at material physical risk, reported as 6 million euros on page 319. The report also references anticipated financial effects from material physical and transition risks in the context of risk management models on page 478, though these disclosures are unclear in terms of specific monetary values. Notably, there is no clear disclosure of percentage values or detailed narrative explanations related to these financial effects elsewhere in the report.
Acciona, S.A.
Electric Utilities / IPP / Energy Traders · Spain · 2025
Ouvrir le rapport →
Acciona’s 2025 Sustainability Report includes some contextual references to the financial effects of environmental impacts, such as those related to climate change and greenhouse gas emissions (p.406), and mentions risk and opportunity management processes concerning pollution and water-related impacts (p.440). The report also refers to anticipated financial effects from biodiversity and resource use risks (p.32) and discusses risk management in relation to physical risks evaluated for 2030 (p.169). However, there is no clear or explicit disclosure of monetary or percentage values quantifying these financial effects, nor detailed narrative explanations specifically addressing this disclosure.
Covivio
Real Estate · France · 2025
Ouvrir le rapport →
Covivio’s 2025 Sustainability Report provides some contextual information on financial risks related to sustainability, noting a limited financial risk overall but highlighting an increase in waste management costs and associated risks (p.102). The report also references the materiality of building obsolescence risks and climate-related physical risk studies conducted in 2025 (pp.36, 56). However, the report does not clearly disclose specific monetary or percentage values, nor does it provide detailed narrative explanations directly addressing these datapoints.

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Scénarios à travailler

A manufacturer has two sites in a flood-prone area. The finance team has estimated that one plant and part of the related sales base could be affected if severe weather becomes more frequent, and operations have already started some protective work.

QShould the preparer include the affected asset value, the related turnover, the share of the protective actions already in place, and the site location in the climate note?
Afficher la réponse type →

A group owns a warehouse portfolio and a vehicle fleet. Management has concluded that some assets may lose value because of policy changes and market shifts linked to the move to a lower-carbon economy, while a separate set of assets is expected to benefit from demand for low-emission services.

QHow should the preparer separate the downside exposure from the upside opportunity, and what extra items need to be described for the downside side?
Afficher la réponse type →

A preparer has modelled future cash impacts from heat stress and carbon-pricing changes using internal scenarios, but the estimates rely on broad assumptions about timing, customer behaviour, and asset lives. The team is unsure how much detail to give about the method and its weaknesses.

QWhat should be explained so users can judge the numbers properly?
Afficher la réponse type →

A retailer has identified a new line of products and services that should benefit from climate-related demand, and the finance team has quantified the assets and sales linked to that opportunity. The team is tempted to present the upside only, because the downside exposures are still being refined.

QCan the preparer disclose the opportunity amounts now and leave the risk side for later?
Afficher la réponse type →

Références au référentiel

Exigences ESRS applicables et informations connexes

Références disponibles du référentiel et informations voisines utiles à la préparation de cette exigence.

ESRS

E1-11

au sein de ESRS E1 : Climate Change

Ouvrir la source officielle →

Connexes et exploration

Transition plan for climate change mitigation → FicheInternal carbon pricing → FicheIdentification of climate-related risks and scenario analysis → FicheResilience in relation to climate change → FichePolicies related to climate change mitigation and adaptation → Fiche Parcourir toutes les informations →

Plus dans ESRS E1 → Parcourir le catalogue complet → Accueil de la Bibliothèque des informations → Rechercher dans toutes les informations →

FAQ

Questions auxquelles cette page répond

How do I use the E1-11 page to prepare the disclosure from scratch?+
What data do I need to collect for E1-11 physical climate risk and transition risk?+
How should I scope the E1-11 data so the numbers are internally consistent?+
Who should own the E1-11 inputs in practice, and how do I assign responsibilities?+
What should go into the E1-11 evidence pack for assurance readiness?+
What are the six assurance claims I need to verify for E1-11?+
What are the most common mistakes on E1-11 disclosures, and how do I avoid them?+
How do I turn the E1-11 data into a draft disclosure?+
How do I use the E1-11 workbook download to prepare the disclosure?+
Where can I find an example of what an E1-11 disclosure might look like?+
Can I use the ‘From company reports’ table to see how real organisations disclose E1-11 topics?+

Autres questions auxquelles cette page peut aider

E1-11 climate change disclosure checklist for physical risk, transition risk and climate opportunitiesWhat evidence do I need for E1-11 assets exposed to physical climate risk?How do I document locations of exposed assets for E1-11?How do I show physical risk action coverage in an E1-11 draft?How do I calculate revenue exposed to transition risk for E1-11?What should I include in key assumptions and limits for E1-11?How do I evidence potential climate liabilities in E1-11?How do I use the E1-11 narrative starters and content-index line?What are the common E1-11 reporting gaps to check before assurance?How do I use the synthetic example table to sanity-check my E1-11 numbers?What is in the E1-11 Prep & Assurance workbook download?Where does the E1-11 page link to real company report examples?

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Comment cette bibliothèque est construite 312 rapports publiés indexés 63 171 pages avec citations au niveau de la page 272 fiches disclosure conçues par des praticiens
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