CRed- Climate Reporting as Instrument for CO2 Reduction

Start of Project 10/2018
End of Project 12/2021

The project „Climate Reporting as Instrument for CO2 Reduction (CRed)” analyses the contribution of climate reporting to CO2 reductions and enables recommendations to improve climate reporting and help implementing a carbon neutral economy. The project is jointly conducted by the Heinrich Heine University Düsseldorf, the Forum Nachhaltige Geldanlagen, the University of Hamburg, the University of Kassel, the WWF Germany, and the Radboud University (Nijmegen, Netherlands). It is divided into three working packages. Working package 1 illuminates the status quo of climate reporting. The analysis focuses whether and how mandatory and voluntary climate reporting is associated with changes in corporate CO2 emissions and with changes in investor reactions to disclosed climate data. Working package 2 takes the investor’s perspective on climate change reporting. The analysis will help to better understand the relevance of climate data in the investment decision-making process with the goal of presenting recommendations on how to improve the use of this data. In working package 3, the project analyses the influence of different designs of climate reporting on managerial decision-making and thus also takes the corporate perspective on climate reporting. 
Scientific publications, policy briefs and management summaries inform the public, corporations and investors about the results.

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Update on the project process

Working package 1 and 2 are largely completed and are currently being finalized. In working package 1, a difference-in-differences approach was used to show that GHG-intensive U.S. companies significantly reduce their GHG emissions after the introduction of the EPA GHGRP compared to less GHG-intensive U.S. companies. Furthermore, it became apparent that GHG-intensive U.S. companies reduce their GHG emissions significantly more than comparable European companies after the introduction of the EPA GHGRP. Working package 2 identified five areas of conflict that hinder the integration of climate information into investment decisions. Recommendations for action were derived from this in order to promote such integration.
In working package 3, data collection has been completed and evaluation has started.

Main Findings

  • Lack of comparability and consistency in current climate reporting.
  • Climate risks are increasingly considered in decisions.
  • Mandatory climate reporting has an impact on companies' CO2 reduction.
  • The concrete design of climate reporting is crucial.
  • Personal values can influence the decision in favour of CO2 reduction.


Atalay, N., Conzelmann, A., Hahn, R., McClellan, A. (2020):
Hemmnisse der Integration von E(SG)-Daten in Investmentprozesse. Policy-Brief des BMBF-Projekts „CRed“

Bauckloh, T., Klein, C., Pioch, T., Schiemann, F. (2021):
Under Pressure? The Link between Mandatory Climate Reporting and Firms’ Carbon Performance. Organization & Environment.

Schiemann, F. et al. (2019): Verpflichtende klimabezogene Unternehmens-Berichterstattung als Mittel zur Reduzierung von CO2-Emissionen. Policy-Brief der Wissenschaftsplattform Sustainable Finance und des BMBF-Projekts „CRed“.