기후변화 요인이 재무성과 및 이해관계자 평가에 미치는 영향

The global capital market defines the financial crisis due to climate change risk as a ‘green swan’ and regards it as an unavoidable but predictable ‘systematic risk’ with a high level of certainty. A key element of climate risk is greenhouse gases(GHG), and in 2022, the International Sustainability Standards Board (ISSB) announced that greenhouse gas emissions should be disclosed through an exposure draft of sustainability disclosure standards. This study empirically analyzes the impact of greenhouse gas emissions on the financial performance of the company and the evaluation of stakeholders, targeting companies that are obligated to disclose the DB of NGMS, using greenhouse gas reduction and voluntary disclosure. As a result of the analysis, it was confirmed that greenhouse gas emissions are an item that must be managed with a focus on business activities in terms of improving the company’s financial performance. In addition, it was found that stakeholders recognized greenhouse gas as information on climate change risks and opportunities and reflected it in corporate evaluation. These results show that there are some differences between listed and unlisted companies, and there are significant differences according to greenhouse gas reduction and voluntary disclosure. Considering the situation in which climate change efforts are accelerating, the results of this study suggest that climate-related information will gradually be established as an indicator for stakeholders’ judgment as investment information.