Physical climate risk data,
ready for CSRD.

CSRD is the EU's Corporate Sustainability Reporting Directive: the mandatory sustainability disclosure regime for large companies operating in the EU. Originally adopted in December 2022 as Directive (EU) 2022/2464 to replace the NFRD, it was substantially amended by Omnibus I (Directive (EU) 2026/470), in force since 18 March 2026. The disclosure rulebook is the European Sustainability Reporting Standards (ESRS), drafted by EFRAG and adopted by the European Commission.

Roughly 6,000 of the largest EU undertakings, down from the original ~50,000. The thresholds: EU companies with 1,000+ employees AND €450m+ net turnover. Non-EU parent groups with €450m+ EU turnover, where they have a subsidiary or branch over €200m. Listed SMEs are fully exempt. Wave 1 reporters continue under existing rules through FY2026; first reports under the new framework cover FY2027 (lodged in 2028).

It is the disclosure requirement under ESRS E1 covering the anticipated financial effects of material physical and transition climate risks: the quantified euro impact across short, medium and long-term horizons, the carrying amount of assets at material physical risk, and the share of that carrying amount addressed by adaptation actions. It is the hardest single disclosure in the standard. Under Set 1 it is E1-9. In the revised ESRS adopted on 3 July 2026 the requirements were renumbered and it becomes E1-11, while E1-9 now covers greenhouse gas removals and carbon credits. Same disclosure, new number, and one worth getting right in your workpapers before FY2027.

Not in substance. The revised standards cut narrative and voluntary content, and they moved asset location disclosure from the requirement text into application guidance, so less of the underlying detail is printed. The numbers you print still have to be computed from the same place: which assets are exposed, to which hazards, under which scenarios, over which horizons, and what your adaptation actions cover. Scenario analysis and resilience becoming standalone requirements at E1-2 and E1-3 arguably raises the bar, because both now have to stand on their own rather than sit inside a longer climate narrative.

Omnibus I narrowed CSRD scope from ~50,000 to roughly 6,000 companies, cut mandatory ESRS datapoints by approximately 60%, removed all voluntary datapoints, cancelled the planned sector-specific ESRS, removed the move from limited to reasonable assurance, and dropped the Paris Agreement compatibility wording on transition plans. What it didn't touch: double materiality, the topical climate standard E1, and the anticipated financial effects test (E1-9 under Set 1, E1-11 once the revised standards apply). The simplification cut content; it didn't cut the climate test. The simplification itself arrived later: the Commission adopted the revised ESRS delegated act on 3 July 2026, applying from FY2027 with early application permitted for FY2026.

First reports under the post-Omnibus framework cover FY2027, lodged in 2028. Wave 1 reporters (the largest companies already reporting) continue under the existing framework for FY2024-2026. Member states transpose by 19 March 2027, and may permissively exempt former Wave 1 companies that fall below the new thresholds for FYs starting between 1 January 2025 and 31 December 2026, country by country. The revised ESRS themselves apply to financial years beginning on or after 1 January 2027, with early application permitted for FY2026 and a third option to stay on Set 1 while taking selected reliefs.

Climate X provides asset-level physical climate risk data built for CSRD double materiality, ESRS anticipated financial effects (E1-9, renumbered E1-11 from FY2027), and limited assurance from Year 1. The Spectra platform covers 2 billion+ assets globally with 12 hazards, multi-pathway scenarios using CMIP6 SSPs and CMIP5 RCPs across short, medium and long-term horizons aligned to ESRS E1 strategic planning, plus translation of hazard exposure into expected loss in euros. Adapt then quantifies defence and retrofit options asset by asset, with capex, avoided loss and payback, so the share of exposed assets covered by adaptation actions rests on measures you can evidence. Methodology is ISO 27001 and ISO 14001 certified and defensible to the statutory auditor or independent assurance services provider. Explore Spectra or talk to a climate risk expert about your CSRD roadmap.