Shaping climate change disclosures through time: insights from the case of Danone Group

This study provides systematic analysis of climate disclosure in the annual reports of Danone Group in a longitudinal perspective of ten years (2015-2024). Based on an analytical framework of climate disclosure quality, the results highlight Danone's proactive approach, embedding environmental considerations across organizational functions and framing climate action as a strategic lever rather than merely a compliance obligation. Over time, disclosures increased in volume and visibility, reflecting regulatory pressures, stakeholder expectations, and alignment with international reporting frameworks. While progress is evident, climate disclosure remains largely narrative, inconsistently linked to financial performance, and occasionally boilerplate. Persistent challenges include the lack of quantified and verifiable metrics, weak connectivity between climate risks and financial statements, and inconsistency between single and double materiality. The study contributes to understanding the dynamics of corporate climate reporting, the interplay between regulation and voluntary initiatives, and the limits of climate disclosure for decision-making.