VI international scientific conference Sustainable agriculture and rural development, 11-12. 12. 2025, Belgrade [pp. 223-232]
AUTHOR(S) / АУТОР(И): Marina Vasilić 
Download Full Pdf 
DOI: https://doi.org/10.46793/zbIEP25.223V
ABSTRACT / САЖЕТАК:
This paper analyzes climate risk disclosure and insurance practices among Serbian crop producers, using data from their annual business reports and financial statements for the period 2021–2024. As one of the sectors most vulnerable to climate change, agriculture faces growing pressure to disclose and manage climate-related risks. However, corporate reporting in Serbia remains largely voluntary and descriptive, offering limited insight into how companies assess or mitigate such risks. The results show that only about one-fifth of analyzed firms mention climate change, typically without linking it to risk management or insurance. While most companies maintain some form of insurance, it is rarely recognized as part of a broader climate strategy. The findings reveal a gap between disclosure practices and actual risk management behavior, underscoring the importance of aligning future reporting with emerging international frameworks such as IFRS S2 to enhance transparency and climate resilience.
KEYWORDS / КЉУЧНЕ РЕЧИ:
Climate risk disclosure, insurance, agriculture, IFRS S2
ACKNOWLEDGEMENT / ПРОЈЕКАТ:
REFERENCES / ЛИТЕРАТУРA:
- Cvijanović, D., Radosavljević, K., & Kočović De Santo, M. (2024). Agricultural insurance in response to climate challenge. In: Transformation of the insurance market – responses to new University of Belgrade, Faculty of Economics and Business Publishing Centre, Belgrade, pp. 165-189 ISBN 978-86-403-1836-5
- Đuričin, D., Kuč, V., & Vuksanović Herceg, I. (2024). Green transition action plan for Serbia: A call for urgent, systemic,comprehensive, and thoughtful action. Economics of Enterprise, 72(1-2), 1-32. DOI: 10.5937/EKOPRE2402001D
- FAO (2021). Analysis of the agricultural insurance system in Serbia and recommendations for better Budapest. https://doi.org/10.4060/cb7043en
- International Sustainability Standards Board (ISSB). (2023). IFRS S2: Climate-related Disclosures. IFRS Foundation. https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s2-climate-related-disclosures/
- Paragraf (2025). Izvršen prevod Međunarodnih standarda o održivosti na srpski jezik. https://www.paragraf.rs/dnevne-vesti/090725/090725-vest2. html, (accessed: July, 2025).
- Pham, L., Hay, D., Miihkinen, A., Myllymäki, E., Niemi, L., & Sihvonen, (2024). Climate Risk Disclosures and Auditor Expertise. The British Accounting Review, Forthcoming., Retrieved from https://ssrn.com/ abstract=4766071
- United Nations Environment Programme (UNEP). (2022). The State of Finance for Nature in the G20: Leading by example to close the investment gap. Retrieved from https://wedocs.unep.org/bitstream/ handle/20.500.11822/37919/NatureG20.pdf?sequence=3&isAllowed=y