Launch of a new service to help asset managers and other financial institutions comply with Task Force for Climate-Related Financial Disclosures (TCFD) requirements has been announced by the Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure.

Many leading regulatory bodies throughout North America, Europe and Asia have adopted or recommended the TCFD’s reporting framework – the prominent model for reporting climate-related financial information. However, very few asset managers (less than 10%) have reported meeting all of the requirements recommended by the Task Force, although there has been progress made reporting some disclosures. This is a result of the partial or lack of reporting of carbon and other greenhouse gas (GHG) emissions by many underlying companies around the world.

“In a very short time, TCFD has become the de-facto framework for reporting climate-related financial data,” said Elizabeth King, President of Sustainable Finance and Chief Regulatory Officer at ICE. “Our solution provides asset managers with the hard-to-gather emissions data and associated analytics they need to comply with evolving reporting requirements for multi-asset-class portfolios. This information can enable our customers to meet their own goals and respond to regulatory requirements, giving them the tools they need to make better-informed investment decisions.”

ICE’s TCFD service influences the firm’s climate transition data and analytics, corporate entity data, as well as green bond data, to provide the necessary information for the metrics and targets reporting required in the TCFD framework. By using various, primary sources of figures and detailed modelling, ICE provides a broad range of emissions and targets data for companies worldwide.

“As a responsible and long-term investor, we are committed to achieving net zero greenhouse gas emissions across our investment portfolio by 2050,” said Richard Law-Deeks, Chief Executive Officer of the Royal Mail Pension Plan. “A key part of achieving that goal, is having a thorough and accurate reporting and benchmarking framework. Working with ICE helps us to respond not only to regulatory requirements, but also to reaffirm our commitment to engagement to drive more transparency into our response to the climate crisis, including supporting our efforts to encourage more companies to disclose their emissions and their emission reduction plans.”

The ICE’s Sustainable Finance service manages the TCFD service which includes international carbon and other GHG emissions data for countries and organisations, climate risk metrics for U.S. municipal bonds, company ESG data, impact bond data, sustainable and ESG-focused fixed income and equity indices and the world’s most liquid environmental futures markets.

For more information about ICE’s TCFD offering, visit: https://www.theice.com/solutions/sustainable-finance.

Source: ICE