To obtain a better understanding of the advantages of implementing TCFD recommendations, Bloomberg has created a guide to assist you. The casualties of the climate crisis could include financial stability, the global economy, and the value of investments. As governments get up to speed with the realities of climate change and the policy response continues to gather pace, global markets need transparency into the financial impacts of climate change on companies. The Task Force on Climate-related Financial Disclosures (TCFD) released their recommendations 4 years ago as way of improving and increasing the reporting of climate-related financial information. Today, more than 2,000 organizations support TCFD, including over 110 regulators and government entities from 78 countries.
Why read this guide?
It emphasizes the benefits of climate reporting to firms such as yours, while depicting how companies and regulators are implementing the TCFD recommendations.
Firms implementing the recommendations are able to:
- Proactively address investors’ demands for climate-related information in a framework that investors are increasingly asking for;
- Enhance risk management and strategic planning, through a deeper comprehension of climate risks;
- More effectively satisfy current requirements to report on material information in financial filings;
- Efficiently identify climate-related possibilities and challenges.
“Climate change isn’t just a serious and growing threat to people’s health and livelihoods – it’s a major economic risk. Especially as countries build greener, more resilient economies in the wake of the pandemic, it’s encouraging to see them support Task Force recommendations for reporting climate-related financial risks and opportunities.”- Michael R. Bloomberg, UN Special Envoy on Climate Ambition and Solutions, UN Ambassador for the Race to Zero and Race to Resilience, TCFD Chair and Founder of Bloomberg L.P. and Bloomberg Philanthropies
Source: Sustainability Reports