ClimateAbility Support for the Task Force on Climate-related Financial Disclosures
ClimateAbility joins more than 2,000 organizations around the world in publicly supporting the TCFD recommendations
June 11th 2021 – Today, ClimateAbility declared its support for the Task Force on Climate-related Financial Disclosures (TCFD), joining more than 2,000 organizations in demonstrating a commitment to building a more resilient financial system and safeguarding against climate risk through better disclosures.
The TCFD, chaired by Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies, provides market participants with recommendations to address the financial impact of climate change on their business. By increasing transparency on financially material climate-related risks and opportunities the recommendations promote more informed financial decision-making by investors, lenders and others.
Supporters of the TCFD span the public and private sectors and include national governments, central banks, stock exchanges, credit rating agencies, financial organizations and private sector businesses from a variety of industries.
“Climate Change must be brought to the top of the corporate agenda, not only because it’s the right thing to do, but also because of both the risks and opportunities it represents for business. The TCFD is fast gaining momentum in bringing the required attention to climate change within the business world & ClimateAbility supports the increased transparency and standardized framework that it represents.” (Camillus Fitzpatrick, CEO, ClimateAbility)
Widespread implementation of the TCFD recommendations will provide investors, lenders and insurance underwriters with consistent and relevant information to understand the economic risks and opportunities resulting from climate change. Increased disclosures in line with the recommendations across sectors and geographies will help global markets make more efficient capital allocation decisions and adjust appropriately to the disruptive effects of global climate change.
Implementing the TCFD recommendations provides companies with:
● Easier or better access to capital by increasing investors’ and lenders’ confidence that climate-related risks are appropriately assessed and managed,
● Better ability to meet existing disclosure requirements by reporting material information in financial filings,
● Increased awareness and understanding of climate-related risks and opportunities, resulting in better risk management and more informed strategic planning, and
● The ability to proactively address investors’ demand for climate-related information in a framework that investors are increasingly asking for.
For more information about the Task Force on Climate-related Financial Disclosures, please visit www.fsb-tcfd.org.
ClimateAbility partners with businesses and organizations across the globe to tackle the world's most important challenges and in doing so capture its greatest opportunities. ClimateAbility was founded with a single mission: to play a part in helping the world reach net-zero carbon emissions by 2050. ClimateAbility approaches each client with fresh eyes to develop customized strategies that allow them to grow while implementing sustainable practices. To succeed, organizations must blend operational efficiencies and growth with sustainable methodologies. ClimateAbility's team brings deep industry expertise and a range of outlooks to invoke change through leading-edge management consulting as well as statistical analysis, technology and business intent. ClimateAbility works in a uniquely collaborative model and throughout all levels of the client organization to deliver results that help our clients and the planet thrive.
More information about ClimateAbility can be found at www.climateability.com
About the Task Force on Climate-related Financial Disclosures
On December 4, 2015, the Financial Stability Board (FSB) established the industry-led Task Force on Climate-related Financial Disclosures (TCFD) with Michael R. Bloomberg as Chair. The Task Force currently has four Vice Chairs and 31 members in total. The TCFD was asked to develop voluntary, consistent climate-related financial disclosures for use by companies in providing information to lenders, insurers, investors and other stakeholders, which were published in the TCFD Recommendations Report on June 29, 2017. More information about the TCFD can be found at www.fsb-tcfd.org.