TCFD Recent News Highlights

Jay Owen Reforming Global Finance, Beyond GDP

A Message from TCFD Chair, Michael Bloomberg:

As Chair of the Task Force on Climate-related Financial Disclosures (TCFD), I wanted to share the news that the G7 Finance Ministers and Central Bank Governors support moving toward mandatory climate-related financial disclosures with the TCFD as the basis.

When I was asked to Chair the TCFD in 2015, few people were talking about the importance of climate-related financial disclosure – or the enormous potential it holds for accelerating the transition to a clean energy economy.

Risk disclosure is one of the most important tools we have to speed progress on climate change, because it empowers and incentivizes companies to act and drives more capital to those that are helping to lead the way – and the more countries that make disclosure mandatory under a shared international framework, the more useful that data becomes in fighting climate change, creating jobs, and building a stronger and more resilient economy for everyone.

Here’s are some highlights from the press on recent TCFD momentum.


G7 Media Coverage

Wall Street Journal | June 7, 2021

G-7 Calls for Making Climate-Change Reporting Compulsory

“On Saturday, finance ministers of the G-7, which comprises Canada, France, Germany, Italy, Japan, the U.K. and the U.S., called for making disclosure of climate-related financial risks compulsory for companies. They said companies should disclose based on a framework developed by the Task Force on Climate-Related Financial Disclosures, which is backed by the Financial Stability Board and former New York Mayor Michael Bloomberg.” Read more.

 


Financial Times | June 9, 2021

Why G7 backing TCFD is ‘enormously important’

“When Mary Schapiro started working on the Task Force on Climate-related Financial Disclosures (TCFD) five years ago, she worried that the project would languish as a “wonderful paperweight for people’s desks.” But with the G7’s endorsement of mandatory TCFD reporting last weekend, the concern is no longer warranted.

Winning the G7’s backing is “enormously important” and a sign that the world is coming around to the fact that climate risk is an “existential problem”, Schapiro, the former head of the US SEC, told Moral Money.” Read more.

 


Responsible Investor | June 9, 2021

‘The time has come for mandatory disclosure’: Mary Schapiro on the historic G7 announcement on TCFD reporting

“It was hard to miss the historic agreement of G7 nations this weekend to mandate climate reporting in line with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). The topic will now move to the wider G20 group of nations, with hopes of an international agreement possibly being achieved for COP26 in November. But the high-level focus on the climate emergency and related reporting wasn’t the case six years ago when the TCFD was announced at COP21, says Mary Schapiro who has led the TCFD secretariat since its inception.”  Read more.

 


Bloomberg Opinion | June 10, 2021

Finance Needs to Stop Living in the Past

“G7 finance ministers made an important commitment last week to move towards mandating the disclosure of climate risk by financial institutions. Such reporting is not only crucial for our planet, but also helps companies manage risks and take advantage of commercial opportunities presented by the transition to net zero. So I urge firms now, to ensure clear, comprehensive reporting of climate-related information in line with the recommendations of the Task Force on Climate-Related Financial Disclosures.” Read more.

 


Other Recent News

Reuters | June 3, 2021

Australian regulators step up climate disclosure oversight

“Australian regulators are increasing their oversight of climate change reporting by listed companies and financial institutions, the regulators said this week. The securities regulator is taking a close look at the potential for “greenwashing”, a practice where firms embellish their corporate, social or environmental credentials, while its banking regulator is finalizing guidance on management of climate risk.” Read more.


 

Regulation Asia | May 26, 2021

FSC Korea Advances Initiatives to Respond to Climate Risk

“The FSC has officially declared support for the TCFD, applied for NGFS membership, and launched a new consultative body with state-backed FIs on green finance.” Read more.


 

WBCSD | May 26, 2021

Scaling the e-mobility transition: climate-related financial disclosure and the automotive sector

“As part of the Task Force on Climate-related Financial Disclosures (TCFD) Preparer Forum for the Automotive sector, BMW, Daimler, General Motors, LeasePlan, Mahindra Group and Volkswagen share examples, learnings and reflections on how they are implementing the TCFD recommendations and responding to climate-related risks and opportunities.”  Read more.


 

TCFD Press Release | May 21, 2021

The Nordic CEOs for a Sustainable Future, the Norwegian Finance Ministry, and the Oslo Stock Exchange Declare Support for the TCFD Recommendations

“The Norwegian Finance Ministry, the Nordic CEOs for a Sustainable Future, and the Oslo Stock Exchange declared their support for the recommendations of the Task Force on Climate related Financial Disclosures (TCFD), demonstrating a commitment to building a more resilient financial system and safeguarding against climate risk through better disclosures. Norway joins other Nordic countries – Sweden and Denmark – in its support of the TCFD, bringing the total number of national governments endorsing the Task Force’s work to 12.” Read the full press release.

Latest TCFD statistics

  • Total number of TCFD supporters: 2271
  • Total market cap: $24.4 trillion
  • Number of financial firms: 982
  • Financial firms responsible for assets of: $187.2 trillion

 

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