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New Report Represents 'Major Step Forward on Climate-related Financial Disclosures'

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The Financial Stability Board’s Task Force for Climate-related Financial Disclosure (TCFD) asks financial companies to report on risks climate change pose to their businesses.

E3G welcomes the final recommendations of the Financial Stability Board’s Task Force for Climate-related Financial Disclosure published today. The report sets out voluntary recommendations for how companies should report on the growing risks that climate change pose to their business. The report represents a major step forward in the effort to protect savers from the financial risks of climate change.

E3G notes the positive work already being done to incorporate these voluntary recommendations into legislation. E3G believes this approach is necessary to avoid companies hiding the impact climate change is likely to have on their organisations from investors.

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Ingrid Holmes, Director at E3G said:

“This is an encouraging step forward. Policymakers in the EU have responded to the work of the Task Force and are committed to improve climate disclosures by European companies. More legislators should follow their lead to ensure investors have the comprehensive information needed to protect savers from the risks of climate change.”

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Notes to Editors

[1] The TCFD’s Final Recommendations report is available here.

[2] The European Commission has committed to look at the issue of disclosures as part of its Capital Markets Union mid term review. The European Commission’s High-Level Expert Group on Sustainable Finance, which E3G’s Ingrid Holmes is a member of, is also looking at the issue of disclosures and will publish its interim report on 10th July 2017.

[3] The TCFD’s report will be presented at the G20 Summit on 7-8 July.

[4] E3G is an independent climate change think tank operating to accelerate the global transition to a low carbon economy. E3G specialises in climate diplomacy, climate risk, energy policy and climate finance.

[5] In 2016, E3G was ranked the fifth most influential environmental think tank in the world, third in Europe and first in the UK by the Go to Think Tank Index.

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