Today, the industry-led Task Force on Climate-related Financial Disclosures (TCFD) released its final recommendations. In April 2015, the G20 asked the Financial Stability Board (FSB) to consider risks related to climate change and in November the FSB proposed the creation of the TCFD to develop recommendations. The disclosure recommendations published today will apply broadly to financial and non-financial companies when providing information to investors, lenders and insurance underwriters about their climate-related financial risks. The report received support from over 100 businesses spanning numerous industries globally.
MEP Sven Giegold, financial and economic policy spokesperson of the Greens/EFA group commented:
“The recommendations give a welcome boost to fossil fuel divestment. The business-led task force sends the right answer to Donald Trump: Turning away from the energy transition is economically and environmentally idiocracy. The recommendations will help investors, consumers and business partners to assess and price the climate-related risks and opportunities of companies. It is appreciated that the recommendations address not only risks stemming from the depletion of fossil fuels but climate-related risks in general. It is a disgrace for the German industry that only few companies joined the task force. While the participation of Allianz and EnBW is welcome, Deutsche Bank’s and Commerzbank’s abstinence are very disappointing. Through resource efficiency and cost savings, climate change also produces opportunities.
We acknowledge that also a lot of American companies are committed to climate protection and support the recommendations on Climate-related Financial Disclosures. Having withdrawn the Paris Climate Protection Agreement, US-President Donald Trump is getting more and more isolated and will end up as a lonely polar bear on his ice shelf.”
Please find the TCFD recommendations report here:
The signatories of the Statement of Support can be found here: