Climate Disclosures Standards Board webinar: The Building Blocks for successful TCFD

Climate Disclosures Standards Board webinar: The Building Blocks for successful TCFD

Climate Disclosures Standards Board webinar: The Building Blocks for successful TCFD 150 150 ECIIA

In March 2020, the Task Force on Climate-related Financial Disclosures (TCFD) released its overview containing guidance and recommendations for climate-related financial disclosures.

Supported by over 500 institutions and companies, the FSB TCFD provides a common disclosure framework for making climate risks and opportunities more transparent. Current environmental and climate issues mean that fundamental structural changes to the global economy are needed. – there are transition risks of this, such as the introduction of carbon taxes. Disclosures are, thus, very important.

TCFD helps strengthens governance and the mitigation of environmental and climate-related risks.

5 key benefits of disclosures

  1. Protection & improving company reputation due to an increased concern for the environmental from civil society and investors over the recent years. 75% of companies agree that disclosure through TCFD will improve companies’ reputation.
  2. Regulation is coming. Companies who disclosure with CDP & TCFD are better prepared for these regulated and mandatory disclosures of the future.
  3. Boosting competitive advantage with environmental transparency and success.
  4. Uncover risks & opportunities. Can identify and mitigate the risks and to benefit from these climate-related opportunities (demand for new & low-carbon).
  5. Can track & benchmark progress (internally & externally) can compare with industry peers and have feedback with CDP scores annually. (A-Grade)

3 emerging trends

  1. Increased disclosure across Asia-Pacific countries.
  2. Increased adoption of science-based targets in order to align with the targets of the Paris Agreement.
  3. Increased focus on the financial services – as it holds the key to shifting capital to more sustainable businesses. MUST ENGAGE THE FINANCIAL SECTOR. – CDP is launching a financial sector questionnaire to fill the data gap.

Information needs to be interwoven with the rest not just stand-alone.

Tips

  • Must be specific with data in your disclosures.
  • Progress is more important than perfection.
  • Consistent and realistic targets are key.
  • Lay out a timeline and a roadmap would help with consistent targets and consult the resources on the TCFD website to help get started.

Read the webinar’s full notes.

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