All eyes were on Hamburg, Germany last week as the leaders of the "G20" nations** gathered. High on the agenda was climate change and sustainable development. Mixed messages came out of the gathering, but as Jens-Peter Saul explains in our first Top story, even if governments can't agree in such gatherings, private industry is moving forward in providing climate change solutions.
LONDON—Companies should publish an assessment of the losses they could suffer through climate change as part of their routine financial statements, according to a panel of financial and business executives chaired by Michael Bloomberg.
Firms must discuss the impact of specific climate change scenarios in their financial statements to ensure transparency, report says
Mark Carney backed a raft of new measures to ensure businesses and investors do more to combat the “tragedy” of climate change.
The recommendations, published by an international task force headed by billionaire New York City mayor, Michael Bloomberg, said investors need more information about the risks companies face from global warming so they can properly allocate funds.
Stephanie Leaist is a member of the Task Force on Climate-related Financial Disclosures, and managing director, Head of Sustainable Investing at Canada Pension Plan Investment Board
A year ago there was an air of optimism around the Paris Agreement to limit global warming. Driven by a sense of urgency, encouraging action has since been taken by policy makers, regulators, companies and investors, including the Financial Stability Board-led Task Force on Climate-related Financial Disclosures (TCFD). While progress has been made, in many ways, we’ve just begun.
A global task force set up to try to prevent market shocks from the warming of the planet will ask companies to disclose how they manage risks to their business from climate change and greenhouse gas emission cuts.
Although the measures recommended by the Task Force on Climate-Related Financial Disclosures (TCFD) are voluntary, some of its members argue they should become mandatory.
"Only then will climate risk become integral to corporate governance and how we all do business," Mark Wilson, chief executive of insurance firm Aviva Plc, said in a statement.