A task force led by Michael Bloomberg and backed by Mark Carney has urged companies to disclose to investors the impact of climate change on their businesses.
The governor of the Bank of England and the billionaire media owner are behind a new set of recommendations designed to give investors, lenders and insurers a better idea about how climate change will affect individual businesses.
Companies should use a range of existing, publicly-available climate-related scenario analysis or develop their own in order to assess the risks posed to their business by climate change, according to the Financial Stability Board (FSB) Task Force on Climate-Related Financial Disclosures (TCFD).
TCFD says companies should consider risks posed to their businesses by the world transitioning, in varying degrees, to a low-carbon economy, as well the physical risks posed by a warmer planet.
Companies with investments in oil, gas and coal need to do a better job disclosing the financial risk of climate change to their investors, a former chair of the Securities and Exchange Commission and an Obama administration official said Monday.
By Angus McCrone Chief Editor Bloomberg New Energy Finance
The last time U.S. interest rates were on a sustained upward trend was just over 10 years ago, in summer 2006. George W Bush was president, ‘Hips Don’t Lie’ by Shakira was at the top of the charts on both sides of the Atlantic, and no one had heard of Justin Bieber.
Can city governments use data analytics to help improve the lives of citizens? That was the question presented to attendees at Bloomberg’s annual Data for Good Exchange conference on Sunday, September 25, 2016, and the answers weren’t always easy to hear.