Global leading companies commit to disclose climate risks within three years
We Mean Business coalition
A group of ten companies across seven sectors have become the first to make the commitment to implement the recommendations of the Task Force on Climate-related Financial Disclosures within three years.
They will be disclosing information about the financial implications of climate-related risks and opportunities to understand how their business can adapt to a changing climate and exploit the opportunities that the low-carbon economy is already creating.
The first signatories – Aviva plc, Royal DSM, Enagás, Ferrovial, Iberdrola, Marks & Spencer, Philips Lighting, Sopra Steria Group, Wipro Ltd and WPP – were announced at Climate Week NYC.
“Having widely available, consistent and well used climate-related financial information is an imperative. It provides an important catalyst for global markets to help address climate change and is a cause which Aviva is strongly committed to,” Kirsty Cooper, Group General Counsel & Company Secretary, Aviva, said.
The initiative, led by the Climate Disclosure Standards Board, is part of the We Mean Business coalition’s Take Action campaign. The campaign helps to create the enabling environment for a rapid and fair transition to a more sustainable financial system and accelerate the transition to a low-carbon economy.
We encourage more companies to commit to implement the recommendations of the Task Force on Climate-related Financial Disclosures.
“There is a great need among the investor community to have consistent climate related financial risk disclosures from businesses in order for them to make more informed decisions on capital investment,” We Mean Business coalition CEO Nigel Topping said.
“With this commitment to follow TCFD disclosure recommendations both the business and investor community will be at the forefront of the climate finance agenda and it will give them confidence to create greater business resilience and explore new business opportunities.”
The initiative ‘Commit to implement the recommendations of the Task Force on Climate-related Financial Disclosures’ is an update to the previous We Mean Business coalition initiative ‘Commit to report climate change information in mainstream reports as a fiduciary duty’.
The previous initiative saw hundreds of companies becoming signatories to the CDSB Statement on fiduciary duty & climate change disclosure and agreeing to work toward reporting climate change-related information in mainstream corporate reports, using a recognized international framework such as the CDSB Climate Change Reporting Framework.