After a year of intensive work, the Task Force on Climate-related Financial Disclosures (TCFD) today laid out its eagerly-awaited recommendations designed to help standardise and mainstream considerations about the impacts of climate change on companies.
Bank of England Governor and Chair of the Financial Stability Board Mark Carney has said the newly released report from the Task Force on Climate Related Financial Disclosures (TCFD) represents a breakthrough in managing the risks and opportunities related with climate change.
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.
Investors are beginning to understand the importance of recognizing the potential risks posed by climate change to companies they look to put their money into, according to Mary Schapiro, former chair of the U.S. Securities and Exchange Commission and current special adviser to the Group of 20’s Task Force on Climate-Related Financial Disclosures.
Mark Carney, whose departure from his role as Governor of the Bank of England was announced yesterday, will leave a vacuum at the top of global policy making around ‘green finance’ and climate disclosure.
Carney, the former head of the Bank of Canada, will step down from the post in 2019.