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Financial markets need clear, comprehensive, high-quality information on the impacts of climate change. This includes the risks and opportunities presented by rising temperatures, climate-related policy, and emerging technologies in our changing world. Increasing the amount of reliable information on financial institutions’ exposure to climate-related risks and opportunities will strengthen the stability of the financial system, contribute to greater understanding of climate risks and facilitate financing the transition to a more stable and sustainable economy.
The Financial Stability Board created the Task Force on Climate-related Financial Disclosures (TCFD) to improve and increase reporting of climate-related financial information. The TCFD framework enables consistent climate-related financial risk disclosures for use by companies, banks, and investors in providing information to stakeholders.
This framework requires businesses to report the climate-related impacts of their operations, thus providing an accounting mechanism that clarifies progress toward wellbeing goals.
To date, many investment companies have signed up to the framework to guide their investment decisions, including Black Rock, the world’s largest fund manager.
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