Rapid, high-quality implementation of TCFD recommendations needed to build a sustainable financial system

The release by the Task Force on Climate-related Financial Disclosures (TCFD) of their final recommendations proves beyond doubt the business case for making climate disclosure common market practice.

LONDON, 29 June, 2017: The release by the Task Force on Climate-related Financial Disclosures (TCFD) of their final recommendations proves beyond doubt the business case for making climate disclosure common market practice.

CDSB has been advocating for the same goals as the TCFD for the past 10 years: supporting the disclosure of better quality information to markets and improving understanding and analysis of climate-related risks and opportunities. We are committed to supporting the rapid and scaled-up implementation of the recommendations and we recognize the authority and heightened profile the TCFD and FSB have given to the financial risks and opportunities of climate change, as well as the importance of reporting information in the mainstream report.

Improved internal processes and decision-making within companies coupled with enhanced external reporting will help investors make informed, robust capital allocation decisions.

Richard Samans, Chairman, CDSB, said: “We believe there is a clear value to businesses implementing the TCFD recommendations. Companies can become more resilient to the systemic risks that climate change creates and improve their relationships with investors and other stakeholders by collecting, assessing and reporting information about climate-related financial risks and opportunities.

With 10 years of experience in the field of climate change reporting in mainstream reports, CDSB has the technical expertise to support implementation. Our Climate Change Reporting Framework helps companies understand how to report climate-related financial information in their mainstream report, driving the alignment of financial and non-financial information.”

Preserving financial stability and building a sustainable financial system is a collective task that no individual organisation can do alone. As companies invest in and enhance their assessment and disclosure of climate-related risks and opportunities, the use of consistent and forward-looking information will become mainstream and will support a fair and orderly transition to a low-carbon economy.

-- ends --

To arrange interviews please contact
Denise Puca, Communications Manager, CDSB

+44(0)782 540 9060

Notes to the editor

The Climate Disclosure Standards Board (CDSB) is an international consortium of business and environmental NGOs. We are committed to advancing and aligning the global mainstream corporate reporting model to equate natural capital with financial capital. We do this by offering companies a framework for reporting environmental information with the same rigour as financial information. Collectively, we aim to contribute to more sustainable economic, social and environmental systems. Visit www.cdsb.net or follow us @CDSBglobal for more information about our work.

Additional resources 

The Climate Disclose Standards Board (CDSB) Secretariat has been hosted by CDP since its inception on behalf of its Board members. The CDSB Framework and CDP’s platform offer a complete system for climate and environmental disclosure, providing companies with a complete disclosure package for the implementation of the TCFD recommendations.

About CDP

CDP is an international non-profit that drives companies and governments to reduce their greenhouse gas emissions, safeguard water resources and protect forests. Voted number one climate research provider by investors and working with institutional investors with assets of US$100 trillion, we leverage investor and buyer power to motivate companies to disclose and manage their environmental impacts. Over 5,800 companies with some 60% of global market capitalization disclosed environmental data through CDP in 2016. This is in addition to the over 500 cities and 100 states and regions who disclosed, making CDP’s platform one of the richest sources of information globally on how companies and governments are driving environmental change. CDP, formerly Carbon Disclosure Project, is a founding member of the We Mean Business Coalition. Please visit www.cdp.net or follow us @CDP to find out more.