The Task Force on Climate-related Financial Disclosures (TCFD) was established by the Financial Stability Board to develop recommendations for climate-related financial disclosures that would help investors, lenders, and insurers make more informed decisions. The TCFD published recommendations in 2017 organized around governance, strategy, risk management, and metrics/targets. The recommendations are principles-based and intended to apply broadly across sectors and jurisdictions. They aim to provide decision-useful climate-related financial information to investors and others.
This document provides an overview and implementation guidance for the Task Force on Climate-related Financial Disclosures (TCFD). The TCFD was established to develop climate-related financial risk disclosure recommendations for companies, banks, and investors. The TCFD recommendations include four core elements: governance, strategy, risk management, and metrics/targets. They are designed to provide consistent and decision-useful climate-related financial risk information. The guidance also outlines scenario analysis approaches and supplemental sector-specific guidance. Overall, the TCFD aims to improve understanding of climate-related financial risks and opportunities to facilitate well-informed investments and insurance underwriting decisions.
What You Need to Know: The EU Non-Financial Reporting Directive and what its ...CDSB
Speakers: Michael Zimonyi, Policy & External Affairs Director and Nontokozo Khumalo, Corporate Engagement Manager at CDSB.
The EU Non-Financial Reporting Directive (NFRD) came into effect in 2018 and requires listed companies and other public interest entities to disclose information on the way they operate and how they manage social and environmental challenges. In June 2019 the European Commission published guidelines on reporting climate-related information which included the integration of the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations. These guidelines supplement the existing Non-Financial Reporting Guidelines released in 2017.
The EU is now set to publish a fitness check of corporate reporting to assess the appropriateness of existing legislation, with a special focus on NFRD, giving way to a possibility of a reopening of the current regulation. In advance of these updates, there is a tremendous opportunity for companies to get ahead of the curve to ensure that they are complying with the EU reporting guidelines and prepared for potential new regulations.
During this webinar briefing, you’ll gain insight into:
Current requirements of the NFR Directive and Guidelines;
The state of corporate climate change reporting;
Potential impacts of a reopened NFR Directive and CDSB’s expectations going forward.
P4I_Capacity Building Workshop 4_Deep Dive into TCFD_v1.0.pdfKnowledgeDevourer
PLN held a deep-dive session on implementing the TCFD framework for climate risk management and scenario analysis. The session covered setting direction and a risk governance framework, integrating climate risk into existing risk management processes, and conducting climate scenario analysis. Speakers from EY Indonesia and Malaysia discussed approaches to governance, risk identification and assessment, scenario identification, and assessing financial impacts. The session aimed to help PLN better understand and manage climate-related risks and opportunities.
Climate Change - New Corporate Reporting Presentation - 16th June 2021Morlai Kargbo, FCCA
The document summarizes recommendations from the Task Force on Climate-related Financial Disclosures (TCFD) for new corporate reporting on climate change. The TCFD developed recommendations in four areas: strategy, governance, risk management, and metrics/targets. It also provides guidance for all sectors to help implement the recommended disclosures in financial filings to inform investors and other stakeholders about climate-related risks and opportunities. Implementation is expected to occur over five years to allow for increasingly sophisticated voluntary disclosures.
TCFD implementation webinar series - strategy with UnileverCDSB
Many organisations currently face impacts from climate-related issues, with important implications for businesses, strategy, and financial planning. Improved disclosures on current and anticipated risks and opportunities can enhance an investors’ understanding of how strategic functions are likely to be impacted over the short, medium, and long terms. This presentation by CDSB and Unilever offers insight into the principles for effective strategy disclosure and what good practice looks like. Visit www.cdsb.net for more information.
Presentation delivered at the Women in Finance Conference, South Africa.
The presentation deals with Integrated Sustainability Reporting, South Africa, 2010.
The document summarizes the key findings from the Phase I public consultation of the FSB Task Force on Climate-related Financial Disclosures. It received 203 responses from 24 countries, primarily from the financial sector and NGOs. Four key themes emerged: components of effective disclosures, priorities for sector-specific vs aggregate disclosures, defining transition risks, and the importance of scenario analysis. Barriers to disclosure like technical issues, policy inconsistencies, and short-termism were also identified. Respondents generally agreed with the Task Force's Phase II work plan and timeline.
TCFD implementation webinar series - risk management with HSBCCDSB
The document is a transcript from a webinar on TCFD implementation. It discusses:
1) An introduction to the TCFD recommendations and why they were developed, focusing on the lack of consistent climate-related financial disclosures.
2) A status report on TCFD implementation by companies that found disclosure has increased but is still limited, and more clarity is needed on financial impacts.
3) HSBC's approach to TCFD disclosure including setting targets to finance sustainable activities and reduce emissions in its operations.
This document provides an overview and implementation guidance for the Task Force on Climate-related Financial Disclosures (TCFD). The TCFD was established to develop climate-related financial risk disclosure recommendations for companies, banks, and investors. The TCFD recommendations include four core elements: governance, strategy, risk management, and metrics/targets. They are designed to provide consistent and decision-useful climate-related financial risk information. The guidance also outlines scenario analysis approaches and supplemental sector-specific guidance. Overall, the TCFD aims to improve understanding of climate-related financial risks and opportunities to facilitate well-informed investments and insurance underwriting decisions.
What You Need to Know: The EU Non-Financial Reporting Directive and what its ...CDSB
Speakers: Michael Zimonyi, Policy & External Affairs Director and Nontokozo Khumalo, Corporate Engagement Manager at CDSB.
The EU Non-Financial Reporting Directive (NFRD) came into effect in 2018 and requires listed companies and other public interest entities to disclose information on the way they operate and how they manage social and environmental challenges. In June 2019 the European Commission published guidelines on reporting climate-related information which included the integration of the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations. These guidelines supplement the existing Non-Financial Reporting Guidelines released in 2017.
The EU is now set to publish a fitness check of corporate reporting to assess the appropriateness of existing legislation, with a special focus on NFRD, giving way to a possibility of a reopening of the current regulation. In advance of these updates, there is a tremendous opportunity for companies to get ahead of the curve to ensure that they are complying with the EU reporting guidelines and prepared for potential new regulations.
During this webinar briefing, you’ll gain insight into:
Current requirements of the NFR Directive and Guidelines;
The state of corporate climate change reporting;
Potential impacts of a reopened NFR Directive and CDSB’s expectations going forward.
P4I_Capacity Building Workshop 4_Deep Dive into TCFD_v1.0.pdfKnowledgeDevourer
PLN held a deep-dive session on implementing the TCFD framework for climate risk management and scenario analysis. The session covered setting direction and a risk governance framework, integrating climate risk into existing risk management processes, and conducting climate scenario analysis. Speakers from EY Indonesia and Malaysia discussed approaches to governance, risk identification and assessment, scenario identification, and assessing financial impacts. The session aimed to help PLN better understand and manage climate-related risks and opportunities.
Climate Change - New Corporate Reporting Presentation - 16th June 2021Morlai Kargbo, FCCA
The document summarizes recommendations from the Task Force on Climate-related Financial Disclosures (TCFD) for new corporate reporting on climate change. The TCFD developed recommendations in four areas: strategy, governance, risk management, and metrics/targets. It also provides guidance for all sectors to help implement the recommended disclosures in financial filings to inform investors and other stakeholders about climate-related risks and opportunities. Implementation is expected to occur over five years to allow for increasingly sophisticated voluntary disclosures.
TCFD implementation webinar series - strategy with UnileverCDSB
Many organisations currently face impacts from climate-related issues, with important implications for businesses, strategy, and financial planning. Improved disclosures on current and anticipated risks and opportunities can enhance an investors’ understanding of how strategic functions are likely to be impacted over the short, medium, and long terms. This presentation by CDSB and Unilever offers insight into the principles for effective strategy disclosure and what good practice looks like. Visit www.cdsb.net for more information.
Presentation delivered at the Women in Finance Conference, South Africa.
The presentation deals with Integrated Sustainability Reporting, South Africa, 2010.
The document summarizes the key findings from the Phase I public consultation of the FSB Task Force on Climate-related Financial Disclosures. It received 203 responses from 24 countries, primarily from the financial sector and NGOs. Four key themes emerged: components of effective disclosures, priorities for sector-specific vs aggregate disclosures, defining transition risks, and the importance of scenario analysis. Barriers to disclosure like technical issues, policy inconsistencies, and short-termism were also identified. Respondents generally agreed with the Task Force's Phase II work plan and timeline.
TCFD implementation webinar series - risk management with HSBCCDSB
The document is a transcript from a webinar on TCFD implementation. It discusses:
1) An introduction to the TCFD recommendations and why they were developed, focusing on the lack of consistent climate-related financial disclosures.
2) A status report on TCFD implementation by companies that found disclosure has increased but is still limited, and more clarity is needed on financial impacts.
3) HSBC's approach to TCFD disclosure including setting targets to finance sustainable activities and reduce emissions in its operations.
TCFD implementation webinar series - risk management with HSBC (PM)CDSB
Although some organisations have begun to apply traditional enterprise risk management (ERM) processes to the identification, assessment, and management of climate-related risks, the practice is not yet widespread or well developed. Lacking reliable information about how these risks are managed, investors are unable to properly evaluate the risk profile of an organisation or its securities. During this webinar, CDSB and HSBC offer insight into the key characteristics of effective risk management practices and what good practice disclosure looks like in line with the TCFD recommendations.
TCFD implementation webinar series - risk management with HSBCLesley McKenna
Although some organisations have begun to apply traditional enterprise risk management (ERM) processes to the identification, assessment, and management of climate-related risks, the practice is not yet widespread or well developed. Lacking reliable information about how these risks are managed, investors are unable to properly evaluate the risk profile of an organisation or its securities. Here CDSB and HSBC to offer insight into the key characteristics of effective risk management practices and what good practice disclosure looks like in line with the TCFD recommendations.
TCFD implementation webinar series - risk management with HSBC - AMCDSB
The document is a transcript from a webinar about implementing the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. It includes discussions on understanding the TCFD recommendations, what companies are currently doing with disclosure, tips for effective disclosure implementation, and a presentation from HSBC on how they are embedding sustainability into their strategy and disclosing climate-related financial risks. The webinar covered key elements of the TCFD framework like governance, strategy, risk management, and metrics and targets.
Masterclass in implementing the TCFD recommendationsCDSB
This webinar will take you through the recently published Task force for climate-related financial disclosure (TCFD) Implementation Guide created by the Climate Disclosure Standards Board (CDSB) and the Sustainability Accounting Standards Board (SASB). Presented by the authors of the guide, you will learn how to prepare for effective TCFD-aligned disclosures and understand what good practice could look, illustrated by examples of mock disclosures using the CDSB framework and SASB standards.
Whether you’re just getting started or looking to take a more sophisticated approach to reporting, you’ll leave this webinar with practical advice and helpful resources to take the next step in climate-related financial disclosure.
TCFD Workshop: Practical steps for implementation – Michael ZimonyiMcGuinness Institute
Across Wednesday 16 October and Thursday 17 October 2019, the McGuinness Institute partnered with Simpson Grierson to host two workshops exploring the Recommendations of the TCFD in Auckland and Wellington. This presentation was given by Michael Zimonyi from the Climate Disclosure Standards Board (CDSB), who came over from Germany to lead the workshops.
The document discusses green auditing, including planning, areas of concern, reporting, and implementation. It provides an overview of the necessity of green audits and differences between internal/external audits. Key aspects of audit planning discussed are engagement circumstances, risks, intended users, and standards like AA1000. Areas of concern addressed include regulations, waste management, and supply chain risks. Reporting guidelines from India, GRI, and benefits of reporting are covered. Implementation is shown to involve deciding to report, identifying impacts and audiences, and assuring and publishing the final report.
The document discusses green audit planning and reporting. It covers the necessity of green audits, audit planning considerations like engagement risks and intended users, areas of concern to audit like safety and waste management, and reporting guidelines. Reporting provides benefits like better performance measurement, stakeholder trust, and strategic advantages. In India, reporting is voluntary though the Companies Act requires some environmental reporting. Most large Indian companies follow Global Reporting Initiative guidelines in their sustainability reports.
Green finance has been one of the main topics addressed by banks and asset managers over the last years. Between hype and reality, how is the sector structuring itself in order to enable the financial system to participate to the fight against global warming ?
Sustainability reporting is the practice of measuring, disclosing and being accountable for an organization's economic, environmental and social impacts. It allows companies to benchmark performance, demonstrate transparency and compare themselves to others. The Global Reporting Initiative developed a sustainability reporting framework to standardize reporting and provide guidance on strategy, management approach and performance indicators. Effective sustainability reporting can help companies access new markets, attract investment and improve relationships with stakeholders. However, barriers include unclear standards, resource constraints and lack of management support.
Fossil Free SA trustee workshops on IPCC report: Fiona Reynolds, UN PRIleavesoflanguage
Presentation at the Climate-Proofing South African Retirement Funds event - 1 August 2019. For details of these events, please visit www.fossilfreesa.org.za.
James Mitchell Rocky Mountain Institute Session 1A Research Collaborative wor...OECD Environment
Research Collaborative Workshop on measuring the alignment of investments and financing with climate objectives, 7th OECD Forum on Green Finance and Investment (6-9 October, 2020) – Session 1.A - James Mitchell, Director - Center for Climate-Aligned Finance, Rocky Mountain Institute.
Climate change is one of the most complex issues facing business, governments, and society at large. The Intergovernmental Panel on Climate Change 2014 synthesis report notes that “each of the last three decades has been successively warmer at the Earth’s surface than any preceding decade since 1850.”1 Independent analyses by both NASA and the U.S. National Oceanic and Atmospheric Administration found that 2015 was the hottest year on record by a wide margin, and that 15 of the 16 warmest years on record have come in the 21st century.2 The large-scale and long-term nature of the problem makes it uniquely challenging, especially in the context of long-term economic decisions. Moreover, our current understanding of the potential financial risks posed by climate change—to companies, investors, and the financial system as a whole—is still at an early stage.
Considerable global agreement has emerged regarding the threats posed by climate change, as evidenced by the 2015 United Nations Climate Change Conference (“COP21”) held in Paris, where nearly 200 governments agreed to curb carbon emissions and limit global warming to below 2 degrees Celsius above pre-industrial levels.
There is also increasing agreement in the business and financial communities that some degree of climate change is inevitable, and that its impacts, both physical and nonphysical, may present material risks and opportunities that span both adaptation and mitigation strategies. In the runup to COP21, 350 investors representing more than US$24 trillion in assets under management called on world leaders to forge a meaningful and ambitious climate agreement, in recognition of the risks that climate change presents to their investments.3 The Montreal Carbon Pledge,4 with 120 investors representing over US$10 trillion in assets, commits investors to undertaking and disclosing the carbon footprint of their investment portfolios. And, the CDP (formerly the Carbon Disclosure Project) signatories—with more than 822 institutional investors representing over US$95 trillion in assets—asked companies worldwide to disclose their carbon emissions and how they are managing climate-change issues.
These efforts reflect a growing demand for decision-useful climate-related information by a range of participants in the financial markets. Creditors and investors today are more sensitive to complex or opaque financial disclosures, and increasingly demand better access to risk information that is consistent, comparable, reliable, clear, and efficient.
In December 2015 the FSB launched the industry-led Task Force on Climate-related Financial Disclosures (TCFD). The Task Force will develop a set of recommendations for consistent, comparable, reliable, clear and efficient climate-related disclosures by companies, as requested in the FSB’s proposal. This phase 1 report published by the TCFD on 1 April 2016 sets out recommendations on the scope and principles to be applied to the final recommendations and provides a review of the landscape of existing climate-related disclosures.
The report notes that the Task Force will focus primarily on developing recommendations for issuers of public securities, listed companies, and key financial-sector participants, although it is expected that it will be possible for the recommendations to apply more broadly. The Task Force will seek to promote and drive voluntary adoption by ensuring that its recommendations reflect a consensus view of leading practices for disclosure; advance principles of good governance, fiduciary duty, and stewardship; and provide a basis for consistent and comparable application by firms in countries throughout the G20.
The report concludes that climate-related disclosure remains fragmented and incomplete, with only a limited number of reporting regimes focusing on the financial risks posed by climate-related risks. In general, existing laws and regulations already require disclosure of climate-related risk in financial filings if it is deemed material.
Webinar slides: What does climate-related financial disclosure really look likeCDSB
This webinar helps you understand how to overcome common TCFD implementation challenges and discover practical guidance and examples of good practice for disclosing climate-related financial information.
Speakers:
Jane Thostrup Jagd, Lead Financial Consultation, Ørsted
Fiona Quinlan, Technical Manager, CDSB
DEMYSTIFYING CLIMATE TRANSITION SCENARIOS - Ryan WhisnantGreenBiz Group
The document provides an overview of climate transition scenarios for the food, agriculture and forest products sectors developed by the World Business Council for Sustainable Development (WBCSD). It includes:
1) Details on 5 new climate transition scenarios for these sectors modeled through 2050 that explore different pathways for climate policy implementation and technology development.
2) An online climate scenario tool that allows users to explore impacts on production, prices, markets and other business variables for 23 agricultural commodities under each scenario.
3) Guidance on how companies can apply scenario analysis and the tool to inform strategic planning, target setting, reporting and other business needs.
TOO4TO Module 3 / Climate Change and Sustainability: Part 3TOO4TO
This presentation is part of the Sustainable Management: Tools for Tomorrow (TOO4TO) learning materials. It covers the following topic: Climate Change and Sustainability (Module 3). The material consists of 3 parts. This presentation covers Part 3.
You can find all TOO4TO Modules and their presentations here: https://too4to.eu/e-learning-course/
TOO4TO was a 35-month EU-funded Erasmus+ project, running until August 2023 in co-operation with European strategic partner institutions of the Gdańsk University of Technology (Poland), the Kaunas University of Technology (Lithuania), Turku University of Applied Sciences (Finland) and Global Impact Grid (Germany).
TOO4TO aims to increase the skills, competencies and awareness of future managers and employees with available tools and methods that can provide sustainable management and, as a result, support sustainable development in the EU and beyond.
Read more about the project here: https://too4to.eu/
This project has been funded with support from the European Commission. Its whole content reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. PROJECT NUMBER 2020-1-PL01-KA203-082076
Driving Finance Today for the Climate Resilient Society of TomorrowNAP Global Network
Presentation by Alan Miller and Andrew Eil, Climate Finance Advisors, as part of the Peer Learning Summit (PLS) in Rotterdam, Netherlands, from July 9-11.
This document provides an overview of ESG principles and sustainable finance. It discusses key ESG factors including environmental, social and governance issues. It also outlines major international agreements and regulatory developments driving sustainable finance. Examples of sustainable financing instruments like green bonds, loans and sustainability-linked bonds are presented. The document concludes with two case studies, one on an ADB clean technology fund financing a geothermal plant, and another on a sustainability-linked corporate bond and credit facility.
The document outlines a framework for asset owners to develop a climate change strategy in three steps: 1) Measure portfolio exposure to climate risks and opportunities, 2) Act through engaging policymakers and companies, and investing in low-carbon solutions while avoiding high-carbon companies, 3) Review effectiveness by monitoring and reporting. It provides case studies of asset owner actions already underway in engaging and investing, and an appendix on factors specific to different asset classes. The framework is intended to help asset owners align investments with the goals of the Paris Agreement and manage risks from climate change.
The document discusses sustainability reporting and frameworks for reporting. It provides definitions and explanations of sustainability reporting, its importance, and common frameworks used like the GRI Standards. The GRI framework is explained in depth, including its development, structure, principles, and types of performance indicators. National and global scenarios for sustainability reporting are also summarized.
Rainfall intensity duration frequency curve statistical analysis and modeling...bijceesjournal
Using data from 41 years in Patna’ India’ the study’s goal is to analyze the trends of how often it rains on a weekly, seasonal, and annual basis (1981−2020). First, utilizing the intensity-duration-frequency (IDF) curve and the relationship by statistically analyzing rainfall’ the historical rainfall data set for Patna’ India’ during a 41 year period (1981−2020), was evaluated for its quality. Changes in the hydrologic cycle as a result of increased greenhouse gas emissions are expected to induce variations in the intensity, length, and frequency of precipitation events. One strategy to lessen vulnerability is to quantify probable changes and adapt to them. Techniques such as log-normal, normal, and Gumbel are used (EV-I). Distributions were created with durations of 1, 2, 3, 6, and 24 h and return times of 2, 5, 10, 25, and 100 years. There were also mathematical correlations discovered between rainfall and recurrence interval.
Findings: Based on findings, the Gumbel approach produced the highest intensity values, whereas the other approaches produced values that were close to each other. The data indicates that 461.9 mm of rain fell during the monsoon season’s 301st week. However, it was found that the 29th week had the greatest average rainfall, 92.6 mm. With 952.6 mm on average, the monsoon season saw the highest rainfall. Calculations revealed that the yearly rainfall averaged 1171.1 mm. Using Weibull’s method, the study was subsequently expanded to examine rainfall distribution at different recurrence intervals of 2, 5, 10, and 25 years. Rainfall and recurrence interval mathematical correlations were also developed. Further regression analysis revealed that short wave irrigation, wind direction, wind speed, pressure, relative humidity, and temperature all had a substantial influence on rainfall.
Originality and value: The results of the rainfall IDF curves can provide useful information to policymakers in making appropriate decisions in managing and minimizing floods in the study area.
Comparative analysis between traditional aquaponics and reconstructed aquapon...bijceesjournal
The aquaponic system of planting is a method that does not require soil usage. It is a method that only needs water, fish, lava rocks (a substitute for soil), and plants. Aquaponic systems are sustainable and environmentally friendly. Its use not only helps to plant in small spaces but also helps reduce artificial chemical use and minimizes excess water use, as aquaponics consumes 90% less water than soil-based gardening. The study applied a descriptive and experimental design to assess and compare conventional and reconstructed aquaponic methods for reproducing tomatoes. The researchers created an observation checklist to determine the significant factors of the study. The study aims to determine the significant difference between traditional aquaponics and reconstructed aquaponics systems propagating tomatoes in terms of height, weight, girth, and number of fruits. The reconstructed aquaponics system’s higher growth yield results in a much more nourished crop than the traditional aquaponics system. It is superior in its number of fruits, height, weight, and girth measurement. Moreover, the reconstructed aquaponics system is proven to eliminate all the hindrances present in the traditional aquaponics system, which are overcrowding of fish, algae growth, pest problems, contaminated water, and dead fish.
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Although some organisations have begun to apply traditional enterprise risk management (ERM) processes to the identification, assessment, and management of climate-related risks, the practice is not yet widespread or well developed. Lacking reliable information about how these risks are managed, investors are unable to properly evaluate the risk profile of an organisation or its securities. During this webinar, CDSB and HSBC offer insight into the key characteristics of effective risk management practices and what good practice disclosure looks like in line with the TCFD recommendations.
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This webinar will take you through the recently published Task force for climate-related financial disclosure (TCFD) Implementation Guide created by the Climate Disclosure Standards Board (CDSB) and the Sustainability Accounting Standards Board (SASB). Presented by the authors of the guide, you will learn how to prepare for effective TCFD-aligned disclosures and understand what good practice could look, illustrated by examples of mock disclosures using the CDSB framework and SASB standards.
Whether you’re just getting started or looking to take a more sophisticated approach to reporting, you’ll leave this webinar with practical advice and helpful resources to take the next step in climate-related financial disclosure.
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Across Wednesday 16 October and Thursday 17 October 2019, the McGuinness Institute partnered with Simpson Grierson to host two workshops exploring the Recommendations of the TCFD in Auckland and Wellington. This presentation was given by Michael Zimonyi from the Climate Disclosure Standards Board (CDSB), who came over from Germany to lead the workshops.
The document discusses green auditing, including planning, areas of concern, reporting, and implementation. It provides an overview of the necessity of green audits and differences between internal/external audits. Key aspects of audit planning discussed are engagement circumstances, risks, intended users, and standards like AA1000. Areas of concern addressed include regulations, waste management, and supply chain risks. Reporting guidelines from India, GRI, and benefits of reporting are covered. Implementation is shown to involve deciding to report, identifying impacts and audiences, and assuring and publishing the final report.
The document discusses green audit planning and reporting. It covers the necessity of green audits, audit planning considerations like engagement risks and intended users, areas of concern to audit like safety and waste management, and reporting guidelines. Reporting provides benefits like better performance measurement, stakeholder trust, and strategic advantages. In India, reporting is voluntary though the Companies Act requires some environmental reporting. Most large Indian companies follow Global Reporting Initiative guidelines in their sustainability reports.
Green finance has been one of the main topics addressed by banks and asset managers over the last years. Between hype and reality, how is the sector structuring itself in order to enable the financial system to participate to the fight against global warming ?
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James Mitchell Rocky Mountain Institute Session 1A Research Collaborative wor...OECD Environment
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Climate change is one of the most complex issues facing business, governments, and society at large. The Intergovernmental Panel on Climate Change 2014 synthesis report notes that “each of the last three decades has been successively warmer at the Earth’s surface than any preceding decade since 1850.”1 Independent analyses by both NASA and the U.S. National Oceanic and Atmospheric Administration found that 2015 was the hottest year on record by a wide margin, and that 15 of the 16 warmest years on record have come in the 21st century.2 The large-scale and long-term nature of the problem makes it uniquely challenging, especially in the context of long-term economic decisions. Moreover, our current understanding of the potential financial risks posed by climate change—to companies, investors, and the financial system as a whole—is still at an early stage.
Considerable global agreement has emerged regarding the threats posed by climate change, as evidenced by the 2015 United Nations Climate Change Conference (“COP21”) held in Paris, where nearly 200 governments agreed to curb carbon emissions and limit global warming to below 2 degrees Celsius above pre-industrial levels.
There is also increasing agreement in the business and financial communities that some degree of climate change is inevitable, and that its impacts, both physical and nonphysical, may present material risks and opportunities that span both adaptation and mitigation strategies. In the runup to COP21, 350 investors representing more than US$24 trillion in assets under management called on world leaders to forge a meaningful and ambitious climate agreement, in recognition of the risks that climate change presents to their investments.3 The Montreal Carbon Pledge,4 with 120 investors representing over US$10 trillion in assets, commits investors to undertaking and disclosing the carbon footprint of their investment portfolios. And, the CDP (formerly the Carbon Disclosure Project) signatories—with more than 822 institutional investors representing over US$95 trillion in assets—asked companies worldwide to disclose their carbon emissions and how they are managing climate-change issues.
These efforts reflect a growing demand for decision-useful climate-related information by a range of participants in the financial markets. Creditors and investors today are more sensitive to complex or opaque financial disclosures, and increasingly demand better access to risk information that is consistent, comparable, reliable, clear, and efficient.
In December 2015 the FSB launched the industry-led Task Force on Climate-related Financial Disclosures (TCFD). The Task Force will develop a set of recommendations for consistent, comparable, reliable, clear and efficient climate-related disclosures by companies, as requested in the FSB’s proposal. This phase 1 report published by the TCFD on 1 April 2016 sets out recommendations on the scope and principles to be applied to the final recommendations and provides a review of the landscape of existing climate-related disclosures.
The report notes that the Task Force will focus primarily on developing recommendations for issuers of public securities, listed companies, and key financial-sector participants, although it is expected that it will be possible for the recommendations to apply more broadly. The Task Force will seek to promote and drive voluntary adoption by ensuring that its recommendations reflect a consensus view of leading practices for disclosure; advance principles of good governance, fiduciary duty, and stewardship; and provide a basis for consistent and comparable application by firms in countries throughout the G20.
The report concludes that climate-related disclosure remains fragmented and incomplete, with only a limited number of reporting regimes focusing on the financial risks posed by climate-related risks. In general, existing laws and regulations already require disclosure of climate-related risk in financial filings if it is deemed material.
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This webinar helps you understand how to overcome common TCFD implementation challenges and discover practical guidance and examples of good practice for disclosing climate-related financial information.
Speakers:
Jane Thostrup Jagd, Lead Financial Consultation, Ørsted
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The document provides an overview of climate transition scenarios for the food, agriculture and forest products sectors developed by the World Business Council for Sustainable Development (WBCSD). It includes:
1) Details on 5 new climate transition scenarios for these sectors modeled through 2050 that explore different pathways for climate policy implementation and technology development.
2) An online climate scenario tool that allows users to explore impacts on production, prices, markets and other business variables for 23 agricultural commodities under each scenario.
3) Guidance on how companies can apply scenario analysis and the tool to inform strategic planning, target setting, reporting and other business needs.
TOO4TO Module 3 / Climate Change and Sustainability: Part 3TOO4TO
This presentation is part of the Sustainable Management: Tools for Tomorrow (TOO4TO) learning materials. It covers the following topic: Climate Change and Sustainability (Module 3). The material consists of 3 parts. This presentation covers Part 3.
You can find all TOO4TO Modules and their presentations here: https://too4to.eu/e-learning-course/
TOO4TO was a 35-month EU-funded Erasmus+ project, running until August 2023 in co-operation with European strategic partner institutions of the Gdańsk University of Technology (Poland), the Kaunas University of Technology (Lithuania), Turku University of Applied Sciences (Finland) and Global Impact Grid (Germany).
TOO4TO aims to increase the skills, competencies and awareness of future managers and employees with available tools and methods that can provide sustainable management and, as a result, support sustainable development in the EU and beyond.
Read more about the project here: https://too4to.eu/
This project has been funded with support from the European Commission. Its whole content reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. PROJECT NUMBER 2020-1-PL01-KA203-082076
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Breakfast briefing Task Force on Climate related Financial Disclosure.pdf
1. Breakfast briefing: Task Force on
Climate-related Financial Disclosure
Louise Pryor, Chair Resource and Environment Board
with
Russell Picot, Special Advisor to the Financial Stability
Board’s Task Force on Climate-related Financial Disclosure
15 August 2022
2. Task Force on Climate-related
Financial Disclosures
January 2018
Overview of Recommendations and Guidance
3. 3
G20 Finance Ministers and Central Bank
Governors asked the Financial Stability
Board (FSB) to review how the financial
sector can take account of climate-related
issues.
The FSB established the Task Force on
Climate-related Financial Disclosures (TCFD)
to develop recommendations for more
effective climate-related disclosures that:
‒ could “promote more informed investment,
credit, and insurance underwriting
decisions” and,
‒ in turn, “would enable stakeholders to
understand better the concentrations of
carbon-related assets in the financial sector
and the financial system’s exposures to
climate-related risks.”
BACKGROUND
The Task Force’s 31 international members, led by
Michael Bloomberg, include providers of capital,
insurers, large non-financial companies, accounting
and consulting firms, and credit rating agencies.
Industry Led and Geographically Diverse
Task Force
15
4. 4
The Task Force published its final report in June 2017.
BACKGROUND (CONTINUED)
The report outlines recommendations to help
address climate-related disclosure challenges
faced by:
– Issuers who generally have an obligation
under existing law to disclose material
information, but lack a coherent framework
to do so for climate-related information, and
– Investors, lenders, and insurers who need
decision-useful, climate-related information
to make informed capital allocation and
financial decisions
5. 5
FOCUS ON FINANCIAL IMPACT
Financial Impact
Strategic Planning
Risk Management
Revenues
Expenditures Capital & Financing
Assets& Liabilities
Balance
Sheet
Cash Flow
Statement
Income
Statement
RISKS
Transition Policy and Legal
‒ Carbon pricing and reporting obligations
‒ Mandates on and regulation of existing
products and services
‒ Exposure to litigation
Technology
‒ Substitution of existing products and
services with lower emissions options
‒ Unsuccessful investment in new
technologies
Market
‒ Changing customer behavior
‒ Uncertainty in market signals
‒ Increased cost of raw materials
Reputation
‒ Shift in consumer preferences
‒ Increased stakeholder concern/negative
feedback
‒ Stigmatizationof sector
Physical ‒ Acute: Extreme weather events
‒ Chronic: Changing weather patterns and
rising mean temperature and sea levels
OPPORTUNITIES
Resource
Efficiency
‒ Use of more efficientmodes of transport
and production and distribution processes
‒ Use of recycling
‒ Move to more efficientbuildings
‒ Reduced water usage and consumption
Energy
Source
‒ Use of lower-emissionsources of energy
‒ Use of supportive policy incentives
‒ Use of new technologies
‒ Participationin carbon market
Products
& Services
‒ Development and/or expansion of low
emission goods and services
‒ Development of climate adaptation and
insurance risk solutions
‒ Development of new products or services
through R&D and innovation
Markets ‒ Access to new markets
‒ Use of public-sector incentives
‒ Access to new assets and locations needing
insurance coverage
Resilience ‒ Participationin renewable energy programs
and adoption of energy-efficiencymeasures
‒ Resource substitutes/diversification
6. 6
To assist organizations in
understanding how climate-related
risks may impact them financially, the
Task Force prepared a high-level
overview of the types of financial
impact of climate-related risks that
have been identified for specific
industries and groups.
The financial impacts from climate-
related risks are grouped into the
following general categories:
- Revenues
- Expenditures
- Assets and Liabilities
- Capital and Financing
FINANCIAL IMPACT BY INDUSTRY
*Largely,but not solely,based on select contentfrom the
SustainabilityAccountingStandardsBoard(SASB) “Financial
Impactsof Climate Risk” table in its Climate Risk Technical Bulletin
*
7. 7
The Task Force developed four widely-adoptable recommendations on climate-
related financial disclosures that are applicable to organizations across sectors and
jurisdictions.
The recommendations are structured around four thematic areas that represent
core elements of how organizations operate:
DISCLOSURE RECOMMENDATIONS
Strategy
The actual and potential impacts of climate-related risks and
opportunities on the organization’s businesses, strategy, and
financial planning
Risk Management
The processes used by the organization to identify, assess, and
manage climate-related risks
Metrics and Targets
The metrics and targets used to assess and manage relevant
climate-related risks and opportunities
Governance
The organization’s governance around climate-related risks and
opportunities
Governance
Strategy
Risk
Management
Metrics
and
Targets
8. 8
Governance Strategy Risk Management Metrics and Targets
Disclose the organization’s
governance around climate-related
risks and opportunities.
Disclose the actual and potential
impacts of climate-relatedrisks and
opportunities on the organization’s
businesses, strategy, and financial
planning where such informationis
material.
Disclose how the organization
identifies, assesses, and manages
climate-related risks.
Disclose the metrics and targets
used to assess and manage relevant
climate-related risks and
opportunities where such
informationis material.
Recommended Disclosures Recommended Disclosures Recommended Disclosures Recommended Disclosures
a) Describe the board’s oversight of
climate-related risks and
opportunities.
a) Describe the climate-relatedrisks
and opportunities the
organizationhas identifiedover
the short, medium, and long
term.
a) Describe the organization’s
processes for identifyingand
assessing climate-relatedrisks.
a) Disclose the metrics used by the
organizationto assess climate-
related risks and opportunities in
line with its strategy and risk
management process.
b) Describe management’s role in
assessing and managing climate-
related risks and opportunities.
b) Describe the impact of climate-
related risks and opportunities on
the organization’s businesses,
strategy, and financial planning.
b) Describe the organization’s
processes for managing climate-
related risks.
b) Disclose Scope 1, Scope 2, and, if
appropriate, Scope 3 greenhouse
gas (GHG) emissions, and the
related risks.
c) Describe the resilience of the
organization’s strategy, taking
into considerationdifferent
climate-related scenarios,
including a 2°C or lower scenario.
c) Describe how processes for
identifying,assessing, and
managing climate-related risks
are integrated into the
organization’s overall risk
management.
c) Describe the targets used by the
organizationto manage climate-
related risks and opportunities
and performanceagainst targets.
DISCLOSURE RECOMMENDATIONS (CONTINUED)
The four recommendations are supported by specific disclosures organizations should
include in financial filings or other reports to provide decision-useful information to
investors and others.
9. 9
KEY ELEMENTS OF DISCLOSURE RECOMMENDATIONS
Location of Disclosure
– The Task Force recommends that organizations provide climate-related financial disclosures in
their mainstream (i.e., public) annual financial filings.
Financial Filings
Required annual reporting
packages in which organizations
deliver their audited financial
results under the laws of the
jurisdictions in which they operate.
Other Official Company Reports
Should be issued at least annually,
widely distributed and available to
investors and others, and subject to
internal governance processes that
are the same or substantially
similar to those used for financial
reporting.
– The recommendations were developed to apply broadly
across sectors and jurisdictions and do not supersede
national disclosure requirements for financial filings.
– If certain elements are incompatible with national disclosure
requirements, the Task Force encourages organizations to
disclose those elements in other official company reports.
– Organizations in the four non-financial groups that have
more than one billion U.S. dollar equivalent (USDE) in annual
revenue should consider disclosing strategy and metrics and
targets information in other reports when the information is
not deemed material and not included in financial filings.
10. 10
KEY ELEMENTS OF DISCLOSURE RECOMMENDATIONS (CONTINUED)
Principle of Materiality
– The disclosures related to the Strategy and Metrics and Targets recommendationsare subject to
an assessment of materiality.
– The disclosures related to the Governance and Risk Management recommendationsare not
subject to an assessment of materiality and should be provided because many investors want
insight into the governance and risk management context in which organizations’ financial and
operating results are achieved.
Scenario Analysis
– The Task Force encourages forward-looking information
through scenario analysis—a useful tool for considering and
enhancing resiliency and flexibility of strategic plans.
– Many investors want to understand how resilient
organizations’ strategies are to climate-related risks.
– Recommended disclosure (c) under Strategy and the related
guidance asks organizations to describe the resilience of
their strategies, taking into consideration different climate-
related scenarios, including a 2°C or lower scenario.
2°C Scenario
Provides a common reference point
that is generally aligned with the
objectives of the Paris Agreement.
Scenario Analysis Threshold
The Task Force established a threshold
for organizations that should consider
conducting more robust scenario
analysis to assess the resilience of their
strategies (those in the four non-
financial groups with more than 1B
USDE in annual revenue).
11. 11
BENEFITS OF IMPLEMENTING THE RECOMMENDATIONS
Some of the potential benefits associated with implementing the Task Force’s
recommendations include:
‒ easier or better access to capital by increasing investors’ and lenders’ confidence that
the company’s climate-related risks are appropriately assessed and managed
‒ more effectively meeting existing disclosure requirements to report material
information in financial filings
‒ increased awareness and understanding of climate-related risks and opportunities
within the company resulting in better risk management and more informed strategic
planning
‒ proactively addressing investors’ demand for climate-related information in a
framework that investors are increasingly asking for, which could ultimately reduce
the number of climate-related information requests received
12. 12
ILLUSTRATIVE IMPLEMENTATION PATH
The TCFD expects that reporting of climate-related risks and opportunities will evolve
over time as organizations, investors, and others contribute to the quality and
consistency of the information disclosed.
13. 13
BEGINNING THE JOURNEY – ILLUSTRATIVE ROADMAP
• Compare current disclosures to the
recommendations, especially
Governance and Risk Management,
and identify alignment and gaps
• Determine information and data
needs and process changes
• Begin evaluating metrics for
assessing climate-related risks and
opportunities
• Incorporate climate-related risks
into risk identification and
assessment process as needed
• Assign oversight to board
committees and management as
needed
• Disclose information related to
Governance and Risk Management
recommendations or disclose
intention to implement the TCFD
recommendations
• Implement new processes for
information and data collection and
reporting
• Identify metrics useful for assessing
climate-related risks and
opportunities
• Adjust data collection to support
metrics
• Identify climate-related risks and
opportunities and assess whether
they are material
• Identify relevant climate-related
scenarios and consider how those
scenarios might affect the
organization
• Disclose information related to
Governance and Risk Management
recommendations and item (a) of
the Strategy recommendation,
where the information is material
• Calculate and use metrics for
assessing climate-related risks and
opportunities
• Integrate scenario analysis into
strategic planning and/or risk
management frameworks
• Disclose information related to
Governance and Risk Management
recommendations
• Disclose information related to
Strategy and Metrics and Targets
recommendations, where the
information is material
Year 1 Year 2 Year 3
For organizations in early stages of assessing climate-related risks and opportunities, it
may be helpful to develop a roadmap for implementing the recommendations.
14. 14
In June 2017 more than 100 global CEOs signed a letter committing to support the Task Force’s
recommendations. Hundreds of additional companies have since joined statements of support for
or commitments to implement the recommendations.
WIDESPREAD SUPPORT FROM COMPANIES AND INVESTORS
15. 15
INCREASING SUPPORT POST REPORT LAUNCH
On December 12, French President Emmanuel Macron hosted the One Planet Summit on
the two year anniversary of the Paris Agreement. In advance of this summit more than
130 additional companies announced their support for the TCFD, demonstrating
significant traction among both financial institutions and public corporations.
237 supporting companies with over $6.3 trillion in market cap,
headquartered in 29 countries,
- including over 150 financial firms responsible for assest of more
than $81.7 trillion.
In addition to 3 national governments,
- over a dozen accounting organizations, and
- the largest proxy advisory firms
16. 16
EXTENSION OF TCFD REMIT
In February 2017, the FSB welcomed a proposal by the Task Force to continue its
work until at least September 2018 with a focus on the following:
‒ promoting and monitoring adoption of the TCFD’s recommendations by companies
‒ evaluating the extent to which the recommended disclosures are meeting the needs
of users
17. 17
CURRENT AND PLANNED ACTIVITIES
Since its report was issued, the Task Force has been focused on promoting adoption of
the recommendations through the activities described below.
Current and Planned Activities
Held a two-day conference in collaboration
with the Bank of England on scenario analysis.
Formed a “preparer forum” for European oil
and gas companies to discuss implementation
issues.
Speaking at conferences to build awareness
and understanding of the TCFD
recommendations.
Engaging with companies working on
implementation of the recommendations to
clarify expectations.
Conducting preparer workshops to support
implementation.
Engaging with industry associations and NGOs
to identify areas of common interest and
possible collaboration.
Engaging with financial and non-financial
companies, investors, industry associations,
NGOs, and others to gain additional support
for the recommendations.
Supporting integration of the TCFD
recommendations into existing climate-related
reporting frameworks.
18. Next Steps….
Read our Risk Alert: http://bit.ly/2qj9LOJ
Read the practical guide for pensions actuaries:
http://bit.ly/2riAkSe
Join our Member Interest Group: send your details to
rebecca.deegan@actuaries.org.uk
Join our call to action on the Sustainable Development
Goals: https://www.actuaries.org.uk/news-and-
insights/public-affairs-and-policy/sustainable-
development-goals-and-actuarial-profession
15 August 2022